Commercial Engineers debuts 6% lower on NSE

Commercial Engineers & Body Builders Co (CEBBCO), a manufacturer of vehicle and locomotive bodies, on Monday made a weak start on the bourses, opening lower by over six per cent against its issue price of Rs 127 on the National Stock Exchange.

Shares of CEBBCO started the session with a discount of 6.29 per cent at Rs 119 on NSE.

The scrip witnessed a similar fate on the Bombay Stock Exchange, where it debuted 3.30 per cent lower at Rs 122.80.

On the volume front, over 24.7 lakh shares of the company were traded on the two exchanges during the early morning session.

CEBBCO, which has raised Rs 172 crore through its initial public offer (IPO), had entered the capital market with a price band of Rs 125 to Rs 127 a share.

The company intends to utilise the fund for the capital expenditure of its railway project, pre-payment of identified loan facilities and general corporate purposes.

Meanwhile, the BSE 30-share index Sensex was trading at 20,034.18, down 90.87 points from the previous close.