Shares of newly-listed Premier Energies Ltd continued their dream run in Monday's trade. The stock, which staged a solid market debut on September 3 last week, today 8.67 per cent to hit a record high value of Rs 1,190.35. At this price, the multibagger scrip has rallied 164.52 per cent from its initial public offering (IPO) price of Rs 450.
The entity has recently received an order from the Uttar Pradesh Department of Agriculture to supply, install and commission a five-year comprehensive warranty of 8,085 solar water pumping systems across various districts in the state. The project, worth Rs 215 crore, will be completed by March 2025.
Investors should consider booking profits at current levels, analysts said. Those with a high-risk appetite can 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 can 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.
"One should consider booking profits at current levels. Resistance will be at Rs 1,190 and support at Rs 1,100," said Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking.
Around 12.71 lakh shares changed hands on BSE at the time of writing this story. The figure was lower than the two-week average volume of 32.35 lakh shares. Turnover on the counter came at Rs 145.99 crore, commanding a market capitalisation (m-cap) of Rs 52,494.93 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.