Premier Energies shares slipped over 7% from fresh record high levels
Premier Energies share price: The stock, which staged a solid market debut on September 3 last week, rose 4.84 per cent to hit a new record high value of Rs 1,264.90. As the session progressed, it gave up entire intraday gains and settled 2.60 per cent lower at Rs 1,175.10.
- Sep 10, 2024,
- Updated Sep 10, 2024 7:36 PM IST
Shares of Premier Energies Ltd slipped on Tuesday after scaling their fresh all-time high levels. The stock, which staged a solid market debut on September 3 last week, rose 4.84 per cent to hit a new record high value of Rs 1,264.90. As the session progressed, it gave up entire intraday gains and settled 2.60 per cent lower at Rs 1,175.10.
At today's closing price, the scrip has declined 7.10 per cent from its lifetime high level of Rs 1,264.90. Despite the mentioned drop, the multibagger scrip has rallied 161.13 per cent as against its initial public offering (IPO) price of Rs 450.
Analysts said investors should consider booking profits at current levels. Those with a high-risk appetite should only continue with their positions, one of them suggested.
"Investors can book profit at current levels as the stock has delivered stellar returns compared to its issue price," said Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher.
"Investors with listing gains can take some profit from the table. Those with a high-risk appetite should only consider holding on to the stock," said Kranthi Bathini, Director of Equity Strategy at WealthMills Securities.
"After a stellar listing, Premier Energies looked overvalued at the current market price. Investors should be booking profits at current levels," said Sebi-registered research analyst AR Ramachandran.
Echoing similar views, Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking said one should consider booking profits at current levels.
Around 11.74 lakh shares changed hands on BSE today. The figure was lower than the two-week average volume of 29.35 lakh shares. Turnover on the counter came at Rs 140.85 crore, commanding a market capitalisation (m-cap) of Rs 52,970.50 crore.
Incorporated in April 1995, Premier Energies manufactures integrated solar cells and solar panels. Its product portfolio includes cell, solar modules, bifacial modules, EPC solutions and O&M solutions. It has five manufacturing units, all of which are situated in Hyderabad, Telangana.
Shares of Premier Energies Ltd slipped on Tuesday after scaling their fresh all-time high levels. The stock, which staged a solid market debut on September 3 last week, rose 4.84 per cent to hit a new record high value of Rs 1,264.90. As the session progressed, it gave up entire intraday gains and settled 2.60 per cent lower at Rs 1,175.10.
At today's closing price, the scrip has declined 7.10 per cent from its lifetime high level of Rs 1,264.90. Despite the mentioned drop, the multibagger scrip has rallied 161.13 per cent as against its initial public offering (IPO) price of Rs 450.
Analysts said investors should consider booking profits at current levels. Those with a high-risk appetite should only continue with their positions, one of them suggested.
"Investors can book profit at current levels as the stock has delivered stellar returns compared to its issue price," said Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher.
"Investors with listing gains can take some profit from the table. Those with a high-risk appetite should only consider holding on to the stock," said Kranthi Bathini, Director of Equity Strategy at WealthMills Securities.
"After a stellar listing, Premier Energies looked overvalued at the current market price. Investors should be booking profits at current levels," said Sebi-registered research analyst AR Ramachandran.
Echoing similar views, Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking said one should consider booking profits at current levels.
Around 11.74 lakh shares changed hands on BSE today. The figure was lower than the two-week average volume of 29.35 lakh shares. Turnover on the counter came at Rs 140.85 crore, commanding a market capitalisation (m-cap) of Rs 52,970.50 crore.
Incorporated in April 1995, Premier Energies manufactures integrated solar cells and solar panels. Its product portfolio includes cell, solar modules, bifacial modules, EPC solutions and O&M solutions. It has five manufacturing units, all of which are situated in Hyderabad, Telangana.