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HomeStocksPenny stocks to watch on Thursday- May 30, 2024

Penny stocks to watch on Thursday- May 30, 2024

During the most recent market session, both the Sensex and Nifty closed on a negative note, with the Sensex Index down 0.89% and the Nifty-50 Index down 0.80%. At the same time, the Nifty Mid-cap Index decreased 0.32%, whereas the Nifty Small-cap Index, finished the session up 0.06%.

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

At the individual stock level, Hindalco Industries, Power Grid Corporation and Bajaj Auto were the top gainers, while HDFC Life Insurance, Tech Mahindra and ICICI Bank were the top losers on the Nifty 50 index.

The following penny stocks are likely to be in focus on Thursday, May 30, 2024:

SVP Global Textiles 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 6.50 on the NSE. Incorporated in 1982, SVP Global Textiles Ltd manufactures textiles goods and trades gold diamonds, stones, fabrics etc. SVPGTL is an integrated textile company manufacturing Compact Yarn (Count range 20 to 60) and Open End Yarn in Rajasthan and blended Yarn with Count range 20 to 60 in Tamil Nadu.

Read: Top 3 Profitable Companies in Indian Textile Space

DPSC 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 18.05 per share on the NSE. A century-old major player in India’s power sector, DPSC Ltd is a top 10 distributor with a mix of regulated (distribution and captive generation) and non-regulated businesses (wind farms, solar plants). They’re leading the industry’s digital shift with smart meters, IoT devices, and grid-wide innovation, even winning a bid to install smart meters in Madhya Pradesh.

JHS Svendgaard Laboratories 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 19.10 per share on the NSE. JHS Svendgaard Laboratories Ltd, founded in 1997, is an Indian manufacturer of oral and dental care products for both national and international brands. They produce toothbrushes, toothpastes, mouthwash, and denture tablets, and even offer contract manufacturing partnerships for other companies. In addition to supplying private label products, JHS Svendgaard Laboratories Ltd also has its own brands, such as Dr. Gold and Aquawhite, with a focus on children’s oral care products.

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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