Penny stock below Re 1 hits upper circuit for third straight session after allotment of preferential shares
- Stock Market Today: Penny stock below Re 1: Standard Capital Markets share price hits upper circuit for third straight session after allotment of preferential shares
Stock Market Today: Penny stock below Re 1: Standard Capital Markets share price hits upper circuit for third straight session after allotment of preferential shares
Standard Capital Markets share price opened at ₹0.96 on the BSE on Monday, almost 5% higher than the previous close of ₹0.92. The Standard Capital Markets share price there after continued trading at similar levels which remained the upper price band for the stock. The Standard Capital Markets shares thereby were locked in the upper circuit.
In January this year, the share price of Standard Capital Markets dropped to lows of ₹0.81 from its peak of ₹3.52 February, last year. The share price of Standard Capital Markets that has been declining over the past year, however is currently rising again. The Standard Capital Markets share price has been hitting upper circuit since past two trading sessions that were there during the last week.
The gains for Standard Capital Markets share price are being driven by recent developments .
As per the release on the exchanges post market hours on 17 January 2025, Standard Capital Markets iformed exchanges that theBoard of Directors of the Company in its meeting held on January 17, 2025 approved the allotment of 4500 unrated, unlisted, secured NCDs, of face value of Rs. 1,00,000/- each at an issue price of Rs. 1,00,000/- each aggregating to ₹45,00,00,000 (Indian Rupees Forty Five Crores Only) on Private Placement basis in terms of Private placement cum application letter.
In a post-market release on Thursday, January 16, 2024, Standard Capital Markets already had announced an additional ₹0.71 billion ( ₹71 crore) in deployment to improve operations.
According to Standard Capital Markets, the company's strategic efforts included this investment, which follows the successful offering of ₹5 billion in non-convertible debentures (NCDs). The business has successfully raised and set aside 201 crore to improve its operational infrastructure.
Giving the utlook Standard Capital Markets has highighted that , the company is still optimistic that the strategic investments will set it up for long-term growth, innovation, and increased shareholder value. The company's leadership is committed to continuing its focus on long-term value creation for both its customers and stakeholders, its press releae highligted.
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