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HomeStocksPenny Stocks To Watch On Wednesday - February 28, 2024

Penny Stocks To Watch On Wednesday – February 28, 2024

During the most recent market session, both the Sensex and Nifty closed on a positive note, with the Sensex Index up 0.42% and the Nifty-50 Index up 0.34%. At the same time, the Nifty Mid-cap Index decreased by 0.12%, whereas the Nifty Small-cap Index, finished the session up 0.18%.

Nifty Realty Index and Nifty Consumer Durables Index emerged as the winners among the sectors, whereas the Nifty Oil & Gas Index and Nifty Media Index encountered losses in the sectoral landscape.

At the individual stock level, Tata Motors, Power Grid Corporation and Tata Consultancy Services were the top gainers, while Bajaj FinServ, Bajaj Finance and Adani Enterprises were the top losers on the Nifty 50 index.

The following penny stocks are likely to be in focus on Wednesday, February 28, 2024:

Eurotex Industries and Exports 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. Established in 1989, Eurotex Industries and Exports Limited is a vertically integrated textile company that manufactures a wide range of cotton yarn and knitted fabrics. As India’s first private sector 100 percent Export Oriented Spinning Unit established in 1989, Eurotex exports over 8,000 tonnes of 100% cotton yarn in counts ranging from the 20s to 120s used for knitting, weaving, dyeing, and processing.

Zenith Steel Pipes & Industries 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 9.45 on the NSE. Established in 1960, Zenith Steel Pipes & Industries Ltd manufactures and sells electric resistance welded (ERW) black and hot galvanized pipes, ranging from half an inch to twenty inches in diameter. Additionally, they produce large-diameter spirally welded pipes (HSAW) for bulk water transportation, with sizes ranging from eighteen to one hundred inches in outer diameter.

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

Vinny Overseas 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 4.70 per share on the NSE. Vinny Overseas Ltd, established in 1992, manufactures and processes textile fabrics for both export and domestic markets. They also offer fabric processing services based on customer needs, transforming raw materials into finished 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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