Himachal Futuristic Shares Jump The Most In 10 Years

Shares of Himachal Futuristic Communication Ltd. rose the most in a decade as the telecom equipment maker awaits shareholder nod for raising funds to set up an optical fibre unit.

The company is looking to raise Rs 72 crore by issuing 4.5 crore warrants at Rs 16 apiece. The company plans to set up a Rs 225-crore optical fibre manufacturing plant with a capacity of about 6 million fibre kilometre a year, according to its stock exchange filing. The project will be funded by debt, internal accruals and fresh funding.

The stock hit the 20 percent upper circuit on Wednesday. It has nearly doubled so far this year.