Multibagger stock: PTC Industries share price jumps 6% on fundraise buzz

Stock market news: PTC Industries shares have emerged as one of the standout performers in the Indian stock market in 2024. The YTD time has seen a remarkable surge in PTC Industries share price, soaring from around ₹6,600 to ₹15,700 apiece on NSE, marking an impressive 135 percent appreciation. This multibagger stock, with its recent upside move, continues to show potential. Today, PTC Industries share price opened with a significant upside gap, reaching an intraday high of ₹15,700 per share within a few hours of the opening bell, a 6.50 percent rise during thursday deals. The multibagger stock narrowly missed setting a new peak, with its existing peak on the NSE at ₹15,702.

PTC Industries news

The multibagger stock was under the bulls' radar as the company had declared a board meeting this week to consider and approve the raising of funds through the issuance of fresh shares. PTC Industries Ltd informed the India exchanges about the move, saying, "We wish to inform you that pursuant to Regulation 29(1)(d) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, a meeting of the Board of Directors (the "Board") of the PTC Industries Limited (the "Company") is scheduled to be held on Saturday, July 13, 2024, at 04:00 PM through video - conferencing facility to inter alia consider and evaluate a proposal for raising of funds, in one or more tranches, through permissible mode(s) and / or combination(s) thereof as may be considered appropriate, by way of issuance of any instruments or securities, through private placement, preferential issue, rights issue, qualified institutions placement or such other methods or combinations thereof as may be decided by the Board, subject to such approvals as may be required, and to transact other businesses with the permission of the Chairperson."

PTC Industries Ltd, in adherence to the SEBI (Prohibition of Insider Trading) Regulations, 2015 and the Company's code of Conduct for the Prevention of Insider Trading, has closed the Trading Window for dealings in the Company's securities from July 01, 2024, till 48 hours after the declaration of Financial Result for the Quarter ended on June 30, 2024.

PTC Industries Ltd, in a show of respect for its shareholders, has expressed its intention to seek their approval for the proposed fundraising. The company stated in its exchange filing, “The Board would also consider convening an extraordinary general meeting/postal ballot process to seek approval of the shareholders in respect of the proposal above of fundraising, as required.”

PTC Industries share price history

As mentioned above, PTC Industries shares are one of the multibagger stocks of the Indian stock market. In one month, PTC Industries share price has ascended from around ₹11,710 to ₹15,700 apiece, recording around 30 percent appreciation in this period. In the last six months, PTC Industries share price has risen from 6,955 to ₹15,700 per share mark, logging more than 115 percent rise in this time horizon.

In YTD time, PTC Industries share price has appreciated around 130 percent, whereas, in one year, it has delivered over 260 percent return to its positional investors.

Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.