Saraswati Saree shares hit 5% upper circuit post strong listing
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The shares of Saraswati Saree Depot hit a 5% upper circuit at Rs 209.95 on BSE following their strong debut on the exchanges on Tuesday. The stock debuted at Rs 200 on BSE, reflecting a premium of Rs 40 or 25% over the IPO price of Rs 160. On the NSE, it was listed at Rs 194, reflecting a 21.25% premium. The listing was slightly below expectations, with shares previously trading at a grey market premium (GMP) of 29% to the issue price. "The company was anticipated to list with a premium of 20% to 25%. SSDL's strategic initiatives in inventory management, expansion into men’s ethnic wear, and a growing e-commerce platform are expected to fuel further growth," said Akriti Mehrotra, Research Analyst at Stoxbox. "With a P/E ratio of 17.9x based on FY24 earnings, the IPO is attractively priced. Investors who have been allotted with their shares are advised to hold the position for a medium to long-term perspective," Akr...