Srestha Finvest Surges 20 Percent as Company Announces Record Date for Rights Entitlement

New Delhi: Shares of Srestha Finvest surged around 20 per cent to hit the upper circuit on Tuesday. The stock of the NBFC company opened at Rs 2.06 against the previous close of Rs 1.81 on the BSE. It went on to hit the 20 per cent upper circuit at Rs 2.17, which is also its new 52-week high. The 52-week low of the company is Re 1.
As many as 3.80 crore shares changed hands during today’s trade, as per BSE data. The stock has been gaining for the last two sessions, yielding a return of 25 per cent. The counter is trading higher than 5-day, 20-day, 50-day, 100-day and 200-day moving averages.
The rally in the stock price was witnessed after the Board of Directors announced the record date for the right issue in a 12:29 ratio for an aggregate amount of Rs. 48,00,00,000.
“The Board of Directors at its meeting held today has fixed Friday, June 21, 2024 as the record date for the purpose of determining the equity shareholders who shall be entitled to receive the Rights Entitlement in the Rights Issue.Further, in terms of SEBI Circular SEBI/HO/CFD/DIL2 /CIR/P/2020/l 3 dated January 22, 2020, the Company has made necessary arrangement with NSDL and CDSL for the credits of the Rights Entitlements in dematerialized form in the demat account of the eligible equity shareholders as on the Record Date. The Rights Entitlement of the eligible equity shareholders as on the Record Date, shall be credited prior to the issue opening date, in the respective demat account of the eligible equity shareholders,” said Srestha Finvest in a regulatory filing on June 18, 2024.
Srestha Finvest recorded a net profit of Rs 5.06 crore for the quarter that ended in March 2024, compared to a net loss of Rs 4.61 crore for the quarter that ended in March 2023. Sales jumped from Rs 0.70 crore in Q4FY23 to Rs 5.64 crore in Q4FY24, a 705.71% surge.
In the fiscal year that ended in March 2024, net profit was recorded at Rs 1.74 crore, compared to a net loss of Rs 4.97 crore in the year prior that ended in March 2023. Sales jumped from Rs 2.75 crore in FY23 to Rs 12.75 crore in FY24, a 363.64% jump.
(Disclaimer: The information provided in this article is for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.)