Penny stock below ₹5: KBC Global share price hits 5% upper circuit

Stock Market Today: Penny stock below ₹5: KBC Global Ltd share price gained 5% during the intraday trades on Wednesday. Notably 5% also happens to be the upper price band for KBC Global Ltd share price and hence KBC Global share price also hit an upper circuit.

KBC Global Ltd share price opened at ₹2.33 on Wednesday on the BSE , flat and at same level as its closing price on Tuesday. Nevertheless the penny stock below ₹5, KBC Global share price thereafter gained 5% to ₹2.44 a share levels during the intraday trades to hit an upper circuit.

KBC Global share price saw gains as the company announced having successfully handed over possession of 12 units from its projects during the month of October 2024. The development added to its revenue and earnings growth outlook.

KBC Global Lid is a real estate development and construction company in India that builds residential and commercial properties.

KBC Global in its release on the exchanges has said that it has successfully handed over possession of 12 units from its projects during the month of October 2024. These include 3 units of its Hari Krishna Phase IV project as Nashik in Maharashtra, 5 Units at its Hari Kunj Mayflower project also in Nashik Maharashtra. Besides it also has handed over 4 units at its Hari Sanskruti phase II project at Nashik in Maharashtra, taking the total units handed over to 12 in the month of October 2024.

KBC Global share price has given more than 25% returns during last six months. The KBC Global share price has however gained more than 55% since its 1 year lows of ₹1.57 seen in June 2024. The KBC Global share price is inching closer to i year highs of ₹2.65 that it scaled in January 2024.

In October 2024 KBC Global also had announced fund raising by Issuance of 45,23,00,000 Warrants on a preferential basis to non-promoters / investors at an price of Rs. 2.20/- per warrants (including a premium of Rs. 1.20/- per warrant), each Warrant convertible into 1 Equity Share of face value of Re. 1/- each fully paid up. The same amounted to ₹99,50,60,000/- (Rupees Ninety Nine Crore Fifty Lakh Sixty Thousand Only)

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