DCX Systems Shares Jump 9% After Board Approves Rs 500 Crore Fundraise

Shares of DCX Systems Ltd. jumped 9% on Friday after its board approved raising up to Rs 500 crore.

The board has also constituted and authorised a fund raising committee in order to decide the terms and conditions of the proposed fund raise, the exchange filing said.

Shares of the company rose as much as 9% to 344.90 apiece, the highest level since Sept. 11. It pared gains to trade 6.9% higher at Rs 338.95 apiece, as of 11:03 a.m. This compares to a 0.1% advance in the NSE Nifty 50 Index.

It has risen 50.75% on a year-to-date basis. Total traded volume so far in the day stood at 10 times its 30-day average. The relative strength index was at 72, indicating that the stock may be overbought.