Policybazaar gets a boost after an American fund laps up 3.4 million shares and Sigachi hits upper circuit on the morning after listing
- 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.
AdvertisementShares of PB Fintech — the company that owns the online insurance platform
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.
Experts have advised to hold on to the Sigachi stock for long term gains given that it is one of the leading manufacturers of cellulose-based excipients in India. There are no other listed entities in this domain. The company plans to expand its business further with the capital it has raised from this public issue, which will give it an edge over other private players.
“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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