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Penny stocks to watch on Tuesday – May 21, 2024

During the most recent market session, both the Sensex and Nifty closed on a positive note, with the Sensex Index up 0.34% and the Nifty-50 Index up 0.28%. At the same time, the Nifty Mid-cap Index increased 0.88%, whereas the Nifty Small-cap Index finished the session up 1.65%.

Nifty Auto Index and Nifty Realty emerged as the winners among the sectors, whereas the Nifty IT and Nifty Pharma encountered losses in the sectoral landscape.

At the individual stock level, Mahindra & Mahindra, JSW Steel and Grasim were the top gainers, while TCS, Cipla and SBI Life were the top losers on the Nifty 50 index.

The following penny stocks are likely to be in focus on Tuesday, May 21, 2024:

Vardhman Polytex 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 11.60 on the NSE. Vardhman Polytex is a flagship company of Oswal Group. It manufactures a range of Cotton Yarns (Carded, Combed, Organic, BCI), Cotton Polyester Yarns and Value Added Yarns (Grey and Dyed) in variable counts. Company has entered into arrangement with a few vendors, from whom the company purchases raw materials, processes it and sells the finished output back to them.

Read: India’s Top 5 Textile Giants by Revenue!

M K Proteins 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 13.65 per share on the NSE. M K Proteins, a Rajkot-based firm from the Shree Ganesh Fats Group, specializes in producing and processing groundnut refined oil, groundnut oil cake, and groundnut seeds. It also manufactures rice bran oil and sunflower oil, and refines crude oils into various edible oils, yielding saleable by-products. MKPL imports crude oils and trades in both edible and non-edible oils.

Binani Industries 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 16.95 per share on the NSE. Binani Industries is the holding company of manufacturing businesses of Braj Binani Group. The group works in zinc, glass fiber and downstream composite products sectors. Company earns revenue through royalty income from its subsidiaries for usage of its brand name and also earns revenue for management services that it provides to its group companies.

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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