Advanced Enzyme Technologies (AET) shares gained 17 percent on the second day on Tuesday after listing at a 35 percent premium on the Bombay Stock Exchange (BSE) on Monday. The company had issued equity shares at Rs. 896 per share.
On Tuesday, the AET stock closed at Rs. 1,373.65, up 16.58 percent from its previous close. The scrip had ended at Rs. 1,178.30 on Monday, with a gain of 31 percent.
The Rs. 411 crore AET public issue was oversubscribed almost 115 times.
AET is engaged in the research and development, manufacturing and marketing of 400+ proprietary products developed from 60 indigenous enzymes. The company is a marginal player in the global enzyme market with a market share of about 0.9 percent, offering products to its global clientele of more than 700 customers spanning presence across 50 countries worldwide.
In India, it is the second largest player. It earned a net profit of Rs. 79 crore on sales of Rs. 294 crore for the financial year 2015-16, according to updates issued by Angel Broking and HDFC Securities.
The S&P BSE Sensex closed 21 points lower at 27,981 despite opening on a higher note. The dip was due to selling seen in European stock markets.
The biggest trigger for the markets remains the Goods and Services Tax (GST) Bill, which needs to be passed by the Rajya Sabha. Reports of the Congress, the main opponent to the GST Bill, coming on board has raised hopes of a smooth passage of the indirect reform legislation described by finance minister Arun Jaitley as "economic integration" of the country.
Top losers in Tuesday's trade were Tata Motors, HDFC and Adani Ports, while stocks that lifted the 50-mark benchmark index included ITC, Maruti Suzuki and Hero Motocorp.
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Interglobe Aviation, which owns low-cost carrier Indigo, saw its share nosedive 11.17 percent to close at Rs. 865.20 apiece in response to disappointing first quarter (Q1) results announced after market hours on Monday. The company posted a 7.4 percent fall in net profit to Rs. 591 crore despite an increase of 9.7 percent in revenues to Rs. 4,741 crore.
