Small-cap stock under ₹50: Shares of Bhatia Communication & Retail (India) Limited have been on an uptrend for the last two sessions. The small-cap company with a market cap of ₹285 crore declared a move to raise the funds on Monday. The company board informed the Indian stock market bourses about its meeting on 20th July 2024 to consider and approve the proposal for raising funds by issuing fresh shares. After this announcement, on Monday, the small-cap stock witnessed strong buying on Dalal Street and touched the 5 per cent upper circuit.
Buying in the small-cap stock below ₹50 continued on Tuesday. The stock opened with an upside gap at ₹22.80 apiece on BSE and touched a 5 percent upper circuit immediately after the stock market opened.
Bhatia Communication news
The small-cap company informed the Indian stock market bourses about the fundraising move, saying, “We wish to inform you that the meeting of the Board of Directors of the Company is scheduled to be held on Saturday, July 20, 2024, at 11.00 A.M. at the registered office of the Company, inter-alia, to transact the following businesses: 1] evaluate the proposal to raise funds, to accelerate business growth and to augment the long-term financial resources of the Company, by way of issue of Warrants/Equity Shares/Convertible Securities through permissible mode, as may be permitted under applicable laws and subject to all necessary approvals, and to appoint requisite intermediaries required for this purpose; and 2] to seek members’ approval wherever applicable using passing the requisite resolution(s) for the above-said board decisions and other matters connected in addition to that and incidental to it.”
The small-cap stock is exclusively available for trade on BSE, a leading stock exchange in India. With a market cap of around ₹285 crore, it has a current trade volume of 1,083,774 shares, and approximately two hours of trade remaining on Tuesday. The stock has hit a 52-week high of ₹38.90 apiece, indicating a strong performance, and its 52-week low is ₹13.10, showing its price volatility over the past year.
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