Enviro Infra Engineers share price dips after listing at a robust premium. Buy, sell or hold?
- Stock market today: According to stock market experts, Enviro Infra Engineers shareholders may hold the scrip maintaining strict stop loss at ₹207 apiece, irrespective of their time horizon
Stock market today: After making a stellar debut in the Indian stock market, Enviro Infra Engineers' share price came under the sell-off stress after the profit-booking trigger. Enviro Infra Engineers' share price is listed on the BSE at ₹218 apiece, whereas, on the NSE, it is listed at ₹220 per share. However, the newly listed stock soon came under selling pressure and touched an intraday low of ₹206.41 apiece on the NSE and ₹206.40 per share on the BSE. While hitting the intraday low, Enviro Infra Engineers' share price was still at around 40 per cent premium against the issue price of ₹148 per share.
According to stock market experts, Enviro Infra Engineers' share price is trading at a weighted average of ₹220.50 (at 11:35 AM) apiece, which means the stock may show some more downside and the profit-booking trigger is still weighing on the newly-listed stock. So, they advised Enviro Infra Engineers shareholders to maintain a stop loss at ₹200 apiece and hold the scrip irrespective of their time horizon. They added that the company is in the water treatment business with limited challenges and competition. One with a medium to long-term perspective may hold the stock despite a robust debut on Dalal Street.
Enviro Infra Engineers share price outlook
Speaking on the reason for the stellar debut of Enviro Infra Engineers shares, Shivani Nyati, Head of Wealth at Swastika Investment, said, "This outstanding performance was driven by the company's strong fundamentals, strong investor interest (89.9 times subscribed), and the positive sentiment surrounding the water and wastewater treatment sector. The company's focus on sustainable infrastructure and strong project execution track record have contributed to this impressive listing. However, investors should remain cautious and monitor the company's performance closely, considering factors such as project execution risks, regulatory changes, and competition in the sector."
On a suggestion to Enviro Infra Engineers shareholders, Shivani Nyati said, “While the initial listing is promising, long-term success will depend on Enviro Infra's ability to capitalize on its growth opportunities and deliver strong financial performance. But now, investors may hold their position by keeping a stop loss around ₹200.”
Expecting more downside in Enviro Infra Engineers shares post-listing, Arun Kejriwal, Founder of Kejriwal Research and Investment Services, said, “Enviro Infra Engineers share price is trading at a weighted average of ₹220.50 apiece on the NSE. This means the newly listed stock may see more downside. So, those who have this stock in their portfolio can hold the scrip, maintaining a strict stop loss at ₹207, irrespective of their time horizon.”
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
Stock market outlook: Can Nifty 50 touch 25,000 by end of CY24? Here’s what experts predict
Indian markets rebounded on Friday after a steep decline, with Sensex gaining 805 points and Nifty50 rising 230 points. Analysts are optimistic, predicting Nifty targets of 24,700 to 26,500 by December 2024, despite ongoing geopolitical and economic challenges affecting investor sentiment.
Stock market outlook: Indian benchmark equity indices staged a sharp rebound on Friday, recovering from their steepest decline in nearly two months during the previous session.
The BSE Sensex climbed 805 points or 1 per cent, to reach an intraday high of 79,848.76. Similarly, the Nifty50 gained 230 points or 0.96 per cent to 24,144.45. This comeback follows a 1.5 per cent drop recorded in the previous session, highlighting a swift turnaround in market sentiment.
The Nifty has lost 0.45 per cent in November after a 6.2 per cent decline in October. Meanwhile, it has shed over 8 per cent from its peak of 26,277.35, hit in September.
Nifty 2024 targets
As markets remain volatile, experts weigh in on whether the correction will persist or if a rebound is on the horizon. Here's what analysts predict for the Nifty50 by December 2024.
Apurva Sheth, Head of Market Perspectives & Research, SAMCO Securities remains optimistic on the market, forecasting a year-end target of 24,700-25,000 for Nifty. However, he advised investors to keep a broader perspective, suggesting that Nifty could trade within a range of 23,200-26,200 over the next 8 to 12 months.
Reliance share price jumps over 2% on THIS acquisition buzz. More upside possible?
Reliance Industries' shares rose over 2% on BSE following the announcement of its subsidiary acquiring a 21% stake in Wavetech Helium, Inc. for $12 million.
Reliance share price: Shares of oil-to-telecom-to-retail conglomerate Reliance Industries jumped over 2 per cent in intraday trade on BSE on Friday, November 29, a day after the company announced its wholly-owned subsidiary acquired a 21 per cent stake in the US-based Wavetech Helium, Inc. for $12 million. According to the company, the acquisition is part of its strategy to expand its exploration and production business in low-carbon solutions.
The stock opened at ₹1,280 against its previous close of ₹1,271.35 and rose 2.2 per cent to the level of ₹1,299.30 on the BSE. Around 1:40 pm, the stock traded 1.97 per cent higher at ₹1,296.45.
"Reliance Finance and Investments USA LLC, a step-down wholly owned subsidiary of the company, has on November 27, 2024, entered into a stock purchase agreement with Wavetech Helium, Inc. and subscribed to a 21 per cent stake of Wavetech Helium for an aggregate consideration of $12 million," the company said in an exchange filing on November 28.
"Wavetech Helium was incorporated on July 2, 2021, in the United States and started its commercial operations in 2024. It is a US helium gas exploration and production company engaged in the acquisition, exploration, and development of properties to produce helium gas from underground reservoirs," said the company.
Nomura maintains cautious stance on NBFCs for FY25 amid asset quality concerns, but recommends ‘buy’ on 4 stocks
NBFC stocks are under pressure due to mixed Q2FY25 performance and asset quality concerns. Nomura predicts continued disbursement growth moderation and higher credit costs in FY25, impacting profitability.
Non-banking finance company (NBFC) stocks have been hammered by Dalal Street investors in recent weeks, following a mixed performance in the September quarter (Q2FY25). This was driven by a moderation in year-on-year disbursement growth due to a slowdown in unsecured loans (personal, credit cards, MFI) amidst asset quality concerns and regulatory actions.
As a result, several NBFCs have reduced their AUM growth guidance for FY25, adding further pressure to falling stock prices. The latest report by Japanese brokerage firm Nomura added to the uncertainty as it maintained a cautious stance on NBFCs for the rest of FY25, expecting asset quality issues to persist.
The report highlights that if asset quality worsens, there is a limited buffer to protect profitability. For the nine NBFCs under the brokerage's coverage, it observed further gradual moderation in AUM growth YoY in 2QFY25 compared to 1QFY25.
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