Credo Brands share price jumps after flat listing. Buy, hold or book profit?

  • Credo Brands share price opened flat on Indian exchanges and went below the issue price within few minutes of share listing

Asit Manohar
Updated27 Dec 2023, 12:49 PM IST
Credo Brands share price witnessed strong buying strength at lower levels and surged to intraday high of  <span class='webrupee'>₹</span>321.90 appiece levels on NSE.
Credo Brands share price witnessed strong buying strength at lower levels and surged to intraday high of ₹321.90 appiece levels on NSE.(Photo: Courtesy BSE ’X’ channel)

Credo Brands share price today become available for trade on BSE and NSE after flat listing. The mainboard issue listed on NSE at 282.35 apiece levels and went on to touch intraday low of 261.60 per share within few minutes of share listing. However, stock price of the parent company of Mufti brand witnessed buying interest at lower levels and gave sharp upside move and touched intraday high of 321.90 apiece levels.

According to stock market experts, Credo Brands IPO was offered at higher valuations and it received strong response from allottees. So, the stock is expected to witness selling pressure on rise. They went on to add that chances of upside on Credo Brands shares are limited and hence allottees are advised to book profit on rise.

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Credo Brands share price outlook

Speaking on Credo Brands share price listing, Avinash Gorakshkar, Head of Research at Profitmart Securities said, "The book build issue listed on Indian exchanges below market expectations. Higher valuations and primary market losing steam in recent few sessions could be the possible reason for that. As the stock was offered at higher valuations, stock is expected to remain volatile for next few sessions. So, allottees are advised to maintain stop loss below today's low and book profit on rise."

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Echoing with Avinash Gorakshkar's views, Dhruv Mudaraddi, Research Analyst at StoxBox said, "We believe that the positive listing can be attributed to Credo’s distinctive blend of strengths. The company's qualitative advantages include a strong brand equity spanning a diverse product range, safeguarding against business model risks. Operating on a scalable and asset-light model, MUFTI demonstrates flexibility for expansion with minimal capital investments. Additionally, the brand's unwavering presence as a trendsetter in men's fashion and strong in-house design competencies establish formidable entry barriers. Financially, MUFTI has reported an impressive CAGR of around 42% between FY21 and FY23, with net profits doubling over the previous year and showing multifold increase compared to FY21."

Electro Force share price lists at 100 on NSE against issue price of 93

"We advise investors to book profits on the listing day and subsequently consider investing in the company after evaluating its quarterly performance in the near term," Stox Box expert concluded.

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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News in Numbers

Numbers that help you understand news better
10 B

7.84%

₹75 Cr

8,090

157 M

₹90

₹15,000 Cr

First Published:27 Dec 2023, 12:49 PM IST
HomeMarketsStock MarketsCredo Brands share price jumps after flat listing. Buy, hold or book profit?

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