Heavy buying witnessed in this penny stock under Rs 5; Board likely to announce bonus shares and stock split!

The stock has a 52-week high of Rs 3.68 and a 52-week low of Rs 1.52.

On Wednesday, one of the Top Gainers on BSE, shares of Earum Pharmaceuticals jumped 10 per cent upper circuit to Rs 1.72 per share from its previous closing of Rs 1.57. The stock has a 52-week high of Rs 3.68 and a 52-week low of Rs 1.52.

The sudden rise in the stock price is due to the company announcing that a meeting of the Board of Directors will be held on Friday, July 14, 2023 to discuss and consider inter alia:

1. The proposal for Buyback of Equity Shares of the Company.
2. The proposal to recommend the declaration of the Final dividend for the F.Y. 2022-23.
3. The proposal to Issue of bonus Equity Shares to the existing equity Shareholders of the Company.
4. The proposal for the sub-division of equity shares of the Company.
5. To finalize the date, day, time and venue of the Annual General Meeting of shareholders for the F.Y. 2022-23.

Earum Pharmaceuticals Limited produces and distributes pharmaceutical products. The company offers tablets, capsules, ointments, creams, gels, powders, and syrup. Earum Pharmaceuticals markets its products globally.

Earum Pharmaceuticals has a market cap of Rs 42.50 crore. The company reported positive numbers in its both Quarterly Results and annual results.

Investors should keep an eye on this micro-cap stock.