Senco Gold’s stock experienced a surge, hitting the 5% upper circuit limit on Tuesday, buoyed by significant buying activity. Trading at ₹249.30 per share on the Bombay Stock Exchange (BSE), this uptick follows a strategic move by the company’s promoters to enhance their ownership stake at a time when gold prices are soaring to unprecedented levels.
Promoter Stake Increase
In a clear show of confidence, the Jai Hanuman Shri Siddhivinayak Trust, which promotes Senco Gold, has increased its investment in the company. On March 17, Suvankar Sen, a Trustee of the Trust, acquired 161,000 shares through open market transactions, boosting the trust’s stake by 0.01%.
- The acquisition was disclosed under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares & Takeover) Regulations, 2011.
- Prior to this transaction, the Trust held 6,73,75,656 shares, amounting to a 41.16% stake in Senco Gold.
- After the purchase, the stake increased to 6,75,36,656 shares, elevating the ownership to 41.26%.
Shareholding Breakdown
As of December 31, 2024, the total promoter shareholding in Senco Gold stood at 64.11%, while public shareholding was at 35.89%. This shift in stakeholder dynamics coincides with broader trends in the jewelry market, particularly as gold prices continue to rise.
Senco Gold Stock Performance
Despite the recent surge, Senco Gold’s stock has faced challenges over the past months:
- The share price has dropped 27% in the last month.
- Year-to-date, the stock has experienced a 55% decline.
- Over a six-month period, the stock’s value has plummeted by 60%.
- On a yearly basis, Senco Gold shares have decreased by 34%.
At 1:40 PM on Tuesday, Senco Gold shares remained locked at the 5% upper circuit limit, maintaining their price at ₹249.30. This fluctuation reflects the company’s ongoing adjustments to market conditions and investor sentiments.
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