Kellton Tech shares in action as company approves allotment of shares
Shares of Kellton Tech Solutions Ltd gained today even as the market traded lower amid global volatility. The share opened at Rs 135.75 on the BSE against the previous close of Rs 134.90. It jumped further to touch the high of Rs 141.95. This is a gain of 5.23 per cent from the last closing price. The scrip has been gaining for the last three days and has jumped 7.59 per cent. Technically, the stock is trading higher than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages. What's Behind The Rally
The rally in the stock is a result of the company's strategic decisions. The Members of the Security Issuance Committee have approved the allotment of 11,26,580 equity shares of face value of Rs 5 each against the conversion of Foreign Currency Convertible Bonds(FCCBs) issued by the company.
Post this, the paid-up equity share capital of the company has increased from Rs 48,75,69,670 to a promising Rs 49,32,02,570, indicating significant growth. Share Price History
The stock has given a return of 88.88 per cent in two years and 93.58 per cent in three years. However, it has corrected 11.52 per cent so far this year.
The stock has a 52-week high of Rs 184.30 and a 52-week low of Rs 95.05. Stock Market Today
Benchmark indices Sensex and Nifty declined in early trade on Monday amid caution ahead of the July 9 US tariff deadline, weak trends in Asian markets and foreign fund outflows.
Volatile trends engulfed markets during the early trade amid concerns surrounding the US-India trade deal, experts said.
The US tariff deadline on July 9 is a significant event for global markets, including India. The potential impact of this deadline on trade relations and market sentiment could be influencing the current market trends.
July 9 marks the end of the 90-day suspension period of the Trump tariffs imposed on dozens of countries, including India. An additional import duty of 26 per cent was announced on Indian goods entering the US.
With PTI inputs
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