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Flop show: Tijaria Polypipes falls 70% on Day 1
A plastic pipes manufacturer Tijaria Polypipes disappointed the street on Day 1, falling more than 70% from its issue price of Rs 60 per share. The share closed at Rs 17.75 on the National Stock Exchange.
A plastic pipes manufacturer Tijaria Polypipes disappointed the street on Day 1, falling more than 70% from its issue price of Rs 60 per share. The share closed at Rs 17.75 on the National Stock Exchange.
The stock managed to hold its issue price level in the morning trade, but since the afternoon trade to close turned disaster for the stock. It touched an intra-day low of Rs 16.50, after seeing a high of Rs 67.75 in the opening trade.
Total trade volume on both exchanges was nearly 10.7 crore equity shares as against issue size of one crore shares.
Tijaria Polypipes manufactures high-grade HDPE, MDPE and LDPE plastic pipes and sprinkler systems under the brand names of Tijaria and Vikas.
The company garnered Rs 60 crore through the issue for expansion.
Tijaria proposes to expand its current manufacturing capacity and diversify into the manufacturing of polyster zippers long chains, mink blankets & PET sheets and also proposes to manufacture the raw materials required for it. The company will manufacture partially oriented yarn (POY), draw texturised yarn (TY) and monofilament yarn all under one roof. The company plans to set up two new units at industrial areas of Rajasthan Industrial and Investment Corporation (RIICO) at Ramachandrapura and Sitapura Extension, close to Jaipur.
