Up 410% from 52-week low, SME Cellecor Gadgets shares hit record high amid fundraising buzz. Details here

Cellecor Gadgets shares rose more than 8 percent in intraday trading on September 5, 2024, hitting a new record high ahead of an important board meeting scheduled for September 7, 2024, where a fundraising initiative will be discussed.

This is the third straight session of gains for SME shares. Cellecor Gadgets has gained almost 10 percent in each of the two sessions prior to today, for a total gain of about 31 percent over the past three sessions. The rally in the stock indicates growing investor confidence in the company’s strategic direction.

In an official stock exchange update, Cellecor Gadgets announced that the board will consider a proposal to raise funds at an upcoming board meeting through equity shares or other instruments such as convertible instruments and warrants, subject to regulatory approvals. The fundraising is part of the company’s strategy to strengthen its financial foundation and support future growth.

Additionally, on September 3, Cellecor launched its latest line of 5G laptops and smartphones, timed for the holiday season. The company revealed that these products will be available soon in major retail outlets and online. The 5G smartphone is aimed at tech-savvy consumers looking for powerful devices at competitive prices, while the laptop gained attention for its focus on the education sector. The announcement contributed to a 10 percent increase in the previous trading session.

Stock price trend

Shares rose 8.3 percent to a record high ₹44.95 during intraday trading today.

The stock has surged more than 42 percent year-to-date in 2024, posting positive returns in five of the nine months so far. It has already risen more than 28 percent in the first four trading sessions in September alone, marking its fourth straight month of gains. Before that, the stock had surged more than 11 percent in August, 3.2 percent in July and 23 percent in June.

With today’s gains, shares of the multibagger company are almost 410 percent higher than their 52-week low ₹8.8, which it achieved in September last year.

Share Split

Another significant factor contributing to the recent surge in Cellecor Gadgets stock is its recent stock split. In August 2024, the company conducted a 10:1 stock split, increasing the liquidity of its shares and making them more accessible to retail investors. The move converted one equity share with a par value of ₹10 out of ten shares of nominal value ₹1, this decision was well received by the market.

Cellecor Gadgets, a leading player in the consumer electronics industry, is known for its innovative, cutting-edge technology. The company offers a wide range of products, including mobile phones, smart TVs, speakers, neckbands, TWS, soundbars, smartwatches, and washing machines, among others.