Extending its winning run to a fifth consecutive trading session, small-cap Cubex Tubings shares were locked in the 5% upper circuit in Tuesday’s trade on October 13, hitting a fresh record high of ₹191.30 apiece.
The five-day rally has resulted in a cumulative gain of 29%, turning the stock’s October returns positive. For context, when a stock repeatedly hits its upper circuit limit, it indicates strong buying interest, with buyers consistently placing orders on the exchanges amid limited selling activity.
However, no fresh fundamental triggers have emerged to explain the surge, with the company’s latest major update relating to its proposed fund-raising plans, announced last week.
In its regulatory filing dated October 9, the company said its board of directors would consider and decide on the mode of raising funds through the issuance of equity shares and/or other securities convertible into equity shares, in one or more tranches. The proposed fundraising could be carried out through permissible modes, including private placement, a preferential issue, or any other method or combination of methods, on terms and conditions deemed appropriate by the board.
The proposal would be subject to applicable laws and the receipt of necessary approvals, including approval from the company’s members and any other regulatory or statutory authorities, as required.