Shares of Hy-Tech Engineers, Symbiotec Pharmalab and Skyways Air Services saw sharp movements after their market debut on Tuesday, with Hy-Tech Engineers hitting the upper circuit and the other two stocks recovering from their listing levels.

Shares of hydraulic fitting manufacturer Hy-Tech Engineers listed at a premium of 41.5 percent against the issue price of Rs 53.

The stock made its market debut at Rs 72, up 35.84 percent from the issue price on the BSE. At the NSE, it listed at Rs 75, a premium of 41.50 percent.

The stock later hit the upper circuit limit of 5 percent and was trading 48.58 percent higher than its issue price.

Shivani Nyati, Head of Wealth at Swastika Investmart, said the company has healthy 22 percent operating margins and more than 11.5 percent net margins, helped by its own forging unit in Nashik.

She also noted that the company's debt has declined from Rs 43.5 crore to Rs 29.8 crore, with more debt repayment planned.

"Unlike many similar engineering IPOs that list at expensive valuations (40x+), Hy-Tech is trading at a reasonable 22x P/E with strong 24% ROCE, meaning there's still room for the stock to grow into a higher valuation rather than being fully priced already," Nyati said.

She suggested keeping a stop loss around Rs 930, about 5 percent below the listing price, and exiting if the stock breaks that level rather than averaging down.

Shares of air freight forwarding and logistics firm Skyways Air Services, meanwhile, listed at a discount of more than 10 percent against the issue price of Rs 138.

The stock began trading at Rs 124.50 on the BSE, down 9.78 percent from the issue price. At the NSE, it started at Rs 124, registering a decline of 10.14 percent.

However, the stock later rose nearly 4 percent to trade at Rs 128.43 per share.

Nyati said investors who are comfortable waiting a few years for the debt-reduction story to play out could hold the stock, while others could consider a stop loss near Rs 120 and exit if it breaks that level.

The company is the No. 1 player in air freight forwarding for four years running, which is a long-term positive, she said. However, thin profit margins of around 2.26 percent make it sensitive to cargo rates  and fuel costs.

Nyati said Rs 216.79 crore of the fresh money raised will go towards cutting debt, which should help profits improve from FY27 onwards, although the benefits will take time to show.