Bharat Wire Ropes shares made a debut on bourses on Friday listing 5 per cent higher at Rs 47.32 on BSE against the issue price of Rs 45. On the National Stock Exchange (NSE), shares of the company listed at Rs 47.25.
At 10.24 am, Bharat Wire Ropes shares were trading 2.22 per cent higher at Rs 46 against the issue price. IPO of the company hit capital markets on March 18 and closed on March 22.
The share price of Bharat Wire settled the day at Rs 45.40 on BSE.
Proceeds from the public offer will be used to set up a proposed project of 66,000 MTPA wire ropes at MIDC Zone, at Chalisgaon in Maharashtra and to meet general corporate and issue expenses.
For the year ended March 2015, the company reported net profit of Rs 1.97 crore, up 31.33 per cent, against Rs 1.50 crore last year.
The company is engaged in manufacturing and sales of wire ropes, structural strands, slings and wires which find its application in general engineering, fishing, elevators, cranes, material handling, power transmission, suspension bridges, onshore/offshore oil exploration, ports and shipping, mining, defence, railways etc. It is also engaged in the business of trading of the steel related products.