Tega Industries shares gave up some of their initial gains after a strong market debut on Monday. The stock of Kolkata-based Tega Industries, a specialty mining and metals company, gave up the Rs 750 level after listing at a premium of up to 68 percent over its issue price.

Share Market Live

NSE

The stock was left with a premium of around 62 percent over its issue price during the session. At 12:30 pm, the Tega Industries stock was at Rs 733.7 apiece on BSE, a premium of about 62 percent over its issue price of 453. On NSE, Tega Industries shares were at Rs 734.

In an interaction with CNBC-TV18, Tega Industries MD and Group CEO Mehul Mohanka said the company has a strong order book.

“We have enough orders in the bag. We are looking at what our next quarters are going to look like in terms of growth... We are fairly confident that we are going to meet our budget for this year," he said.

The company is looking at closing the year with growth of about 17-20 percent, in line with projections, he said. "Margins will hold steady as the previous year. So we are looking at 20-plus margins on the EBITDA level,” Mohanka added.

The company is targeting a market share of 10 percent-plus over the next two years, he said. "We are working towards that... we have strategic plans in place to try and achieve those numbers,” he added.

Earlier in the day, the Tega Industries stock made a strong debut on Dalal Street. That reflected the trend seen in the grey market, where dealers said Tega Industries commanded a premium (GMP) of Rs 300 ahead of the IPO.

Grey market is an unofficial market for unlisted securities.

Catch latest stock market updates here

(Edited by : Sandeep Singh)