Jyoti Structures Stock Rise As Board to Mull Fundraise on Nov 22

Jyoti Structures Limited, established in 1974, is a leading Indian firm focused on the design, manufacturing, and installation of transmission line towers, substation structures, and power transmission and distribution (T&D) infrastructure. Based in Vadodara, Gujarat, the company operates on a global scale, undertaking projects in various countries throughout the Middle East, Africa, and Southeast Asia. JSL provides a diverse array of products and services, such as high-voltage transmission towers, engineering solutions for power and telecommunications infrastructure, and EPC (engineering, procurement, and construction) services for transmission line initiatives. The firm has participated in significant projects for both public and private sector utilities, including the Power Grid Corporation of India and NTPC Limited.

Jyoti Structures hits the 5% upper circuit

On November 19, Jyoti Structures shares reached a 5% upper circuit limit during morning trading on the BSE. The stock surged following the announcement that the company would discuss fundraising in a meeting scheduled for Friday, November 22, 2024.

By around 12:23 PM, Jyoti Structures’ share price had increased by 3.45% to Rs 32.09 per share on the BSE. The company’s market capitalization was reported at Rs 2,815.48 crore. The stock’s 52-week peak was Rs 41.36 per share, while its 52-week trough was Rs 14.68 per share.

Fundraising meeting on 22nd November 2024

This is to notify you that a meeting of the company’s Board of Directors is set for Friday, November 22, 2024, at 4 PM, to be conducted via video conference. The agenda will include, among other things, the potential raising of funds through equity shares or other securities via a rights issue, in accordance with applicable laws and subject to any necessary regulatory or statutory approvals, along with other related matters, as stated in the filing. The specifics regarding the amount to be raised and additional details will be disclosed following the board meeting.

Q2 FY25 results of Jyoti Structures

Jyoti Structures announced a 36.9% drop in consolidated net profit, reporting Rs 7.06 crore compared to Rs 11.19 crore during the same period last year. The revenue for the quarter was Rs 10.74 crore, reflecting an 86.8% decrease from Rs 81.46 crore a year earlier. Over the past year, shares of Jyoti Structures have risen by 115.4%.

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