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This stock hit the market on Friday.
Investors were given 60 percent of listed profits.
The brokerage still expects a 56 percent increase.
Utkarsh SFB Share Price: Shares of Utkarsh Small Finance Bank, which entered the stock market only last week, doubled the shareholders’ money in just 2 trading days. Last Friday, shares of Utkarsh Small Finance listed on BSE and NSC at a premium of 60 per cent. In the IPO, investors got shares at Rs 25, while it was listed at Rs 39.95 on BSE and Rs 40 on NSE. Even today the momentum in this stock remains intact. The stock jumped 17 percent to Rs 56.30 on BSE intraday. In the evening, the stock closed at Rs 51.19 (peak share price) with a gain of 6.78 percent. Thus the money of those who got shares in the IPO doubled in just two days.
Notably, the Utkarsh SFB IPO received tremendous response from investors. The Rs 500 crore IPO was open from July 12-14. Overall this number has been subscribed 110.77 times. In this, Qualified Institutional Investors (QIB) shares were 135.71 times, Non Institutional Investors (NIIs) shares were 88.74 times and Retail Investors reserved shares were 78.38 times. Employees’ shares subscribed 18.02%. Investors who showed great enthusiasm for the IPO were also not disappointed and gained 60% on the listing itself. Now on the second trading day also the stock has given tremendous profit.
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Shares can go up to Rs 80
According to Anuj Gupta, vice president of domestic brokerage firm IIFL Securities, the stock could reach Rs 80 in just a month, according to a Moneycontrol report. This means as per today’s closing price, it could go up to another 56 percent. Anuj Gupta says that investors must keep a stop loss of Rs 38 on this stock.
Utkarsha SFB is the third largest microfinance bank in terms of gross loan portfolio. Its gross loan portfolio grew at a CAGR of 31 percent to Rs 14,000 crore in FY 2019-23. That is why brokers are still very strong in this banking stock.
(Disclaimer: The stocks mentioned here are based on the advice of the brokerage house. If you want to invest in any of these, consult a certified investment advisor first. News18 will not be responsible for your profit or loss.)
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Tags: business news in hindi, Multibagger stock, capital market, Stock tips
First Published: July 25, 2023, 07:00 IST
