1:10 Stock Split, 4:1 Bonus Issue: No Buyers In Rs 16 Penny Stock, Hits Back-To-Back 5% Lower Circuits

Maagh Advertising and Marketing Services, a penny stock, has been under bearish pressure for the fourth consecutive day. The media stock touched back-to-back lower circuits since February 16. This is because investors are booking profits after the company witnessed a robust bullish trend, hitting back-to-back upper circuits so much so that it recorded over 44% gains since turning ex-bonus and ex-split until February 16, 2024.

On Thursday, Maagh froze at its 5% lower circuits at Rs 16.15 apiece with a market cap of Rs 363.40 crore. In case of lower circuits, it means that there were several sellers but no buyers in this stock.

Maagh shares had gained from February 5th to 15th, by a staggering 44% on BSE. The stock even touched a new 52-week high of Rs 19.10 apiece on February 16th, before entering into back-to-back lower circuits.

The Money Flow Index (MFI) of Maagh Advertising is overbought and pullbacks were likely. As per Trendlyne data, the MFI of Maagh Advertising stood at 76.9, and MFI above 70 is considered overbought, which further implies that the stock may show a pullback. Meanwhile, its Relative Strength Index (RSI) stood stable at 57.2, as below 30 is considered oversold and above 70 overbought.

Further, as per the data, Maagh Advertising And Marketing Services Ltd.'s weekly average delivery volume is 61.54% and is trading above 6 out of 8 SMAs, and above 5 out of 9 Oscillators in the bullish zone.

Maagh turned ex-bonus and ex-split on February 5th. While on February 6th, the Board took on record the allotment of Equity Shares in the ratio of 10 (Ten) Equity Shares of Rs. 1/- (Rupee One only) each for every 1 (One) Equity Share of Rs. 10/- (Rupees Ten only) each held by the members as on record date i.e. 05th February 2024 pursuant to Sub-division.

Also, the board approved the allotment of 4,50,02,500 Equity Shares of Rs 1/- each as Bonus Shares in the ratio of 1 (One) Equity Shares for every 4 (Four) Equity Shares held to the eligible Shareholders as on record date ie. 05th February, 2024. The Bonus Shares Issued is post-sub division. Pursuant to the Allotment of Bonus Shares, the Paid up share of the company is Rs. 22,50,12,500 divided into 22,50,12,500 Equity Shares of Rs. 1/- each.

Maagh Advertising and Marketing Services is a data-driven advertising solutions company that helps businesses achieve their marketing goals. Delivering campaigns that are optimized at every point of the campaign journey. Creating precise strategies and analytical metrics, helps brands reach the right audiences. The company's Media Planning & Advertising Company provides ROI-driven results by giving companies the perfect media mix to overcome their marketing challenges.

As part of its efforts to create a unique brand experience in the advertising space, the company offers a dedicated account manager, industry insight, etc. Using data-driven decision-making & a distinctive approach helps us deliver flawless campaigns.

Disclaimer: The write-up highlights about the latest development, and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on the stock mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.