Burnpur Cement (BCL), one of the established cement manufacturers of Eastern India, will list on the bourses with equity shares on Thursday. The grey market premium is around Rs 8. Analysts expect the listing price around Rs 15-20 and advise profit booking.
R S Iyer of KR Choksey Securities said, "One can book profits in Burnpur Cement above Rs 15."
"Burnpur Cement is likely to get listed at Rs 20 as against the IPO price of Rs 12. Profit booking is advised in the stock at around the listing price", Investment Advisor, S P Tulsian said.
Manish Bhatt of Prabhudas Lilladher recommended holding the stock for short to medium term.
The company had offered its 219 lakh shares of Rs 10 each for cash at a premium of Rs 2 per share. The issue had subscribed 15.19 times.
As a part of its expansion plans, Burnpur Cement has proposed a backward integration by setting up an 800 TPD capacity Clinkerisation and Cement grinding unit expandable to 1,600 TPD at Patratu in the Hazaribagh District of Jharkhand for manufacturing Clinker, Ordinary Portland Cement (OPC), Portland Pozzolona Cement (PPC) and Portland Slag Cement (PSC).
Source: Moneycontrol.com
Wednesday, January 2, 2008
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