Texmaco Rail & Engineering shares rose 3% after it announced to consider raising funds in its forthcoming board meet.

The company said that a board of directors meeting is scheduled for July 17, 2023, at 4:30 pm to deliberate a proposal for fundraising by issuing one or more instruments counting equity shares/convertible Securities either by preferential issue or rights issue or qualified institutional placement or a blend thereof.

At 9:21 am, the company’s shares were trading up 1.4% at Rs 81.7 on the BSE. The stock has yielded nearly 80% in the past three months.

Its combined net sales soared 87% YoY to Rs 835.27 crore in March 2023, while net profit soared 236% to Rs 18.33 crore.

The company had a healthy order book site of Rs 9,033 crore on January 01, 2023.

Texmaco Rail & Engineering has extended its presence in the railway wagon industry. It has progressively diversified into commodity-specific wagons for private parties, electric locomotive shells and sub-assemblies provided to private parties.