Sunshine Capital Skyrockets: Penny Stock Hits Upper Circuit Today, Escalates 15 in Four Sessions (Image Source: iStock)
New Delhi: Sunshine Capital share price hit upper circuit limit of 5 per cent today in early trade after the non-banking finance company (NBFC) announced the signing of a term sheet with Man Stainless Steel Tubes, authorizing Rs 196.49 crore for a large manufacturing project. Sunshine Capital shares were up 4.74% at Rs 2.43 a share on the BSE.
Man Stainless Steel Tubes Ltd (MSSTL) and Sunshine Capital have signed a term sheet for the development of MSSTL's second manufacturing unit, which would produce non-API electric resistance welded (ERW) carbon steel pipes in Kathua, Jammu & Kashmir. Sunshine Capital stated that it has authorized a sum of Rs 1,964.90 million.
This production unit's projected installed capacity is 250,000 MT annually. The financial facility authorized will be important in part-financing the manufacturing unit's development and the capital costs necessary for the construction. Rs 280,70 crore is the estimated overall cost of the project.
A Capex Letter of Credit (LC) of Rs 1,450.00 Million and a Rupee Term Loan (RTL) of up to Rs 1,964.90 Million was included by the authorized facilities which acted as a sublimit of the RTL facility. A loan period of 9 years, including a 1 year construction period and a 1 year moratorium on repayment was taken for the project which is expected to be finished by April 2025, Sunshine Capital said in a stock exchange filing.
Sunshine Capital, registered and regulated by the Reserve Bank of India (RBI), is a non-deposit taking NBFC.
History Of Sunshine Capital Share Price
In one week's time, the share price of Sunshine Capital has rallied 10% and a month's time, more than 7%.
On March 7, 2024, Sunshine Capital stock turned ex-bonus and ex-split. Bonus shares were issued by the company in the ratio of 7:1, while the ratio of the stock split was 10:1.
Sunshine Capital shares, were still trading at Rs 2.43 a share on the BSE at 10:20 a.m.
