Small-cap stock hits upper circuit on second successive day after coming out of GSM framework
Premium- Small-cap financial stock re-listed on Friday after coming out of stage 3 GMSM framework
After coming out of stage-3 GSM framework, Shree Securities share has been hitting upper circuit for last two straight sessions. The small-cap stock started trading on BSE again from Friday last week. Shree Securities share price today opened upside and went to hit 5 per cent upper circuit within few minutes of opening bell and made its intraday high of ₹24.45 apiece.
The small-cap stock informed stock market exchange about re-listing of stocks for trade citing, "We refer to the company representation with the exchange (dated September 26, 2022...... the securities of the company shall be moved out of 'Stage 3' of GSM framework. Further, the trading in the securities of the company shall also be revoked w.e.f. September 30, 2022. Further, it has been decided that the restrictions imposed on promoters and directors of the company earlier, i.e. the Promoters and Directors be permitted only to buy the securities of the company and that, they shall not sell their existing holdings in the company passed by the exchange vide its interim order dated November 9, 2017, stand revoked."
The BSE listed small-cap stock had last traded on 6th September 2021 and it had closed at ₹14.85 apiece before getting delisted from trade. However, after a gap of one year, Shree Securities shares re-listed on BSE and hit 5 per cent upper circuit within few minutes of opening bell on Friday last week. Comparing Shree Securities share price today with its close price on 6th September 2021 on BSE, the stock has logged 65 per cent rise in just two trade session after re-listing.
In a statement after re-listing on BSE, the small-cap financial company said, "Shree Securities plan to restart their business in India by launching a digital money lending & open crowd funding platform exclusively designed for small home run business & early stage startups. Shree Securities is actively seeking to onboard foreign investors and banks to penetrate the European economical zone where they can find their actual customers. With their new management & ownership the company heads towards the right path of growth & sustainability."
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Current market cap of the financial stock is ₹195.51 crore and its current trade volume on BSE is around 15.56 lakh (at 1:11 PM).
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