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Data Patterns closes off day's high amid profit booking, gains 29% on debut

Data Patterns IPO |It is the third company in the field of defence equipment to get listed on the bourses in 2021, after MTAR Technologies in September and Paras Defence & Space Technologies in March.

December 24, 2021 / 05:03 PM IST
Data Patterns IPO

Data Patterns IPO

 
 
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Defense and aerospace electronics solutions provider Data Patterns India closed off day's high on debut as the stock gradually wiped out nearly 13 percent gains from its intraday high to settle with 29 percent premium on December 24.

Data Patterns stock opened at day's high of Rs 864 on the BSE, a 47.7 percent premium over issue price of Rs 585 per share and as the day progressed, it saw gradual profit booking at higher levels and hit a day's low of Rs 744.05.

Eventually, the stock closed at Rs 754.85, up 29.03 percent against the issue price, but down 12.63 percent from opening price, while on the National Stock Exchange, it settled at Rs 755, up 29.06 percent.

Data Patterns traded with volume of 1.34 crore equity shares on the NSE, and 10.44 lakh shares on the BSE. Meanwhile, the benchmark indices snapped three-day rally, losing third of a percent on the Sensex.

Also readData Patterns shares list at 48% premium. Should you book profit or hold on?

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Experts remained positive on Data Patterns and advised holding the stock for long term given the growth potential, strong orderbook and healthy financials.

"In the long run, the stock will be a wealth generator in the next 3-5 years. The company can grow rapidly and exponentially by taking advantage of the government's "Make In India" initiative in the near future," said Santosh Meena, Head of Research at Swastika Investmart.

Also readSupriya Lifescience IPO | Here’s how to check allotment status online, listing date, GMP

CapitalVia Global Research believes Data Patterns has the potential to generate 15-20 percent returns from this price as well in next few quarters. "I expect the stock to cross Rs 1,100 levels in next few quarters."

Investors having intent to hold the stock for long term should try to accumulate stock in any healthy dip around Rs 725- Rs 755, the brokerage advised.

Also readRs 1.31 lakh cr and counting: IPO momentum to continue in 2022 as well

Data Patterns, which offers products to the entire spectrum of defense and aerospace platforms (space, air, land, and sea), has raised Rs 588.22 crore through its public issue last week. The price band for the offer was Rs 555-Rs 585 per share.

It is the third company in the field of defence equipment to get listed on the bourses in 2021, after MTAR Technologies in September and Paras Defence & Space Technologies in March.

Also readCMS Info Systems IPO share allotment likely next week. Check latest GMP, listing date

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Moneycontrol News
first published: Dec 24, 2021 05:03 pm

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