Stock market today: Vedant Fashion shares listed at a premium of near 8 per cent on Indian bourses today. Vedant Fashions share price today opened for trade at BSE at ₹936 whereas it made its debut on NSE at ₹935 apiece levels. Manyavar-owner Vedant Fashions share price immediately surged after making its debut at Indian stock market and hit its intraday high of ₹975.
According to stock market observers, Vedant Fashions shares listed at premium despite poor subscription figures. They said that stock looks good for long-term and Vedant Fashions shareholders can hold the stock maintaining stop loss at ₹890 levels whereas who want to buy the counter after listing can buy the counter at around ₹900 per share levels and keep on accumulating till it is above ₹866, the upper price band of the public issue.
Speaking on Vedant Fashions share price outlook; Ravi Singhal, Vice Chairman at GCL Securities said, “Shares of Vedant Faashions listed at near 8 per cent premium that could happen because of the trend reversal in the secondary market after ease in Russia Ukraine conflict. The stock looks strong for medium to long term and one can hold the stock for 6-9 month target of ₹1240 maintaining stop loss at ₹866. Those who applied for short term should book at day’s high levels and exit.”
On how to maximise one’s short term gain; Santosh Meena, Head of Research, Swastika Investmart Ltd said, “Vedant Fashions shares made its debut in the secondary market on a positive note despite poor subscription figures. The company has strong brand value with good fundamentals. However, valuation is a major concern; therefore, investors should approach it from the long-term perspective where any dip of 15-20 per cent from current levels will be a good buying opportunity. Those who applied for listing gain should maintain a stop loss of ₹890.”
Advising positional investors to add Vedant Fashions shares in their portfolio; Ravi Singhal of GCL Securities said, “One can buy the counter at ₹900 levels maintaining stop loss at ₹866 apiece levels. The stock may go up to ₹1020 in next 3 months whereas it has potential to go up to ₹1240 in 6-9 months.”
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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