Did Harsha Engineers miss out on the allotment? Should you buy after listing?
Shares of Harsha Engineers make a strong debut despite weak sentiments on Dalal Street today. The public issue opened at ₹444 per equity share on the BSE, giving its lucky shareholders a listing profit of around 36 percent.
According to stock market experts, this strong opening of Harsha Engineers share price is due to excellent expectations and exceptional response from investors. He advised shareholders to hold the scrip keeping the stop loss at ₹ 440 and maximize their listing gains. For those who missed out on the Harsha Engineers share during the allotment process, he suggested buying in the range around ₹ 460-475 and maintaining a stoploss at ₹ 440. He said the stock may rise to ₹ 535 in the short term but may rise to ₹ 588 per level in the next 3 months.
Commenting on the Harsha Engineers share price outlook, Ravi Singhal, CEO, GCL Securities, said, “Allotment holders of Harsha Engineers shares are advised to maintain a stock keeping stop loss with a short-term target of ₹ 535 and a medium-term target of ₹ 440.588 per steps. However, during the allotment process to acquire Harsha Engineers shares. For those who missed out, they can buy the stock at ₹475 to ₹460 keeping losses below its list price and book profit of ₹535 and ₹588. Depending on their time perspective.” The company has a monopoly business model, making it a core portfolio stock that can be included in one’s portfolio for the long term, he said.
A combination of fresh issue and OFS will be the most subscribed public issue in 2022. In three days of bidding, the ₹755 crore public issue was subscribed 74.70 times while its retail portion was subscribed 17.63 times.