Mumbai: Shares of Hyundai Motor India could simply checklist elevated on Tuesday, however analysts said gains are likely to be runt resulting from rich valuations and cautious mood available in the market. Analysts said retail investors, who subscribed to the preliminary public offering - India's biggest ever - have to withhold the inventory for as a minimum two years because the halt to-term outlook appears hazy.
As of Monday evening, the unofficial grey market top price (GMP) - the designate over the IPO designate in the unofficial market that investors pay for the shares sooner than list - of Hyundai bounced to ₹90, or 5% of the IPO designate of ₹1,960. It had fallen to a low cost of ₹30 on Friday.
"We could simply detect a tepid response while list which could possibly be flat or at a 5-10% top price," said Aamar Deo Singh, senior VP-study at Angel One. "At the 2d, markets are witnessing earnings booking and promote-off from all-time highs, which has dampened the mood around the Hyundai list."