Penny stock below ₹1 snaps 13-day losing streak, jumps 4% as company expands into new territory

Multibagger Penny Stock: Shares of Standard Capital Markets were buzzing in trade on Friday, March 28, as they jumped 4% to reach ₹0.53 apiece, snapping their 13-day losing streak after the company announced the expansion of its business operations into Dubai.

In an exchange filing on Thursday, the company announced the incorporation of a wholly owned subsidiary in the Dubai International Financial Centre (DIFC). This strategic move aims to strengthen the company's foothold in the Middle East and African markets, with a particular focus on expanding its offerings in trade finance, invoice discounting, and project finance, the company said.

"The establishment of the Dubai-based subsidiary is part of the company's ongoing efforts to diversify its services and expand its presence beyond the Indian market. By entering the Middle East and African regions, the company aims to tap into the growing demand for trade finance solutions, which are essential for businesses seeking to enhance cash flow, optimize working capital, and mitigate risks in international trade," the company stated in its regulatory filing.

Meanwhile, the company also informed that the subsidiary's establishment is subject to approval by the Reserve Bank of India (RBI). "The expansion into these high-potential regions is expected to enable SCML to offer more comprehensive and innovative financial solutions to clients engaged in cross-border trade," the company added.

According to the company, the Dubai subsidiary will offer a range of financial services aimed at supporting international trade. These include trade finance solutions to facilitate cross-border transactions and mitigate risks, invoice discounting services to help businesses access working capital quickly and efficiently, and tailored financial products designed to meet the specific needs of importers, exporters, and other enterprises engaged in global trade.

About the Company

Standard Capital Markets is a financial services company in India, providing a wide range of services in investment banking, securities trading, wealth management, and corporate finance.

he company's shares have been on a downward trend since February 2024, losing 82% of their value. From their record high of ₹3.52 apiece, they are down 85%

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