Tega Industries shares debuts 68% above issue price, analysts bullish

New Delhi, Dec 13 Shares of Tega Industries have shown a stellar performance on the exchange debut session on Monday. The shares listed on the bourses at Rs 760 with a premium of 68 per cent. However, it pared some of the initial gains later in the day.

The share of the company settled at Rs 718 on the debut, against its issue price of Rs 453.

"Tega industry is debuting the secondary market on expected lines as the grey market was indicating a listing gain of 65-70 per cent," Swastika Investmart's Head of Research Santosh Meena said.

"The fundamentals of the company are very sound and the outlook for the industry is also bullish, therefore long-term investors should hold this company into their portfolio while those who applied for listing gain can keep a stop loss at Rs 690."

Tradingo Founder Parth Nyati said: "The company might perform much better going forward if this momentum continues. New investors can wait for a dip to buy, while long-term investors should hold this stock."

The Kolkata-based Tega Industries provides mining and mineral processing solutions. Its market capitalisation is Rs 4,759 crore.