Financial services firm Anand Rathi Wealth debuts 9% over issue price
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Shares of Anand Rathi Wealth showed healthy performance on the firm's exchange debut on Tuesday.
Incorporated in 1994, Anand Rathi is a financial services provider, which employs over 2,500 professionals.
The shares were listed on the bourses at Rs 600 with a premium of over 9 per cent. However, it pared some of the initial gains later in the day, primarily due to profit booking and settled at a little over 6 per cent.
The share of the company settled at Rs 585 on the debut session, against its issue price of Rs 550.
"Long-term investors should hold this stock on the back of a strong industry outlook while those who applied for listing gain can keep a stop loss of Rs 550. New investors can look for buying opportunities at any dip with a long-term view," said Santosh Meena, Head of Research at Swastika Investmart.
The firm's market capitalisation is worth Rs 2,434 crore, NSE data showed.
"We believe the wealth creation industry has tremendous potential and may perform much better in the coming years. Short-term investors who got the allotment can place a stop loss of Rs 550, while long-term investors can hold the stock. New investors can look for long-term investment opportunities after the market stabilises," said Parth Nyati, Founder of Tradingo.
