Leading stock exchange, BSE, has cautioned investors for dealing based on select penny stocks, through a circular on Thursday, May 14. The list includes seven names including Enbee Trade Finance, Tirupati Tyres, Pradhin, Onesource Industries and Ventures, Remedium Lifecare, Murae Organisor and Sharanam Infraproject and Trading.
Interestingly, six out of these seven-listed counters are priced below Rs 2 each, barring Tirupati Tyres which is priced Rs 10.39. Only one stock, Remedium Lifecare, valued at Rs 154.85 crore, has a market capitalization of more than Rs 100 crore. Also, public shareholding in these companies is seen up to 100 per cent, with promoters owning negligible-to-zero holding in them.
“Investors are advised to exercise due caution and refrain from dealing based on such recommendations by unauthorized/ unregistered entities including those received through Whatsapp, Telegram, SMS, calls, and other social media platforms,” said BSE in its release on Wednesday.
“Investors are also cautioned against getting trapped through claims of high / assured returns from trading in securities markets through social media platforms, that is, Youtube, telegram channels, WhatsApp channels, Instagram, X (Earlier known as twitter), etc,” said BSE’s release. “Issued in the interest of the investors.”
Shares of Enbee Trade hit a lower circuit of 5 per cent to Rs 0.68 on Wednesday, hitting its 52-week lows. The total marketcap of the company stood at Rs 38.87 crore. Tirupati Tyres fell 2 per cent to Rs 10.39 with a total mcap of Rs 76.19 crore. The stock is down over 80 per cent from its 52-week high. Pradhin also fell 3 per cent to Rs 0.37, down 80 per cent from 52-week high.
However, Onesource Industries And Ventures was locked in the upper circuit of 5 per cent to Rs 1.55 with a total valuation above Rs 80.5 crore. The stock is down 36 per cent from its 52-week high at Rs 2.42. Remedium Life care was up 2 per cent to Rs 1.73 for the day. The stock has crashed over 88 per cent from its 52-week high at Rs 15.13.
Murae Organiser also surged 5 per cent, its upper circuit limit to Rs 1.55 with a total marketcap of Rs 144.07 crore. The stock is still down 43 per cent from its 52-week highs. Shares of Sharanam Infraproject and Trading were unchanged at Rs 0.47 on Thursday.
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