New Delhi: A number of new entrants to the stock market this fiscal year have managed to stay above their IPO levels, even as some big names like Coffee Day Enterprises and InterGlobe Aviation have fallen sharply from their peaks.
Out of the 22 companies that have launched their IPOs this fiscal year, which began on April 1, 2015, 12 are still trading above the price at which they had issued shares to the public investors.
The remaining ten have seen their respective share prices sinking below the issue price.
However, 20 of the new entrants have come down more than 20 per cent from their peaks.
In case of Inox Wind, the current price is more than 50 per cent below the all-time high level, while Coffee Day Enterprises has fallen over 30 per cent from the high and InterGlobe Aviation, which runs low-cost airline IndiGo, is down nearly 45 per cent.
TeamLease Services, which got listed last Friday, is trading above the issue price but it remains to be seen whether it retains its gains in the coming days.
The stocks that have managed to stay above their issue prices despite the ongoing market meltdown include Narayana Hrudalaya, Dr Lal PathLabs, SH Kelkar and Alkem Laboratories.
The Sensex has plunged nearly 23 per cent from its peak of 30,024 - a level last scaled in March 2015.
For the week ended February 12, Dr Lal PathLabs settled at a premium of 45 per cent of its issue price of Rs 550, while Alkem Laboratories ended at Rs 1,319, up 25.62 per cent from its issue price.
Shares in fragrance maker SH Kelkar closed the week at Rs 216.30, up over 20 per cent from their issue price of Rs 180 whereas those in Narayana Hrudalaya ended at a premium of 14.44 per cent from their issue price of Rs 250.
Shares in Indigo-parent InterGlobe Aviation were a bit battered to end the week at Rs 777.50, up 1.63 per cent. The shares had an issue price of Rs 765.
In a bloody carnage on Dalal Street, market benchmark Sensex plunged 807.07 points on Thursday - marking its biggest fall in six months - to settle below 23,000 after 21 months as fears of a global slowdown and disappointing quarterly numbers combined to batter investor sentiment.
On Friday, it however managed to end 34 points higher at 22,986.12 points, but logged its biggest weekly fall in over six years.
Coffee Day shares closed the week at Rs 221.50, falling 32.47 per cent from their issue price. The stock had an issue price of Rs 328.
"Actually this is the sector which is influencing the share prices. Most of these firms are in the healthcare business, in which investors have high expectations given their future growth prospects. As a result the shares remain unaffected to the volatility," Geojit BNP Paribas head-fundamental research Vinod Nair said.
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