SME stock under ₹50: Cellecor share price hits fresh high, touching upper price band; here’s why

SME stock under ₹50: Cellecor Gadgets share price witnessed strong gains in opening trade on Wednesday, September 4, as it opened almost 10 per cent higher at its upper price band and a fresh 52-week high of ₹41.50 on NSE.

The stock witnessed smart gains after it announced the launch of its latest range of laptops and 5G smartphones.

In an exchange filing on September 3, the company said, "Cellecor Gadgets is delighted to announce the launch of its latest range of laptop and 5G smartphones this September, perfect times for the upcoming festive season."

The company said Cellecor 5G smartphone and laptop will be available soon at leading retail outlets and online stores.

Cellecor Gadgets sells products in its own brand, including mobile feature phones, smartwatches, TWS (true wireless stereo), earbuds, neckbands, and LED TVs.

Cellecor Gadgets' share price has seen strong gains in the last year. It hit its 52-week low of ₹8.82 on September 28 last year. Since then, it has jumped about 371 per cent.

Meanwhile, Indian stock market benchmarks, the Sensex and the Nifty 50, traded in the negative territory, mirroring weak global sentiment as US manufacturing data for August reignited fears of an economic slowdown in the US.

Sensex traded 0.60 per cent down at 82,090, while the Nifty 50 traded 0.70 per cent lower at 25,115 around 10:50 am.

"The selloff in US markets yesterday was triggered by growth concerns. There are indications of US manufacturing moving into contraction, thereby threatening the soft landing expectation, which has been the pillar of support for the mother market, the US and consequently for other markets, too," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

"The buy-on-dips strategy that has been working well in this bull run may play out this time, too. Retail investors waiting for a correction are likely to jump in on dips. Whether the trend will be sustained remains to be seen," Vijayakumar said.

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