Tarsons Product's tumbles 8% after robust debut; experts advise 'hold'

 

Tarsons Product's tumbles 8% after robust debut; experts advise 'hold'

Tarsons Product's suffered over 8 percent intraday decline on November 29 on the back of a rush to book profit. The stock traded at RS 765.55, down RS74.45, or 8.86 percent, in the morning hours. It touched an intraday high of RS 928.65 and an intraday low of RS 749.75.

The stock extended gains sharply to hit a 20 percent upper circuit on November 26, though the listing gains missed analysts’ expectations due to a steep fall in the equity market.

Experts advised holding Tarsons Products for the long term. “It is a leading Indian supplier to the life sciences sector with a strong brand recognition, quality products, and available at reasonable valuation on an absolute basis,” said Likhita Chepa, Senior Research Analyst at CapitalVia Global Research.

Also Read : Tarsons Products shares makes tepid market debut, lists at 5% premium to IPO price

On November 26, Pacific Assets Trust Plc acquired 6,14,773 equity shares in the company at RS 751.8 per unit, and First Sentier Investors ICVC SI Indian Subcontinent Sustainability Fund bought 8,17,029 equity shares in the company at RS 751.8 apiece on the NSE, the bulk deals data showed.

Prashanth Tapse, Vice-President (Research) at Mehta Equities, also advised allotted investors to hold on to the stock, considering long-term play as the market always rewards a player who has the high growth potential.

Tarsons Product's designs, develops, manufactures and supplies a diverse range of products used in laboratories across research organizations, academic institutes, pharmaceutical firms, diagnostics companies and hospitals. Its product portfolio includes over 1,700 SKUs (stock-keeping units) across 300 products as of June 2021.

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