Simplex Castings Ltd. Considers Equity Fundraising Amid Market Expansion

Image Source: MoneyControl

Simplex Castings Ltd., a leading manufacturer of iron and steel castings, has announced that its board will consider raising funds through equity shares or other securities. The company aims to strengthen its financial position and support expansion plans through this strategic move.

Key Highlights:

Fundraising Proposal: The board will evaluate raising capital via equity shares, rights issues, or qualified institutional placements.
Market Reaction: Following the announcement, Simplex Castings’ stock surged 10%, hitting a 52-week high of ₹96.74 per share.
Financial Performance: The company reported a 2.3% decline in revenue but saw a turnaround in net profit, shifting from a loss of ₹11.26 crore to a profit of ₹0.48 crore.
Investor Sentiment: Simplex Castings has gained 60% in the last six months and 155% in a year, reflecting strong market confidence.
Strategic Expansion: The company continues to invest in manufacturing capabilities, focusing on SG iron, steel, and special alloy castings.

Simplex Castings Ltd. remains a key player in the engineering and castings sector, with a strong growth trajectory. Investors will be watching closely as the company finalizes its fundraising strategy.

Source: Trade Brains, Moneycontrol, ZaubaCorp