Weak economic statistics and confrontational remarks from the Federal Reserve led to a huge selloff on Wall Street overnight, with key US indexes falling by around 2%. On Thursday, Indian benchmark indexes began the day down, reflecting the deterioration in international markets.
Most industries were trading down, with utilities and power companies suffering the most loss. On the other hand, the recovery in several Small-Cap companies helped wider indexes stay more steady than major indices.
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Adcon Capital Services, a small-cap penny stock, maintained its tendency of locking at higher circuits despite market turbulence. Adcon Capital Services’ shares rose on an intraday basis on Thursday and locked at a 5% upper circuit at Rs 5.26 a share on the BSE, setting a new 52-week high.
Shares climbed more than 168% in a single month after reaching back-to-back upper circuits, and they produced excellent returns of 600% over the previous year, meaning that an investment of Rs 1 lakh made in this company a year ago is now worth more than Rs 7 lakh!
Adcon Capital Services, a listed NBFC, engages in the lending and advancing of money, investment in other companies, and provision of other financial services. Watch this script closely for the future sessions!
Adcon Capital Services Ltd., a non-deposit taking NBFC, was established in 1994.
Services Provided Include:
a) Finance & Investments
b) Shares and Securities
c) Loans and Advances
d) Other Related Capital Market Related Activities
Divulgation of Shares
On April 13th, 2022, the firm increased its authorised capital from Rs.4 crore to Rs.35 crore and subdivided its equity shares from 10:1.
Rights Offering: On December 2, 2022, the firm authorised the issuance of up to 29,59,25,000 equity shares for a total value of Rs. 2,959,25,000.
The company’s revenue in FY22 was split as follows: Interest Income on Short-Term Loans & Advances: 32%; Long-Term Capital Gains: 55%; Short-Term Capital Gains: 4%; Professional Fees: 7%; Income from Trade in Derivative Segment: 1%.
Change of KMP:
a) On May 27, 2022, M/s. Sanghvi & Sancheti resigned from their position as the company’s statutory auditors and were succeeded by M/s. Maheshwari & Co.
b) On April 14, 2022, Ms. Sonal Nakum announced her resignation as company secretary and compliance officer. On May 6, 2022, Mr. Santosh Pandey took her position.