Shares of Jupiter Wagons rallied 4% on 15 July after the company announced raising Rs 800 crore via a qualified institutional placement (QIP). 

The company had set the floor price of the QIP at Rs 689.47 while the company allotted 12.2 million equity shares at a price of Rs 655.5 per share. 

Bank of India – Mutual Fund, Morgan Stanley Asia (Singapore) PTE, and Edelweiss – Mutual Fund are among the top investors who were allotted more than 5% of the equity shares offered in the issue. 

Vivek Lohia, managing director of Jupiter Wagons, said, “The capital raised will be majorly allocated towards establishing a forged rail wheel and axle manufacturing plant, a strategic move designed to enhance our backward integration and support our long-term growth objectives.”

As of 31 March, the company’s order book stood at Rs 7,101.66 crore, with the company securing three major orders during the January-March quarter. The orders are: 

• The company secured an order from the Ministry of Railways for a total consideration of Rs 957 crore.
• They secured an order worth Rs 473 crore from the Ministry of Defence. 
• Secured a Rs 100 crore order from Double Decker Automobile Carrier Wagons. 

In its quarterly report for January-March, the company reported a 156% year-on-year increase in its standalone net profit to Rs 104.22 crore and a 57.33% YoY increase in total income to Rs 1,121.34 crore during the quarter under review. 

The shares of the company have gained around 120% during the calendar year 2024 and have delivered a multibagger return of over 289% in the past one year. 

At 3:30 pm, the shares of Jupiter Wagons closed 1.29% higher at Rs 705 on NSE.

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