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Business News/ Money / Personal-finance/  Ramky Infra, Orient Green make weak BSE debut
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Ramky Infra, Orient Green make weak BSE debut

Ramky Infra, Orient Green make weak BSE debut

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Mumbai: Ramky Infrastructure Ltd and Orient Green Power had weak debut on the stock exchanges and analysts saw no any ‘immediate upside´ for these stocks but said they were good long-term bets.

Shares in diversified infrastructure and waste management solutions provider Ramky fell as much as 23% compared to the issue price of 450 each, while renewable energy company Orient Green Power fell 18.5%.

Orient Green Power, which raised 900 crore via the IPO, is about 36% owned by Shriram EPC. Ramky raised 530 crore.

“The stock is good for the long-run but there is no immediate upside," said Nitin Arora, analyst with Angel Broking about Ramky Infra. “But the stock will perform over a long term, if you take a one-year horizon."

Angel Broking had a ‘subscribe´ rating on Ramky Infra IPO while Sharekhan said long-term investors could see it as a good opportunity, though the pricing was expensive.

Analysts also expect Orient Green, which is operating in the yet untapped renewable energy market, to show immense growth, going forward due to its vast unexplored potential and friendly policies.

“On the back of favourable sector dynamics, huge capacity additions over FY2011-13 and reasonable valuation, we see a favourable risk-reward ratio for investors," brokerage Sharekan had said its IPO note in September.

The firm plans a big leap in power generation with a five-fold rise in capacity to 1,013 megawatt by March 2013.

These two IPOs follow successful listings by Career Point Infosystems, Microsec Financial Services and Eros International Media this week—all of which debuted at significant premium.

A swarm of Indian companies plan IPOs in the next few weeks, tapping a market trading at 33-month highs, and rushing to get out of the way of many jumbo state-run offerings expected over the next couple of months.

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Published: 08 Oct 2010, 10:30 AM IST
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