Texmaco Rail Shares Hit Record High As Board To Mull Raising Funds

Shares of Texmaco Rail and Engineering Ltd. hit an all-time high on Thursday after the board said it would consider raising funds through various sources.

The board is considering proposals for raising funds, including equity shares or convertible securities, either by way of preferential issue, rights issue, qualified institutional placement, or a combination thereof.

The meeting of the board of directors is scheduled to be held on July 17. 

Shares of Texmaco Rail rose 3.98% intra-day before paring gains to trade 1.99% higher at Rs 82.10 as of 11.11 a.m. This compares to a 0.85% advance in the NSE Nifty 50.

Total traded volume so far in the day stood at a moderate 1.1 times its 30-day average. The relative strength index was at 73.65, indicating that the stock may be overbought.