Sunday, May 19, 2024
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HomeStocksPenny Stocks To Watch On Friday – May 10, 2024

Penny Stocks To Watch On Friday – May 10, 2024

During the most recent market session, both the Sensex and Nifty closed on a negative note, with the Sensex Index down 1.45% and the Nifty-50 Index down 1.55%. At the same time, the Nifty Mid-cap Index decreased 1.85%, whereas the Nifty Small-cap Index, finished the session down 2.83%.

Nifty Auto Index emerged as the winner among the sectors, whereas the Nifty Oil & Gas Index and Nifty Metals Index encountered loss in the sectoral landscape.

At the individual stock level, Hero Motocorp, Tata Motor and M&M were the top gainers, while Larsen & Toubro, BPCL and Asian Paints were the top losers on the Nifty 50 index. 

The following penny stocks are likely to be in focus on Friday, May 10, 2024:     

Madhucon Projects Limited

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 9.45 per share on the NSE. Madhucon Projects Ltd, established in 1983, is a multifaceted infrastructure company in India that tackles a wide range of projects across various sectors. Their expertise lies in developing and executing Engineering, Procurement and Construction (EPC) and turnkey projects, including transportation systems like highways and bridges, irrigation works, water resource infrastructure, railways, and even smart city and property development. They are flexible in their approach, undertaking projects through cash contracts, EPC, or even Build-Own-Operate (BOT) models.

Check: Best Infrastructure Companies in India

S.A.L. Steel Limited 

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 19.25 on the NSE. S.A.L. Steel Ltd, a versatile steel, ferro alloys and power company established in 2003, manufactures Direct Reduced Iron (DRI/Sponge Iron), Ferro Alloys, Iron Ore pellets and various finished steel products near Kandla Port in Gujarat, India. They also generate 40 MW of power from a waste heat recovery boiler and fluidized bed combustion boiler, using the power for their operations and selling any surplus.

Mcnally Bharat Engineering Company 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 3.40 per share on the NSE. Incorporated in 1961, McNally Bharat Engineering Company Ltd is engaged in diversified construction activities, primarily execution of turnkey projects.

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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