Don’t miss action in this micro-cap stock that has announced rights issue!

The shares of the company saw a spurt in volume by more than 15.06 times on BSE.

Today, shares of Praxis Home Retail Ltd plunged 9.31 per cent to Rs 18.22 per share from its previous closing of Rs 20.09.

The intraday high of the stock was Rs 21.88 and the low of Rs 17.62. The stock has a 52-week high of Rs 43.55 and a 52-week low of Rs 16.05. The shares of the company saw a spurt in volume by more than 15.06 times on BSE.

Recently, the Board of Directors of Praxis Home Retail, approved the raising of funds, through the issuance and allotment of equity shares of the face value of Rs 5 each equity shares for an aggregate amount less than Rs 50 crore, on a rights basis on such terms to the eligible equity shareholders of the company, as on the record date. The company fixed the record date as Tuesday, May 30, 2023 for the issue of rights issue.  

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Praxis Home Retail Ltd is engaged in the business of home retailing through departmental stores under various formats across the country. The company’s product portfolio includes home furnishings, furniture, tableware, home decor, kitchenware, bath vanity, modular kitchens and electronics.

Praxis Home Retail has a market cap of Rs 137.87 crore. In FY22, net sales increased by 27.48 per cent over FY21. In FY22, the company reported a net profit of Rs 14 crore compared to a net loss of Rs 103 crore in FY21.

Investors should keep an eye on this micro-cap stock.