Penny stock below ₹1 hit 4% upper circuit as Board declares 1:2 stock split

“Equity Shares of the company have been sub-divided from 1 (One) equity share having face value of Rs. 10/- (Rupees Ten Only) each, fully paid-up into 2 (Two) Equity Shares having face value of Rs. 5/- (Rupees Five Only) each fully paid up. The Board of Directors of the company has fixed Friday, 31st March 2023 as the ‘Record Date’ for determining the eligibility of Shareholders for the purpose of sub-division/split of Equity Shares of the Company,” said the Board of Directors of Avance Technologies in a stock exchange filing.

During the quarter ended December 2022 the company recorded a net income of ₹3.67 Cr compared to ₹1.20 Cr recorded during the quarter ended December 2021. The company’s net expenses stood at ₹3.59 Cr during Q3FY23 compared to ₹1.15 Cr during Q3FY22 and its EBIT reached ₹0.08 Cr compared to ₹0.05 Cr recorded in the year-ago quarter. Avance Technologies said its net profit reached ₹0.08 during Q3FY23 compared to ₹0.05 Cr recorded in the same quarter of FY22. 

The shares of Avance Technologies closed today on the BSE at a 4% upper circuit limit of ₹0.52 apiece level. The stock recorded a total volume average of 2,09,146 shares and a deliverable volume average of 100%. In the last 1 year, the stock has gained 6.12% and on a YTD basis it has gained 40.54% so far in 2023. It has climbed by 26.83% over the past six months and by 36.84% over the past month. Avance Technologies’ shares have appreciated 18.18% during the last 5 trading days. The stock touched a 52-week-low of ₹0.36 on (06/02/2023). During Q3FY23, the company reported a promoter shareholding of 0.88% and a public stake of 99.12%.