Jupiter Wagons shares in news as firm raises Rs 800 cr via QIP
Summary
Shares of Jupiter Wagons Ltd are in news today after the firm said it raised Rs 800 crore through a Qualified Institutional Placement (QIP). Vivek Lohia, Managing Director, Jupiter Wagons Ltd. said, "The capital raised will be majorly allocated towards establishing a forged rail wheel and axle manufacturing plant, a strategic move designed to enhance our backward integration and support our long-term growth objectives. Total 0.72 lakh shares of the firm changed hands amounting to a turnover of Rs 5.03 crore on BSE. The market cap of the firm stood at Rs 28,695 crore on BSE. The QIP issue opened on July 8.The firm recorded a 156 per cent rise in its standalone net profit, at Rs 104.22 crore, in the March quarter, on account of higher income.