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Penny Stocks To Watch On Tuesday – April 16, 2024

During the most recent market session, both the Sensex and Nifty closed on a negative note, with the Sensex Index down 1.14% and the Nifty-50 Index down 1.10%. At the same time, the Nifty Mid-cap Index decreased by 1.57%, whereas the Nifty Small-cap Index, finished the session down 1.73%.

Nifty Oil & Gas Index emerged as the winner among the sectors, whereas the Nifty Media Index, NSE PSU Bank Index and NSE Financial Services Index encountered loss in the sectoral landscape.

At the individual stock level, Oil & Natural Gas Corporation, Maruti Suzuki India and Nestle India were the top gainers, while Shriram Finance, ICICI Bank and Bajaj Finance were the top losers on the Nifty 50 index.

The following penny stocks are likely to be in focus on Tuesday, April 16, 2024:

Tirupati Forge Limited

The stock experienced a substantial surge in its stock price, with the stock zooming and getting locked at a 10% upper circuit, indicating a strong breakout in both price and volume. The stock achieved an impressive intraday high of Rs 18.15 per share on the NSE. Tirupati Forge Ltd was established in 2012. The company manufactures high-volume carbon steel forged flanges and other closed-die forged components for the automotive industry, with certifications like ISO 9001:2008 to ensure quality.

Rajdarshan Industries Limited

The stock underwent a substantial surge in its stock price, zooming by 10% indicating a strong breakout in both price and volume. The stock achieved an impressive intraday high of Rs 45.50 on the NSE. Rajdarshan Industries Ltd, founded in 1980, is a multifaceted mining company that drills for and trades various minerals. They also extract and transport limestone, including removing excess rock (overburden) for cement plants on a contract basis.

SETCO Automotive 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 9.75 per share on the NSE. Established in 1982, Setco Automotive Ltd. is a leading manufacturer of clutch products and systems, as well as hydraulics (pressure converters), and is the flagship company of The Setco Group, known for its Lipe brand clutches for commercial vehicles and components for the construction equipment industry.

Read: A Detailed Step-by-Step Guide to Investing in Penny Stocks

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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