KMEW stock has soared 250% in the past 4 months

16 Nov 2022 , 12:23 PM

On Wednesday, Knowledge Marine & Engineering Works (KMEW) shares rose 5% to a record high of Rs 918 per share on the BSE amid robust trading activity. The shipping company’s stock has increased 16% during the last three trading days after the board authorised a preferential issue to investor Ashish Kacholia and others.

KMEW was trading 2% higher at Rs 890 at 11:15 a.m. as a result of a nearly threefold increase in trading volume. According to exchange data, there have been up to 118,000 shares exchanged on the counter thus far, compared to an average of 31,000 shares traded over the previous two weeks on the BSE. The S&P BSE Sensex, in contrast, was up 0.19% at 61,989.

KMEW’s stock price has increased by about 25% during the last five months from its previous level of Rs 263. It increased 740 % in the past year, compared to the Sensex’s 2.8% growth. The KMEW board approved the issuance of 565,000 equity shares with a face value of Rs 10 apiece on Monday for a price of Rs 39.55 crore, or Rs 700 per equity share.

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