Chemcon Speciality snaps four-day losing streak

Chemcon Speciality Chemicals surged 4.35% to Rs 453.75, snapping its four days losing streak amid bargain hunting.

The stock lost 17% in four trading sessions to Rs 435.40 on 12 October from its previous closing high of Rs 524.95 on 6 October 2020.

The recent selloff followed a bumper listing on 1 October 2020. Shares of Chemcon Speciality Chemicals hit a lower circuit of 20% at Rs 584.80 after a robust debut at the bourses on 1 October 2020. The closing price was still at a 72% premium to the IPO price of Rs 340. The stock was listed at Rs 730.95, a premium of 114.99% over the IPO price.

The IPO opened for bidding on 21 September 2020 and closed on 23 September 2020. The price band for the IPO was set at Rs 338-340 per share. The IPO received bids for 97.94 crore shares as against 65.59 lakh shares on offer. The issue was subscribed 149.33 times.

The company recorded total income of Rs 262.05 crore and profit after tax of Rs 48.88 crore in the year ended on 31 March 2020.

Chemcon Speciality Chemicals is a manufacturer of specialized chemicals, used in the pharmaceutical and Oilwell industries. It supplies its products to domestic customers and as well as customers outside India.

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