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Penny Stocks To Watch On Tuesday – March 19, 2024

During the most recent market session, both the Sensex and Nifty closed on a positive note, with the Sensex Index up 0.14% and the Nifty-50 Index up 0.15%. At the same time, the Nifty Mid-cap Index decreased by 0.39%, whereas the Nifty Small-cap Index, finished the session down 0.57%.

Nifty Metals Index and Nifty Auto Index emerged as the winners among the sectors, whereas the Nifty Fast Moving Consumer Goods Index and Nifty Information Technology Index encountered losses in the sectoral landscape.

At the individual stock level, Tata Steel, Mahindra & Mahindra and Tata Motors were the top gainers, while Infosys, Tata Consumer and Tata Consultancy Services were the top losers on the Nifty 50 index.

The following penny stocks are likely to be in focus on Tuesday, March 19, 2024:

Shrenik 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 1.10 per share on the NSE. Shrenik Ltd, a paper trading company founded in 2012, operates across Gujarat, Rajasthan, and Maharashtra. They specialize in processing and distributing various paper products, including pulp, paper boards, and more, acting as a wholesale distributor for several major paper manufacturers.

Steel Exchange India 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 14.35 on the NSE. Steel Exchange India Ltd, founded in 1999, manufactures and sells steel and related products, along with generating power. The company, originally incorporated as Pyxis Technology Solutions Ltd., acquired Simhadri Steels in 2004 and later merged with Simhadri Power Ltd. in 2014.

Burnpur Cement 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 6.40 per share on the NSE. Burnpur Cement Ltd, founded in 1986, focuses on manufacturing cement and sells its entire production to Ultratech Cement Limited under a renewed one-year agreement with improved commercial terms, secured in December 2021.

Read: Unlocking Cement Stocks 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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