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Kolkata: Jain Resource Recycling is a scrap recycling company. It recently floated its IPO successfully with investors showing a lot of interest around the issue. Subsequent to the issue, the performance of the stock is indicating that the enthusiasm of the investors is justified. Seasoned investor Ashish Kacholia is so enthused by the company and its business strength that he picked up a stake in the company. His entry has further stoked investor interest.
Ashish Kacholia, who is a formidable name on Dalal Street, has purchased 1.1% stake in the company or 3,890,762 shares, as per data of Trendline website. Kacholia's vehicles for this investment was Suryavanshi Commotrade, indicated reports.
As the news of Ashish Kacholia picking up a stake in the company spread, the stock of Jain Resources has led to a surge in the company's shares. On October 6, at close of the session, the stock was trading at Rs 312.94, up Rs 8.36 (or 2.74%). The stock was trading at Rs 309.90, which marked a rise of about 2% from its previous closing price of Rs 304.95. In short, in a week, its shares have surged by more than 18%. As a result the market cap of Jain Resource Recycling rose to Rs 10,523 crore.
Jain Resources Recycling IPO had a successful IPO of Rs 1,250 crore that consisted of a fresh issue of Rs 500 crore and an OFS part of Rs 750 crore. Jain Resources shares were listed on October 1. While the issue price of each share was Rs 232, the listing price was Rs 265 on the BSE and NSE. The listing gain was 14%.
Jain Resource Recycling came up with strong financials for FY25 -- revenue jumped by a huge 61% to Rs 7,126 crore against Rs 4,428 crore in FY24. Net profit surged as much as 36% to touch Rs 223 crore compared to Rs 164 crore in FY24.
(Disclaimer: This article is only meant to provide information. TV9 does not recommend buying or selling shares or subscriptions of any IPO, Mutual Funds, precious metals, commodity, REITs, INVITs, any form of alternative investment instruments and crypto assets.)
