Barekat Pharma Holding Went Public on Tehran Stock Exchange!
– 10% of Barekat Pharmaceutical holding went public today on Tehran Stock Exchange. Being the 4th public offering though the new book building method, 340 mn shares of “BRKT1” traded at IRR 2,420 on today’s affair. Considering the projected EPS of IRR 280 for the current fiscal year, the P/E ratio of the ticker (8.64) went above the sector average of 7.37. The company’s Q3 provided a narrow loss of IRR 10 per share. Just before the IPO, analysts believed that the tender would not be as successful as the previous ones.
– After all it seems that SEO officials are to employ new measures protecting the capital market (Tehran Stock Exchange and Iran Fara Bourse) from tearing apart. Just minutes after a friendly session between Iran Commerce chamber and SEO directors the other day, Mr. Shapour Mohammadi, the SEO’ chair, vowed that there would be no new debt issues except a 30,000 IRR on healthcare and education through the year end. He also promised for the debt and equity markets to have their very own trading boards soon. This way the trading volumes of deb securities will not be interfering with equities hence the daily market turn over is going to be more vivid for participants.
– The CEO of Industrial Development & Renovation Organization of Iran (IDRO), revealed a new part making contract with Belgians to be unveiled during the “Fajr Decade” ceremonies. Being the fourth of Iran Auto deals with foreigners, the new one is a joint venture producing automobile gear boxes though a plant to be build in Zanjan province.
In the Market
Stock Market Trends Sideways as Majors Slipped!
The major averages on both Tehran Stock Exchange and Iran Fara Bourse continued their sideways trends this morning. The TEDPIX was not able to hold its recent level, went down for 209.73 points (-0.27%) to stand on 76,616.00.
Most of the analysts recently stated that it is reasonable to expect more drastic falls as there are many unresolved issues with the stock market. Banks tickers re-openings along side with worst than expected supports from the SEO, made the market wage and unwanted to investors’ sentiments. Not to mention the new political tensions are to make things even worse.
The Auto sector could not climb out of the red as top components Saipa & IKCO weighed. More than 42 mn shares of the auto orange giant changed hands today to maker the most negative impact on the index (-29.07 points). The situation over the “blue twin” trades was not different of course with lower volume. It is safe to say that almost all the tickers ended the day deep in red.
Banking on the other hand, outperformed on today’ affair as Mellat and Tejarat provided strong sector leadership. Mellat bank stamped solely 16.72 positive points on the index. It seems that after all, banks re-openings shall not be negative point to the market despite their disappointing financials and performances. Now the market eyes are on the Saderat Bank to get in as well and investors shall decide then on what to do with the sector at all.
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