Harsha Engineers shares make a strong debut despite weak sentiments on Dalal Street today. The public issue opened at ₹444 per equity share on BSE, giving around 36 per cent listing gain to its lucky allottees.
According to stock market experts, this strong opening of Harsha Engineers share price can be attributed to outstanding prospects and a phenomenal response from the investors. They advised allottees to hold the scrip maintaining stop loss at ₹440 and maximise their listing gains. For those who missed to get Harsha Engineers share in share allotment process, they advised them to buy around ₹460-475 range and maintain stop loss at ₹440. They said that the stock may go up to ₹535 in short term whereas it may go up to ₹588 apiece levels in next 3 months.
On Harsha Engineers share price outlook, Ravi Singhal, CEO at GCL Securities said, “Those who got Harsha Engineers shares in allotment are advised to hold the stock keeping stop loss at ₹440 for short term target of ₹535 and medium term target of ₹588 apiece levels. However, for those who missed to get Harsha Engineers shares in allotment process, they can also buy the stock at around ₹475 to ₹460 apiece levels maintaining stop loss below its listing price and book profit at ₹535 and ₹588 depending upon their time view.” He said that the company has monopolistic business model that makes it an important portfolio stock that one can add in one’s portfolio for long term as well.
Advising Harsha Engineers share allottees to hold the stock further, Santosh Meena, Head of Research at Swastika Investmart said, “Harsha Engineers Ltd. has debuted at ₹444 on BSE, 36 per cent above its issue price. The company’s good listing can be attributed to outstanding prospects and a phenomenal response from the investors. The company’s strong fundaments, competitive advantages like high entry barriers and switching costs, experienced management team, strategically located manufacturing facilities and robust growth outlook makes this stock a strong candidate for long-term investing. Further, the company is a proxy play on India becoming the global manufacturing hub. Our recommendation for the investors is to hold the allotted shares and long-term investors can accumulate the stock on dips.”
The combo of fresh issue and OFS is highest subscribed public issue in 2022. In three days bidding, the public issue worth ₹755 crore was subscribed 74.70 times whereas its retail portion was subscribed 17.63 times.