This NBFC Stock Is Hitting Back To Back Upper Circuits; Here’s Why

Shares of NBFC stock Standard Capital Markets Ltd opened upside and went on to touch an intraday high of Rs 3.09 apiece on the NSE. While climbing to this intraday high, the penny stock went on to lock in with the 5 per cent upper circuit on Tuesday.

While climbing to this intraday high and touching the 5 per cent upper circuit, the small-cap stock touched the upper circuit on the fourth day in a row. The penny stock has been hitting the upper circuit since Thursday last week. The NBFC share touched a 52-week high on 15th February 2024 and it has touched the upper circuit on all three following sessions.

Standard Capital Markets was recently in the news for incorporation of the wholly owned subsidiary company. The NBFC informed about the development through an exchange filing in which it said that the wholly owned subsidiary company had been incorporated in the name of Standard Capital Advisors Limited.

In December 2023, Standard Capital Markets received a 'go-ahead' for BSE Ltd for the corporate action. The company is going for a stock split followed by the issue of bonus equity shares. The company has also fixed a record date for the aforementioned corporate action as shared in a circular with the exchange.

Incorporated in 1987, Standard Capital Markets Ltd is in the business of non-banking financial activities. The company provides a range of financial services, including secured and unsecured loans to individuals and MSMEs; dealing in securities/shares of companies, bonds and units investment in stock markets.