Multibagger stock stuck in upper circuit of 5% for second straight session

2 months ago 32

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Shares of Colorchips New Media hit upper circuit of 5 per cent for the second straight session today after the firm announced the date for split/sub-division of equity shares in the ratio of 1:5. The stock has delivered multibagger returns in 2022. It has gained 352 per cent during the period and delivered 175 per cent returns in a year.

Colorchips New Media stock opened with a gain of 4.86 per cent at Rs 100.40 against the previous close of Rs 95.75 today. Later, the stock was trading 4.96 per cent higher at Rs 100.50 on BSE.

Colorchips New Media shares are trading higher than 50-day, 100-day and 200-day moving averages but lower than 5-day and 20-day moving averages. Market cap of Colorchips New Media rose to Rs 170.95 crore. Total 2.54 lakh shares of the firm changed hands amounting to a turnover of Rs 2.56 crore on BSE. The share hit a 52-week high of Rs 160.05 on September 9, 2022 and a 52-week low of Rs 21.10 on December 20, 2021.

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The firm in a communication to bourses said, "The Board of Directors of the Company at its meeting held on 24th September, 2022, has fixed the Record Date on Wednesday, 12 October, 2022 for determining the eligibility of Shareholders with regard to split/sub-division of Equity Shares of the Company from Face Value of Rs.10/- each to Face Value of Rs.2/- each."

On September 1, the firm announced the stock split in the ratio of 1:5. The firm said its board has recommended a stock split in the ratio of 1:5, from the face value of Rs 10 each to the face value of Rs 2 each.

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Buoyed by the development, shares of Colorchips New Media hit the upper circuit in the very next session. Colorchips New Media zoomed 5 per cent, its daily circuit limit, to Rs 125.5 on  September 2. The scrip had closed at Rs 119.55 on September 2.

Colorchips New Media is engaged in the business of production and distribution of cinematography films, ad-films, television films, video films, cartoon films, 3-D films, animation films.

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