Penny stock under Rs 2 hit 20 per cent upper circuit: Board announces 7:5 rights issue of shares!

Penny stock under Rs 2 hit 20 per cent upper circuit: Board announces 7:5 rights issue of shares!

Kiran Shroff
/ Categories: Trending, Penny Stocks

The stock is up by 73.68 per cent from its 52-week low of Rs 0.76 per share.

On Monday, one of the Top Gainers on BSE, shares of Sharanam Infraproject and Trading Ltd was locked in 20 per cent upper circuit to Rs 1.32 per share from its previous closing of Rs 1.10 per share. The shares of the company saw a spurt in volume by more than 6.76 times on BSE. The stock’s 52-week high is Rs 1.55 and its 52-week low is Rs 0.76.

The Board of Directors of the company announced the rights issue of shares in the ratio 7:5 i.e., eligibility of shareholders entitled to issuance of 7 (seven) rights equity shares having a face value of Rs 1 each for every 5 (five) fully paid-up equity shares held by the eligible existing equity shareholders in the company on rights basis as of record date. The company fixed the record date for the rights issue as Wednesday, January 10, 2024.  

Sharanam Infraproject And Trading Ltd., established in 1992, is a multifaceted real estate company active in land and building purchases, sales, leasing, construction, and retail building material supply. This encompasses buying, selling, sub-letting, managing, and renting flats, shops, and godowns & earning income through lease agreements.  

With a market capitalization of Rs 16.50 crore, the company's entire 100% stake is held by public shareholders. The Quarterly Results for Q2FY24 revealed a net sales figure of Rs 0 and a net loss of Rs 0.07 crore. Similarly, the annual results for FY23 reported net sales amounting to Rs 0 and a net loss of Rs 0.17 crore.

The financial metrics indicate a challenging period for the company, marked by a lack of significant sales and incurred losses. The ownership structure, entirely in the hands of public shareholders, adds an additional layer of scrutiny and accountability. The stock is up by 73.68 per cent from its 52-week low of Rs 0.76 per share.

Following are the bulk deals that happened year to date (YTD basis): -

Deal Date

Client Name

Deal Type*

Quantity

Price

08-04-2024

LIESHA CORPORATION PRIVATE LIMITED

B

4,00,000

1.32

08-04-2024

SUMANCHEPURI

S

8,50,000

1.32

08-04-2024

JAI VINAYAK SECURITIES

B

3,01,107

1.32

08-04-2024

JAI VINAYAK SECURITIES

S

6,11,189

1.28

08-04-2024

LIESHA CORPORATION PRIVATE LIMITED

S

76,817

1.29

05-04-2024

JAI VINAYAK SECURITIES

S

22,270

1.07

05-04-2024

JAI VINAYAK SECURITIES

B

3,59,425

1.07

02-04-2024

DHRUV KALPESH VARIA

S

2,78,000

0.89

(*In Deal Type: B=Buy and S=Sell)

Disclaimer: The article is for informational purposes only and not investment advice. 

DSIJ’s ‘Micro Marvel' service recommends micro-cap stocks with the potential to grow multifold in long run. If this interests you, do download the service details here.

Previous Article 20,000 per cent returns & 897 MW order book: Board likely to announce stock split; stock trades at high ROE & high ROCE!
Next Article Rs 2,400 crore order book & promoters’ gift 68,30,300 shares to 3 family-owned trusts: This multibagger company bags new patent for inventing Solar Flour Mill from GOI!
Rate this article:
4.0

DALAL STREET INVESTMENT JOURNAL - DEMOCRATIZING WEALTH CREATION

Principal Officer: Mr. Shashikant Singh,
Email: principalofficer@dsij.in
Tel: (+91)-20-66663800

Compliance Officer: Mr. Rajesh Padode
Email: complianceofficer@dsij.in
Tel: (+91)-20-66663800

Grievance Officer: Mr. Rajesh Padode
Email: service@dsij.in
Tel: (+91)-20-66663800

Corresponding SEBI regional/local office address- SEBI Bhavan BKC, Plot No.C4-A, 'G' Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra.
Tel: +91-22-26449000 / 40459000 | Fax : +91-22-26449019-22 / 40459019-22 | E-mail : sebi@sebi.gov.in | Toll Free Investor Helpline: 1800 22 7575 | SEBI SCORES | SMARTODR