Penny stock under Rs 5: This micro-cap iron & steel company bags USD 5 million export order; do you own it?

Penny stock under Rs 5: This micro-cap iron & steel company bags USD 5 million export order; do you own it?

Praveenkumar Yadav
/ Categories: Trending, Mindshare

Shares of the company gained more than 13 per cent in the last one month.

On July 21, 2023, Shah Metacorp Limited informed in the exchange filing that the company has received export orders of around USD 5 million (approximately Rs 40 Crore) from Italy and other European countries for the export of steel and alloys.

The board of the company is likely to consider allotting 10,48,00,000 Equity shares and 22800000 of convertible warrants into Equity Shares of Rs. 1/- each to be issued at a price not less than Rs.3.24/- to Promoters and Non-Promoters on a preferential basis. For, the board meeting of the company is scheduled on 28th July 2023.

Shah Metacorp Limited is a Stainless Steel & Mild Steel Manufacturer that was established in the late '90s. From iron-ore & stainless scrap to manufacturing diverse structural products in Stainless Steel and Mild Steel, Shah Metacorp has come a long way. The group has achieved for itself a pre-eminent position in the value-added product segment of the Indian steel industry. Shah Metacorp started with the trading of metals and later went on to manufacture mild steel products like CTD Bars and TMT Bars in the same year.

On Friday, the stock opened at Rs 3.57, with a high and low of Rs 4.22 and Rs 3.15. The stock closed trading at Rs 3.49, down by 3.59 per cent.

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

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