Shares of Enviro Infra Engineers soared 7% on December 16, reaching a record high of Rs 318.90. The stock has now surged 15% in just two trading sessions, recovering strongly after a brief two-day losing streak.
At 9:51 AM, Enviro Infra shares were trading at Rs 315.30 on the NSE. Trading volumes remained robust, with over one crore shares changing hands within the first hour, compared to the one-week daily average of three crore shares. This follows an exceptionally active previous session, where four crore shares were traded, propelling the stock to a 19% rise.
Enviro Infra Engineers made a strong market debut on November 29, listing at a 50% premium to its issue price. Its IPO had drawn immense investor interest, being oversubscribed 89.90 times during its three-day bidding period. Since listing, the stock has more than doubled from its IPO price of Rs 148, reflecting continued bullish sentiment.
Support from key market investors for the firm has also helped its case. Ace investor Mukul Agarwal owns over 1% stake in the company while Sunil Singhania invested through the Abakkus Diversified Alpha Fund during the anchor book allocation.
Enviro Infra Engineers is an engineering company with a leading player in water and waste-water treatment projects, and has executed several construction and maintenance of water supply systems for government bodies. On strong fundamentals and marquee investor list, analysts remained positive for long-term prospects in the company.
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Source: Moneycontrol
News Desk
