Shares of the recently listed Enviro Infra Engineers jumped as much as 7 percent and hit a record high of Rs 318.90 on December 16. With the strong gains in today, the stock extended its uptrend to the second session, recording a surge of around 15 percent during the time. This two-day uptrend was preceded by a two-day losing run.
At 09.51 am, shares of Enviro Infra Engineers were trading at Rs 315.30 on the NSE. Trading volumes were also strong as one crore shares changed hands in less than an hour into trade so far, as compared to the one-week daily traded average of three crore shares. Trading volumes were on fire in the previous session as well, when four crore shares changed hands, helping the stock record an over 19 percent upswing.
The stock made a robust market debut on November 29, listing at a premium of nearly 50 percent over its issue price. Its public offer had also garnered strong buying interest from investors as it got subscribed 89.90 times during its three-day bidding period.
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Analysts had also issued bullish calls on Enviro Infra's public offer, suggesting investors to hold the stock for a long-term period. The bullishness over Enviro Infra seems to be continuing even after the company's market debut as the stock has already surged more than twofold from its IPO price of Rs 148.
Optimism for the stock also stems from the marquee names that back the company. Ace investor Mukul Agarwal holds a little over 1 percent stake in the company while another prominent name, Sunil Singhania also invested in the company's anchor book, through his Abakkus Diversified Alpha Fund.
Enviro Infra Engineers specialises in designing, constructing, operating, and maintaining water and wastewater treatment plants, as well as water supply scheme projects for government bodies.
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