Tatva Chintan more than doubles on market debut

Mumbai: A buoyant primary market has taken centre stage in the past one and a half month while the secondary market has taken a back seat in July month with the benchmark indices moving in a tight and narrow range despite the busy earnings season.

Thursday witnessed another bumper listing of Tatva Chintan Pharma Chem at 95 per cent premium and Glenmark Life Sciences initial public offering getting subscribed over 45 times.

Tatva Chintan, a specialty chemicals manufacturing company which raised Rs 500 crore through the initial public offering closed 113.32 per cent up at market close more than doubling investors money.

Glenmark Life Sciences IPO closed on Thursday with high retail bidding at 15 times for 35 per cent of the shares in the public issue reserved for them. The last day of the bidding also saw huge turn out from non-institutional investors bidding  over125 times and qualified institutional investors  bidding over 37 times.
Since mid-June nine companies have got listed in the market and all of them trade with significant gains post listing as per the latest data.

Meanwhile, the secondary market has taken a back seat in July with the benchmark indices  Sensex (52549 on June 29 to 52653 on July 29) and Nifty-50 (15748 on June 29 to 15778 on July 29) trading flat.

The secondary market has seen cycles of low key volatility in July and strong base formation while absorbing a host of unsettling developments like Covid, Q1 earnings, global volatility etc., said analysts on expiry of July month equity derivatives contracts on Thursday.

The Nifty closed the July series on a flattish note.


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