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Indias benchmark Nifty 50 index is set to open higher on Thursday, after easing from near record highs in the past two sessions as investors continue to fret over the timing of U.S. rate cuts.... -January 03, 2024 at 09:48 pm EST - MarketScreener

The shares of Gandhar Oil had debuted on the exchanges at a solid 75% premium over the issue price of Rs 160-169. The stock ended at Rs 301 after getting listed at Rs 298. Around 10:15 am, nearly 48 lakh shares of Gandhar Oil were trading on the NSE.

The bumper listing comes amid broader euphoria in capital markets

The strong debut was attributed to the companys strong positioning in the industry, where it is among the top two white oil players and the only Indian player to rank among the top five players globally by revenue.

"We believe the listing premium is justified on the back of the company being tagged as leading PSU player in renewable energy financing and advisory services and a possible upgradation from a Mini Ratna to a Navratna company in near future which increases financial autonomy, allowing it to accelerate faster in the competition," said Prashant Tapse of Mehta Equities.

Analysts said the upside from current levels looks limited based on valuation as the issue was fully priced in discounting all near-term triggers. "Given that the company is a pioneer and market leader in its universe of e-Governance, there can be some kind of first mover advantage, but the upside is limited post listing" said Prashant Tapse of Mehta Equities.

The stock listed at Rs 792, which is the same as issue price. However, there was some buying interest in the counter post the listing as stock rose about 12% intraday.

ESAF Small Finance Bank has a focus on unbanked and under-banked customer segments, especially in rural and semi-urban areas. The AUM grew from Rs 8,426 crore to Rs 16,320 crore from FY21-23, registering a CAGR of 39.22%, the highest CAGR among peers. For the three months ended June, the lenders total income rose 34% year-on-year to Rs 992 crore, while net profit was up 22% to Rs 130 crore.

The public offer was subscribed by a massive 73 times at close on strong demand from institutional investors. The QIB category of the IPO was booked 173 times

The public offer was subscribed by a massive 73 times at close on strong demand from institutional investors. The QIB category was booked 173 times.ESAF Small Finance Bank has a focus on unbanked and under-banked customer segments, especially in rural and semi-urban areas. The AUM grew from Rs 8,426 crore to Rs 16,320 crore from FY21-23, registering a CAGR of 39.22%, the highest CAGR among peers.