ASK Automotive continues to move northward amid bulk deal on 2nd day on bourses

ASK Automotive shares extended listing day gains in Thursday's session (November 16). The gains were spurred in the auto components company after a bulk deal in the counter on the previous day on NSE.

As per NSE Bulk deal data, Goldman Sachs India Equity Portfolio bought 23.2 lakh shares in the company (equating to 1.1 per cent stake) at a price of Rs 310.05, which is at a discount of 0.02 per cent to the previous day's close of Rs 310.10 per share.

On the previous trading session, ASK Automotive listed at a premium of around 8 per cent to the IPO issue price of Rs 282 per share.

The company's IPO was a complete offer for sale (OFS) of 2,95,71,390 shares worth an estimated Rs 834 crore.

The public issue opened on November 7 and concluded on November 9. Through the issue promoters Kuldip Singh Rathee and Vijay Rathee offloaded their stake in the company.

On the issue, Zee Business Managing Editor Anil Singhvi gave a 'subscribe' rating for the long term given the company's decent market share and good management.

However, for the short term investors, he adviced to place a stop loss of Rs 300. While for other investors, given the growth prospects of the auto-ancillary firm he advised to hold the stock in one's portfolio.