Stock below Rs 25: Don’t miss action in this micro-cap stock that has announced rights issue!

The stock is up by 56 per cent in just 1 month.

Mehai Technology Ltd informed the exchange (BSE Script Code: 540730; NSE Script Code: MEHAI) that the Board of Directors of the company approved fund raising by way of Rights Issue of an amount not exceeding Rs 49 crore (Rupees Forty-Nine Crore Only) to the eligible equity shareholders of the company as on record date (to be notified subsequently).  

On Friday, shares of Mehai Technology Ltd plunged 3.41 per cent to Rs 20.65 per share with an intraday high of Rs 21.50 and an intraday low of Rs 20.32. The stock has a 52-week high of Rs 65.65 and a 52-week low of Rs 12.30. On Friday's trading session, the stock touched a lower circuit of Rs 20.32 per share.

Mehai Technology Ltd manufactures and sells lighting products. The company offers LED bulbs, tube lights and power banks. Mehai Technology also renders after-sales services.   

According to the financials, Mehai Technology Ltd has a market cap of Rs 22.71 crore. The company reported positive numbers in its Quarterly Results and annual results. In FY22, net sales zoomed 18.31 per cent and net profit skyrocketed 211.49 per cent over FY21.  

The stock is up by 56 per cent in just 1 month. Investors should keep an eye on this micro-cap stock.