Mazagon Dock Shipbuilders premium declined more than 25% in the grey market:
To begin with, the Mazagon Dock Shipbuilders is the largest defence company in India. The company entered into the public through its initial public offering.
Previously, in the IPO starting period the company premium in between Rs. 130 to Rs. 145 per equity share. Currently, the company premium range declined to Rs. 100 to Rs. 110 per equity share in the grey market.
Whereas, in the grey market it was available in the range of Rs. 245 to Rs. 255 per equity share as against the IPO share value of Rs. 145 per equity share. But still, the company significant premium providing a strong order book, a healthy return on, and high dividend yield to the company.
The company shares will be list on 12th October 2020. Mazagon Dock Shipbuilders is the only company supplying conventional submarines and destroyers to the Indian Navy. The company having a maximum shipbuilding capability of 40,000 DW.
The IPO worth of the company is stood at Rs. 444 Cr. The company shares subscribed nearly 157.40 times during the subscription period from 29th September to 1st October 2020.
Stock Market Update:
Stock Market October 9th: On Friday, both Sensex and Nifty seem to trade in a bullish trend in the stock market. The Sensex stood traded gain with 40,488.08 levels and Nifty stood traded gain with 11,911.35 levels. The Sensex raised 305.41 points with a 0.76% gain. Besides, Nifty has raised 76.75 points with a 0.65% gain.
On the other hand, the number of confirmed or coronavirus cases in India reached 69,06,151 as of October 9th, and deaths reached 1,06,521.
In the border market, the S&P BSE Midcap index reported a bearish trend in the stock market today. It declined 54.79 points with a 0.37% loss and reached a 14,772.57 level. The S&P BSE Smallcap index declined 42.68 points with a 0.28% loss and reached a 14,968.00 level. However, the Nifty Bank raised 646.35 points with a 2.79% gain and reached a 23,835.50 level.