During the most recent market session, both the Sensex and Nifty closed on a negative note, with the Sensex Index up 0.52% and the Nifty-50 Index down 0.62%. At the same time, the Nifty Mid-cap Index decreased 1.95%, whereas the Nifty Small-cap Index, finished the session down 1.89%.
Nifty FMCG Index and Nifty IT Index emerged as the winners among the sectors, whereas the Nifty Realty Index and Nifty Metals Index encountered loss in the sectoral landscape.
At the individual stock level, Tech Mahindra Ltd, Nestle India Ltd and Hindustan Unilever Ltd were the top gainers, while Bajaj Auto Ltd, Power Grid Corporation of India Ltd and Oil & Natural Gas Ltd were the top losers on the Nifty 50 index.
The following penny stocks are likely to be in focus on Wednesday, May 08, 2024:
Transwarranty Finance Limited
The stock experienced a substantial surge in its stock price, with the stock zooming and getting locked at a 20% upper circuit, indicating a strong breakout in both price and volume. The stock achieved an impressive intraday high of Rs 15.30 per share on the NSE. Incorporated in 1994, Transwarranty Finance Ltd is an NBFC engaged in lending and advisory services. TFL has strong business associations with large corporates and over 500 SME / MSMEs for 25+ years. It deals in trade finance, debt & equity & structured deals. The company has lending focused on niche social impact and Fintech segments with advisory business services for trade finance to investment banking.
Read: Role of NBFC-Microfinance in bridging the credit gap for Entrepreneurs in India
Ajooni Biotech Limited
The stock underwent a substantial surge in its stock price, zooming by 10% indicating a strong breakout in both price and volume. The stock achieved an impressive intraday high of Rs 6.30 on the NSE. Incorporated in 2010, Ajooni Biotech Ltd is an animal health care solutions company. It is a significant player in the animal feed and aquaculture sectors. It manufactures a variety of compound animal feed such as cattle feed, cattle feed chips, camel feed, cotton oil cake, mustard oil cake and a wide range of feed supplements. Facilities in Khanna, Punjab, have a total installed capacity of 60,000 MTPA.
GVP Infotech Limited
The counter experienced a notable increase in buying interest as the scrip zoomed and hit a 5% upper circuit, reaching an intraday high of Rs 11.75 per share on the NSE. Incorporated in 2011, GVP Infotech Ltd is in the business of IT services. GVPIL is an information technology and cable infrastructure company which provides IT / ITEs and telecom solutions combined with technical support and operations outsourcing. It partners with government and public sector institutions to provide IT strategies at competitive costs.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
