Salasar Techno breaches lower circuit once again

Salasar Techno Engineering has breached its lower circuit for the second straight trading session since its listing. The stock got locked in its lower circuit of Rs 257.9 per share, down by nearly 5%.
 
The stock was listed at a whopping 140% premium as against its issue price of Rs 108 per share on July 25. Salasar Techno Engineering has been admitted to dealings on the exchange in the list of ‘T’ group of securities.
 
‘T’ group consists of scrips which are traded on trade-to-trade basis. These shares cannot be traded on intraday basis. Traders and investors need to take delivery by paying the full amount.
 
The total issue size was 33,21,000 shares. Total bids received stood at 90,67,92,375 shares, whereas total bids received at cut-off price stood at 4,51,42,750 shares.
 
The company, which is into steel fabrication and infrastructure solutions, had received a huge response for its IPO, with the issue getting 273 times’ subscription.
 
The company reported revenue CAGR of 16% over FY13-17. The growth in gross profits, EBITDA and net profit for the period stood at 27%, 24.5% and 43.2%, respectively.