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Amid the overall bearish sentiment, the shares of RITES and Fine Organic Industries made impressive debuts on Monday. While the railway consultancy firm RITES surged 15 per cent over its issue price of ₹185, the shares of Fine Organic climbed over 5 per cent from the issue price of ₹783.
Intraday, the stock of RITES soared to ₹224.4, while that of Fine Organic touched a high of ₹834. At the end of the day, RITES’ market valuation stood at ₹4,254 crore and that of Fine Organic at ₹2,522.70 crore. RITES is the first state-owned firm to hit the IPO market in the current financial year.
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