In an otherwise lacklustre market, the newly listed stock of Power Grid Corporation of India Ltd hogged the limelight on Friday. The stock not only gained over 93% on the first day of trading, but the counter also created a record in terms of trading volumes and turnover.
Power Grid stock closed at Rs 100.60 on the NSE, while on the BSE it closed at Rs 100.65 against the offer price of Rs 52. The counter contributed 21.28% (Rs 5,961 crore) of the combined turnover of BSE and NSE (Rs 28,010 crore), while the trading volume (number of shares traded) on the counter constituted 34.48% (58.08 crore shares) of the combined volume (168.44 crore shares) of both exchanges.
The counter also saw hefty deliverable volumes of around 34% on both exchanges, which, according to dealers, is very surprising.
Power Grid stock opened on the NSE at Rs 89.80, touched the day?s high of Rs 109.50 and slipped to the day?s low of Rs 83.15 before closing at Rs 100.60.
Arun Kejriwal, director, KRIS, said, ?The higher deliverable figures indicate that around 40% of the issued capital (around 21 crore deliverable shares) changed hands on day one. This also shows that retail investors have moved out and domestic institutions have booked profit–and even at such higher levels, some new buyers have entered, indicating the strong fundamentals of the company.?
Power Grid raised Rs 2,980 crore ($756 million) by selling 57.39 crore shares at Rs 52 per share. The government?s holding in Power Grid declined to 86.4% after the sale. The shares sold accounted for 13.6% of the company?s fully diluted, post-issue capital.