Penny IT Stock Under Rs 2 Hit Back-To-Back Upper Circuits; Board To Raise 49,00,00,000 via Rights Issue of Shares
From Rs 0.80 (52-week low) to Rs 1.16 per share, the stock is up by 45 per cent.
On Thursday, shares of Sylph Technologies Ltd hit a 5 per cent upper circuit to Rs 1.16 per share from its previous closing of Re 1.11. 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 1.16 per share, the stock is up by 45 per cent. In the recent trading session, the stock has been hitting back-to-back upper circuits and today, shares of the company saw a spurt in volume by more than 4.16 times on BSE.
The Board of Directors of the Company, in its meeting held today, Thursday, December 5, 2024, at its registered office, approved, among other things, the raising of funds through a rights issue of up to Rs 49 crore by issuing and allotting equity shares with a face value of Re. 1 each to eligible equity shareholders on a record date to be determined later. This rights issue is subject to necessary regulatory and statutory approvals and will be conducted under the relevant SEBI regulations and the Companies Act, 2013.
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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 41.61 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 a net loss of Rs 0.03 crore in Q2FY25. 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.