LIC-backed penny stock under Rs 60: This micro-cap company enters into an MOU with Biogenix Inc Pvt Ltd

The stock is up by 65 per cent from its 52-week low of Rs 32.51 per share.

TCM Ltd, a company with experience in marketing chemicals and laboratory equipment, has entered into a Memorandum of Understanding (MOU) with Biogenix Inc. Pvt Ltd. This MOU allows TCM to leverage Biogenix's expertise in manufacturing reagents used in diagnostic laboratories. Biogenix is a licensed manufacturer with the necessary facilities and qualified personnel to produce these reagents according to TCM's specifications.

This collaboration aims to provide TCM Ltd with a cost-effective way to expand its product line of reagents without the burden of setting up its manufacturing unit. Biogenix will be responsible for the entire production process, including manufacturing, storage, packaging, and delivery of the reagents according to TCM's instructions. TCM will retain control over branding and labelling, ensuring their products reach their established clientele. Importantly, Biogenix will be solely responsible for ensuring the quality of the reagents meets the required standards and any potential issues with patents or licenses.

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TCM Ltd manufactures medical products, GPS-enabled automatic headlight beam assist systems for vehicles under the brand name of ENSO and the business of setting up and commissioning solar power plants. The shareholding pattern of the company where promotors hold a 49.51 per cent stake, DIIs hold a 7.71 per cent stake (out of which Life Insurance Corporation of India owns 7.68 per cent) and the rest is owned by the general public which is 42.78 per cent as of March 2024.

Today, shares of TCM Ltd plunged 5 per cent to Rs 53.07 per share from its previous closing of Rs 55.86 with an intraday high of Rs 57.80 and low of Rs 53.07. The stock has a 52-week high of Rs 66.97 and a 52-week low of Rs 32.51. The stock is up by 65 per cent from its 52-week low of Rs 32.51 per share.

Disclaimer: The article is for informational purposes only and not investment advice.