Now Reading: String Metaverse stock hits 5% upper circuit despite market slump
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String Metaverse stock hits 5% upper circuit despite market slump
String Metaverse stock hits 5% upper circuit despite market slump
String Metaverse share price locked in a 5% upper circuit at Rs 7.17 on August 12, even as the Sensex fell 0.68% and Nifty 50 dropped 0.62% amid rising crude oil prices.…
The Story in Brief
String Metaverse share price locked in a 5% upper circuit at Rs 7.17 on August 12, even as the Sensex fell 0.68% and Nifty 50 dropped 0.62% amid rising crude oil prices. The penny stock, trading under Rs 10, defied the broader market sell-off.
The company reported strong Q1 FY27 results with revenue nearly doubling to Rs 392.42 crore, up 97.13% year-on-year. Profit after tax surged 101.80% to Rs 36.92 crore. Managing Director Ganesh Meenavalli attributed the performance to scaling technology businesses in AI, blockchain, and digital financial infrastructure. Despite the rally, the stock is down 61.18% year-to-date.
The Indian Opinion
A penny stock hitting upper circuit on a bad day for the market does not signal a turnaround. String Metaverse is still down 61% this year, and its hype around blockchain and AI is a familiar script used by many small-caps. The real test will be whether it sustains revenue growth in the next two quarters. Investors should ask: is this value or a dead cat bounce? The stock's six-month 44% decline suggests caution.
Source: livemint.com
This story was synthesised by AI from the source linked above.
