IPO Update: Bharat Wire Ropes rose 1.2 percent on Friday to close at Rs 45.55 against issue price of Rs 45 on NSE

Please Share::

�� India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details ��

��

-->

It was a volatile day for Bharat Wire Ropes. The stock rose 1.2 percent on Friday to close at Rs 45.55 against issue price of Rs 45 on National Stock Exchange.

After opening at Rs 47.25 (which was day's high as well), it touched an intraday low of Rs 44.90.

The Maharashtra-based specialty wire ropes manufacturer raised Rs 70 crore through public issue last month, which will be used for setting up a manufacturing plant at Chalisgaon in Maharashtra and for other general corporate purposes.

Speaking to CNBC-TV18, ML Mittal, MD of the company, said the company plans to establish one of the largest plants in Asia which will have a capacity of 66,000 tonnes.

He expects revenue of more than Rs 600 crore over two years and an EBITDA of 25-30 percent. Mittal further targets a net profit of Rs 75-80 crore in FY18.