JNK India has staged stellar performance and maintained its strong upward journey throughout session, even despite the consolidative trade in the benchmark indices and broader markets, on April 30.
In fact, the listing was way above analysts' expectations as well as grey market indications.
The stock started off first day first trade at Rs 621 on the NSE, rising nearly 50 percent over the issue price of Rs 415 per share, while the analysts anticipated the listing at around 20-30 percent premium.
It has never seen its opening price as the day progressed and hit a day's high of Rs 712. Overall, the stock traded above Rs 680 level throughout the session, before closing the session at Rs 694.55, up 67.36 percent with volume of 2.16 crore equity shares.
On the BSE, the stock rallied 67.22 percent to Rs 693.95, with volume of 14.36 lakh equity shares.
The heating equipment maker has raised Rs 649.47 crore through its initial public offering which was subscribed 28.13 times during April 23-25. The price band for the public issue was Rs 395-415 per share.
JNK India, which manufactures fired heaters, reformers and cracking furnaces that are required in process industries such as for oil and gas refineries, petrochemical and fertilizer industries, recorded net profit at Rs 46.4 crore for the year ended March FY23, up from Rs 36 crore in previous year. During the same period, revenue from operations increased to Rs 407.3 crore, from Rs 296.4 crore.
Net profit in the nine months period ended December FY24 stood at Rs 46.2 crore on revenue of Rs 253.4 crore.
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