Shares of Senco Gold hit their record high on Monday after board of the firm approved fund raising up to Rs 500 crore and a stock split in the ratio of 1:2. Senco Gold stock zoomed 9.93% to a record high of Rs 1544 against the previous close of Rs 1404.45 on BSE. Later, the stock turned red amid correction in the broader market. Total 1.15 lakh shares changed hands amounting to a turnover of Rs 16.71 crore on BSE. Senco Gold stock has seen very low volatility in the last one year with a beta of 0.5. It's trading neither near the overbought zone nor the oversold zone with its relative strength index (RSI) at 63.2. An RSI of 70 or above indicates there are more buyers than sellers for the stock.
The jewellery stock is trading lower than the 5 day, 10 day but higher than the 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages. The stock fell to its 52 week low of Rs 576.50 on October 26, 2023.
"This is to inform you that the Board of Directors of the company at their meeting held today i.e. 4th October 2024, inter-alia considered and approved the following matters:
i) Raising of funds by way of issuance of Equity Shares, and/ or securities convertible into Equity Shares at the option of the Company, for an aggregate amount not exceeding Rs. 500 crores (Rupees Five Hundred crores) by way of Qualified Institutional Placement (“QIP”) or such other permitted means under applicable law in one or more tranches and in accordance with the applicable laws, subject to approval of the shareholders and any regulatory/ statutory approvals, as may be required.
The details required as per SEBI Circular SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 are enclosed as Annexure A.
ii) Sub-division/ split of 1 (one) equity share having face value of Rs. 10/- (Rupees Ten) each into 2(two) equity shares having face value of Rs. 5/- (Rupees five) each by alteration of the capital clause in the Memorandum of Association of the company along with Articles of Association, in accordance with the applicable laws, subject to the approval of the shareholders and any regulatory/ statutory approvals, as may be required," said the company.
"The record date for the purpose of the above mentioned sub-division/split of Equity shares shall be decided after obtaining the approval of the shareholders and will be intimated in due course," the firm added.
Senco Gold Limited is an India-based jewellery retailer. The company primarily sells gold and diamond jewelry and also sells jewelry made of silver, platinum and precious and semi-precious stones and other metals. The company's other offerings also include costume jewelry, gold and silver coins and utensils made of silver. The company offers approximately 108,000 designs for gold jewelry and more than 46,000 designs for diamond jewelry. It also offers a variety of designs of handcrafted jewellery.