Shares of Laxmi Organic Industries Ltd. surged over 12%, its most in over 25 months, on Wednesday after it raised Rs 259.1 crore from qualified institutional placement of shares.
The specialty chemical manufacturer allotted 96.26 lakh equity shares at a price of Rs 269.20 apiece to qualified institutional buyers as a part of its fundraising plans, according to an exchange filing on Tuesday.
Shares of the company were trading 11.97% higher at Rs 303.65 apiece compared to a 0.73% advance in the benchmark NSE Nifty 50 at 10:49 a.m. The stock had surged as much as 12.41% during the day to Rs 304.85 apiece, the highest since Sept. 11.
It has risen 2.48% on a year-to-date basis. The total traded volume so far in the day stood at 10 times its 30-day average. The relative strength index was at 63.
Two out of the six analysts tracking Laxmi Organic maintain a 'buy' rating on the stock, and four suggest 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 15.2%.
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