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HomeStocksPenny stocks to watch on Friday - May 31, 2024

Penny stocks to watch on Friday – May 31, 2024

During the most recent market session, both the Sensex and Nifty closed on a negative note, with the Sensex Index down 0.83% and the Nifty-50 Index down 0.95%. At the same time, the Nifty Mid-cap Index decreased 1.34%, whereas the Nifty Small-cap Index finished the session down 1.62%.

Nifty Media Index and NSE Bankex Index emerged as the winners among the sectors, whereas the Nifty Metals Index and Nifty Information Technology Index encountered a loss in the sectoral landscape.

At the individual stock level, ICICI Bank, Axis Bank and HDFC Bank were the top gainers, while Tata Steel Ltd, Tech Mahindra Ltd and Bajaj FinServ Ltd were the top losers on the Nifty 50 index.

The following penny stocks are likely to be in focus on Friday, May 31, 2024:

Vinny Overseas 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 4.20 on the NSE. Incorporated in 1992, Vinny Overseas Ltd manufactures & processes textile fabric. The company does the processing of fabrics on a job basis received from its customers, Fabrics are manufactured on a job basis for export & domestic market. At the processing stage, various properties/ qualities are developed which make the grey fabrics in their usable form.

GVP Infotech 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 13.75 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.

A2Z Infra Engineering Limited

The counter experienced a notable increase in buying interest as the scrip zoomed and hit a 5% upper circuit, reaching an intraday high & fresh 52-week high of Rs 17.45 per share on the NSE. Incorporated in 2002, A2Z Infra Engineering Ltd provides maintenance and engineering services. The company is a part of A2Z Group. It operates in the Engineering Procurement & Construction (EPC) sector for Infrastructure projects, specializing in Power Transmission & Distribution and Telecom Infrastructure Development projects.

Read: Best Infrastructure Companies in India

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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