Nilkamal zooms on QIB issue plan
Nilkamal has zoomed 12% to Rs 268, after the board of directors approved Rs 100 crore fund raising plans from qualified institutional buyers.
The stock opened at Rs 240 and touched high of Rs 279. As many as 1.02 million equity shares changed hands on the counter so far, as compared to average 13,000 shares traded in last two weeks.
The company is a leading manufacturer of injection moulded plastic products like furnitures, plans to raise money for expansion
Meanwhile, the company has posted six-fold jump in net profit to Rs 40 crore in first nine months ended December 2009, as compared to Rs 7 crore net profit reported in same period of previous year. Net sales increased marginally by 9% to Rs 724 crore (Rs 646 crore) during the period.
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