Cords Cable lists above issue price

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Cords Cable lists above issue price

Cords Cable Industries, a specialised cable manufacturer for variety of industries, has listed with a gain of Rs 8 at Rs 143 as against its offer price of Rs 135 on the NSE. But as the weak sentiments prevailing in markets, the stock slipped below issue price and touched a low of Rs 110.20 despite markets opened on a strong note.

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Cords Cable Industries , a specialised cable manufacturer for variety of industries, has listed with a gain of Rs 8 at Rs 143 as against its offer price of Rs 135 on the NSE, which is its intraday high. But as the weak sentiments prevailing in markets, the stock slipped below issue price and touched a low of Rs 110.20 despite markets opened on a strong note.

It was trading at Rs 138, up 2.22%, with volumes of 4,53,886 shares, at 9:57 am. The turnover was at Rs 6 crore.

On the BSE, the share opened at Rs 130 and touched high/low of Rs 142 and Rs 113, respectively. It was quoting at Rs 137, with volumes of 7,42,595 shares.

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 for various applications covering most segments of users including industrial, utility and buildings. It caters to a wide spectrum of cable users in various industries like power, steel, cement, fertilizers and chemicals, refinery / petroleum and many others.

Its clients are from diverse industries and include names such as BHEL, NTPC, Hindalco, ACC, HPCL, GAIL, TATA STEEL, Siemens, Honeywell, L&T, MRPL and others.