Nuvoco Vistas Corp sees lukewarm bourse start

India-based cement producer Nuvoco Vistas Corp entered the bourses with a weak start as its shares were listed at up to 17 per cent discount to its issue price. However, by the end of the day, the shares saw gains of up to 13 per cent over the listing price.

At the start of trading on 24 August shares reached INR471 (US$6.35) on the Bombay Stock Exchange (BSE), down 17.3 per cent when compared with the issue price of INR570. Meanwhile, on the NSE, Nuvoco shares opened at INR485, or a 14.9 per cent discount to the list price. Nuvoco shares recovered, closing at INR531.30 on BSE and INR531.70 on NSE, up 12.8 and 9.6 per cent, respectively when compared with the opening prices.