Explained: Why Indo Farm Equipment stock price rose over 7 percent in early trade
Shares of Indo Farm Equipment gained momentum on Wednesday, rising over 7% to hit an intraday high of Rs 292.30 in early trade. The surge follows the company’s strong stock market debut in the previous session.
However, the early gains were short-lived as profit booking pulled the share price down within an hour. By 10:39 am, the stock was trading at Rs 276.50, just 1.39% higher than its previous closing price of Rs 272.70.
On January 7, Indo Farm Equipment’s shares closed with a premium of over 27% against the issue price of Rs 215.
The stock opened at Rs 258.40 on the Bombay Stock Exchange (BSE), reflecting a 20.18% premium. It surged 33.44% during the session to hit Rs 286.90 before closing at Rs 272.70, marking a gain of 26.83%.
