Multibagger power stock hits record high as board to consider fundraising on September 28

Shares of multibagger Apar Industries Ltd hit a record high in early deals on Tuesday after the firm said its board would meet to consider a proposal of fund-raising on September 28. Apar Industries shares climbed 6.83% to a high of Rs 5801.20 against the previous close of Rs 5430.05 on BSE.

Total 6303 shares of the firm changed hands amounting to a turnover of Rs 3.53 crore on BSE. Market cap of the firm climbed to Rs 21,652 crore.

The multibagger stock has zoomed 1853% in the last three years. The stock is up 209% this year and risen 346% in the last one year.

The company said that the meeting of the Board of Directors is scheduled on 28/09/2023 to consider and approve a proposal for raising further capital.

“The board will also consider to create, offer, issue and allot such number of equity shares and equity linked instruments or securities, including convertible preference shares, non-convertible debt instruments along with warrants, fully convertible debentures, partly convertible debentures, and/or any other securities convertible into equity shares (including warrants or otherwise), global depository receipts, American depository receipts, foreign currency convertible bonds, through public and/or private offerings and/or by way of qualified institutions placement, and / or preferential allotment and / or through any other permissible mode,” said the company.

The firm reported a 61 percent rise in June quarter net profit. The firm logged a 22.25% rise in total income to Rs 3786 crore in the June 2023 quarter against Rs 3097 crore in the June 2022 quarter. Net profit zoomed 61.22% to Rs 197.43 crore in Q1 against Rs 122.46 crore in the June 2022 quarter. Earnings per share zoomed 61.22% to Rs 51.59 in Q1 against Rs 32 in the June quarter of 2022.

Apar Industries Limited is a manufacturer and supplier of conductors, a variety of cables, specialty oils, polymers and lubricants. The company’s segments include conductor, transformer & specialities oils and power/telecom cables. It provides diverse fields of electrical and metallurgical engineering offering value-added products and services in power transmission conductors, petroleum specialty oils, and power & telecom cables.

Also read: Tata Consumer, BoB, Delta Corp, Titan & others: Here's what Sudeep Shah of SBI Securities says on these stocks

Also read: Hot stocks on September 26, 2023: Cochin Shipyard, Apar Industries, IFCI, Delta Corp, and more