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Business News/ Markets / Stock Markets/  Jyoti CNC Automation share price hits all-time high, up 32% in four-straight session
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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 opened at an intraday low of ₹462.30 apiece.Premium
Jyoti CNC Automation share price today opened at an intraday low of 462.30 apiece.

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. 

Also Read: M&M Finance share price jumps over 5% after upbeat Q3 results; brokerages raise target price; Should you buy?

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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.

Also Read: Jyoti CNC share price makes lukewarm debuts, stock lists with 11.8% premium at 370 on NSE

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.

Also Read: PB Fintech stock crosses its IPO price after 2 years, gains 12.5% on robust Q3 results

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

 

 

 

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Published: 31 Jan 2024, 02:51 PM IST
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