Super Tannery has become the latest penny stock to catch fire on Dalal Street. The leather products company hit the upper circuit again on Monday, August 31, jumping 5 percent to Rs 14.93 on the BSE. The stock also touched its 52-week high during the session.
Rally That Shocked The Market
Super Tannery shares have surged over 116 percent in the past two weeks. The stock has climbed more than 37 percent in just one week. Over the last month, the counter has gained over 121 percent.
The sharp rally pushed the company’s market capitalisation past Rs 161 crore on Monday. Super Tannery is engaged in the leather and leather products industry.
BSE Seeks Explanation
The stunning price movement caught the attention of the Bombay Stock Exchange. BSE sought a clarification from Super Tannery on August 26 over the sharp rally.
The company replied that no information or announcement is pending that could impact the price movement. The current rally is completely based on market conditions, the firm said.
Stock Split And Bonus History
Super Tannery has rewarded shareholders with bonus shares twice in the past. The company issued a 1:1 bonus in December 2008, giving one share for every share held.
It followed with a 1:2 bonus in February 2010, offering one bonus share for every two shares held. The company has also split its stock on two occasions.
In March 2008, one share with a face value of Rs 10 was split into five shares of Rs 2 each. In November 2010, the company split its shares into two parts.
Long Term Returns
Super Tannery has delivered strong returns over longer time frames as well. The stock has jumped 312 percent in the past 10 years. Over the last five years, it has gained more than 197 percent. In three years, the shares have risen 96 percent.
Super Tannery is currently listed only on the BSE. The company received permission for NSE trading on August 17.
