Sunshine Capital share price was locked in at 5% upper circuit on Friday, extending its rally for the sixth consecutive session. The multibagger penny stock, Sunshine Capital shares have closed at upper circuit limits in four out of the last six trading sessions. The circuit to circuit stock has jumped more than 24% in one week.
The rally in Sunshine Capital shares comes after a slew of positive announcements by the non-banking finance company (NBFC).
On Thursday, the company announced its foray into Insurance Broking Business. The board of directors of Sunshine Capital decided to move forward with expanding the company’s operations into the Insurance Broking business.
“This move is intended to broaden our range of financial services. By entering the insurance broking sector, the Company seeks to take advantage of the projected growth in India’s insurance industry, expected to be the fastest-growing among G20 countries. This expansion will allow the Company to better serve our clients by offering personalized insurance solutions," Sunshine Capital said in a regulatory filing.
Sunshine Capital’s board also resolved to explore the possibility of listing the company on the main board of the National Stock Exchange (NSE), subject to the applicable regulations, formalities and approvals.
The rationale behind the move, the company said, is to increase its visibility and support its long-term growth plans including branding and marketing. Its board expects that this consideration will further boost the company’s presence in the Industry and provide greater access to capital.
At present, Sunshine Capital shares are listed only on the BSE.
Last week, the company had announced that it has sanctioned an amount of ₹196.49 crore and signed a term sheet with Man Stainless Steel Tubes Ltd (MSSTL) towards the development of its manufacturing unit-2 for Non-API Electric Resistance Welded (ERW) Carbon Steel Pipes in Kathua, Jammu & Kashmir.
Sunshine Capital share price has jumped 24.7% in one week and more than 18% in the past one month. Sunshine Capital share is a penny stock and commands a market capitalisation of ₹278.13 crore on the BSE.
Sunshine Capital stock turned ex-bonus and ex-split on March 7, 2024. The company had issued bonus shares in the ratio of 7:1, while the stock split was in the ratio of 10:1.
At 11:50 am, Sunshine Capital shares were still locked at 5% upper circuit of ₹2.67 apiece on the BSE.
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