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The majority of the brokerages are positive over the issue of the Kolkata-based company and have suggested investors bid for the issue for listing pop as well as long-term gains.

Astha Jain, Senior Research Analyst, Hem Securities, suggested investors stay in for longer as the stock can perform better in the future.

“All the ingredients that caused the Nifty 50 to jump 140% and more since the lows of March of last year, are still pretty much in place -- low interest rates, global liquidity, liquidity in India, easy access to the market via your smartphone, e-KYC, zero commission brokerages and broadband speed. In 2020, foreigners and FIIs caused the market rally and 2021, local investors did the same. I do not see the trend getting disrupted any time soon. ”

The stock quoted a 52-week high price of Rs 332.6 and low of Rs 177.1.

As of 30-Sep-2021, promoters held 54.8 per cent stake in the company, while FIIs held 25.53 per cent and domestic institutional investors had 10.33 per cent.

Ether has consolidated in the last few days and the longer term view is bullish, according to Vijay Ayyar, head of Asia Pacific with crypto exchange Luno in Singapore.

On the technical charts, the 200-day moving average of the stock stood at Rs 349.85.

Power Mech Projects on Monday said it has bagged two orders worth Rs 725.17 crore. In a regulatory filing the company said it has received letters of intent for two orders worth Rs 725.17 crore.

A total of 247,553 shares changed hands on the counter till 01:57PM (IST)

“When an online company is saying they will need a lot of branches to sell, they are also giving us the message that insurance cannot be purely sold online. ”