Mid & Smallcaps poised for more pain after worst drop? | Opening Bell | Shree Karni Fabcom lists at 14% premium

Mid & Smallcaps poised for more pain after worst drop in two years?| Opening Bell

With the nervousness across large-, mid- and small-caps, the bears are expected to keep control over Dalal Street in the coming sessions too. If the Nifty 50 decisively breaks the 21,860 level (the key level for the continuation of higher highs and higher lows formation), then 21,700-21,500 can be the levels to watch going ahead, but if the index manages to rebound, it may face a hurdle at 22,200-22,300 on the higher side, experts said. On March 13, the bloodbath in broader markets on overvaluation concerns raised by the market regulator dented sentiment. The Sensex plunged 906 points to 72,762, while the Nifty 50 fell 338 points or 1.51 percent (the biggest single-day correction since January 23) to 21,998. The broader markets saw major selling pressure with the Nifty Midcap 100 index falling 4.4 percent and Smallcap 100 declining 5.3 percent. About 23 shares declined for every rising share on the NSE. What is making the market nervous and how should you navigate the selloff? RIL, ITC and Tata Motors are among the stocks to watch out for today. Meanwhile, Gopal Snacks is likely to see a muted debut amid the broader market selloff. Catch Nandita Khemka in conversation with Chandan Taparia, Senior VP, Head - Derivatives & Technical Research, Motilal Oswal, Sandeep Raina, Exec VP - Research, Nuvama Professional Clients Group and market expert Anshul Saigal

Shree Karni Fabcom lists at 14% premium over IPO price on NSE Emerge

The issue, which opened for bidding on March 6 and closed March 11, was subscribed 296.43 times.

The stock of Shree Karni Fabcom listed with a 14 percent premium, opening at Rs 260 against the issue price of Rs 227, on the NSE Emerge platform on March 14. 

Ahead of the listing, Shree Karni Fabcom was trading at a 13 percent premium in the grey market, an unofficial ecosystem where shares start trading before the allotment in the IPO and until the listing day. Most investors track the grey market premium to get an idea of the listing price.

The issue, which opened for bidding on March 6 and closed March 11, was subscribed 296.43 times.

The offer price was fixed at Rs 220-227 a share with a minimum lot size for an application at 600 shares.

Incorporated in March 2018, Shree Karni Fancom produces customised knitted and woven fabrics for luggage, medical arch support, chairs, shoes and apparel.

It specialises in woven, knitted and coated fabrics, 100 percent polyester, and sources yarn, resin, acrylic and coating chemicals to produce specialised technical textiles.

In FY23, the company's revenue increased by 51.87 percent and profit after tax by 7.85 percent from the previous year.

Source: Money Control