Small-cap stock below ₹100 sets board meeting date to consider fundraising. Shares hit 10% upper circuit

Small-cap stock: Mercury Ev-Tech share price jumped 10 per cent to hit its upper price band in intraday trade on Tuesday, September 10, after the company announced its fundraising plans. The stock opened at ₹69.50 against its precious close of ₹69.40 and jumped 10 per cent to its upper price band of ₹76.34.

The company said its board of directors will meet on September 13 to consider fundraising via convertible equity warrants and/or by preferential share allotment.

"We would like to inform you that the meeting of the board of directors of the company will be held on Friday, September 13, to consider the raising of funds by way of the issue of convertible equity warrants and/or equity shares on preferential basis subject to approvals of the members and other statutory/regulatory approvals," said Mercury Ev-Tech in the BSE filing.

The trading window will be closed from Tuesday, September 10, until 48 hours after the board meeting on Friday, September 13.

The small-cap stock has seen a significant rise of 90 per cent over the last one year. It hit its 52-week high of ₹143.80 on December 13 last year and its 52-week low of ₹40.98 on September 11 last year.

Meanwhile, the Indian stock market benchmarks, the Sensex and the Nifty 50, rose about half per cent each in intraday trade on Tuesday. Investors' focus is now on the US inflation data on Wednesday to gauge the size of the Fed rate cut this month.

The market has discounted a 25 bps rate cut this time. Experts believe that a rate cut in sync with market expectations may not give a fresh boost to the market. However, if the Fed decides to go for a 50 bps cut, it may trigger a fresh up move in the market.

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