Nitin Fire Protection gains on fund raising plan

Nitin Fire Protection Industries rose 2.78% to Rs 29.60 at 11:40 IST on BSE after the company said that its board approved issuing equity shares through qualified institutional placement.

Meanwhile, the BSE Sensex was up 28.88 points, or 0.10%, to 29,006.90.

On BSE, so far 3.25 lakh shares were traded in the counter, compared with average daily volume of 1.70 lakh shares in the past one quarter. The stock hit a high of Rs 30.40 and a low of Rs 29.25 so far during the day. The stock hit a 52-week high of Rs 51.10 on 7 December 2015. The stock hit a 52-week low of Rs 22.85 on 16 August 2016. The stock had outperformed the market over the past 30 days till 6 September 2016, rising 3.78% compared with 2.82% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 8.13% as against Sensex's 7.24% rise.

The small-cap company has equity capital of Rs 58.45 crore. Face value per share is Rs 2.

The proposed qualified institutional placement (QIP) of shares will be subject to the approval of the shareholders at the upcoming annual general meeting (AGM) on 30 September 2016.

The board of Nitin Fire Protection Industries, which met yesterday, 6 September 2016, also considered the company's consolidated Q1 June 2016 results. On a consolidated basis, net profit of Nitin Fire Protection Industries rose 35.72% to Rs 28.19 crore on 3.62% rise in net sales to Rs 350.14 crore in Q1 June 2016 over Q1 June 2015.

Nitin Fire Protection Industries provides fire detection and fire suppression systems, and manufactures fire extinguishers.

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