HFCL launches QIP at a floor price of Rs 68.61 per share, stock jumps 2%

HFCL shares rose nearly 2% in early trading on Aug. 29 after the company launched a Qualified Institutional Investor Offering (QIP) to raise capital.
At 10:15 am, HFCL shares were trading 1.82% higher at Rs 72.75 on the NSE.
Eligible Institutional Internship Details

As a strategic step to strengthen its financial strength, HFCL announced the launch of the Qualified Institution Referral (QIP) issuance. The decision was made by the board’s funding committee on August 28, according to filings with BSE.
QIP’s minimum offering price is set at Rs 68.61 per share, providing a clear entry point for potential investors. By utilizing the QIP route, the company will secure the necessary funding to drive ongoing projects, R&D efforts and potential expansion into new markets. What is an Accredited Internship?
Qualified institutional placements are an established method for companies to raise funds from institutional investors. It provides a streamlined and efficient mechanism for injecting capital with minimal market impact.
HFCL current development status

Himachal Futuristic Communications Limited (HFCL), a firm backed by Reliance Industries, recently posted a net profit of Rs 75.56 billion for the April-June quarter of 2023-24, down from Rs 530 crore in the same period last year due to the impact of BSE. It increased by 42% from INR 100 million. filing. Turnover fell by 5 per cent to Rs 995 million compared to Rs 1,051 million for the same period last year, according to filings.
The company’s net profit fell 4% quarter-on-quarter from Rs79 billion in the previous quarter, while sales fell 31% quarter-on-quarter. The company reported revenue of Rs 1,432 crore in the fourth quarter of FY23.
HFCL Managing Director Mahendra Nahata said, “In the first quarter of 2024, the company significantly increased its revenue from international operations to Rs 176.23 crore, achieving a year-on-year growth of 156 per cent.” Ta. “HFCL’s strategy of focusing on higher product sales, increasing production capacity and expanding into new geographies has driven product sales share to 67% in the first quarter of FY24, compared with 59% in the same period last year. increased by a percentage.”

He said the company has signed a two-year deal with Bharat Electronic Limited, India’s largest defense power supplier for the defense, communications and railway sectors. stock price performance

HFCL shares are up 11.12% over the past six months. His benchmark index, the Nifty50, also recorded a similar return of 12.01% over the same period.