Penny IT Stock Under Rs 2 Hit Upper Circuit; Board to likely to raise funds via preferential issue, rights issue QIP, ADR GDR or FCCB
From Rs 0.80 (52-week low) to Rs 1.02 per share, the stock is up by 27.50 per cent.
On Monday, shares of Sylph Technologies Ltd hit a 5 per cent upper circuit to Rs 1.02 per share from its previous closing of Re 0.98. The stock’s 52-week high is Rs 5.30 and its 52-week low of Rs 0.80. From Rs 0.80 (52-week low) to Rs 1.02 per share, the stock is up by 27.50 per cent.
Sylph Technologies Limited has scheduled a Board Meeting on Thursday, December 5, 2024, at its registered office in Indore, Madhya Pradesh, India. The primary agenda of this meeting is to explore and approve potential financial strategies, including raising funds through equity shares, convertible instruments, or other securities via methods such as preferential allotment, right issue, Qualified Institutional Placements (QIPs), American Depository Receipts (ADRs), Global Depository Receipts (GDRs), Foreign Currency Convertible Bonds (FCCBs), or any other suitable combination. Additionally, the Board may discuss and approve any other relevant matters as deemed necessary by the Chair.
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Sylph Technologies Ltd., established in 1992, offers a diverse range of services beyond its core software development, encompassing newspaper distribution, financial instrument trading, solar power plant trading, IT services, newspaper printing, business process outsourcing, and knowledge process outsourcing. The company has a market cap of Rs 36.3 crore and its 100 per stake is owned by the public shareholder.
According to the Quarterly Results, the company did not report any sales, operating loss of Rs 0.04 crore and net loss of Rs 0.03 crore. In its annual results, the net sales increased by 247.2 per cent to Rs 15.75 crore in FY24 compared to Rs 4.54 crore in FY23. The company reported a net loss of Rs 2.51 crore in FY24 compared to a net profit of Rs 0.76 crore in FY23.
Disclaimer: The article is for informational purposes only and not investment advice.