Nitin Fire Protection hits circuit
The stock frozen 20 per cent upper limit of circuit filter at Rs 315.30, on reports of acquisition and the fund raising plans. The board has decided to issue further capital up to $50 million (Rs 225 crore) through qualified institutional /FCCB/GDR or preferential allotment.
The company is engaged in manufacturing of the complete range of portable fire fighting equipment, has posted 26 per cent drop in net profit to Rs 14.50 crore (Rs 19.53 crore) for the first half (April-Sept 09) of current financial year. Apart from this, the company undertakes turnkey projects for design, manufacture, install commission and supply of complete Fire detection and suppression systems, using the latest techniques.