Nitin Fire Share Price Rises on Fund Raising Plan

Nitin Fire share price rose more than 5 per cent to a high of Rs 28.30 on NSE in today’s trading session.

Earlier in the previous week, the company announced that its board has approved issuing equity shares through qualified institutional placement.

Meanwhile, the NSE Nifty Share Price was up 91.10 points, or 1.04 per cent, to 8,833.65.

On NSE, so far 6,33,833 shares of the Company have been traded in the counter, compared with average daily volume (20 days) of 8,68,365 shares. The stock hit a high of Rs 28.30 and a low of Rs 26.85 so far during the day. The stock hit a 52-week high of Rs 51.70 on 4th December 2015. The stock hit a 52-week low of Rs 22.90 on 16th August 2016. The stock had outperformed the market over the past 30 days till 6^th September 2016, rising 3.78 per cent compared with 2.82 per cent rise in the Sensex. The small-cap company has market cap of Rs 778.90 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^th September 2016.

The board of Nitin Fire Protection Industries, which met on 6^th September 2016, also considered the company's consolidated financial results for the quarter ended 30^th June 2016. On a consolidated basis, net profit of Nitin Fire Protection Industries rose 35.72 per cent to Rs 28.19 crore on 3.62 per cent rise in net sales to Rs 350.14 crore in Q1 June 2016 on a Q-o-Q basis over Q1 June 2015. The P/E Ratio of the Company is 8.90.

Nitin Fire Protection Industries provides fire detection and fire suppression systems, and manufactures fire extinguishers. Currently Nitin Fire share price is trading at Rs 28.05, up by 5.25 per cent.