Innova Captab share price hits 20% upper circuit after listing at marginal premium
Innova Captab share price today opened on NSE at a marginal premium of ₹4.10 per share. However, the stock witnessed strong buying interest post-listing and went on to touch intraday high of ₹542.50 apiece on NSE. While scaling to this intraday high, Innova Captab share price locked in 20 per cent upper circuit within an hour of share listing. The newly listed stock has touched 20 per cent upper circuit on BSE as well.
According to stock market experts, investors have extended their faith in Innova Captab shares after giving strong response to the public issue. They said that positive market sentiments are also fueling their positive conviction towards Innova Captab shares. However, they said that Innova Captab IPO was slightly priced at higher valutions and the stock is already priced in. Hence, one should book profit and exit as there can be sharp downside movement once there is trend reversal on Dalal Street.
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Innova Captab share price outlook
Advising Innova Captab share allottees to book profit and exit, Avinash Gorakshkar, Head of Research at Profitmart Securities said, “The company faces quality competition from its peers and the public issue it offered was priced at slightly higher valuations. Hence, my suggestion to investors to book profit and exit as there can be sharp downside movement once profit booking triggers in Indian stock market.”
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Prathamesh Masdekar, Research Analyst at StoxBox said, “The company also has a record of sustained consolidated revenue from operations, growing at a CAGR of 50.2% during FY21-23. The company’s focus on branded generic products for the domestic and international markets, strong brand presence, consistent financial performance, R&D focus on building an increasingly complex product portfolio and customer stickiness have helped it to grow its business successfully.”
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Advising Innova Captab IPO allottees to book profit, StoxBox expert said, “With most of the positives priced in, we advise investors to book profits on the listing day and subsequently consider investing in the company after evaluating its quarterly performance in the near term.”
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decision.
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Published: 29 Dec 2023, 01:10 PM IST
