Jyoti CNC Automation share price hits all-time high, up 32% in four-straight session
- Jyoti CNC Automation share price hits all-time high, up 32% in fourth straight session. Board of directors approves new investment of ₹150 crore in Jyoti SAS.
Jyoti CNC Automation share price today has been locked in a 20% upper circuit, hitting a new all-time high of ₹553.80 apiece on BSE. Jyoti CNC Automation stock price has been up for the fourth straight session today, gaining about 32%. Jyoti CNC Automation share price today opened at an intraday low of ₹462.30 apiece.
The board of directors approved a new investment of ₹150 crore in Jyoti SAS, a wholly owned subsidiary, the company notified the exchanges on Monday. According to the company, Jyoti SAS was established with the intention of acquiring a 100% share in Huron Graffenstaden SAS, a step-down operational subsidiary.
"To acquire 100% Stake in Step down operating subsidiary Huron Graffenstaden SAS Fresh Investment is being made in Jyoti SAS," said the company in an exchange filing.
This news was unquestionably a sentimental booster for Jyoti CNC Automation share price.
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Jyoti CNC share price made a lukewarm debut on the bourses on January 16. On NSE, Jyoti CNC shares were listed at ₹370 per share, 11.78% higher than the issue price of ₹331. On BSE, Jyoti CNC share price was listed at ₹372 apiece, up 12.39% than the issue price.
According to the data, Jyoti CNC Automation stock price has rallied around about 49% from its listing price and has already gained 67.3% from the issue price.
Jyoti CNC IPO was worth ₹1,000 crore, and was completely a fresh issue; there was no offer for sale (OFS) component, according to RHP.
The company planned to use the net proceeds from the fresh offering for the following purposes: to finance the company's long-term working capital needs; to pay back and/or prepay, in full or in part, some of the borrowings that the company has taken out; and for general corporate purposes.
On day 3 of subscription, Jyoti CNC Automation IPO was subscribed 38.53 times. Jyoti CNC Automation IPO received overall good response from retail and non-institutional investors (NII) on all the three days.
Brokerages were generally upbeat about the issue.Brokerage house Reliance Securities said in a report that the company's strong order book of ₹3,310 crore, which will be executed over the course of the next few years, augurs well for the company due to its improved market share, growing industry demand, diversified presence, regular capacity augmentation, and improved financial risk profile due to the repayment of certain debt.
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