Nilkamal Limited has tanked 8% to  Rs 244 on reporting 37% year-on-year (yoy) drop in its standalone net profit at Rs 9.69 crore in September 2012 quarter (Q2) due to lower sales and higher raw material cost.

Nilkamal has moved higher by 4% at Rs 282 on reports of a foray into the mattresses business and plans to set up a mattress manufacturing facility at Hosur.

The company had posted a net profit of Rs 16.76 crore in the corresponding period last fiscal, Nilkamal said in a filing to the Bombay Stock Exchange (BSE).

Nilkamal is trading 2% higher at Rs 384 after the company entered into a joint venture (JV) agreement with Cambro Manufacturing Company (Cambro), USA.

Nilkamal Ltd said on Wednesday its board approved raising Rs 59.99 crore by issuing 2.14 million shares at Rs 280.35 each to qualified institutional buyers.

Nilkamal has zoomed 12% to Rs 268, after the board of directors approved Rs 100 crore fund raising plans from qualified institutional buyers.