Brightcom Group of shares were locked in an upper circuit of 5 per cent at Rs 34.85 on the BSE in Tuesday’s session ahead of the board meeting to consider the preferential issue of equity shares to specific individuals.

The stock of the information technology (IT) software company was trading at its 52-week high level. It was frozen in the upper circuit for the seventeenth straight trading day on the BSE. In the past month, it has zoomed 174 per cent from the level of Rs 12.74 on June 14, 2021, compared to a marginal 0.34 per cent rise in the S&P BSE Sensex. Till 11:53 am, a combined 376,000 shares had changed hands, and there were pending buy orders for 11.6 million shares on the NSE and BSE combined.

Brightcom Group provides comprehensive online or digital marketing services to direct marketers, brand advertisers, and marketing agencies. The company is divided into three major divisions: Media (Ad-Tech and digital marketing), software services, and future technologies. Its primary clients are end advertisers, agencies and publishers, but also include ad exchanges and networks.

On July 8, Brightcom Group announced that it had signed a Letter of Intent (LOI) to acquire a digital marketing services company based out of India with 1100 employees and premium clients such as Netflix, Disney, Bitly Hulu The New York Times.