This multibagger stock to list on NSE on Wednesday; stock rises 3%
Ashish Mangal, Managing Director of Dynamic Cables, said, "We are all humbled by this opportunity and are committed to deliver greater value to our stakeholders by developing innovative solutions for our customers and investing in people and techn...
By Pawan Nahar, ETMarkets.com |
iStock
New Delhi: Shares of Dynamic Cables rallied over 3 per cent during early trade on Tuesday ahead of its debut on the National Stock Exchange (NSE).
The Jaipur-headquartered manufacturer of electrical cables informed BSE about the same in a regulatory filing, post market hours on Monday.
On Monday (July 25, 2022), the company received the approval from National Stock Exchange of India (NSE) for the listing of its equity shares on the platform, said the filing. "The equity shares of the company shall be listed and admitted to dealing on NSE with effect from Wednesday, July 27," the company's filing added.
Following the development, shares of Dynamic Cables rallied 3 per cent to Rs 151.5 on Tuesday, just shy of its 52-week high of Rs 154. The scrip had settled at Rs 147.25 in the previous trader after rising about 10 per cent.
The 2,20,14,000 equity shares listed on NSE will have a face value of Rs 10 each and will be traded under the symbol 'DYCL.' These shares will not have any lock-in period.
Ashish Mangal, Managing Director of Dynamic Cables, said, "We are all humbled by this opportunity and are committed to deliver greater value to our stakeholders by developing innovative solutions for our customers and investing in people and technology."
The wire and cables firm had listed on BSE SME Exchange through its IPO in December 2017 and migrated to the main board on October 1, 2020.
Dynamic Cables manufactures power infra cables that include LT, HT, EHVC, power control and instrumentation cables, flexible & industrial cables, solar cables and railway signalling cables.
In the last one year, shares of Dynamic Cables have delivered a return of more than 200 per cent, whereas, since its main board debut, the return from the counter has been close to 400 per cent.
It supplies cables to government discoms, private distribution companies, private EPC contractors, industrial and export clients, through its three manufacturing plants situated at Jaipur and Reengus (Rajasthan).
The Jaipur-headquartered manufacturer of electrical cables informed BSE about the same in a regulatory filing, post market hours on Monday.
On Monday (July 25, 2022), the company received the approval from National Stock Exchange of India (NSE) for the listing of its equity shares on the platform, said the filing. "The equity shares of the company shall be listed and admitted to dealing on NSE with effect from Wednesday, July 27," the company's filing added.
Following the development, shares of Dynamic Cables rallied 3 per cent to Rs 151.5 on Tuesday, just shy of its 52-week high of Rs 154. The scrip had settled at Rs 147.25 in the previous trader after rising about 10 per cent.
The 2,20,14,000 equity shares listed on NSE will have a face value of Rs 10 each and will be traded under the symbol 'DYCL.' These shares will not have any lock-in period.
Ashish Mangal, Managing Director of Dynamic Cables, said, "We are all humbled by this opportunity and are committed to deliver greater value to our stakeholders by developing innovative solutions for our customers and investing in people and technology."
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The wire and cables firm had listed on BSE SME Exchange through its IPO in December 2017 and migrated to the main board on October 1, 2020.
Dynamic Cables manufactures power infra cables that include LT, HT, EHVC, power control and instrumentation cables, flexible & industrial cables, solar cables and railway signalling cables.
In the last one year, shares of Dynamic Cables have delivered a return of more than 200 per cent, whereas, since its main board debut, the return from the counter has been close to 400 per cent.
It supplies cables to government discoms, private distribution companies, private EPC contractors, industrial and export clients, through its three manufacturing plants situated at Jaipur and Reengus (Rajasthan).
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