Priced in the range of Rs 271-Rs 285 per share, the Rs 302-crore IPO was a fresh issue of Rs 93 crore and an offer for sale (OFS) of 73.20 lakh equity shares worth around Rs 209 crore.

Investor interest was already evident ahead of the IPO, with the company raising Rs 90.48 crore from anchor investors. It allotted 31.75 lakh equity shares at Rs 285 apiece to marquee investors, including Tata AIA Life Insurance Company, PineBridge Global Funds, Amicorp Capital (Mauritius) Ltd, WhiteOak Capital and Bandhan Mutual Fund.

Also Read | Stellar Start! Behari Lal Engineering shares list at 63% premium over IPO price

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What brokerages are saying
SBI Securities assigned a Subscribe rating on the stock post-listing. “Robust listing gains indicate that there is strong investor appetite, with investors willing to add the stock at a premium to the issue price,” said Sunny Agrawal, Head of Fundamental Research at SBI Securities. The brokerage maintains its positive stance on the company.
“Fresh investment is advisable with a Buy-on-Dips strategy,” he said, adding that investors looking for a “listing pop” could book profits over the next 2-3 days.
“At the IPO price, the issue was valued at a reasonable 18.7x FY26 P/E, well below the peer average of 31x for names such as AIA Engineering, Steelcast and Vardhman Special Steels,” said Shivani Nyati, Head of Wealth at Swastika Investmart.

She added that the listing of one of India’s leading metal-roll manufacturers, with a 10–11.5% domestic market share, at a 63% premium to the issue price pushed its market capitalisation to around Rs 1,937 crore.

“Investors who got allotment could book partial profits amid the listing-day strength,” she said, adding that those with a longer-term view can hold the stock with a stop-loss of Rs 380.

Use of IPO proceeds

The company plans to use the proceeds from the fresh issue to purchase and install equipment and machinery, including computers and peripherals, along with related civil work at its manufacturing facilities. The funds will also be used to install rooftop solar panels at both facilities, repay or prepay certain borrowings, and meet general corporate purposes.

About Behari Lal Engineering

Incorporated in 1995, Behari Lal Engineering is an integrated iron and steel manufacturer specialising in precision-engineered components such as metal rolls, engineering castings, alloy steel products, forging ingots and forged shafts.

As of March 31, 2026, the company had served 1,825 domestic and international customers, including Amba Shakti Industries, BMW Industries, Shyam Metallics and Energy, Laxcon Steels, MSP Steel & Power, Jai Balaji Industries, Propel Industries and Metso India.

Its manufacturing operations span two units in Mandi Gobindgarh, Punjab, with an order book of Rs 178.57 crore as of May 31, 2026.

Mike Ashley’s Frasers Group has raised its stake in Hugo Boss to almost 48 per cent after 17.6 per cent of the German fashion house’s investors accepted its takeover offer, the retailer said in a brief stock exchange statement – a holding that tightens its grip on the brand but falls short of majority control.

The Sports Direct owner launched a £1.7 billion offer for Hugo Boss at €38 per share, part of a run of deals that has also included the acquisition of Harvey Nichols, the luxury department store chain, and a takeover offer for Accent Group, the Australian owner of The Athlete’s Foot shoe brand.

Frasers has spent several years building its position in Hugo Boss, which it stocks in its Flannels and Frasers shops, and stepping up efforts to exert influence over the brand. That campaign has included threatening to vote against future dividend payments and successfully pushing for a seat on the label’s supervisory board for Michael Murray, the Frasers chief executive and Ashley’s son-in-law.

Analysts described the offer as low, voluntary and lacking a minimum acceptance threshold, suggesting the group was “seeking optionality rather than necessarily full control”. Submitting a voluntary offer allowed Frasers to build its stake beyond 30 per cent without triggering the mandatory bid required under German takeover rules once an investor crosses that threshold.

Ashley may yet need more than 50 per cent. Sources told the Times in July that Frasers was laying the groundwork for Murray to be installed as chief executive of Hugo Boss, a move that would follow a playbook the retailer has deployed before.

The Hugo Boss board had urged shareholders to reject the €38 per share bid, which it said undervalued the brand and was “inadequate from a financial point of view”.

Founded in 1924, Hugo Boss is the largest premium fashion house in Germany, with global sales topping €4.2 billion. The company is in the midst of a turnaround as it contends with brand confusion, a global decline in demand for formalwear and a wider slowdown in the clothing market.

The enlarged stake forms part of Ashley’s long-running effort to push Frasers upmarket from its roots selling discounted sportswear through Sports Direct. Last week the group secured a reported £40 million deal to acquire Harvey Nichols, which it hopes will help expand its relationships with luxury brands including Moncler, Burberry and Gucci. Frasers also disclosed in July that it had increased its holding in Burberry to 4.2 per cent, making it the third-largest shareholder in the company. Ashley stepped down as chief executive of Frasers in 2022 but remains its majority shareholder.

Frasers shares rose 2 per cent, or 16p, to 811p on Tuesday, giving the group a market value of roughly £3.5 billion. The stock is up about 22 per cent this year, despite the retailer withholding annual financial guidance last month because of the takeover offers for Hugo Boss and Accent Group.

Profit before tax rose 38.9 per cent to £527.8 million in the year to April, largely on a £117.7 million increase in premiums from strategic investments, of which the Hugo Boss and Accent stakes contributed nearly £50 million.

Charles Allen, senior retail industry analyst at Bloomberg Intelligence, said: “Frasers Group’s Harvey Nichols acquisition and enlarged Hugo Boss stake give it a chance to demonstrate operating discipline at two troubled retailers and reset investor perceptions.

“Its low valuation, operational consistency and focus on cashflow remain strengths, while the extent of its involvement in Hugo Boss will test strategic intent.”

Amy Ingham

Amy Ingham is a reporter at Business Matters, covering UK business news with a focus on breaking news, business policy, late payments and insolvency. She joined the magazine in 2026 after completing the NCTJ Diploma in Journalism at Harlow College’s journalism school. Her recent reporting includes British Steel’s nationalisation and its impact on SME suppliers, the decline in late payments by large firms, and Insolvency Service director disqualifications. Reach her at aingham@cbmeg.co.uk.

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The stock rose 4.96% to Rs 290.85 following the announcement. The order involves an extension of RailTel’s Infrastructure-as-a-Service (IaaS) engagement with EPFO.

According to the company’s regulatory filing, the domestic order is valued at Rs 166.80 crore, including taxes. The work order involves an extension for one year, along with additional components, and is scheduled for execution up to February 9, 2027.

The fresh order adds to RailTel’s business visibility and strengthens its ongoing engagement with a key government institution. The company’s ability to secure extensions and additional components in existing projects could further support its order book and revenue visibility.

RailTel share price, valuation and technical outlook

Following Wednesday’s rally, RailTel’s market capitalisation stood at around Rs 8,895 crore, while the stock remains well below its 52-week high of Rs 412.90.

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On the valuation front, RailTel Corporation currently trades at a price-to-earnings (P/E) ratio of 25.71 and a price-to-book (P/B) ratio of 3.93.
However, technical indicators continue to point to weakness. The stock’s 14-day RSI stands at 32.5. An RSI below 30 generally indicates oversold conditions, while a reading above 70 is typically viewed as overbought.RailTel is also trading below all 8 monitored simple moving averages (SMAs), indicating that the broader technical trend remains bearish despite Wednesday’s sharp gains.

FII holding rises in June quarter

RailTel’s latest shareholding data for the June 2026 quarter showed a modest increase in foreign institutional investor (FII) participation. FII holdings rose from 3.72% to 3.98%, while mutual fund holdings declined from 0.34% to 0.29% during the quarter.

With a sizeable EPFO work order adding to its order visibility, investors will now watch whether the latest positive business development can help RailTel’s stock overcome its prevailing technical weakness.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times.)

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