PTC Industries launches ₹1,800 cr QIP to fund Aerolloy Technologies
Business
PTC Industries just kicked off a big fundraising move, launching a ₹1,800 crore qualified institutional placement (QIP).
This means they're selling about 5.7% of their equity at a slight discount to help pay off debt and boost working capital for its subsidiary, Aerolloy Technologies.
Investors seemed to like the news. Shares jumped nearly 3% after the announcement.
PTC profit after tax ₹29.19 cr
PTC's latest quarterly results looked solid: profit after tax soared to ₹29.19 crore from just ₹5.16 crore last year, and revenue almost doubled.
The company is clearly in expansion mode, with expenses up 62.55% year-on-year.
With shares up over 26% this year alone, it's clear investors are feeling pretty confident about where PTC is headed next.