Small-cap stock jumps over 7% on fundraising plans. Do you own?

Sirca Paints share price surged over 7% during Monday's trading session after the small-cap company revealed its plans to raise capital. In a filing to the exchange, the company announced that its board of directors will convene on Monday, July 14, to deliberate and approve the raising of funds through the issuance of securities, which may include equity shares or other eligible financial instruments, via one or more public and/or private offerings, including preferential allotments and/or qualified institutional placements.

Sirca Paints share price today opened at an intraday low of ₹390 apiece on the BSE, the stock touched an intraday high of ₹408.95 apiece. According to Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One, Sirca Paints share price witnessed a strong price and volume breakout in today’s session, confirming a flag continuation pattern.

Bhosale explained that the breakout is accompanied by a bullish gap, which can be identified as a breakaway gap. With this momentum, the uptrend is likely to continue, with the next key resistance seen around ₹425–430, while immediate support is placed at ₹380.

(more to come)

Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.

Download the Mint app and read premium stories