In the early trading on Tuesday, shares of SecMark Consultancy Ltd increased by almost 9% to reach a record high level of $227 per share on the BSE before the company’s board decided to examine the issuance of bonus equity shares. The smallcap stock has increased by nearly 56% on the bonus issue proposal during the past five trading sessions.
The company announced in an exchange filing this week that its board of directors meeting will be convened on Tuesday, August 23, 2022, among other things, to conduct the following business: 1. To recommend and authorise the issuance of bonus shares to the company’s equity shareholders. Bonus shares are additional, fully paid shares the firm issues to its existing owners.
In addition, the board will evaluate whether to approve the application for the company to move from the SME platform of BSE Limited to the Main Board of BSE Limited and list on the Main Board of the National Stock Exchange of India Limited, as well as any additional business with the Chair’s authorisation.
SecMark Consultancy, with its main office in Mumbai, India, provides technology, consulting, and outsourcing services to participants in the financial market. It has compliance, operations, risk management, software development, IT infrastructure management, system audits, and cyber security experts. More than 200 of the top players in the financial market are among the company’s clients.
While the multi-bagger stock has increased by about 71% in 2022 (YTD) thus far, SecMark Consultancy shares have provided multi-bagger returns of more than 106% over the course of a year.