Shares of Lloyds Metals and Energy Ltd. rose over 3% on Thursday after it approved raising funds via a qualified institutional placement.
The company's board has approved raising Rs 5,000 crore via the QIP in one or more tranches, according to an exchange filing.
On the NSE, the stock rose as much as 3.1% during the day to Rs 595 apiece, the highest since March 19. It was trading 2.94% higher at Rs 594 per share, compared to a 0.72% advance in the benchmark Nifty 50 at 2:02 p.m.
The share price has risen 5.45% in the last 12 months. The relative strength index was at 54.50.
Two analysts tracking the company have a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 36%.
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