Shares of Transformers & Rectifiers (India) Ltd. were locked in an upper circuit of 5% on Tuesday after launching a qualified institutions placement.
The floor price of the QIP has been determined as Rs 699.95 per equity share, which is at a discount of 4.61% from the previous close, according to an exchange filing.
TRIL's stock rose as much as 4.99% during the day to Rs 770.45 apiece on the NSE. It was still locked in an upper circuit, compared to a 0.27% advance in the benchmark Nifty as of 10:27 a.m.
The share price has risen 233.02% on a year-to-date basis and 675.1% in the last 12 months. The total traded volume so far in the day was 1.3 times its 30-day average. The relative strength index was at 67.81.
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 7.7%.
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