Market movers: This microcap’s foray into NFT sparks 10% rally in shares

NEW DELHI: Non-Fungible Tokens (NFT) is the buzzing word in the crypto community. Any association with the newly emerging field grabs eyeballs, and in many cases attracts investments.

A similar case was seen on Dalal Street.

Alexander Stamps and Coin, which deals in the business of philatelic and numismatic items, on Friday announced it has decided to list and sell India’s Largest collection of antiques, artifacts and historically important and rare collection on India’s biggest NFT platform which has initial value estimates of the NFT collection at over $20 million or Rs 150 crore.

“With the proposed listing, the company will get a huge market, wide network, diverse community reach and worldwide buyer-seller group who can check, exchange, buy, sell, review and refer to all the existing collection of the company at single click,” it said.

The stock eventually ended up nearly 10 per cent following the announcement.

Bright(com) performance!

Shares of Brightcom Group hit 5 per cent upper circuit on announcing record date for bonus issue of shares. The company decided to set March 16 as the record date.

The proposed equity bonus will be issued in the ratio of 2:3 (two equity shares for every three equity shares held by shareholders).

Shares of the company have seen massive buying in the last one year. The stock has spiked over 2,200 per cent in the last one year and 5,700 per cent in the last three years.

Selling investments

Mahindra Holidays & Resorts on Friday said it has agreed to sell its entire investment consisting of 5,738 equity shares or 10.76 per cent stake in Nreach Online Services Private Limited, held as an investment by the company.

Gift Management Asia, backed by APIS Growth Fund — a private equity fund managed by APIS Partners LLP, will be buying the stake that is valued at around Rs 3 crore. Gif Management is engaged in the business of loyalty program management and development across the globe.

Shareholders of the company, though, did not like the move and the stock fell nearly 3 per cent.

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