Security and Intelligence Services debuts with 5% gains at Rs 855

SIS shares opened 7.36% higher on the BSE at Rs875 apiece compared to the issue price of Rs815 which was the upper end of the price band of Rs805-815 per share

SIS shares opened 7.36% higher on the BSE at Rs875 apiece compared to the issue price of Rs815 which was the upper end of the price band of Rs805-815 per share

Mumbai: Shares of Security and Intelligence Services (India) Ltd (SIS) debuted 7.36% higher on the bourses on Thursday, after the security services firm saw its Rs777 crore issue get subscribed more than seven times last week.

On BSE, the stock got listed at Rs 875, commanding a 7.36 per cent premium to the issue price. On the NSE, shares of the company got listed at Rs 879.80, up 7.95 per cent. However, it gave up all the gains later and finally closed at Rs 756.70, showing a loss of 7.15 per cent over the issue price.

Harmony Gold Mining Company Lim (NYSE:HMY) Trading Volume Significantly Lower
Finally, Wells Fargo & Company MN boosted its stake in Harmony Gold Mining Company Limited by 10.6% in the first quarter. Four equities research analysts have rated the stock with a sell rating and four have issued a hold rating to the stock.

While the high growth potential of the security services industry in India, and especially SIS Ltd's outperformance on top of the industry growth might make the issue attractive, some investors might want to exercise caution given the high valuations, with the company's share price asking for a P/E multiple (price-earning ratio) of as much as 65x.

The funds raised through fresh issue would be used for repayment & pre-payment of a portion of certain outstanding indebtedness availed by company (about Rs 200 crore); funding working capital requirements (Rs 60 crore); and general corporate purposes. At the upper end of the price band, these shareholders are collectively selling shares worth Rs417 crore.

Toilet: Ek Prem Katha screened at Cineworld, Ashford
Toilet: Ek Prem Katha is the story of a man whose wife leaves him after discovering that there is no toilet in his house. The film is releasing on August 11, and is likely to benefit from the Independence day holiday (August 15).

Security and Intelligence Services, which provides security services both in India and Australia with diverse solutions across the security spectrum, has a portfolio that includes security design and solutions, fire safety, event security, VIP protection, aviation security, emergency response, investigation work and integrated technology solutions providing man-tech solutions.

Axis Capital Limited, ICICI Securities Limited, IIFL Holdings Limited and Kotak Mahindra Capital Company Limited were the global coordinators and book running lead managers to the offer.

Cole: 'Fire and Fury' Remark Not 'Increasing Tensions at All'
The lawmakers noted that they wrote to Trump in late May raising similar concerns but had not received a response. The president's retweets about his rhetoric Tuesday come as Secretary of State Rex Tillerson was urging calm.

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