Alkali Metals Ltd IPO investors gain over 68 per cent day one

Hyderabad, Nov 6 (UNI) Investors in Alkali Metals Limited IPO have gained more than 68 per cent on the very first day of listing on both the stock exchanges today even as leading counters faced heavy selling.

After opening at Rs 99 on NSE, Alkali Metals shot up to Rs 179 before closing for the day at Rs 173.40, recording a gain of Rs 68.35 per cent over the issue price of Rs 103. On BSE, it was listed at Rs 90 and intraday jumped to Rs 179.30 before closing at Rs 173.15. The volume of business on both the exchanges totaled around 21 million equity shares.

Alkali Metals is a certified company engaged in the business of manufacturing a range of fine chemicals, based on related chemistry.

The Pharma City is being developed by Andhra Pradesh Industrial Infrastructure Corporation Limited (APIIC) in a joint venture with M/s Ramky Group (the developer) through a SPV called Ramky Pharma City (India) Limited, from whom Alkali has acquired 16.42 acres of land,according to a release here today.

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