Shares of Axiscades Technologies Ltd. surged almost 10% to a life high on Thursday after it launched its qualified institutional placement to raise Rs 500 crore.
The company has set the floor price for its QIP at Rs 696.7, a discount of 9.9% to the stock's closing price on Wednesday.
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Shares of Axiscades Technologies rose as much as 9.88% to Rs 850.00 apiece, the highest level listing on Jan. 1, 2001, before paring gains to trade 6.08% higher at Rs 824.75 per share at 10:12 a.m. This compares to a 0.21% advance in the NSE Nifty 50.
The stock has risen 166.55% year-to-date. Total traded volume so far in the day stood at 5.9 times its 30-day average. The relative strength index was at 78.39, implying that the stock was overbought.
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