Shares of Pilani Investment and Industries, the investment arm of BK Birla group, zoomed on their debut on the National Stock Exchange (NSE) on Tuesday, gaining over 192 per cent from their last close of Rs 780 on the Madhya Pradesh Stock Exchange (MPSE) several years ago. The company’s stock opened on the NSE at Rs 1,911 and touched a high of Rs 2,535 during the day’s trade. It closed up Rs 1,515 at Rs 2,280.35. The counter saw 10,824 shares changing hands with a traded turnover of Rs 25.22 crore.
At close, Pilani Investment’s market capitalization stood at Rs 1,804 crore. Pilani Investment owns stakes in firms belonging to the BK Birla and Aditya Birla groups. Its major holdings include Century Textiles (36.78 per cent), Grasim Industries (4.69 per cent), Hindalco (1.52 per cent) and Kesoram Industries (5.28 per cent).
Prior to their listing, Pilani shares were changing hands at around Rs 1,400 in off-market deals. In a circular on Tuesday, the Bombay Stock Exchange (BSE) informed its trading members that Pilani shares would be available for trading on Asia’s oldest bourse from Diwali muhurat trading on October 26.
Pilani Investment joins a list of investment firms of other groups like Adani Enterprises, Aditya Birla Nuvo, Bajaj Holdings and Tata Investment whose shares are listed on country’s two premier stock exchanges.
Apart from Pilani Investment, MPSE-listed Hira Ferro Alloys, Kriti Industries, Sarthak Industries, Panchsheel Organics and Shakti Pumps also started trading on NSE from Tuesday. In April, the Indore-based bourse had signed an agreement with NSE and BSE, whereby companies listed on MPSE would be available for trading on India’s two main stock exchanges under the permitted category. Members of MPSE will go live on NSE’s trading platform from Diwali muhurat trading on October 26.
The agreement, under Section 13 of the Securities Contract Regulation Act, will also allow members of MPSE to trade in shares of companies listed on NSE and BSE. The partnership with the two national-level stock exchanges is aimed at reviving the trading at MPSE after a gap of 10 years.
Members of MPSE will go live on NSE’s trading platform from Diwali muhurat trading on October 26.