Penny Stock Below Rs 50 Hits Back-To-Back Upper Circuits, Up 26% In 6 Days; Interim Divided Record Date Nears

A penny stock trading below Rs 50, Gothi Plascon (India) has been hitting back-to-back 5% upper circuits since last week. The stock has zoomed by nearly 26% in six days. The reason behind the strong buying in Gothi is due to its interim dividend recommendation and its record date which is nearing. The company is also set to declare its Q3 results for FY24.

Gothi Plascon Share Price:

On January 15, Gothi's share touched a new 52-week high of Rs 48.51 apiece on BSE with a market cap of Rs 49.48 crore. This will also be its new 52-week high.

Upper circuits mean there were several buyers in a stock but no sellers on the respective day.

And in the case of Gothi, this has been happening since last week. Gothi touched 5% upper circuits from January 10-15, while the stock was also higher between January 8-9. That being said, Gothi shares gained by 26% since January 8th to date.

Gothi Plascon Interim Dividend:

Gothi Plascon has announced that its board of directors will consider an interim dividend for FY24 in a meeting scheduled on January 20 which is due this week.

Further, Gothi has fixed January 30 as the record date for determining the entitlement of the shareholders for the payment of interim Dividends, if any.

Apart from this, Gothi will also announce its Q3 earnings for FY24 on January 20th.

Gothi has been paying dividends consistently in past five years. Since March 2020, right after the first wave of the pandemic hit India and around the world, Gothi has declared 5 dividends. In the last 12 months, the company paid a dividend of Rs 2 per share.

On the current market price, its dividend yield is at 4.12%.

Gothi Plascon Share Price Outlook:

As per Trendlyne data, Gothi's weekly average delivery volume is 100%, while the stock is trading above 8 out of 8 SMAs, and above 7 out of 9 Oscillators in the bullish zone. The Day Trendlyne Momentum score is 61.9 which indicates that the stock is technically moderately strong. However, its RSI and MFI are at 80 and 96.6, implying a strongly overbought situation which may show some pullbacks in the stock ahead.

About Gothi Plascon:

Founded in 1994, Gothi Plascon deals with all kinds of property requirements with complete transparency, promptness and utmost professionalism. Our expertise lies across segments like Commercial, Factory Sites, Warehouses, and so on.

At present time, the company is a prime developer in the state of Pondicherry and has MNCs as its clients. It will keep looking for opportunities in this field to expand its footprint in the state of Pondicherry.

Disclaimer: The recommendations made above are by market analysts and are not advised by either the author or Greynium Information Technologies. The author, the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.