Premier Energies gains 86% on trading debut; Nifty gains for a 14th day

Shares of Premier Energies, a manufacturer of solar cells and modules, ended with a gain of 86 per cent over the issue price during their trading debut on Tuesday.

The stock hit a high of Rs 995 and a low of Rs 802 on the NSE, where Rs 5,223 crore worth of shares changed hands. At the closing price, the company was valued at Rs 37,815 crore. The stellar debut follows a strong response to Premier’s Rs 2,830-crore initial public offering (IPO), which was subscribed 75 times.

During the June 2024 quarter, the company had clocked a net profit of Rs 198 crore on sales of Rs 1,657 crore. Premier also executes engineering, procurement, and construction (EPC) projects and provides follow-up operation and maintenance (O&M) services, with a client list that includes NTPC, Tata Power Solar Systems, and Panasonic Life. As of July 2024, it had an order book of Rs 5,926 crore.

 

Nifty gains for a 14th day

The benchmark Nifty’s winning run continued, with the 50-share index managing to eke out just a 1.15-point gain on Tuesday to end at 25,280. Nifty has now posted gains for 14 straight trading sessions—its longest winning streak ever.

The Sensex, on the other hand, fell 4.4 points to end at 82,555, ending its 10-day gaining streak. Both the indices traded listlessly for the most part of the day as traders awaited US economic data. Gains in banking stocks were offset by losses in IT stocks and Reliance Industries.

During the past 14 trading sessions, starting August 14, the Nifty has gained 1,141 points, or 4.7 per cent. SBI Life, Bajaj Finserv, and ICICI Bank were the biggest gainers, while Bajaj Finance, ONGC, and Infosys were the top losers among the Nifty 50 components. The Nifty Midcap 100 and the Nifty Smallcap 100 rose 0.25 per cent and 0.43 per cent, respectively.