Nitin Fire Protection Industries rose 5.48% to Rs 26 at 14:39 IST on BSE after the company said that its board will meet on 6 September 2016 to consider raising funds through qualified institutional placement of shares.
The announcement was made during trading hours today, 30 August 2016.Meanwhile, the BSE Sensex was up 410.06 points, or 1.47%, to 28,312.72.
On BSE, so far 1.91 lakh shares were traded in the counter, compared with average daily volume of 1.55 lakh shares in the past one quarter. The stock hit a high of Rs 26.15 and a low of Rs 24.50 so far during the day. The stock hit a 52-week high of Rs 51.10 on 7 December 2015. The stock hit a 52-week low of Rs 22.85 on 16 August 2016. The stock had underperformed the market over the past 30 days till 29 August 2016, sliding 15.58% compared with 0.53% slide in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 19.71% as against Sensex's 4.63% rise.
The small-cap company has equity capital of Rs 58.45 crore. Face value per share is Rs 2.
The company will seek shareholders' approval for the proposed qualified institutional placement (QIP) of shares in the ensuing annual general meeting (AGM).
Nitin Fire Protection Industries will announce unaudited consolidated Q1 June 2016 results on 6 September 2016. On a standalone basis, the company reported net loss of Rs 5.25 crore in Q1 June 2016 compared with net profit of Rs 3.39 crore in Q1 June 2015. Net sales declined 40.9% to Rs 79.32 crore in Q1 June 2016 over Q1 June 2015.
Nitin Fire Protection Industries provides fire detection and fire suppression systems, and manufactures fire extinguishers.
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