Cello World share price dips after strong debut. Opportunity to buy?
BSE and NSE at stellar 28 per cent premium during Monday deals. Cello World shares listed on BSE at ₹831 per equity share and went on to hit intraday low of ₹781.50 apiece within few minutes of stock listing.
On NSE, Cello World shares listed at ₹829 apiece levels and went on to hit intraday low of ₹782 per share after the profit booking trigger. According to stock market experts, profit booking after strong debut was expected but the scrip will bounce back strongly.
They said that company has diverse range of products with optimal inventory levels. So, allottees can book 50 per cent profit and hold the scrip with rest of their shareholding for long term.
Cello World shares open at 28% premium at ₹829 on NSE Speaking on Cello World IPO listing, Prashanth Tapse, Senior VP — Research at Mehta Equities said, "Despite 100% OFS offer, Cello received a strong subscriptions demand and offer valuation gives investors the comforts to invest and hold for long term. The listing was above our estimate due to strong fundamentals in the company and high growth industry dynamics.
Considering the change in the market momentum post FED meeting the premium listing is justified as the brand is well-positioned in the market." On what next after strong debut of Cello World shares, Mehta Equities expert said, "We strongly believe that the Cello World IPO gives allotted investors a long term opportunity, hence recommending all allotted investors “HOLD FOR LONG TERM" while those who failed to get allotments can accumulate on the listing day for holding it for healthy long term returns." Transteel Seating shares list with 27% premium at ₹88.90 apiece on NSE SME Advising allottees to book partial profit after strong listing, Mahesh M. Ojha, AVP –
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