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HomeStocks3 Penny stocks to watch on Tuesday - May 14, 2024

3 Penny stocks to watch on Tuesday – May 14, 2024

During today’s market session, both the Sensex and Nifty closed on a positive note despite weakness in the morning on the very first day of the week. The Sensex Index closed up by 0.15%, and the Nifty-50 Index was up by 0.22%. At the same time, the Nifty Mid-cap 50 Index increased by 1.11%, whereas the Nifty Small-cap Index finished the session by declining 0.22%.

Nifty Pharma Index and Nifty Healthcare Index emerged as the winners among the sectors, whereas the Nifty Auto Index encountered a loss in the sectoral landscape.

At the individual stock level, Cipla, Asian Paints, and HDFC Life Insurance were the top gainers, while Tata Motors, BPCL, and  Shriram Finance were the top losers on the Nifty 50 index. 

The following penny stocks are likely to be in focus on Tuesday, May 14, 2024:

1. Prakash Steelage Limited

Incorporated in 1996, Prakash Steelage Ltd manufactures and exports stainless steel tubes and pipes. The stock experienced a substantial surge in its stock price, with the stock zooming and getting locked at a 5% upper circuit, indicating a strong breakout in both price and volume. The stock achieved an impressive intraday high of Rs 7.65 per share on the NSE.  Incorporated in 1996, Prakash Steelage Ltd manufactures and exports stainless steel tubes and pipes.

2. Visagar Polytex Limited

Incorporated in 1983, Visagar Polytex Ltd is in the business of manufacturing and selling textiles and ready-made fabrics. The stock underwent a substantial surge in its stock price, zooming by 5% indicating a strong breakout in both price and volume. The stock achieved an impressive intraday high of Rs 1.05 on the NSE. 

3. TCI Finance Limited

Incorporated in 1973, TCI Finance is an NBFC registered with the RBI. It offers various financial services such as loans against shares, IP valuation, etc. 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 6.64 per share on the NSE. 

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.
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