Penny Stock Under Rs 5 Hit Upper Circuit as Company Took Note of Partial Repayment of Loan of Rs 140 Lakh Received from Managing Director of The Company
From Rs 1.70 (52-week low) to Rs 2.25 per share, the stock is up by 32.35 per cent.
Today, shares of Ishan International Ltd hit a 5 per cent upper circuit to Rs 2.25 per share from its previous closing of Rs 2.15. The stock’s 2-week high is Rs 6.10 and its 52-week low is Rs 1.70.
Ishan International Ltd. announced that its Board of Directors approved two significant financial decisions during their recent meeting. Firstly, they acknowledged the partial repayment of a Rs 140 lakh loan from Mr Shantanu Srivastava, the company's Managing Director. This repayment was made to address working capital needs and support strategic initiatives. Secondly, the Board approved a reallocation of Rs 243.40 lakh from the "General Corporate Expenses" category of the IPO proceeds to the "Working Capital" category. This reallocation is aimed at fulfilling the company's immediate working capital requirements and supporting its ongoing business operations. The Board emphasized that this reallocation is in the best interest of shareholders and aligns with the company's strategic growth objectives.
Earlier, Ishan International Limited received a substantial order from Reliance Industries Limited for the supply of construction materials. This significant order is valued at Rs 600 million. The company is committed to delivering high-quality products and services that meet the stringent requirements of its clients. The company is also optimistic about future collaborations with Reliance Industries Limited and anticipates additional orders in the coming quarters.
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Incorporated in 1995, Ishan International Limited is engaged in contracting and building projects that focus on supplying machines, erection/installation, commissioning, and operational training for sugar plants, jaggery plants, pharmaceutical plants, hydropower plants and pollution control systems.
The company has a market cap of Rs 48.65 crore. From Rs 1.70 (52-week low) to Rs 2.25 per share, the stock is up by 32.35 per cent. Investors should keep an eye on this micro-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.