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

Petrochemical stock surges

Avance Technologies is a small-cap business with a market cap of $10.31 billion that operates in the information technology industry. One of the top mobile marketing businesses is Avance Technologies Ltd. As the Board announced a 1:2 stock split and set a record date for it, this penny stock reached the 4% upper circuit limit at today’s BSE closing.

“The company’s equity shares have been divided into 2 (Two) equity shares with face values of Rs. 5/- (Rupees Five Only) each, completely paid up, from 1 (One) equity share with a face value of Rs. 10/- (Rupees Ten Only) per share. The company’s Board of Directors designated Friday, March 31, 2023 as the “Record Day” for assessing the eligibility of Shareholders for the purpose of subdividing or splitting Equity Shares of the Company, according to a stock market filing by Avance Technologies.

The corporation reported a net income of 3.67 crores for the quarter that ended in December 2022 as opposed to 1.20 crores for the same period the previous year. In comparison to Q3FY22, the company’s net expenses were 3.59 crores ($3.59 crores), and its EBIT came to 0.08 crores ($0.08 crores), up from 0.05 crores ($0.05 crores) in the prior quarter. According to Avance Technologies, its net profit increased from 0.05 Cr in the same quarter of FY22 to 0.08 Cr in the third fiscal quarter of FY23.