Share India Securities Ltd, an NSE-listed company saw its shares gain as much as 10 percent in the early hours of Tuesday to trade at Rs 1,276 levels. The scrip rallied after the board of the company approved the Rights Issue of shares.
At the meeting held on December 26th, 2022 the board approved the raising of funds by way of Rights Issue to eligible equity shareholders of the Company for a maximum amount not exceeding Rs. 1,000 Crore. The record date for the purpose is yet to be declared by the board.
Share India Securities Ltd is a financial service provider that uses technology to offer customized capital market tech-based solutions to clients in India and abroad. It offers financial products & personalized services, including equity broking, currency & commodity derivative, depository participant services, mutual fund advisory, and distributorship, etc.
The scrip traded at Rs 170 apiece on NSE in December 2020. From there it has spiked up to the current levels logging a multibagger return of 650 percent in a span of two years.
The company has been able to improve its quarterly revenue as its total revenue for the period stood at Rs 239.87 Crore in Q2FY23 compared to Rs 212.97 Crore in the same period a year earlier. In the previous quarter, their revenue was Rs 230.69 Crore.
The net profit in the quarter under review jumped multiple times and stood at Rs 72.06 Crore as compared to Rs 42.79 Crore in Q2FY22. On a sequential basis, their profits stood at Rs 59.18 Crore.
The small-cap company has a market capitalization of Rs 4,038 Crore and a dividend yield of 0.47 percent. The promoters of the company hold a 53.01 percent stake and have pledged 30.09 percent of it.
Written by Anoushka Roy
