Nitin Fire Protection Industries has soared 17% to Rs 59 on the back of over three-fold jump in trading volume in trade today. A combined 1.92 million shares have already changed hands on the counter till noon deals, as against an average of around 450,000 shares that were traded daily in the past two weeks. The stock opened at Rs 50.80 and hit a high of Rs 59.40 so far on the National Stock Exchange.
The stock has been outperforming the market by surging 117% so far in 2012 on the Bombay Stock Exchange, compared to 13% rise in the benchmark Sensex.
The board of directors at its meeting held on May 29, 2012 has proposed the fund raising through various means like qualified institutions placement to qualified institutional buyers, preferential allotment/right issue, FCCB/GDR/ warrants and/or any such manner or way board may deem fit.
The company is engaged in the manufacturing of portable fire fighting equipment and has tie-ups with leading international players in fire alarm and security systems such as AirSense Technology Limited, U.K., for smoke detection equipments.