The Hindu Business Line : Idea Cellular ends at premium, other listings in negative on weak condition

AT A PREMIUM: Mr Kumar Mangalam Birla, Chairman, Idea Cellular Ltd; with Ms Rajshree Birla, Chairperson, Aditya Birla Group; and Mr Hemendra Kothari, Chairman, DSP Merrill Lynch; during the listing of the shares of Idea Cellular Ltd on National Stock Exchange on Friday in Mumbai. - Paul Noronha

Mumbai March 9 With the exception of the AV Birla group company Idea Cellular, a weak market dragged down most of the new listings which saw them close their debut day well discounted to their issue price.

Idea Cellular whose initial public offering for Rs 2450 crore was subscribed by 50 times, opened at Rs 85 on the NSE, 13 per cent higher than its issue price of Rs 75 per share. It climbed to a high of Rs 92 before closing at Rs 85.70.

On the BSE, the stock opened higher at Rs 92.40, 23 per cent premium to the issue price.

During intra-day, it rose a high of Rs 94.25 but closed at Rs 85.55.

The other smaller issuers that made their debut, all dipped upon listing.

Garment manufacturer and exporter Mudra Lifystyle whose issue price was Rs 90, opened at Rs 89.9 on the NSE. Though it touched a high of Rs 100, it closed the day at Rs 63.95, losing 26.05 per cent. On the BSE, the company's stock opened at Rs 94.80 to close at Rs 63.8. Mudra's IPO had been subscribed around four times.

Euro Ceramics ended discounted by nearly 28 per cent, closing at Rs 119.15 on the NSE. Its issue price had been Rs 165.

On the BSE, it opened at Rs 151 and closed at Rs 115.25. The company's IPO had been subscribed three times.

Vijayeswari Textiles was discounted at over 30 per cent towards end of trading.

The company, whose issue price had been Rs 100, closed at Rs 68.95 on the BSE on Friday.