Shares of Jupiter Wagons Ltd. rose through midday trade after falling around 5% on Tuesday morning, a day after it sought shareholder approval for fundraising.
On Monday, the construction firm sent notices seeking approval of the members for its qualified institutional placement, according to its exchange filing. The funds will be raised in one or more tranches.
Earlier this month, the company's board approved a fundraise of Rs 700 crore through the QIP, subject to the approval of the members of the company and other applicable regulatory approvals.
Shares of the company rose 2.03% to Rs 294.25 apiece compared to a 0.15% decline in the benchmark NSE Nifty 50 as of 12:50 p.m. The stock had declined as much as 4.99% to an intraday low of Rs 274 apiece during morning trade.
The stock has risen 213.4% on a year-to-date basis. The total traded volume so far in the day stood at 1.8 times its 30-day average. The relative strength index was at 39.5.
Both analysts tracking Jupiter Wagons maintain a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 3.1%.
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