Khattar the tenth to go for the gong

Maruti Udyog Ltd managing director Jagdish Khattar is the tenth corporate chief to ring the ceremonial gong to mark the listing of a company on the Bombay Stock Exchange.

This tradition of the New York Stock Exchange was brought to India - the BSE convention hall, specifically - by Subhash Ghai, Bollywood producer and the CEO of Mukta Arts, when his company was listed on September 13, 2002.

Since then, five companies and four public sector banks have rung the bell to announce their listings on the BSE.

The list includes Balaji Telefilms, Bharti Televentures, Punjab National Bank, i-flex, Union Bank of India, Allahabad Bank, Canara Bank, SPICE (exchange traded fund, launched by Pru-ICICI) and Maruti Udyog.

Eight of the ten scrips that got listed on the BSE by ringing the bell ended in the positive territory on the first day.

The two scrips that ended the debut day in the negative territory were Bharti Televentures and i-flex. Against an issue price of Rs 45, Bharti Televentures closed on listing day at Rs 44.15. i-flex ended its debut at Rs 499.45 against an issue price of Rs 530.

When it comes to gains at the close of the first day trading, Maruti stands second to Canara Bank.

The Bangalore-based public sector bank gained about 40 per cent on the first day when its scrip closed at Rs 49.15 against an issue price of Rs 35.

Maruti Udyog scrip closed at Rs 164.05, commanding a premium of 31.24 per cent over its issue price of Rs 125 per share.