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Last Updated : Apr 01, 2016 11:05 AM IST | Source: Moneycontrol.com

Bharat Wire Ropes erases gains after strong debut

Bharat Wire Ropes raised Rs 70 crore through public issue that was open for subscription during March 18-22.

 
 
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Moneycontrol Bureau


Bharat Wire Ropes saw strong debut on Friday, opening 5 percent higher at Rs 47.25 on National Stock Exchange but could not sustain gains for long.


The stock fell marginally below issue price of Rs 45, trading at Rs 44.90 (at 10:38 hours IST).

On Bombay Stock Exchange, it opened at Rs 47.35 and touched an intraday high of Rs 47.50 & low of Rs 45.

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Bharat Wire Ropes raised Rs 70 crore through public issue that was open for subscription during March 18-22.

The Maharashtra-based specialty wire ropes manufacturer will use issue proceeds for setting up a manufacturing plant at Chalisgaon in Maharashtra and for other general corporate purposes.

First Published on Apr 1, 2016 10:45 am
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