QIP is usually a bull market phenomenon, Companies usually prefer to do QIPs during bull market and when their stock prices are doing very well for obvious reasons.
So we can’t really fault a company for doing QIP if they expect need for capital in the future and current market is favorable for QIP. May be company foresees capacities being fully utilized in next 3-4 years. Additional capacities require advance planning and one can’t start planning additional capacities after maxing out the existing ones (that will be sign of management not knowing how to run the company).
Plus QIP when done at higher valuations leads to lower equity dilution for every dollar raised.
Rest (US raising import tax, slowdown) is all speculation and if I were to really speculate I can come up with any scenario to create bull or bear case for any stock.
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