Circuit to circuit stock: Penny stock under ₹5 jumps after hitting upper circuit for five days in a row
Penny stock under ₹5: Shares of Sylph Technologies Ltd are one of the circuit-to-circuit stocks of Dalal Street. This small-cap stock under ₹5 touched a 5 per cent upper circuit on 29th December 2023. After hitting the upper circuit on the last session of 2023, this penny stock under ₹5 locked in the upper circuit on all first four trade sessions in New Year 2024.
Even today, the micro-cap stock with a market cap of around ₹68 crore has managed to witness buying interest and logged an intraday rise of around 2 per cent. The BSE-listed Sylph Technologies share price today is ₹4.28 apiece, which is around 19 per cent away from its existing lifetime high of ₹5.30 per share. Also Read: IREDA corrects after gaining over 100% since listing; what should investors do? The small-cap stock under ₹5 is in the news for allotting preferential shares to nonpromoter category investors.
As per the information available on the BSE exchange, Sylph Technologies Ltd has allotted 9.20 crore warrants convertible in an equal number of equity shares at ₹3.20 per equity share. So, the penny stock has attracted fresh funds to the tune of around ₹29.44 crore. Also Read: IRCTC share price touches 52-week high.
Buy, hold or book profit? The small-cap stock under ₹10 informed the Indian stock market exchange about the issuance of warrants saying, “In furtherance to our communication dated October 31, 2023 w.r.t. to allotment of warrants, in terms of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the Board of Directors of the Company in their meeting held today i.e. Thursday, January 04, 2024, inter-alia, considered and approved the allotment of equity shares on conversion of
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