WPIL surged 3.37% to Rs 598 at 11:56 IST on BSE after the company said that its board at a meeting held on Friday, 12 September 2014, approved raising of funds up to Rs 120 crore or its equivalent in one or more currencies through QIP of securities.
The announcement was made after market hours on Friday, 12 September 2014.
Meanwhile, the S&P BSE Sensex was down 190.67 points or 0.7% at 26,870.37.
On BSE, so far 30,000 shares were traded in the counter as against average daily volume of 18,481 shares in the past one quarter.
The stock was volatile. The stock surged as much as 6.98% at the day's high of Rs 618.90 so far during the day, which is a record high for the counter. The stock rose 0.25% at the day's low of Rs 580 so far during the day. The stock had hit a 52-week low of Rs 165.50 on 21 November 2013.
The stock had outperformed the market over the past one month till 12 September 2014, advancing 45.42% compared with the Sensex's 4.56% rise. The scrip had also outperformed the market in past one quarter, jumping 67.68% as against Sensex's 5.81% rise.
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The small-cap company has equity capital of Rs 7.97 crore. Face value per share is Rs 10.
WPIL's board of directors at its meeting held on Friday, 12 September 2014, approved issue and allotment in one or more tranches to investors, whether Indian or foreign, including foreign institutions, non resident Indians, corporate bodies, mutual funds, banks, insurance companies, pension funds, individuals or otherwise, whether shareholders of the company or not, through public issue and/or on a private placement basis including by way of qualified institutional placement (QIP) to qualified institutional buyers (QIBs) through one or more placements of equity shares/fully convertible debentures (FCDs)/partly convertible debentures (PCDs)/non-convertible debentures (NCDs) with warrants or any securities (other than warrants) which are convertible into or exchangeable with equity shares at a later date, secured or unsecured, so that the total amount raised through issue of securities shall not exceed Rs 120 crore or its equivalent in one or more currencies.
WPIL's net profit jumped 61% to Rs 3.14 crore on 21.6% growth in net sales to Rs 51.86 crore in Q1 June 2014 over Q1 June 2013.
WPIL makes pumps and pumping systems, which find application in power, irrigation, industrial and offshore segment.
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