Shares of Virtuoso Optoelectronics moved higher by 14 per cent to a record high of Rs 179.75 on the BSE in Tuesday’s intra-day trade in an otherwise weak market after the company’s board approved issue of equity shares to investor Ashish Kacholia and others via preferential route. In past one week, the stock has rallied 25 per cent, as compared to 3 per cent decline in the S&P BSE Sensex.
At 11:06 am; Virtuoso Optoelectronics traded 12 per cent higher at Rs 177.60, as compared to 0.50 per cent decline in the S&P BSE Sensex. The average trading volumes at the counter more-than-doubled today. Around 328,000 shares had already changed hands on the BSE, as compared to 145,000 shares traded in past two weeks.
Virtuoso Optoelectronics in an exchange filing on Monday, January 30, said the board has approved issuance of up to 2.46 million equity shares at a price of Rs 142.50 per share, aggregating up to Rs 35 crore, to certain identified non promoter persons/ entity by way of preferential issue. The board approved to issue up to 1.23 million equity shares (5.38 per cent post allotment of total equity) each to Ashish Kacholia and Bengal Finance & Investment Private Limited.
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Virtuoso Optoelectronics trades in the SME segment under the "M" group on the BSE. The trading, clearing and settlement in the SME segment is done on a T+2 basis. Trades done in BSE SME scrips are required to be compulsorily settled in demat mode.
The stock was listed on the BSE-SME exchange on September 15, 2022. It is an emerging manufacturer of high-volume production of Electronics Manufacturing Services (EMS) and consumer products, based in Nashik (Maharashtra). They manufacture consumer durable goods and assemble a wide array of products and provide end-to-end product solutions. The company serves under both original equipment manufacturers (OEMs) and Original Design Manufacturers (ODMs) business models.
In November, the company added a new manufacturing facility at Wadiware in Nashik, Maharashtra. This is in line with the committed investment by the company for the PLI scheme for white goods and LED lighting, for which Virtuoso Optoelectronics received approval last year.