Ortel Communications (OCL), a regional cable television and a high speed broadband services provider, witnessed a stellar listing on the stock exchanges today. On the first day of trade, Ortel Communications's shares down 11.57% on the National Stock Exchange (NSE).
Currently, the shares are trading at Rs 160.05, down 11.57% from issue price of Rs 181. It recorded a high of 160.05 and a low of 160.05 at the NSE (Thursday 09.51 a.m).
Hem Securities said, ''Though company's control the 'Last mile' connection business model is beneficial in many aspects but looking at the financial performance of company in last few fiscals , the issue looks overpriced at current level. Hence we recommend investors to ''Avoid'' the issue.''