The Hindu Business Line : MindTree debuts strong, three others suffer on Day 1

Chennai, March 7 As many as four stocks were listed on the bourses but among them only MindTree Consulting Ltd was able to finish in positive territory. The Bangalore-based MindTree, which raised Rs 238 crore through initial public offering, finished with a gain of 46 per cent at Rs 621.20 on the NSE against its issue price of Rs 425. The stock opened with a premium of 60 per cent at Rs 620 and hit a high of Rs 673.35 and a low of Rs 576. About 1.26 crore shares were traded on the NSE, of which only about 18.25 lakh shares or 14.49 per cent were up for delivery. The IPO was subscribed by more than 103 times.

On the BSE, the stock opened at Rs 599 and closed at Rs 620.30 before hitting a high and a low of Rs 678.80 and Rs 575.20 respectively. About 87.67 lakh shares changed hands on day one on the BSE.

However the other new listings were not that fortunate. Evinix Accessories and Oriental Trimex slipped 38 per cent each while Broadcast Initiatives slumped 41 per cent against their issue prices. However, all the three stocks listed with a premium — the only positive factor.

Broadcast Initiatives, the company which runs Hindi current affairs channel Janmat TV, closed at Rs 70.4 against the issue price of Rs 120 on the NSE. The Sri Adhikhari Brothers-promoted company raised Rs 103 crore through IPO, which was subscribed by two times. Evinix Accessories, which raised Rs 42 crore through IPO, closed at Rs 74.05 against the issue price of Rs 120 before hitting a high/low of Rs 129/Rs 70.2 on the NSE. The issue was subscribed 3.7 times.

Oriental Trimex, which raised Rs 48 crore though IPO, closed at Rs 29.7 against the issue price of Rs 48 after hitting a high/low of Rs 52.5/Rs 28.5 respectively.

UBS Securities Asia was actively involved in these counters; according to the BSE bulk deals data, the fund sold 25 lakh shares of Broadcast Initiatives at Rs 69 and about 6.39 lakh shares of Oriental Trimex at Rs 37. It, however, bought 2.25 lakh shares of MindTree at Rs 657.53 a share.