The Kolkata-based hosiery and knitwear manufacturer, Dollar Industries, has kicked up an investor frenzy after getting listed on the NSE on April 21. It seemed like the buyers couldn’t get enough of the stock as it remained locked at its upper-circuit of 5% in five of the 11 trading sessions after getting listed. The stock hasn’t been traded since 2013, when trading was suspended on the Calcutta Stock Exchange following a Sebi directive. As per the directive, all exchanges were required to either own or tie-up with a recognised clearing corporation. Following Sebi’s directive to companies who were listed on defunct regional exchanges to offer an exit option to investors, Dollar Industries relisted on the NSE at ₹1,314 a share.
Since its listing, the share has gained 36% (as on May 8). Institutional investors are already lapping up the stocks. L&T Mutual Fund bought 3.5 lakh shares on April 24 at an average of ₹1,449 a share. The following day, another foreign institutional investor (FII), Geo Emerging Domestic Opportunities Fund bought 1.7 lakh shares at an average of ₹1,521 a share. Both investors collectively hold a 6.75% stake in the company.
Dollar Industries, which began its journey in 1996, is the newest entrant among the listed innerwear players. The company, which has Akshay Kumar as its brand ambassador and is best known for its brands - Bigboss, Force and Missy, has the highest advertising and promotional (