Tega Industries shares surge on debut; what should investors do post strong listing

Tega Industries shares saw a strong listing on exchanges as the stocks were listed with a gain of Rs 300 apiece on the BSE on Monday. Tega Industries shares surged 66.23 per cent on its debut to list at Rs753 per share against an issue price of Rs 453 per share.  

The listing was in line with the estimates of the street. Zee Business Managing Editor Anil Singhvi earlier on Monday had hit a bull's eye with his prediction. He had said that Tega Industries shares would be listed around Rs 700-750 range against issue price of Rs 453 per share. "Investors keep a stop loss of Rs 650 and keep trailing," he had recommended.

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Aayush Agrawal, Sr. Research Analyst - Merchant Banking, Swastika Investmart Ltd, had said Tega industry is likely to debut on secondary market on a strong note despite being a complete OFS. "Grey market premium is suggesting a listing gain of around 60-70%. The outlook for the industry is also bullish, hence long-term investors should hold this company in their portfolio," recommended Aayush Agrawal.  

Tega industry debuted the secondary market on the expected line as the grey market was indicating a listing gain of 65-70%, said Santosh Meena, Head of Research, Swastika Investmart Ltd. The analyst said  

Tega industry is debuting the secondary market on expected line as the grey market was indicating a listing gain of 65-70%. "The fundamentals of the company are very sound and the outlook for the industry is also bullish, therefore long-term investors should hold this company in their portfolio. Those who applied for listing gain can keep a stop loss at Rs 690," said Meena.  

Parth Nyati, Founder, Tradingo, said Kolkata-based company with a strong management and sound fundamentals went public on Monday. "A massive response from investors triggered the IPO to be subscribed 219 times. The IPO was purely OFS, where its PE fund is exiting, but the company is cash-rich," he highlighted.  

Parth said the company might perform much better going forward if this momentum continues. "New investors can wait for a dip to buy, while long-term investors should hold this stock. Those who have received the allotment should keep a stop loss of Rs 690," he suggested.