Penny stock below Re 1: NBFC stock Standard Capital Markets Limited for 2nd straight session in a row hit upper circuit on Friday.
The Standard Capital Markets share price opened at ₹0.90, around 2% higher than the previous close of ₹0.88 on the BSE on Friday. The Standard Capital Markets share price thereafter gained further to ₹0.92 levels, translating into gains of close to 5%. Notably, ₹0.92 also stood to be the upper circuit limit for the stock. Thus, Standard Capital Markets’ share price hit a 5% upper circuit.
The Standard Capital Markets share price, from a high of ₹3.52, corrected to ₹0.81 in January this year and is rebounding. The Standard Capital Markets share price has been on a downtrend during the last year.
Standard Capital Markets, in its release on Thursday, 16 January 2024, post-market hours, announced the additional deployment of ₹0.71 Billion (₹71 crore) to enhance operations.
Standard Capital Markets said, “In continuation to its press release dated 17th December 2024, Standard Capital Markets Limited, one of the leading players in the NBFC sector, is now pleased to announce further deployment of ₹0.71 billion towards its operations, supplementing the earlier deployment of approximately ₹130 crore.”.
This, w.e.f., as per Standard Capital Markets, is part of the strategic initiatives of the company post the very successful issuance of ₹5 billion Non-Convertible Debentures (NCDs). ₹201 crore has been raised and is being utilized effectively by the company for further fortification of the operational infrastructure.
The deployment is to enhance the operational efficiency and scale up capacity with support for the overall growth trajectory of the company, as indicated by the company.
Outlook
Standard Capital Markets Limited said it has no doubt that such strategic investments by reputable investors position the company for sustainable growth, innovation, and value addition for shareholders. The leadership of the company remains committed to long-term value creation for both customers and stakeholders, the press release outlined.
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