Penny stock to consider bonus shares, dividend. Shares hit upper circuit

Stock market news: IFL Enterprises share price witnessed strong buying interest among Dalal Street bulls during deals on Tuesday. IFL Enterprises' share price today opened with an upside gap and touched an intraday high of ₹1.30 apiece on BSE. While climbing to this intraday high, the penny stock under ₹2 also locked in a 5 per cent upper circuit. The micro-cap stock with a market cap of ₹97 crore was one of the newsmakers in the morning as the small-cap Company has declared a board meeting date to consider and approve the proposal for bonus shares and dividends.

IFL Enterprises news

The small-cap stock informed the Indian stock market exchange about the bonus shares and dividend move, saying, “We would like to inform you that the meeting of the Board of Directors of the Company is scheduled to be held on Wednesday 31 July 2024 at 4:00 p.m at the registered office of the Company, inter-alia, to transact the following business items: 1] Bonus Shares: The management will be considering the issuance of bonus shares to the existing shareholders. This initiative aligns with our commitment to enhance shareholder value and reward our investors for their continued support. 2] Dividend Declaration: The management will also consider declaring a dividend of up to 100% on every equity share of the Company for the financial year 2023-2024. This potential dividend declaration reflects the Company's strong financial performance and our dedication to delivering returns to our shareholders.”

"Further, under the "Code of Fair Disclosure (Including Determination of Legitimate Purpose), Internal Procedures and Code of Conduct for Regulating, Monitoring and Reporting of Trading by Designated Person(s)" of the Company and the SEBI (Prohibition of Insider Trading) Regulations, 2015, the Trading Window for dealing in Securities of the Company by Designated Persons and their immediate relatives will remain closed from July 31st, 2024 till 48 hours from the conclusion of the meeting," the small-cap Company added.

The penny stock has a market cap of around ₹97 crore and a trade volume of around 6.68 crore on the BSE. Around two and a half hours of trade are still left on Tuesday. The microcap stock has made a 52-week high of ₹10.67 and a 52-week low of ₹1.04 apiece. This stock is available for trade on the BSE only.

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