Prakash Constrowell pares listing gains; down 6%

NEW DELHI: Prakash Constrowell Ltd pared its morning gains after listing at Rs 147.20, a 7% premium against its issue price of Rs 138 per share on the National Stock Exchange (NSE).

The stock hit a high of Rs 158.70 after opening at Rs 145 on the Bombay Stock Exchange (BSE). At 10:23 a.m., shares of the company were trading 6.3% lower at Rs 129.25. The stock has hit a low of Rs 112.50, translating 18% drop in the price of the stock from its issue price.

Prakash Constrowell operates in the three segments of construction, namely infrastructure development, civil construction and residential and commercial real estate construction.

“Current order book for the company stands at Rs 150 cr and the management is confident of securing more orders from PWD, NBCC,” said Prakash Laddha, Director, Prakash Constrowell in an interview with ET Now.

The Nasik-based company proposes to utilise the net proceeds of the issue to meet working capital requirement, investment in construction equipments and investment in subsidiaries, in addition to meeting the general corporate purposes and public issue expenses.

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