Shares of Jupiter Wagons gained over 5 percent after the company said it raised Rs 800 crore through a qualified institutional placement (QIP). The floor price for QIP was fixed at Rs 689.47 and the company issued and allotted 12.2 million equity shares at a price of Rs 655.5 per share.
Morgan Stanley Asia (Singapore) PTE, Bank of India – Mutual Fund, and Edelweiss – Mutual Fund are among the entities that have been allotted more than 5 percent of the equity shares offered in the issue.
"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," said Vivek Lohia, managing director, Jupiter Wagons.
At 1:03 pm, Jupiter Wagons shares were trading over 1 percent higher at Rs 705.15 on the National Stock Exchange (NSE). So far in the day, a total of 1.8 million shares of the company changed hands on BSE and NSE combined.
The stock has zoomed around 120 percent so far this year, more than doubling investors' money. In the past one year, the stock has surged over 289 percent. In comparison, benchmark Nifty rose around 27 percent during this period.
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Jupiter Wagons recorded a 156 percent rise in its standalone net profit, at Rs 104.22 crore, in the March quarter, on account of higher income. Its total income during the quarter rose to Rs 1,121.34 crore from Rs 712.71 crore in the corresponding period last year.
EBITDA during the quarter rose 59 percent YoY to Rs 147.72 crore. The company's order book as of March 31, 2024 stood at Rs 7,101.66 crore. During the March quarter, it won three major order wins.
First one was from the ministry of railways valued at Rs 957 crore, second from the ministry of defence worth Rs 473 crore and last from Double Decker Automobile Carrier Wagons totaling Rs 100 crore.
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