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Business News/ Markets / Stock Markets/  ASK Automotive share price jumps after positive debut. Buy, sell or hold?
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ASK Automotive share price jumps after positive debut. Buy, sell or hold?

ASK Automotive IPO listed on BSE at ₹304.90 per share levels wheras on NSE, it opened at ₹303.30 apiece levels

ASK Automotive shares have made good support zone in ₹305 to ₹310 apiece levels, say stock market experts. (Photo: Courtesy NSE 'X' channel account)Premium
ASK Automotive shares have made good support zone in 305 to 310 apiece levels, say stock market experts. (Photo: Courtesy NSE 'X' channel account)

Stock market today: Shares of ASK Automotive Limited listed on BSE and NSE in special pre-open session at around 7.5 per cent premium during Wednesday deals. However, the auto stock didn't end after positive listing. ASK Automotive share price went up further and went on to hit intraday high of 311.75 per share on BSE and 312 apiece on NSE respectively. 

According to stock market experts, ASK Automotive IPO listing is in line with market expectations. They said that despite high valuations and 100 per cent OFS, auto stock managed to list higher from its upper price band of 282 per share levels. Market experts went on to add that company's fundamentals provide big opportunity for long term investors and hence one can hold the stock if one's perspecive of long term.

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Speaking on ASK Automotive IPO listing, Prashanth Tapse, Senior VP — Research at Mehta Equities said, "ASK Automotive share listing was inline with street expectations. We believe post listing there would be decent demand for the shares as it had received overwhelming response from all kinds of investors especially from QIB’s 142 times. We also believe ASK can act as a proxy play for the growth in Indian automobile sector."

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On what next after positive debut, Avinash Gorakshkar, Head of Research at Profitmart SEcurities said, "I would call ASK Automotive IPO listing a decent listing as it has managed to list positively despite high valuations and 100 per cent OFS. This is because company's fundamentals are strong. As auto segment is expected to peak further, I would suggest long term investors to hold the stock and keep on accumulating on every dip."

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Suggesting long term investors to hold the scrip, Prashanth Tapse said, "We strongly believe ASK Automotive gives allotted investors a long term opportunity to hold and raid the growth in automobile sector, hence recommending all allotted investors “HOLD FOR LONG TERM" while those who failed to get allotments can accumulate on the listing day for holding it for healthy long term returns as markets always reward a player who has high visibility and growth potential."

ASK Automotive share price target

Expecting further upside in ASK Automotive shares, Arun Kejriwal, Founder at Kejriwal Research and Investment Services said, "ASK Automotive share price listed at attractive premium and it has witnessed good volume in pre-listing and post-listing phase. Hence, ASK Automotive shares are seemingly taking base in 305 to 310 per share zone. Those who got shares during allotment process are advised to hold the scrip maintaining strict stop loss at 299 per share levels."

On suggestion to those who want to make entry in ASK Automotive shares, Arun Kejriwal said, "Fresh entry is advised at current levels maintaining stop loss at 299 levels, One should accumulate more if it comes in 305 to 310 per share zone as high trade volume suggests strong rebound from lower levels. Hoewver, one must maintain strict stop loss at 299 while taking fresh position in this auto scrip."

ASK Automotive share price listed on NSE at 303.30 levels whereas on BSE, it opened at 304.90 apiece levels.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decision.

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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
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Published: 15 Nov 2023, 11:21 AM IST
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