Ami Organics stock price up by more than 1% today

20 Jun 2024 , 11:19 AM

Ami Organics’ stock price is up by more than 1% today. Ami Organics shares rose by over 12% to an intraday high of ₹1469.55 on the BSE yesterday, 19th June, after the firm announced the beginning of its Qualified Institutional Placement (QIP).

In a stock exchange filing on June 18, the business stated that its Qualified Institutional Placement Committee approved the opening of the QIP at a floor price of ₹1228.71 per share. The company also stated that it may offer up to a 5% discount on the issue’s floor price.

The business stated in the announcement that a meeting of its QIP Committee will be conducted on or after June 21 to examine and approve the Issue price, as well as any markdown on the issue price.

Ami Organics plans to raise ₹500 Crore through this stock option. In April, the company’s Board of Directors approved the fundraising request.

In the March quarter of the fiscal year ending March 31, 2024, the company’s revenue from operations increased by over 21% to ₹224.94 Crore, up from ₹186.38 Crore in the previous quarter. In March, the company’s revenue from operations increased by 35% from ₹166.44 Crore in the previous quarter. In FY24, Ami Organics’ income from operations increased by over 16% to ₹717.47 Crore, up from ₹616.73 Crore the previous year.

In the March quarter, Ami Organics’ net profit decreased by roughly 6% to ₹25.67 Crore, from ₹27.21 Crore the previous year. The company’s net profit for the March quarter increased by 44% from ₹17.82 Crore in the December quarter. The company’s net profit for the fiscal year ending March 31, 2024, fell 41% to ₹48.7 Crore from ₹83.28 Crore in FY23.

At around 11.17 AM, Ami Organics was trading flat at ₹1,369.15 per piece, against the previous close of ₹1,369.45 on NSE.

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