Markets

RITES, Fine Organic gain ground on debut

Initial public offering, or IPO, concept, indicated with wooden blocks with letters forming the word IPO and Indian rupees and stack of coins.  

Shares of government-owned RITES Ltd. and Fine Organic Industries gained ground on debut on Monday even as the benchmark indices ended the day in the red.

State-owned RITES Ltd made it debut at ₹190 on BSE before touching a high of ₹224.40. It finally closed at ₹212.70, a premium of almost 15% compared with its issue price of ₹185. At Monday’s close, the market capitalisation of the company was pegged at ₹4,254 crore

On the National Stock Exchange (NSE), shares of RITES Ltd., which provides transport consultancy and engineering services, closed at ₹211.30 after touching an intra-day high of ₹224.50.

Meanwhile, shares of Fine Organic Industries closed at ₹822.80 on BSE after touching a high of ₹834. The company had fixed the issue price at ₹783.

Sensex drops 159 points

Incidentally, both the companies gained ground on a day when the benchmark indices traded in the red for most part of the trading session before closing in negative territory.

The 30-share Sensex lost 159.07 points or 0.45% to close at 35,264.41. The broader Nifty closed at 10,657.30, down 57 points or 0.53%.

The market breadth was also weak with nearly 1,700 stocks declining as against only 914 gainers as an overall weak trend in the global markets affected investor sentiments.

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Printable version | Apr 14, 2021 2:55:15 PM | https://www.thehindu.com/business/markets/rites-fine-organics-gain-ground-on-debut/article24313405.ece

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