McNally Bharat shares zoom 20%; hit upper circuit

Shares of McNally Bharat Engineering zoomed 20 per cent today as the company entered into an agreement with EMC and Williamson Magor Group to enable an additional equity investment of upto Rs 100 crore.
The stock soared 19.97 per cent to settle at Rs 94.90 -- its highest trading permissible limit for the day on the BSE.
On the NSE, shares of the company jumped 20 per cent to Rs 96.30.
In a filing to the BSE, the company said, "McNally Bharat Engineering has entered into an agreement with EMC and Williamson Magor Group to enable an additional equity investment of upto Rs 100 crore as primary equity capital into McNally."

The board of the company has approved the proposed investment by EMC in the company.
The capital raising of Rs 100 crore by the company would be done through a preferential allotment of new shares of 10 million shares to EMC at a price of Rs 100 per share.