A note by Motilal Oswal said higher expenses weighed on bottomline. “Total operational expense increased 75 per cent year-on-year to Rs 460 crore, 13 per cent higher than our estimates. This is because admin and other expenses came in 17 per cent higher than expectations, which led to an increase in cost-to-income ratio to 56 per cent,” it said.
On the NSE, it declined 6.48 per cent to Rs 249.45 per share.The company’s market valuation eroded by Rs 11,372.38 crore to Rs 1,58,133.24 crore.In volume terms, 9.54 million shares of the company were traded on the BSE and over 70 million shares exchanged hands on the NSE during the day.
Jyoti CNC rose 30% on debut
Shares of Jyoti CNC Automation gained nearly 30 per cent during their stock market debut. The computer numerical control (CNC) machine manufacturer’s stock ended at Rs 430, up Rs 99, or 29.9 per cent, over its IPO price of Rs 331. The stock hit a high of Rs 444.8 and a low of Rs 370 on the BSE.
Medi Assist subscribed 1.2x
The initial public offering (IPO) of Medi Assist Healthcare Services got subscribed 1.20 times on the second day.The Rs 1,171.57 crore-IPO received bids for 2,34,69,985 shares against 1,96,19,719 shares on offer, as per NSE data.The category for Retail Individual Investors received 1.70 times subscription.
First Published: Jan 16 2024 | 11:07 PM IST