Orient Technologies shares hit upper circuit for second day in a row

Shares of Orient Technologies hit the upper circuit for the second consecutive day on Friday. The counter opened in red at Rs 318 on the BSE against the previous close of Rs 319.65. However, it surged to touch the intraday high of Rs 335.60 - also the 52-week high. 

Earlier, shares of Orient Technologies Ltd ended with a premium of nearly 48 per cent against the issue price of Rs 206.

The stock made its debut at Rs 290, a jump of 40.77 per cent from the issue price on the BSE. It surged 47.79 per cent to settle at Rs 304.45 -- its upper circuit limit.

On the NSE, it is listed with a premium of 39.80 per cent at Rs 288. The stock ended at Rs 302.40, up 46.79 per cent.

The company's market valuation stood at Rs 1,267.78 crore.

The initial public offer of Orient Technologies was subscribed 151.71 times on the final day of subscription on Friday.

The Rs 215-crore initial share sale had a price range for the offer at Rs 195-206 a share.

The Initial Public Offering (IPO) was a combination of a fresh issue of Rs 120 crore and an offer-for-sale of up to 46 lakh equity shares valued at Rs 95 crore at the upper end of the price band, by promoters.

Proceeds from the fresh issue to the tune of Rs 79.65 crore will be used for funding capital expenditure requirements, Rs 10.35 crore for the acquisition of office premises at Navi Mumbai, and a portion will also be used for general corporate purposes.

Over the years, the company has developed deep expertise in creating products and solutions for specialised disciplines across IT Infrastructure, IT Enabled Services (IteS), and Cloud and Data Management Services.

Orient Technologies has a diverse clientele spanning both public and private sectors, including industries like Banking, Financial Services, Insurance (BFSI), Information Technology (IT) & ITeS, healthcare, and pharmaceuticals.