Ujjivan Small Finance Bank listing on BSE, NSE: Whopping gains for investors, share price shoots up 65 pct
The Ujjivan Small Finance Bank finally got listed on both BSE and NSE on Thursday and as expected, the share price skyrocketed to Rs 61.35 (at 10:01 am), up by 65.81 per cent from its previous close.
The Ujjivan Small Finance Bank finally got listed on both BSE and NSE on Thursday and as expected, the share price skyrocketed to Rs 61.35 (at 10:01 am), up by 65.81 per cent from its previous close. Ujjivan listing happened at Rs 58 on BSE and it gained thereafter too. The Ujjivan Small Finance Bank had witnessed a massive subscription of more than 165 times last week in its Rs 750 crore IPO. It was open for subscription between December 2 and December 4 and was subscribed more than 165 times at a price band of Rs 36-37 per share. The investors who got the allotment have already received the shares in their demat accounts while for the others, funds have been unblocked from ASBA (Applications Supported by Blocked Amount).
Speaking about the Ujjivan Small Finance Bank share, Zee Business Managing Editor said that the investors should target Rs 65 while keeping Rs 55 as stop loss. He said that investors can look to book profit at around Rs 64 or Rs 65. He added that investors can expect good returns from this listing going forward.
Earlier this month, Singhvi had said that small finance banks are performing better than private banks, so investors can expect more returns from Ujjivan Small Finance Bank IPO. He added that You can also make good money from Ujjivan Small Finance Bank as compared to private banks like RBL and Bandhan Bank. Investors should go for small listing gains and should subscribe for a longer period, he revealed.
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Meanwhile, Sensex and Nifty rose marginally on Thursday morning after government moved to ease rules for shadow banks. The NSE Nifty 50 index rose 0.3% to 11,947 and the BSE Sensex advanced 0.3% to 40,547.80 in early trade. This came after the government approved easier lending rules for shadow banks on Wednesday to help them get more access to funds.
Government`s measures to improve the health of non-banking finance and housing finance companies always boost the sentiment of investors and increase inflows in the market, Shrikant Chouhan, senior vice-president, equity technical research, Kotak Securities said in a note.
"Technically, the market has formed a reversal formation and we would see rally towards the upper boundary of the trading range, which is at 12,000 level," he said.