Active Stocks
Wed May 29 2024 15:50:35
  1. State Bank Of India share price
  2. 822.95 -0.96%
  1. Tata Steel share price
  2. 174.20 -0.37%
  1. HDFC Bank share price
  2. 1,507.85 -1.48%
  1. Power Grid Corporation Of India share price
  2. 317.55 1.52%
  1. ITC share price
  2. 430.80 0.44%
Business News/ Markets / Stock Markets/  Vedant Fashions share price surge after listing. Should you hold, sell or buy?
BackBack

Vedant Fashions share price surge after listing. Should you hold, sell or buy?

Shares of Manyavar-owner Vedant Fashions listed at near 8 per cent premium that could happen because of the trend reversal in the secondary market after ease in Russia Ukraine conflict, believe experts

Stock Market Today: Vedant Fashions share price outlook looks strong for medium to long term and one can hold the stock for 6-9 month target of ₹1240. (Reuters)Premium
Stock Market Today: Vedant Fashions share price outlook looks strong for medium to long term and one can hold the stock for 6-9 month target of 1240. (Reuters)

Stock market today: Vedant Fashion shares listed at a premium of near 8 per cent on Indian bourses today. Vedant Fashions share price today opened for trade at BSE at 936 whereas it made its debut on NSE at 935 apiece levels. Manyavar-owner Vedant Fashions share price immediately surged after making its debut at Indian stock market and hit its intraday high of 975.

According to stock market observers, Vedant Fashions shares listed at premium despite poor subscription figures. They said that stock looks good for long-term and Vedant Fashions shareholders can hold the stock maintaining stop loss at 890 levels whereas who want to buy the counter after listing can buy the counter at around 900 per share levels and keep on accumulating till it is above 866, the upper price band of the public issue.

Speaking on Vedant Fashions share price outlook; Ravi Singhal, Vice Chairman at GCL Securities said, "Shares of Vedant Faashions listed at near 8 per cent premium that could happen because of the trend reversal in the secondary market after ease in Russia Ukraine conflict. The stock looks strong for medium to long term and one can hold the stock for 6-9 month target of 1240 maintaining stop loss at 866. Those who applied for short term should book at day's high levels and exit."

On how to maximise one's short term gain; Santosh Meena, Head of Research, Swastika Investmart Ltd said, "Vedant Fashions shares made its debut in the secondary market on a positive note despite poor subscription figures. The company has strong brand value with good fundamentals. However, valuation is a major concern; therefore, investors should approach it from the long-term perspective where any dip of 15-20 per cent from current levels will be a good buying opportunity. Those who applied for listing gain should maintain a stop loss of 890."

Advising positional investors to add Vedant Fashions shares in their portfolio; Ravi Singhal of GCL Securities said, "One can buy the counter at 900 levels maintaining stop loss at 866 apiece levels. The stock may go up to 1020 in next 3 months whereas it has potential to go up to 1240 in 6-9 months."

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

You are on Mint! India's #1 news destination (Source: Press Gazette). To learn more about our business coverage and market insights Click Here!

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. Download The Mint News App to get Daily Market Updates.
More Less
Published: 16 Feb 2022, 11:51 AM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started