Happy Forgings share price extends gain after strong debut. Buy, sell or hold?
Happy Forgings share price opened on BSE at ₹1,001.25 apiece levels whereas it listed on NSE at ₹1,000 per share levels. However, the newly listed stock witnessed profit booking trigger immediately after share listing and touched intraday low of ₹961 per share on NSE.
But, the scrip attracted buying interest at its intraday low and bounced back strongly and touched intraday high of ₹1,044 apiece on NSE. Happy Forgings share price is currently quoting ₹1,025 per share on NSE.
Happy Forgings share price lists with 17.8% premium at ₹1001.25 apiece on BSE According to stock market experts, Happy Forgings IPO listing is below market expectations and higher valuations could be the possible reason for that. They said that allottees may hold the stock maintaining stop loss below ₹961 and book profit on rise.
They said that one can re-enter once the stock settles down in next few sessions. Credo Brands Marketing makes muted debut, lists flat at ₹282 Speaking on strong debut of Happy Forgings shares, Parth Shah, Research Analyst at StoxBox said, "We believe that this strong listing can be attributable to the company’s consistent performance and growth which can be seen in the revenue and EBITDA growth over the past three years.
The company is a leading player in the domestic crankshaft manufacturing industry and has the second-largest production capacity for CV and industrial crankshafts. With the global forging and Indian crankshaft markets expected to grow at CAGR of 5.2% and 8.3%, respectively, we believe that the company’s increasing focus on producing market-accretive value-added products provides an opportunistic environment for the company." Expecting selling pressure on rise, Arun Kejriwal, Founder at Kejriwal Research and
. Read more on livemint.com
