Penny stock: Shares of non-banking financial company (NBFC) Sunshine Capital Ltd were in focus on Tuesday. The company’s shares rose 4.4% today to an intraday high of Rs 2.34. There is a big announcement behind this rise in the company’s shares. In fact, the company has announced that it has approved an amount of Rs 1964 million to Man Stainless Steel Tubes Limited (MSSTL) for the development of a state-of-the-art manufacturing unit in Kathua, Jammu and Kashmir. Let us tell you that in the last one year, this stock has climbed up to 380%. At the same time, in five, this stock has increased from 7 paise to the current price. During this period, it has increased by about 3300%. Let us tell you that the company is debt free.
what is the detail
This ambitious project (which involves production of non-API Electric Resistance Welded (ERW) carbon steel pipes) represents a boost in the manufacturing sector. Its planned capacity is 250,000 metric tons per annum. By financing the new manufacturing unit of MSSTL, Sunshine Capital is supporting a major player in the steel tube industry and strengthening its presence as a leading financier in the manufacturing sector. The total cost of the manufacturing unit is estimated at Rs 2807 million.
The company has given 7 bonus shares
Let us tell you that in the same year 2024, Sunshine Capital had announced bonus shares in the ratio of 7:1. The ex-date for this was March 07. Established in 1994, Sunshine Capital Limited has become a leading NBFC. Incorporated on 11 July 1994 under the Companies Act, 1956, the company is a non-deposit taking non-banking financial company (ND-NBFC). It is registered and regulated by the Reserve Bank of India (RBI).