CG Power and Industrial Solutions Limited shares rose by 5.07% to ₹814.90 at 9:27 AM after the company announced plans to raise up to ₹3,500 crore through a Qualified Institutional Placement (QIP). The move is aimed at strengthening the company’s financial position and funding future growth projects. This decision, taken during the Board of Directors meeting on October 21, 2024, is subject to shareholder and regulatory approvals.
In addition to the fundraising plan, CG Power released its Q2 FY25 financial results, highlighting a 20.55% year-on-year (YoY) increase in revenue. The company reported revenue of ₹2,412.69 crore, up from ₹2,002.58 crore in Q2 FY24. However, net profit for the quarter declined by 9.90%, falling to ₹219.63 crore from ₹243.76 crore in the same period last year, reflecting rising costs that impacted profitability.
Investors responded positively to the fundraising plans, leading to the stock’s upward movement.
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