EMS shares close with 33% gains on listing day, despite market downturn
EMS shares closed with nearly 33% gains on their listing day, despite a bearish market sentiment. The stock opened higher at Rs 281.55 on the BSE, and remained above Rs 270 levels for the rest of the session. It settled at Rs 279.75, up 32.58%, with a volume of 18.2 lakh shares.
The water and wastewater management company with a strong focus on government projects has mobilised Rs 321.24 crore via initial public offering. It has a proven track record of successful project execution and a strong order book. Since incorporation, it has completed 67 projects and is currently handling 18 projects and 5 O&M (operation maintenance) projects. As of July 2023, its order book for ongoing projects stood at Rs 1,744.92 crore unbilled amount.
EMS also has a healthy financial position, with consolidated profit rising by 37.7% on-year to Rs 108.7 crore for the financial year ended March FY23, and revenue growing 49.5% to Rs 538.2 crore compared to previous year.
The strong listing performance of EMS shares is a positive sign for the company and its investors. It shows that there is strong demand for its shares, despite the overall market conditions.
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