Equity benchmark indices Sensex and Nifty declined in early trade on Thursday as relentless foreign fund outflows and US H-1B visa fee concerns made investors jittery.
Shares of consumer electronics brand Cellecor Gadgets are in focus as the company has announced a significant retail partnership, through which it aims to achieve an annual business of Rs 750 crore. In an exchange filing, the company announced its retail partnership with Poorvika Mobiles Pvt. Ltd., South India’s leading multi-brand electronics chain with over 470 stores across Tamil Nadu, Karnataka, Kerala, and Pondicherry. Poorvika reported revenues of Rs 3,600 crore for the financial year ending March 31, 2024, underlining its strong market presence and consumer trust in the region.
This strategic tie-up is projected to contribute Rs 150 crore annually to Cellecor’s topline, further strengthening its leadership position in the southern market.
“The collaboration with Poorvika adds to Cellecor’s robust network of alliances with leading regional chains…Together, these partnerships are expected to generate Rs 750 crore annually from South India alone,
making the region a cornerstone of Cellecor’s nationwide expansion journey,” the filing reads.
Share Price Today
The stock opened in green today at Rs 31.80 on the NSE SME, up from its previous close of Rs 31.60. It gained further to touch the intraday high of Rs 32.15 and a low of Rs 30.70. Last seen, it was trading at Rs 31 with a fall of 1.90 per cent from the last closing price. The market cap of the company stood at Rs 81.50 and the 52-week low is Rs 29.25. The market cap of the company stood at Rs 684.10 crore.
Technically, the stock trades lower than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages.
Share Market Today
Equity benchmark indices Sensex and Nifty declined in early trade on Thursday as relentless foreign fund outflows and US H-1B visa fee concerns made investors jittery.
Also, a weak trend in global peers drove the domestic equity markets lower.
Falling for the fifth day running, the 30-share BSE Sensex declined 141.32 points to 81,574.31 in the opening trade. The 50-share NSE Nifty slipped 22.4 points to 25,034.50.
(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
