The share price of this electrical equipment manufacturer surged 9.5 percent to Rs 1,358.90 per share after the company board approved raising funds via QIP.
At 2:15 p.m., Spectrum Electrical Industries Ltd shares were trading at Rs 1,252 per share, up 0.97 percent from the previous close price on the exchange. The company has a market capitalization of Rs 1,893 crore.
According to the exchange filing, The company board approved to raise funds, aggregating up to Rs.50 crores through Qualified Institutions Placement (“QIP”).
The company’s revenue has increased by 7 percent yearly, from Rs 126 crore in Q2FY22 to Rs 135 crore in Q2FY23. During the same timeframe, Net profit has risen by 130 percent from Rs 3 crore to Rs 7 crore.
As of the recent shareholding pattern, the company promoter holds a 74.88 percent stake, and retail investors hold a 19.73 percent stake in the company.
Spectrum Electrical Industries Limited is engaged in the business of Injection Moulding, manufacturing of Electrical Press Components, and Surface treatment of Automobile, Electrical, and Stamped parts.
The company has manufacturing facilities at Jalgaon, Bengaluru, and Nashik in Maharashtra. The company has acquired a new factory building and land in Nashik in December 2021.
As of a recent fiscal year, the company reported a net profit margin of 3.32 percent and an operating margin of 7.52 percent, In addition, return on equity stands at 9.14 percent, and return on capital employed stands at 15.51 percent.
The company’s clients include ABB, Anchor, Jain Irrigation Systems, Legrand, Schneider Electric, and L&T among others.
Written by Omkar Chitnis
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