Godrej Agrovet shares mark a strong debut on stock exchanges

Shares of Godrej Agrovet Limited marked a stellar debut on the exchanges on Monday after the company has concluded its Initial Public Offering last week. The stock advanced about 35% to Rs 621 from its issue price of Rs. 460 on BSE.

Shares of Godrej Agrovet Ltd rose 37% to hit the record high of Rs 629.85. The IPO of Godrej Agrovet subscribed 95.41 times on the final day bidding and mobilized over Rs 79000 crore for an issue size of Rs 1,158 crore.

Godrej Agrovet is the first IPO of Godrej group in eight years. The company has raised about Rs 341 crore from anchor investors ahead of its IPO. Over 74.17 lakh shares would be allotted to 25 anchor investors at Rs 460 /equity share, as per exchange filing.

Oil stocks surge on Wednesday

Oil stocks gained on Exchanges post lunch hours. Oil stock gains as the central govt might incentivize investments in the oil & gas exploration sector, as the GST Council had proposed.  Hindustan Petroleum Corporation Ltd (HPCL) rose 5.45% , Indraprastha Gas up 2.85%, Indian Oil Corporation (IOC) up 2.71%, Petronet LNG rose 2.48% Bharat Petroleum Corporation Ltd. (BPCL) up 2.41%, Reliance Industries rose 1.11% and GAIL up 0.50% , while Oil India stocks was trading on lower, down by 0.23%

Investment Tips for Top Stock by Research Expert

Research Head (MONEY MAKER RESEARCH & INVESTMENT ADVISOR PVT LTD) is having a view that one can go long in Avenue mart.

“Avenue mart is the stock which I would advocate traders to buy this stock in a range of 1020 to1025 with a price target of 1070 and stop loss placed below 970.

The Company has recorded another steady year of growth, despite performing in a highly competitive environment in the Retail Sector. Company has opened 21 new stores during the year under review, taking the total store count to 131 across the country.

The Company’s total income on Standalone basis was Rs.1, 191,240.76 Lakh compared to previous year''s Rs.859, 522.66 Lakh, registering a steady growth of 38.59% on a year over year basis. The Company has earned Standalone Net Profit of Rs.48, 263.85 Lakh

Avenue mart were closed 0.52 per cent up today at Rs 994.60 on NSE.