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HCL Technologies gets listed at 170% premium

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CIOL Bureau
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BANGALORE: HCL Technologies made its appearance on on the secondary market with a 170 per cent premium on a day when IT stocks witnessed panic selling. The company's shares with a face value of Rs 4 closed the day at Rs 1575 on the BSE, at Rs 1560 on the NSE and at Rs 1588 on the DSE.

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Based on its maiden market, it had a market cap of around Rs 21840 crore. On Tuesday, its shares were listed on all exchanges - the DSE (its regional exchange), the BSE and the NSE. During the day, the total volumes in the HCLT counter on the BSE was at Rs 221 crore from 13.95 lakh shares and on the NSE it was Rs 188.69 crore from 11.92 lakh shares, respectively.

On the DSE, HCLT's first quote was Rs 1010 and the lowest bid for the day was Rs 1000. However the higher price on other stock exchanges and demand for the stock here saw the price move up to Rs 1,600. The scrip finally closed near its day's high, at Rs 1588 with a total turnover of Rs 2.12 crore. At the BSE's closing price of Rs 1575, investors who were alloted shares in the public offer at Rs 580, saw a return of 170 per cent on their invsestment.

According to market players, while the retail investors are booking profits after substantial increases in their investments, many institutions are entering the stocks. Also all those mutual funds and institutions who had got allotment in the IPO, are also buying at the current levels.

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