Cords Cable ends above issue price

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Cords Cable ends above issue price

A cable manufacturer for variety of industries, Cords Cable Industries has closed the day at Rs 139.45, up 3.30% over its offer price of Rs 135. This is the good listing in this week after bad listings of Reliance Power and J Kumar Infraprojects, both closed below issue price on listing day.

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Cords Cable Ind BSE | NSE 25/05/12 Are Mutual Funds betting on Cords Cable Ind?

A cable manufacturer for variety of industries, Cords Cable Industries  has closed the day at Rs 139.45, up 3.30% over its offer price of Rs 135 on the NSE. This is the good listing in this week after bad listings of Reliance Power and J Kumar Infraprojects , both closed below issue price on listing day. 

The share begun the day at Rs 143 and due to some spillover effect of poor listing of two stocks, it slipped below issue price, touched an intraday low of Rs 110.20 in early trade. But this spillover effect did not pressurise the stock for long as some buying has helped the stock to touch a high of Rs 151. The stock remained above the issue price for major part of the day.

It traded with volumes of 89,36,555 shares and the turnover was at Rs 124 crore.

Rakesh Malhotra , Joint MD of Cords Cable Industries, told CNBC-TV18 that FY08 profit is seen at Rs 15.5 crore and EPS at Rs 18. FY09 topline is seen at Rs 300 crore, and EPS at Rs 21. The company's current order book is at Rs 100 crore, he said.

On the BSE, the stock closed at Rs 138.30, with volumes of 1,05,18,929 shares after touching high/low of Rs 151 and Rs 113, respectively during the day.

The company had entered capital market with a public issue of 30.85 lakh shares at a price band of Rs 125-135 per equity share. The issue got subscribed 4.99 times.

Currently, CCIL manufactures cables upto 1.1 KV. It caters to a wide spectrum of cable users in various industries like power, steel, cement, fertilizers and chemicals, refinery / petroleum etc.

Its clients include BHEL, NTPC, Hindalco, ACC, HPCL, GAIL, TATA STEEL, Siemens, Honeywell, L&T, MRPL etc.