Medanta shares surge on Day 2, now up 35% from IPO price


Medanta share price: After decent listing on Wednesday, Global Health share price continue to give upside movement after day one of listing. Medanta share price today opened upside and went on to climb to a new high of 455.70 apiece on NSE, within few minutes of stock market opening bell, logging around 10 per cent rise in intraday trade session on Thursday.

On Wednesday, Medanta shares listed at a decent debut on BSE and NSE and later it went on to climb above 400 apiece levels, delivering more than 20 per cent premium to the lucky allottees against the upper price band of 336 apiece. Global Health share went on to climb further and sustained above 400 apiece levels. It closed at 415.30 apiece levels on NSE on its listing date. So, in just two days of trade, Medanta Hospitals operator company’s stock has delivered over 35 per cent return to the lucky allottees.

However, stock market experts are still bullish on Medanta stocks and have advised investors to hold the stock for long term. They said that the stock may go up to 515 apiece on next one year. For allottees, who applied for the IPO for listing gains, they advised such allottees to upgrade their trailing stop loss at 410 apiece levels, 5 below its close price on Wednesday.

Speaking on Medanta share price outlook, Anuj Gupta, Vice President — Research at IIFL Securities said, “Medanta share price may go up to 480 apiece levels in near term and hence those allottees who applied for the IPO for listing premium, they can upgrade their trailing stop loss below 5 from its close price on Wednesday and hold the stock for short term upside.”

For those who missed to get Medanta shares during share allotment, Ravi Singhal, CEO at GCL Securities said, “Medanta shares are expected to give stellar return in long term and hence it should be taken as a portfolio stock now. But, fresh entry is not advisable at current prices. One should wait for the profit booking and enter around 400 apiece levels and keep on accumulating till it is trading above 350 levels. Long term investors can buy the stock in 370 to 400 range maintaining strict stop loss below 350. The stock is expected to go up to 515 in next one year.”

Medanta Hospitals operator Global Health Ltd IPO was launched early this month at a price band of 319 to 336 per equity share and in three days of subscription, it was subscribed 9.58 times. QIB investors gave huge response to the IPO as it was subscribed whopping 28.64 times in QIB segment.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint.
Download The Mint News App to get Daily Market Updates.


Source link

0 0 votes
Article Rating
Notify of
Inline Feedbacks
View all comments