However, as the issue progressed, a cloud of uncertainty descended. Despite an overwhelming response (received subscription for 1,43,31,856 equity shares, which is 118.35 per cent of the issue size) from eager investors, the company found itself falling short of the minimum subscription threshold of 90 per cent. How could this be?

The company has reported an increase of about 163.67 per cent in the net profit in Q1FY24.

The stock gave 87.89 per cent returns in just 1 month whereas BSE Sensex was down by 3.39 per cent. Investors should keep an eye on this penny stock.

The public holds approximately 61.80 per cent of the stock, while promoters hold 38.19 per cent. In the most recent quarter, promoters reduced their stake by 29.45 percent in Q2FY23 compared to Q2FY22.