NSE SME stock Cellecor Gadgets share price rose around 2% in intra-day deals on Monday, December 22 following gains in the Indian stock market.
Indian stock markets extended their rally for a second straight session on Monday, December 22, supported by a strengthening rupee against the US dollar and upbeat global cues amid expectations of further interest rate cuts by the US Federal Reserve in January. The Sensex surged over 500 points to an intraday high of 85,467, while the Nifty 50 climbed back above the 26,154 mark. With this, the 30-share Sensex has added nearly 1,000 points over the past two sessions.
Moreover, Cellecor Gadgets also informed that its board has approved the incorporation of overseas subsidiaries as part of its strategy to expand its international footprint and strengthen its presence in global markets.
As per the exchange filing, the company will incorporate a wholly owned subsidiary in the United Kingdom under the proposed name Cellecor Gadgets UK, subject to regulatory approvals. In addition, the board has cleared the incorporation of a step-down subsidiary in Africa, to be named Cellecor Gadgets Africa, either directly through the UK entity or through another suitable subsidiary structure. The company said that ultimate ownership and control of the African subsidiary will continue to remain with Cellecor Gadgets Limited.
“This strategic expansion is aimed at accelerating the company’s global growth and strengthening its presence across key international markets,” the company said in its filing.
Focus on UK and Africa markets
The company said the move marks a significant step towards expanding its operations in the UK and African regions, which it sees as important growth markets. According to the filing, the overseas subsidiaries are intended to strengthen Cellecor’s market presence, improve its ability to serve a growing base of international customers, and enhance global reach and brand visibility.
The expansion is also expected to create new opportunities for sustainable growth and long-term value creation, while supporting the company’s broader objective of leveraging global opportunities in the electronics and gadgets segment. Cellecor said the initiative underlines its commitment to delivering high-quality products and services to customers worldwide and reinforcing its position in international markets.
Cellecor Share Price Trend
The SME stock rose as much as 1.6% to its day’s high of ₹30.35.
However, it has been under pressure recently. It lost over 50% in investor wealth in the last 1 year while fell 21% in past 6 months, and 6% in last 3 months.
Meanwhile, it rose a little over 3% in the last 1 month.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.
