Stock market today: Plaza Wires shares listed on BSE and NSE at a strong premium of 55 per cent and 41 per cent respectively. Against the issue price of ₹51 to ₹54 per equity share, Plaza Wires IPO listed on BSE at ₹84 apiece levels whereas on NSE, it opened at ₹76 per share levels. After listing at around 41 per cent premium on NSE, Plaza Wires extended its listing gain and went on to hit intraday high of ₹80.20 apiece within few minutes of Plaza Wires share listing.
According to to stock market experts, Plaza Wires shares will remain in Trade-for-Trade category for 10 days after listing and hence trading won't be possible in this stock. Hence, the stock is expected to give little movement and its trade volume is also expected to remain on lower side. They advised allottees to book listing gain and exit as the stock will have to compete with quality peers like Haells India, Polycab, etc in medium to long term.
Plaza Wires share price outlook
Speaking on Plaza Wires share listing, Arun Kejriwal, Founder at Kejriwal Research and Investment Services said, “Plaza Wires share listing is on the expected lines and the stock will remain in Trade-for-Trade category, which means there will be limited movement in the scrip in near term. So, those who have invested in the scrip for listing gains, they are advised to book profit and exit.”
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On whether one should hold the stock for medium to long term, Avinash Gorakshkar, Head of Research at Profitmart Securities said, “Plaza Wires will be competing against the quality peers like Havells India, Polycab, etc. Hence, much will depend upon the order book and business growth of the company in coming quarters. As wires and cable segment is expected to get benefit of the ingrastructure boom, it will have to beat the above mentioned companies, which governs strong face value in the market.”
“My advice to stock market investors would be booking profit in Plaza Wires and look at other quality wires and cable stocks as one has already got over 40 per cent return on one's money in less than one month,” said Avinash Gorakshkar of Profitmart Securities.
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 decisions.
