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Nifty IT has strongly outperformed the frontline indices on Thursday as it has surged by nearly 3%.

The stock quoted a 52-week high price of Rs 2613.75 and low of Rs 1155.1.

Under the issue, the pen and writing instruments maker will issue fresh equity shares worth up to Rs 292 crore while an offer for sale (OFS) where equity shares worth Rs 301 crore will be offloaded by the existing shareholders.

"The Karnataka Maritime Board, Government of Karnataka has issued the Letter of Award (LOA) to JSW Infrastructure. As per the RFP document, the estimated cost of the Project is Rs 4,119 crore with an initial capacity of 30 MTPA," the company said in an exchange filing.

When the closing price rises above the VWAP, it signifies that the closing price is higher than the average price at which it was traded throughout the day, with the average being weighted by trading volume.

The Relative Strength Index of the stock stood at 64.38 on Friday.

A total of 6,662 shares changed hands on the counter till 12:02PM (IST).

Promoters held 45.25 per cent stake in the company as of 30-Sep-2023, while FII and DII ownership stood at 16.28 per cent and 19.81 per cent, respectively.

Pledging of shares is one of the options that the promoters of companies use to secure loans to meet working capital requirements, and personal needs and fund other ventures or acquisitions.

“The focus should be more on rural facing stocks. That is where as a portfolio manager, I would look. But that is the part of the economy which we saw urban is clearly doing very well. Also, there is a lot of negative news in agrochemical space, two-wheeler space, and the rural economy linked themes and sectors. That is where there is some value for money.”