The markets saw two new listings after a long hiatus. In a market weighed down by negative global cues, Deccan Aviation and Unity Infra Projects listed.
Ajay Srivastava of Dimensions Consulting gives his views on how to play these stocks going forward.
Deccan Aviation
Deccan Aviation listed today on the stock exchanges at Rs 148.05 on the BSE and at Rs 129.90 on the NSE. Its issue price was Rs 148 per share.
Srivastava says, "One should certainly not buy this stock today. People who got the allotment will try to exit the share. So it will be very difficult for Deccan to hold on to the issue price. I expect it to fall below the issue price."
The stock is definitely not a buy at these prices, he advises.
Unity Infra Project
Unity Infraprojects listed on the BSE and the NSE today. The stock got listed at Rs 650 and slipped in the intial trades to touch a low of Rs 506.25. 100247 shares of the company have traded on the BSE till now. Its issue price was Rs 675.
Srivastava says, "Infrastructure and construction segments are not very favourable today. The valuations of Unity Infra were pretty large, excess P/E of 30. Again the trouble with this IPO is that people who have applied for the IPO would like to get out and book profits here, I don't think many people would like to get into this stock now.
"It is an expensively priced issue and therefore one cannot see too much of price action here in terms of issue price."
He further says, "The price of Unity Infraprojects at the lower band of Rs 100 odd is very expensive for a company into civil construction. It is not a real estate developer, although it could be masquerading as one. But those margins are wafer thin and very competitive. Even now with a price of Rs 500, I would not still buy it."
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