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Karda Constructions settles lower on debut

Meanwhile, the S&P BSE Sensex rose 286.68 points or 0.87% to settle at 33,255.36.

The stock debuted at Rs 136, a discount of 24.44% to the initial public offer (IPO) price. The stock had hit a high of Rs 142.80 and low of Rs 136. On BSE, 2.54 lakh shares were traded on the counter.

The IPO of Karda Constructions opened on 16 March 2018 and closed on 21 March 2018. The issue received bids for 1.09 crore shares. The issue was subscribed 2.54 times. The company had priced the IPO at the top end of the Rs 175 to Rs 180 a share price band.

Karda Constructions reported a net profit of Rs 5.52 crore on sales of Rs 40.35 crore in the six months ended September 2017.

Karda Constructions, promoted by Naresh Karda, is engaged in the business of real estate development in the city of Nashik, Maharashtra.

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