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Nifty soared to new heights this week after breaching the key resistance level and closing strongly above the 20,000 level supported by better-than-expected GDP numbers and exit poll results.
“The sector that IREDA is in, is clearly a monopoly or rather an oligopoly. It enjoys a durable competitive advantage. My sense is people who have got an allotment will hold on to it. Yes, there are a lot of listing gains; people would take on that but these are companies which over the longer term create good wealth.”
At a 140% premium over the issue price of Rs 500, Tata Technologies' listing price of Rs 1,200 beat Street's estimates. While the stock was expected to double on the listing, it went far beyond, hitting the day's high of Rs 1,400 on the NSE or a 180% uptick over the upper IPO price band.
The share allotment process for Tata Technologies' initial public offering (IPO), which closed on November 24, is likely to be finalised today
“The market definitely wants the larger number of sectors to play. Engineering R&D is one sector where you have likes of Tata Elxsi; you have likes of Cyient Technology, KPIT, LTI MindTree. Some of these companies which are having their niche position in that and that also adds into the Tata Technology kind of companies.”