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Penny stocks to watch on Friday – May 24, 2024

During the most recent market session, both the Sensex and Nifty closed on a positive note, with the Sensex Index up 1.61% and the Nifty-50 Index up 1.64%. At the same time, the Nifty Mid-cap Index increased 0.48%, whereas the Nifty Small-cap Index, finished the session up 0.19%.

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

At the individual stock level, Adani Enterprises, Adani Ports and M&M were the top gainers, while Sun Pharma, Power Grid Corporation and Hindalco Industries were the top losers on the Nifty 50 index.

The following penny stocks are likely to be in focus on Friday, May 24, 2024:

Mcnally Bharat Engineering Company 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 5.25 on the NSE. McNally Bharat Engineering Company Ltd, founded in 1961, is part of the Williamson Magor Group and offers turnkey solutions for various industries including power, steel, aluminium, material handling, and more. They also have subsidiaries and associates in India and abroad.

Aakash Exploration Services 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 12.15 per share on the NSE. Aakash Exploration Services Ltd, established in 2007, is an ISO-certified company that provides oilfield services during the production stage of oil and gas exploration, using equipment to ensure smooth extraction and transfer to refineries for processing.

Rattanindia Power 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 14.40 per share on the NSE. RattanIndia Power Limited is one of India’s largest private power generation company, with an installed capacity of 2,700 MW thermal power plants at Amravati and Nashik (1,350 MW at each location) in Maharashtra, India. The company was incorporated in the year 2007 as Sophia Power Company Limited, originally as a part of Indiabulls group.

Read: Top 10 Performers in Power Generation & Distribution sector

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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