Shares of Diamond Power Infrastructure rose as much as 4% to ₹210 apiece in intraday trade on Friday, June 19, after the company announced plans to raise up to ₹2,000 crore through the Qualified Institutional Placement (QIP) route.
In a regulatory filing on Thursday, the company said its board had approved the issuance of equity shares through one or more tranches of QIP, increasing the fundraising limit to ₹2,000 crore from the previously approved ₹1,000 crore.
The company also noted that it is currently non-compliant with the minimum public shareholding (MPS) requirements prescribed under securities market regulations.
It said the proposed QIP is one of the methods permitted by market regulator SEBI to achieve compliance with MPS norms and that it intends to meet the requirement at the earliest.
Shares jump over 85% in under three months
The stock has been enjoying a sustained bull run since April, surging 86% so far, even as the broader markets witnessed sharp swings during the period. Multiple order wins have kept the stock in the spotlight, while the recent gains have helped it recover all its losses and scale a fresh record high of ₹219 apiece.
Recent order wins, including a ₹45 crore contract from Adani Power and a ₹100.54 crore order from Adani Electricity Mumbai, are expected to significantly enhance the company’s revenue visibility and profitability over the execution period.
The company’s total outstanding order book, as of March 30, 2026, stood at over ₹3,500 crore, providing strong revenue visibility for the coming periods, according to the company’s recent regulatory filing.
Long-term share performance remains impressive
The company’s shares have been on a remarkable rally since September 2023, climbing from ₹2.22 apiece to the current trading price of around ₹209, translating into a massive gain of 9,314%.
In terms of annual performance, the stock ended 2023 with a 620% surge, followed by another stellar 860% gain in 2024. In the previous year, it witnessed mild profit-booking and declined 10.27%, while in the current year so far, it has rebounded 51%.
Impressively, the stock closed in the green for 12 consecutive months between September 2023 and August 2024, resulting in a phenomenal rally of 6,089%. On a cumulative basis, the stock has delivered a staggering return of 6,839% over the last three years.
Diamond Power Infrastructure is a leading manufacturer of power cables, including LV, MV, and EHV cables, as well as conductors. Its products are used in power generation, electricity transmission and distribution, and a wide range of industrial applications.
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