Buzzing stock: Sintex Plastics makes successful debut by hitting upper circuit

Sintex Plastics Technology Ltd. after demerging from its parent company Sintex Industries Ltd., has made its stock market debut today. The stock is listed on both BSE and NSE.

Last September, Sintex Industries decided to separate its non-textile business under Sintex Plastics Technology and subsequently get listed on stock exchange. Upon demerger, shareholders of Sintex Industries got one equity share from Sintex Plastics Technology for one share held in the company.

The equity shares of Sintex Plastics Technology are listed under T group securities, known for Trade-for-Trade group. The scrip will trade in this segment for next 10 trading days. 

Today, the stock got listed at price of Rs 130. Around 10:00 am of the morning session, it surged by 5 percent and hit the upper circuit at Rs 136.50. Within half an hour, the price started dipping and touched an intra-day low of Rs 123.60.

Thus, the stock made a successful debut with 5 percent price hike and later dipped by 4.9 percent. Currently, it is trading at a price level of Rs 125.