Shares of Pavna Industries Ltd hit a 10% upper circuit on 10 January after the company announced receiving approval to raise funds.

In its regulatory filing, the company said that the Board of Directors of the company have approved raising funds for a total amount of Rs 185 crore by way of issuance of equity shares on a rights basis to the eligible equity shareholders of the company.

In its quarterly report for July-September, the company reported a 27% year-on-year decline in its revenue to Rs 76.16 crore during the quarter from Rs 104.20 crore reported in the same quarter last year.

However, the net profit of the company has increased by 90% YoY to Rs 2.75 crore from Rs 1.45 crore reported in the same quarter of the previous fiscal year.

The company is engaged in the business of manufacturing automotive parts that provide solutions for automobile applications and serving automobile & other applications worldwide for Original Equipment Manufacturers (OEM) & providing automotive aftermarket solutions.

At 3:30 pm, the shares of Pavna Industries closed 1.65% higher at Rs 592.20 on NSE.