Penny stock under ₹10 hits the upper circuit on fundraising move. Details here

Penny stock under ₹10: Sylph Technologies share price hit its 5 per cent upper circuit of ₹1.06 in the morning session on Tuesday, December 3, a day after the company announced its board of directors would meet on Thursday, 5 December, to consider and approve fundraising plans.

According to the company's December 2 exchange filing, it plans to raise funds through the issuance of equity shares or convertible instruments or other securities through preferential allotment, right issue, QIPs, ADR GDR, FCCB or any other method or combination in one or more trenches.

Sylph Technologies share price opened at ₹1.05 on Tuesday against its previous close of ₹1.01 and soon rose 5 per cent to the upper price band of ₹1.06.

Sylph Technologies is a software technology firm. According to the company's website, it provides software development services, such as outsourcing software development, web development, product development, strategy consulting, offshore software development, and e-commerce for web and mobile enablement.

Sylph Technologies share price trend

The penny stock has remained in the green for three consecutive sessions, gaining 3 per cent in each of the last two sessions.

On a monthly scale, Sylph Technologies share price entered a fresh uptrend last month, breaking its six-month losing streak. It climbed 2 per cent in November and has risen over 8 per cent in December so far.

However, the stock has been under strong pressure this year, declining 73 per cent year-to-date. It hit a 52-week high of ₹5.30 on February 26 this year and saw heavy profit booking thereafter. The stock plumbed its 52-week low of ₹0.80 on October 25.

Data show the stock is witnessing healthy investor interest. Around 11:15 am on Tuesday, the stock's trade volume was about 5.7 lakh.

Read all market-related news here

Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.