Nitin Fire surges as Amitabh Bachchan buys 0.51% stake

NEW DELHI: Nitin Fire Protection Industries Ltd surged 9.9 per cent in trade on Monday, after Bollywood star Amitabh Bachchan bought 15 lakh shares of the company at Rs 42.99 apiece, according to disclosures made under bulk deal on NSE

The stock ended the day in gree, up 9.93 per cent or Rs 4.25 at Rs 47.05.

This constitutes 0.51 per cent of the total equity of the company which manufacturers fire extinguishers.

The company on Friday said that its net profit during the June quarter increased by 10.47 per cent to Rs 20.77 crore as against Rs 18.80 crore in the same three months of last year.

The company's revenues increased 18.56 per cent to Rs 337.90 crore compared to Rs 285.01 crore in the same period a year ago, the company said in a statement.

According to a PTI report, during the quarter, the company received UL (Underwriters' Laboratory) approval for its emergency lights to be used in fire safety application. This approval now opens up a $250 million market opportunity for the company, it said.