Shares of Jupiter Wagons zoomed nearly 2% at market open on Friday after the company released its first-quarter financial results.
What Happened: On Thursday, Jupiter Wagons reported a 46% year-on-year jump in its net profit to ₹91.92 crore. Net profit stood at ₹62.85 crore in the previous year.
The company's revenue was up 16.81% to ₹879.86 crore against ₹753.18 crore in the year-ago period.
In July, the company secured ₹800 crore through a qualified institutional placement (QIP) from investors such as Morgan Stanley, Edelweiss Mutual Fund and Bank Of India Mutual Fund.
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As per the firm's latest shareholding pattern, foreign institutional investor holdings in the stock increased during the April-June period. The number of foreign institutional holders has risen to 104, who now own a total of 1.70 crore shares, which is a 4.14% stake.
At the end of March 2024, around 88 foreign portfolio investors collectively held 93.99 lakh shares, representing a 2.28% stake in the railway company.
Last month, the company surged after bagging a major order from Siemens. Siemens awarded Jupiter a contract to provide 36 auxiliary batteries, each with a 72.8-kilowatt-hour capacity, for nine Vande Bharat trainsets.
Price Action: Jupiter Wagons traded 1.32% up at ₹635.10 on Friday morning.
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