Shares of Divgi Torqtransfer Systems Ltd recorded a new 52-week high in Wednesday's trade, and gained nearly 5%. The stock, however, was choppy during the session because of the market volatility.
The stock hit an intraday high of ₹635 and low of ₹591.
Quant Mutual Fund (MF) and Sageone Investment Managers purchased shares of the company on Tuesday, the day the stock was listed, while Morgan Stanley Asia (Singapore) sold.
As per NSE block deals data, Quant MF purchased 2,63,951 equity shares of the company on Tuesday at an average cost of ₹588.8 per share. At an average price of ₹597.5, Sageone Investment Managers purchased 3,60,571 shares. However, 3,73,611 shares of the business were sold by Morgan Stanley Asia (Singapore) for an average price of ₹590.
On the BSE, the company is valued at a market capitalisation of ₹1,849.20 crore.
According to Pravesh Gour, Senior Technical Analyst, Swastika Investmart, the condition of the market right now is not good. As a result, those investors who applied for the public offering for the listing premium are advised to keep their stop loss at 610 and wait for further upside, while those with a medium- to long-term view can hold the stock.
Shares of Divgi TorqTransfer Systems Ltd listed on the bourses at a premium on Tuesday.
On the NSE, the stock was listed at ₹620 per share, 5.08% higher than the issue price, and on the BSE, the stock was listed at ₹600 per share, 1.7% higher than the issue price. The stock slumped as much as 10% during intraday trading, but the NSE saw it end 2.6% higher at ₹605.50 per share.
