Circuit-to-circuit penny stock jumps despite volatile trend on Dalal Street
Penny Stock: KBC Global share price traded higher on Wednesday, snapping a four-day losing streak and recovering some ground from previous sessions. The penny stock rose as much as 2.22% to ₹ 0.46 apiece on the BSE, after touching a 52-week low of ₹ 0.44 earlier in the day.
KBC Global shares have been under pressure recently, hitting lower circuits over multiple sessions and declining 8% in the past week. However, the penny stock witnessed a volume surge of 1.58 times on April 29, briefly touching the upper circuit at ₹ 0.47. Prior to that, the stock hit lower circuits at ₹ 0.46 on April 25 and ₹ 0.48 on April 24.
The infrastructure and construction company, KBC Global recently made headlines after its board approved a significant equity fundraising initiative through its UK-based wholly owned subsidiary, Dharan International Limited (DIL).
Dharan International announced plans to raise a total of £69.975 million (approximately ₹ 793.75 crore) through a strategic fundraising programme.
The initiative includes issuance of 64,175,000 equity shares of £1 each, amounting to £64.175 million, in one or more tranches to institutional investors. It also includes issuance of 58 convertible bonds, each worth £100,000, totaling £5.8 million.
The proceeds from this fundraising will be exclusively utilized to finance Dharan International's participation in the Buchanan Port Integrated Industrial Development Project in Liberia — a flagship regional maritime and logistics hub being developed in collaboration with the Special Economic Zone Authority of the Republic of Liberia, KBC Global said in a regulatory filing on April 28.
KBC Global share price has fallen 8% in one month and has declined 30% in three months. The penny stock has plunged 47% on a year-to-date (YTD) basis, while it has fallen 55% in one year.
At 2:45 PM, KBC Global share price was trading flat at ₹ 0.45 apiece on the BSE.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
First Published: 30 Apr 2025, 02:48 PM IST
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