Diffusion Engineers share hits 20% upper circuit; gains 153% since listing

Diffusion Engineers shares listed on the NSE at Rs 193 on October 4, and have skyrocketed by 153.52 per cent since their market debut

Shares of Diffusion Engineers jumped as much as 20 per cent to hit the upper circuit of Rs 489.30 on the BSE, and Rs 489.96 during the intraday deals on Tuesday, in an otherwise weak market. This is also the all-time high for the company's shares, which have been trading on exchanges since October 4, this year.

A combined total of nearly 4.72 million shares of Diffusion Engineers worth around Rs 221.53 crore exchanged hands on both the BSE and NSE.

Earlier, on Monday, October 21, Diffusion Engineers informed the exchanges that a meeting of the Board of Directors of the Company is scheduled to be held on Thursday, October 24, 2024, to consider, approve, and take on record the unaudited financial results (standalone and consolidated) of the company for the quarter ended June 30, 2024. This would also mark the company's maiden results since their market debut.

 

That said, the company's stock has been marching northward on the bourses since October 17, 2024, and has rallied around 64 per cent since then. This, however, led the exchanges to seek clarification from the company on the significant movement in price on October 18.

 Diffusion Engineers, in a regulatory filing, responded on October 19, stating, "The movement in the company's share price is entirely attributable to market circumstances, which appear to be driven by the market and over which the Company neither has any control nor is aware of the underlying causes."

Earlier, on October 4, this month, Diffusion Engineers shares listed at Rs 193 on the NSE, representing a 15.17 per cent premium over the IPO issue price of Rs 168. The company's shares have sprinted a whopping 153.52 per cent since their market debut.

Incorporated on November 05, 1982, Diffusion Engineers is engaged in the business of manufacturing welding consumables, wear plates, wear parts, and heavy engineering machinery for core industries. As of October 22, 2024, Diffusion Engineers has a market capitalisation of Rs 1,831.08 crore on the BSE.

Diffusion Engineers is under the Additional Surveillance Measure (ASM) - Stage 1 on the BSE.