Up 410% from 52-week low, SME stock Cellecor Gadgets hits record high amid fundraising buzz. Details here

Shares of Cellecor Gadgets surged over 8 percent in intra-day trading on September 5, 2024, reaching a new high ahead of a key board meeting scheduled for September 7, 2024, to discuss a fundraising initiative.

This marks the third consecutive session of gains for the SME stock. Cellecor Gadgets had already gained nearly 10 percent in each of the two sessions preceding today, bringing its total rise to approximately 31 percent over the past three sessions. The stock's rally indicates growing investor confidence in the company's strategic direction.

In an official update to the stock exchanges, Cellecor Gadgets announced that the board would consider the proposal to raise funds in the upcoming board meeting through equity shares or other instruments like convertible instruments and warrants, subject to regulatory approvals. The fundraising is part of the company’s strategy to enhance its financial foundation and support future growth.

Additionally, on September 3, Cellecor launched its latest lineup of laptops and 5G smartphones, timed for the festive season. The company revealed that these products would soon be available at major retail outlets and online. The 5G smartphone is aimed at tech-savvy consumers seeking high-performance devices at competitive prices, while the laptop has gained attention for its focus on the education sector. This announcement contributed to a 10 percent rise in the previous trading session.

Stock Price Trend

The stock surged by as much as 8.3 percent to reach a record high of ₹44.95 during intraday trading today.

Year-to-date, the stock has climbed over 42 percent in 2024, delivering positive returns in five out of the nine months so far. In just the first four trading sessions of September alone, it has already risen by more than 28 percent, marking its fourth consecutive month of gains. Prior to this, the stock advanced by over 11 percent in August, 3.2 percent in July, and 23 percent in June.

With today's increase, the multibagger stock is almost 410 percent higher than its 52-week low of ₹8.8, which it touched in September last year.

Stock Split

Another significant factor contributing to the recent surge in Cellecor Gadgets' stock is its recent stock split. In August 2024, the company executed a 10:1 stock split, enhancing the liquidity of its shares and making them more accessible to retail investors. This move converted one equity share with a face value of ₹10 into ten shares with a face value of ₹1 each, a decision that has been well-received by the market.

Cellecor Gadgets, a prominent player in the consumer electronics industry, is recognised for its innovative, cutting-edge technology. The company offers a diverse range of products, including mobile phones, smart TVs, speakers, neckbands, TWS, soundbars, smartwatches, and washing machines, among others.