Business Daily from THE HINDU group of publications
Saturday, Apr 14, 2007
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Business Daily from THE HINDU group of publications Saturday, Apr 14, 2007 ePaper |
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Credit Rating Markets - IPOs Our Bureau
Strong debut: Mr D.N. Ghosh, Chairman, ICRA Ltd, striking the gong to list the company's shares on the Bombay Stock Exchange in Mumbai on Friday. -- Paul Noronha
Mumbai April 13 The stock of credit rating agency ICRA Ltd made its debut on the NSE at Rs 540, at a premium of 63.6 per cent against issue price of Rs 330 per share. It touched an intra-day high of Rs 870 before closing at Rs 803.25. ICRA provides investment information and credit rating services in the country. The tremendous reception to ICRA's listing comes after SEBI recently made grading mandatory for all IPOs. "This is one of the factors that led to the good stock movement on debut," said a research analyst. ICRA is one of the three rating agencies that have been allowed to conduct IPO grading, along with Crisil and Care. The scrip opened at Rs 525 on the BSE, at a premium of 59 per cent, touched an intra-day high of Rs 880.1 before closing at Rs 797.6. On the BSE, 1,24,26,046 shares changed hands; on the NSE, the volume was 1,91,08,425 shares. "Internationally, this industry enjoys a P/E of 30-35. Even in India, Crisil is currently trading at P/E of 30," said Mr Lalit Thakkar, Director (Research), Angel Broking. "So, analysts had expected the stock to quote at a premium of 60-80 per cent. Almost 25-30 per cent growth is expected for this industry for the next two years."
Related Stories: More Stories on : Credit Rating | IPOs
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