Small-Cap Stock Locked in 5% Upper Circuit for 4th Straight Day: Trigger?

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Small-Cap Stock Locked in 5% Upper Circuit for 4th Straight Day: Trigger?

By Malvika Gurung -- Shares of the digital marketer Brightcom Group (NS: BRIH ) are locked in a 5% upper circuit at Rs 23.65 apiece in Friday’s intraday trade, extending its bull ride for the fourth day in a row.

The stock has been hitting a 5% upper circuit for the last four consecutive sessions, having jumped 20% during the period. Its shares have rallied an impressive 91.5% in one month.

Brightcom’s shares have been locking continuously at 5% upper circuits since the company submitted its clarification (on June 5) on an article published by a financial website last week, regarding Brightcom’s financial reporting.

The article focused on financial matters, notably an interim order and Show Cause Notice issued by SEBI concerning Brightcom’s financial statements.

To this, the small-cap company assured that it is fully cooperating with SEBI, taking their observations seriously, and working diligently to address all the points mentioned in its Show Cause Notice.

“We want to reassure you about our commitment to upholding the best standards of corporate governance and financial reporting/transparency,” the company said on Monday.

A major concern raised in the report revolved around the role of Brightcom’s auditors, to which the company addressed that its auditors are independent, accredited firms, ensuring a transparent and unbiased auditing process.

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