• Source:JND

Stock Under Rs 50: The shares of Small-cap Sindhu Trade Links skyrocketed 15 per cent during the trading hours on Wednesday despite a weak sentiment in the stock market after the mining sector's company informed that a board meeting on May 22 would consider acquisition-related proposals.

Mirroring the trend in the equity market in early trade, the small-cap stock started the session in red at Rs 22.44 as compared to the last day's closing of Rs 22.52 on NSE. However, the stock recovered from the losses amid massive buying interest and soared over 15 per cent to hit an intraday high at Rs 25.99-- till 1:03 PM-- as compared to the last closing.

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At the time of writing, the stock was trading at Rs 25.41, up Rs 2.89 or 12.83 per cent. Meanwhile, its 52-week high and low values stood at Rs 39.29 and Rs 17.64, respectively.

Board To Consider Acquisition

In a recent exchange filing, the company informed that it board will consider the acquisition of equity shares of Advent Coal Resources Pte. Limited and Sainik Mining and Allied Services Limited.

"The board will consider the acquisition of Equity Shares of M/s Advent Coal Resources Pte. Limited and Equity Shares of M/s Sainik Mining and Allied Services Limited and its Related Party Transaction and Other Related Matter for acquisition of controlling interest in Advent Coal Resources Pte. Ltd., Singapore & M/s Sainik Mining and Allied Services Limited, by way of allotment of Equity Shares and Compulsory Convertible Preference Shares respectively, of the Company on a preferential basis," the company said in the filing.

The acquisition is subject to corporate, statutory, regulatory and stock exchange approvals.

The filing further said that the board will also discuss the proposed significant related party transaction and consider the draft notice of the Extraordinary General Meeting, along with approval of the resolutions required under the applicable rules.

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Share Price History

According to BSE Analytics, the stock surged over 1,200% in the last five years. In the last three years, the stock jumped nearly 20 per cent, and in a year, it rose over 21 per cent. This year to date, the stock soared over 25 per cent. Meanwhile, in the last 5 trading sessions, the small-cap stock jumped over 8 per cent.

Disclaimer: This story is for informational purposes only. It should not be considered as investment advice.


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