Bansal Wire Industries Ltd Share Price – NSE  /  BSE

Steel, Small Cap

Bansal Wire Industries will hold a meeting of the Board of Directors of the Company on 31 July 2024.

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The scrip was listed at Rs 352.05, at a premium of 37.52% over its initial public offer (IPO) price.

So far, the stock has hit a high of Rs 368.70 and a low of Rs 335.85. On the BSE, over 19.05 lakh shares of the company changed hands at the counter till now.

The initial public offer (IPO) of Bansal Wire Industries received 1,27,85,23,754 bids for shares as against 2,14,60,906 shares on offer. The issue was subscribed 59.57 times.

The Qualified Institutional Buyers (QIBs) category was subscribed 146.05 times. The Non Institutional Investors (NIIs) category was subscribed 51.46 times. The Retail Individual Investors (RIIs) category was subscribed 13.64 times.

The issue opened for bidding on Wednesday (3 July 2024) and closed on Friday (5 July 2024). The price band of the IPO was fixed at Rs 243 to 256 per share.

The offer comprised only of fresh issue of equity shares aggregating upto Rs 745 crore.

The net proceeds will be used from the fresh issue towards repayment or prepayment of all or a portion of certain outstanding borrowings amounting Rs 452.68 crore, investment in subsidiary for repayment or prepayment of all or a portion of certain outstanding borrowings amounting Rs 93.708 crore, funding the working capital requirements amounting Rs 60 crore, and balance towards general corporate purposes.

The total outstanding borrowings were Rs 676.28 crore as on 31 May 2024. The total outstanding borrowings of subsidiary were Rs 103.92 crore.

Ahead of the IPO, Bansal Wire Industries on Tuesday, 2 July 2024, raised Rs 223.49 crore from anchor investors. The board allotted 87.30 lakh shares at Rs 256 each to 18 anchor investors.

Bansal Wire Industries is the largest stainless-steel wire manufacturer and the second largest steel wire manufacturer by volume in India. Manufacturing steel wires since the last 38 years, the company caters to various sectors, with a diversified portfolio spread across high carbon steel wire, mild steel wire (low carbon steel wire) and stainless-steel wire. It is adding a new segment of specialty wires. These will be manufactured at Dadri.

The firm reported a net profit of Rs 78.80 crore and total income of Rs 2,466.03 crore for the twelve months ended on 31 March 2024.

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The equity shares of Bansal Wire Industries (Scrip Code: 544209) are listed effective 10 July 2024 and admitted to dealings on the Exchange in the list of ''B'' Group Securities.

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The equity benchmarks traded with moderate gains in mid-morning trade. The Nifty traded near the 24,350 mark. Pharma shares witnessed buying demand for the fifth consecutive trading sessions. Trading could be volatile due to weekly F&O series expiry today.

At 11:30 IST, the barometer index, the S&P BSE Sensex was up 205.26 points or 0.25% to 80,192.15. The Nifty 50 index added 55.40 points or 0.23% to 24,341.90.

The Sensex and Nifty clocked an all-time high of 80,392.64 and 24,401, respectively in morning trade. Further, the Nifty Bank also hits record high at 53,357.70 in early trade.

In the broader market, the S&P BSE Mid-Cap index added 0.42% and the S&P BSE Small-Cap index rose 0.49%.

The S&P BSE Mid-Cap and S&P BSE Small-Cap index hit an all-time high at 47,043.80 and 53,775.17, respectively.

The market breadth was positive. On the BSE, 2,124 shares rose and 1,644 shares fell. A total of 119 shares were unchanged.

IPO Update:

The initial public offer (IPO) of Bansal Wire Industries received 5,84,40,278 bids for shares as against 2,14,60,906 shares on offer, according to stock exchange data at 11:15 IST on Thursday (04 July 2024). The issue was subscribed 2.72 times.

The issue opened for bidding on Wednesday (03 July 2024) and it will close on Friday (05 July 2024). The price band of the IPO is fixed between Rs 243 to Rs 256 per share. An investor can bid for a minimum of 58 equity shares and in multiples thereof.

The initial public offer (IPO) of Emcure Pharmaceuticals received 2,93,15,594 bids for shares as against 1,37,03,538 shares on offer, according to stock exchange data at 11:15 IST on Thursday (04 july 2024). The issue was subscribed 2.14 times.

The issue opened for bidding on Wednesday (03 July 2024) and it will close on Friday (05 July 2024). The price band of the IPO is fixed between Rs 960 to Rs 1,008 per share. An investor can bid for a minimum of 14 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Pharma Index gained 0.76% to 20,066.95. The index rallied 2.82% in five consecutive trading sessions.

Lupin (up 5.22%), Granules India (up 2.06%), Ipca Laboratories (up 1.03%), Laurus Labs (up 0.94%), Sun Pharmaceuticals Industries (up 0.85%), Sanofi India (up 0.84%), Mankind Pharma (up 0.73%), Abbott India (up 0.35%), Natco Pharma (up 0.31%) and Alkem Laboratories (up 0.17%) advanced.

On the other hand, Biocon (down 1.29%), Torrent Pharmaceuticals (down 0.81%) and J B Chemicals & Pharmaceuticals (down 0.57%) edged lower.

Stocks in Spotlight :

Persistent Systems rallied 2.29% after the company acquired a 100% stake in US-based software company Starfish Associates for $20.7 million.

GE T&D India rallied 3.08% after the company announced the receipt of an international order from Grid Solutions SAS, France, worth 64 million Euros (approximately Rs 576.43 crore).

Global Markets:

Most Asian stocks traded higher on Thursday as Wall Street indexes, including the S&P 500 and NASDAQ Composite, hit record highs in holiday-shortened trading. Weak labor data, along with purchasing managers index readings, fueled investor bets on a 25 basis point rate cut by the Federal Reserve in September.

Meanwhile, minutes from the Fed meeting revealed concerns about a slowing economy and subsiding inflation, but officials desire additional data to justify rate cuts, leaving investors in wait-and-see mode.

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