Upper Circuit: The sharp northward movement in the stock was witnessed after the company informed the exchanges on preferential issue of up to Rs 49.95 crore.
Upper Circuit Alert! Diamonds Firm’s Stock Hit Upper Price Band on THIS News; Check Details
Upper Circuit: Sheetal Diamonds share price hit the upper price band of 5 per cent on the Bombay Stock Exchange (BSE) on Thursday, December 28 to quote at Rs 61.66 a share intraday. The counter has moved nearly 50 per cent in the last 90 days, as per data available on the BSE Analytics.
In the last 180 days, the stock has multiplied investors wealth by 235.84 per cent, while on Year-to-date (YTD) rate, the scrip has delivered a whopping of 1237.53 per cent returns. In the last 365 days, it has given returns of 1160.94 per cent. In the last 3 years, the investors gained heavily after the stock moved high of 7805.13 per cent, as per BSE Analytics.
The sharp northward movement in the stock was witnessed after the company informed the exchanges on preferential issue of up to Rs 49.95 crore. The proceeds of this preferential issue will be utilized to foray into retail sector, whereby the company plans to set up retail stores across the country.
In its board meeting held on 27th December 2023, the company approved increasing the authorized share capital from Rs 15.50 crore to Rs 31 crore. Along with this, approval has been given to issue preferential issue of 83.25 lakh shares of Rs. 5 each at an Issue Price of Rs. 60 including premium of Rs. 55 per share, the company informed the exchanges.
The company is a fast-growing diamond manufacturer, supplier and exporter of an exclusive range of Real Natural Loose Diamonds and Diamond Jewellery.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. Times Now Digital suggests its readers/audience to consult their financial advisors before making any money related decisions.)
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