“The Company in its meeting held today, that is, Saturday, October 19, 2024 at 10:00 am concluded at 11:05 am, has considered and approved, among others, the following businesses: 1. Issuance of shares or other convertible securities by way of placement in qualified institutions, for an aggregate consideration not exceeding Rs. 1,500 crore (just one and a half billion rupees),” the company said in a filing to the stock exchanges.
The company further reported that the board of directors also approved the project to call an extraordinary general meeting (EGM) to seek shareholder approval for the issuance of securities through a special resolution.
PG Electroplast shares have delivered huge profits this year. The stock has gained 225.6% in the last 6 months alone, while it has risen 158.6% and 210% so far this year and in the last year respectively.
On the charts, the stock is well placed, trading above its important short, medium and long-term exponential moving averages (EMAs) (10, 20, 50, 100 and 200) and oscillating near the 53 mark on the indicator. relative strength (RSI), which is a medium level on the indicator.
PG Electroplast is a pioneer and leading supplier of electronics manufacturing services in India. It was established in 2003 as the flagship company of the PG Group. Original design manufacturing (ODM), original equipment manufacturing (OEM) and plastic injection molding are the company’s areas of expertise. The stock closed 4% higher at Rs 616.10 on the BSE on Friday.Disclaimer: The recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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