Penny Stock Eyes Bonus Actions and Dividends. Stocks Hit the Upper Circuit

Stock market news: IFL Enterprises stock price witnessed strong buying interest among bulls on Dalal Street during Tuesday’s trading. IFL Enterprises stock price opened today with a bullish gap and hit an intraday high of ₹1.30 apiece on BSE. Climbing towards this intraday high, the penny stock under ₹2 also stuck in a 5 percent upper circuit. The micro-cap stock with a market capitalization of ₹97 crore was one of the highlights of the morning news as the small-cap company announced a date for the board meeting to consider and approve the bonus share and dividend proposal.

IFL Enterprises News

The small-cap stock informed the Indian Stock Exchange about the bonus share and dividend decision, saying, “We would like to inform you that the Board of Directors meeting of the Company is scheduled to be held on Wednesday, 31st July, 2024 at 4:00 PM at the registered office of the Company, among others, to address the following items: 1) Bonus Shares: The management will consider issuing bonus shares to existing shareholders. This initiative is part of our commitment to enhance shareholder value and reward our investors for their continued support. 2) Declaration of Dividends: The management will also consider declaring a dividend of up to 100% on each equity share of the Company for the financial year 2023-24. This potential dividend declaration reflects the strong financial performance of the Company and our commitment to deliver returns to our shareholders.”

“Further, in pursuance of the Company’s ‘Fair Disclosure Code (including determination of legitimate purpose), Internal Procedures and Code of Conduct for Regulation, Supervision and Reporting of Transactions by Designated Persons’ and the SEBI (Prohibition of Insider Dealing) Regulations, 2015, the trading window for trading in the securities of the Company by Designated Persons and their close relatives will remain closed from July 31, 2024 till 48 hours after the conclusion of the meeting,” the small-cap company added.

The penny stock has a market capitalization of approximately ₹97 crores and a trading volume of around 6.68 crores on the BSE. There are still around two and a half hours of trading left on Tuesday. The microcap stock hit a 52-week high ₹10.67 and a 52-week low of ₹$1.04 each. This stock is available for trading on the Bombay Stock Exchange only.

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