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The price band for the leading life sciences company has been fixed at Rs 635-662 per share having a face value of Rs 2 per share.
At 10:30am, Sensex tanked 563.92 points or 0.93% to 59,788.90, while Nifty stood at 17,848.70, down 168.50 points or 0.94%.
MOIL's board has approved buyback of up to 3.38 crore equity shares at Rs 205 each for an aggregate consideration not exceeding Rs 693.77 crore.
Wall Street closed sharply lower on Wednesday as surging consumer prices curbed investor risk appetite.
Angel One is bullish on UPL with a price target of Rs 805 per share.
31 of the 44 companies that got listed so far in the current calendar year are trading above their listing price.
Nifty PSU Bank was the top laggard with losses of 2.35%, while the Nifty Metal index tanked 1.76% and Nifty Realty index slipped 1.36%.
The IPO market is a bubble, a big one at that, says Abhishek Basumallick, Chief Investment Advisor at Investment Capital
Investors playing for listing gain can keep a stop loss of 1950 while aggressive investors are advised to hold this stock.
The 'buy on dips' strategy of retail investors and DIIs is countered with the 'sell on rally' strategy of FIIs.