Hitachi Not Looking To Raise Fresh Capital (HIT)

Japan’s largest electronic company Hitachi (ADR) (NYSE: HIT) has announced that it has no plans of raising fresh capital. The company also expects to return to profit in the next financial year.

The company will appoint Hiroaki Nakanishi as the new chairman in April. Nakanishi said, “I’m not considering raising additional capital at the moment. It would not be a good strategy to boost outstanding shares further."

Hitachi has been in red for last four years. The company is likely to declare a net loss of $2.3 billion for the current financial year.

Hitachi stock has underperformed the broader Nikkei 225 index.