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HomeStocksTop 3 Penny stocks to watch on Thursday - May 16, 2024

Top 3 Penny stocks to watch on Thursday – May 16, 2024

During the most recent market session, both the Sensex and Nifty closed on a negative note, with the Sensex Index down 0.16% and the Nifty-50 Index down 0.08%. At the same time, the Nifty Mid-cap Index increased 0.96%, whereas the Nifty Small-cap Index finished the session up 0.58%.

Nifty PSU Bank Index and NSE Realty emerged as the winners among the sectors, whereas the Nifty Media Index and Nifty Auto Index encountered losses in the sectoral landscape.

At the individual stock level, Coal India, Cipla and Bharti Airtel were the top gainers, while Tata Motors, Bajaj Auto and Asian Paints were the top losers on the Nifty 50 index.

The following penny stocks are likely to be in focus on Thursday, May 16, 2024:

Prakash Steelage 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 8.40 on the NSE. Incorporated in 1996, Prakash Steelage Ltd manufactures and exports stainless Steel tubes & pipes. PSL is a 1SO 9001-2015, ISO 14001-2004, OHSAS 18001-2007, PED Certified company and is a part of Prakash Group. It started its business by trading in stainless steel (SS) sheets, coils, plates and scrap.

Goyal Aluminiums 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 9.75 per share on the NSE. Goyal Aluminiums Ltd, founded in 2017, is a leading Indian manufacturer and wholesaler of aluminium products including coil, sheets, sections, and other parts. They also trade in related minerals, metals, and energy.

Shanti Overseas (India) 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 15.55 per share on the NSE. Shanti Overseas (India) Ltd, founded in 2011, is a central India-based company (Indore) dealing in the processing and trading of agricultural commodities, and manufacturing of Soya products. They specialize in organic options, including organic soybean seed, meal, crude oil, and lecithin. As an accredited Export House, they focus on exporting these organic soybean products and byproducts to the USA and Europe.

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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