Crop protection products maker Indogulf Cropsciences shares closed the first session with moderate losses on July 3, may be tracking nervousness in the equity markets.
After opening flat at Rs 111 compared to the fresh issue price, the stock touched an intraday high of Rs 113 and low of Rs 106 on the NSE. It finished at Rs 110.35, down 0.59 percent with volume of 52.4 lakh shares.
On the BSE, it closed 0.18 percent lower at Rs 110.8, with volume of 8.19 lakh shares.
Indogulf Cropsciences shares ended the day with a market capitalisation of Rs 700 crore.
The New Delhi-based company has raised Rs 200 crore through its maiden public issue which was comprised of fresh issuance of shares worth Rs 160 crore, and an offer-for-sale of Rs 40 crore worth shares by promoters.
Click Here To Read All IPO NewsIt will utilise fresh issue proceeds for setting up an in-house dry flowable (DF) plant at Barwasni, Haryana. Further, the money will be used for working capital requirements, repayment of debt, and general corporate purposes.
Incorporated in 1993, Indogulf Cropsciences that manufactures crop protection products, plant nutrients and biologicals in India competes with several listed peers like Aries Agro, Best Agrolife, Heranba Industries, India Pesticides, and Dharmaj Crop Guard.
Its product portfolio caters to a broad spectrum of crops, including cereals, pulses and oilseeds, fibre crops, plantations, and fruits and vegetables.
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