Quadrant Future Tek Share Price Extends Post-Listing Rally, Hits Upper Circuit
The Quadrant Future Tek stock hit Rs 619.50 apiece as trading volume surged.
Quadrant Future Tek Ltd. share price surged 20% to hit the upper circuit on the NSE on Friday, extending its post-listing rally. The stock hit Rs 619.50 apiece as trading volume surged.
The company debuted on the stock exchanges with a premium of around 28% on Tuesday. The stock has rallied nearly 40% in four days since.
The Rs 290-crore initial public offering of Quadrant Future Tek was subscribed 186.66 times on the final day, led by non-institutional investors.
The proceeds raised from the fresh issue will be utilised towards funding long-term working capital requirements of the company, capital expenditure for the development of the electronic interlocking system, repayment or prepayment of borrowings, and general corporate purposes.
Incorporated in September 2015, Quadrant Future Tek develops next-generation train control and signalling systems for the Indian Railways' 'Kavach' project. This system aims to enhance safety and reliability for passengers.
It also operates a specialty cable manufacturing facility with an Electron Beam Irradiation Centre, producing cables for railway rolling stock and the naval defence industry.
Meanwhile, the benchmark Nifty 50 and BSE Sensex were trading 0.76% and 0.85% lower, respectively.
