2:1 bonus shares, 1:10 stock split in FY24: Multibagger penny stock hits upper circuit after fundraise move
The shares of Standard Capital Markets Ltd, a penny stock in the Indian stock market priced below ₹2, traded ex-bonus and ex-split in the financial year 2023-24. A 2:1 bonus share means that for every 2 shares held, the shareholder will receive an additional share, and a 1:10 stock split means that each share will be split into 10, effectively increasing the number of shares held. The stock traded ex-bonus on 29th December 2023 to finalize the list of eligible shareholders for issuance of bonus shares in a 2:1 ratio. The traded ex-split on the same date was used to ascertain the eligible shareholders for issuance of a 1:10 stock split.
The small-cap stock is considered one of the multibagger stocks in India, delivering 775 percent returns in one year. The board of directors of the company has approved a fundraising proposal, leading to strong buying interest in Standard Capital Markets Ltd shares during Friday deals. The share price opened at ₹1.57 apiece on BSE and reached an intraday high of ₹41.58 apiece. This resulted in a 5 percent increase against the previous day’s close of ₹1.51 per share, with the stock also hitting a 5 percent upper circuit during Friday deals.
The company informed the Indian stock market exchanges about the fundraising approval, stating that a meeting of the board of directors will be held to consider and approve the proposal in compliance with applicable regulations. Standard Capital Markets share price has seen a 3.50 percent rise in one month and a 500 percent rise in the last six months, attributed to various factors such as company performance and market conditions. Over one year, the multibagger penny stock has risen by 775 percent.
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