Policybazaar gets a boost after an American fund laps up 3.4 million shares and Sigachi hits upper circuit on the morning after listing
Nov 16, 2021, 10:26 IST
- An American fund, owned by the Capital Group, bought one in every three shares of PB Fintech that are available for trading.
- Newly-listed Sigachi, being one of the top players in its segment without any listed peer, saw its shares continue to ride the scarcity premium.
- Check out the latest news, analysis and updates on Business Insider.
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Shares of PB Fintech — the company that owns the online insurance platform PolicyBazaar and [descriptor] Paisabazaar — spiked another 17% a day after its listing on the stock exchange. The shares were trading at ₹1,408.00 at 9:59 a.m. on November 16, increasing its market cap to ₹63,289 crore ($8.5 billion).The same day, Sigachi Industries, another stock that is just a day old on the Indian bourses, hit the upper circuit — which halts trading in the script temporarily — after surging 5%.
An American fund, part of the Capital Group, lapped up nearly 3.5 million shares of Policybazaar at ₹1,912 a piece on Monday, according to bulk deals from the National Stock Exchange. That’s nearly 3% of the shares available for trading.
The company was listed on the stock exchange yesterday, at a premium of 17% over the issue price of ₹980. The company has given another 17% returns to its investors since yesterday.
The excitement around Sigachi was visible at listing — when the stock spiked over 3 times the issue price — and continued on day two.
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“Sustained demand for microcrystalline cellulose (MCC) from various industries and the expansion programme, earnings growth momentum looks sustainable. It has been paying a dividend consistently for the last three years, which bodes well,” Reliance Securities had said.
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