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Penny Stock under Rs. 10: Don’t miss the movement of this stock when it declares the Right issue!

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Penny Stock under Rs. 10: Don't miss the movement of this stock when it declares the Right issue!

 Gyscoal Alloys Ltd. shares are up 4.21 percent in price today, trading at Rs. 3.71 a share. The business just announced a 110:100 right issuance for the shareholders. The cost of each right issuance is Rs 2.75.

The corporation verified that December 23, 2022, is the record date. Beginning on January 2, 2023, and running through January 12, 2023, 17.89 crore fully paid-up equity shares would be made available through the rights issue, raising a total of Rs 49.2 crore.

Gyscoal Alloys Ltd manufactures stainless steel and long goods made of mild steel from scrap. The promoters own 38.19% of the equity, which is about 61.80% owned by the general public. Promoters decreased their investment by 29.45% from Q2FY22 to Q2FY23 in the most recent quarter.

Following the abolition of a 15% export levy on steel exports, Gyscoal Alloys Ltd. made plans to boost production capacity and start steel exports again. India’s government has eliminated all export taxes on steel and iron ore beginning in November 2022. The stock’s ROE of 47.81% indicates that management is effective and that the business is profitable. Investors ought carefully monitor this stock.

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