Shares of Hyundai Motor India made a muted Dalal Street debut on Tuesday as the passenger vehicle maker was listed at Rs 1,931 on BSE, a discount of 1.48 per cent over its issue price of Rs 1,960. Similarly, the stock was listed with a discount of 1.33 per cent at Rs 1,934 on BSE over the given issue price.

The listing of Hyundai Motor India has been on the expected lines, after witnessing a sharp correction during the bidding process, with even trading at discount for a brief period. Last heard, the company was commanding a premium of Rs 20-25 per share, suggesting a loss of around one per cent for the investors.

Hyundai Motor India (HMIL) saw its initial views on the day of its listing. Global brokerage firm Macquarie initiation coverage on the debutant PV player citing it is a premiumisation and growth pure play. “We believe HMIL deserves to trade at a premium PE multiple versus peers due to its favourable portfolio mix and premium positioning,” it said.

Powertrain optionality, including parent capabilities and market share upside risk from new models/powertrain launch, are medium-term positives, said Macquarie with an ‘outperform’ rating on the stock with a target price of Rs 2,235, implying 14 per cent upside to issue price.