In the Call options of the stock, the rapid move caused mayhem with premium on deep out-of-money Calls going through the roof, as traders looked to hurriedly buy such options expecting further run-up in the stock in the coming days.

The Nifty IT index closed 0.86 per cent up at 35431.5.

“Out of Rs 300 crore IPO, Rs 140 crore will be used for repayment of existing debt, Rs 90 crore used for working capital requirement and the balance is for general corporate purpose as well as the issue expenses. ’’

Media stocks were in the limelight after a flurry of shareholder activism brightened their prospects. Banks also saw buying but metals and FMCG names were under selling pressure.

The Nifty Realty index closed 0.42 per cent up at 422.05.

“Besides new tech, whether it is Zomato or Nykaa or Paytm and others, look at solar, EV infrastructure, green hydrogen. These are going to be businesses and sectors of the future, says Gautam Trivedi.

On the technical charts, the RSI of the stock stood at 64.31.

A total of 105,015 shares changed hands on the counter till 02:15PM (IST).

The current chairman of Tata Sons, Natarajan Chandrasekaran, is being considered for extension after his term ends in February, while heads of various Tata group firms, including Tata Steel Ltd., are being evaluated for the CEO position

Given the scope of premiumisation in product categories, cost-saving initiatives, focus on acquiring digital capabilities and the management commentary on double-digit growth in earnings, most brokerages said the stock could rise up to 20 per cent over the next 12 months.