Penny stock below Rs 20 witnessed promoter buying; what’s cooking?
The stock had surged by an astonishing 25 per cent on a month-to-date basis, setting tongues wagging and traders speculating.
In a week that kicked off with a bang, the Indian stock market showcased a stunning performance, setting new milestones that had investors buzzing with excitement. It was a day when the bulls were in full charge, with Nifty hitting a century mark and Sensex making an astonishing triple century. The financial world watched in awe as the two giants of the Indian stock market, Nifty and Sensex, surged by 0.60 per cent and 0.50 per cent respectively. The most thrilling part of it all was that Nifty was now within touching distance of its all-time high, promising an exhilarating ride for traders and investors alike.
A closer look at the sectoral performance revealed a sea of green, with most sectors displaying impressive gains. However, Nifty Media appeared to be the outlier, slightly down by 0.11%. In a surprising twist, Nifty PSU Bank and Nifty Metal emerged as the star performers of the day, stealing the spotlight with their impressive gains. The market wasn't just about the big players, though. The broader market indices, Nifty Mid-Cap and Small-Cap, were the dark horses, galloping ahead with gains of 0.92% and 1.28% respectively. This unexpected surge in smaller companies left the advance-decline ratio firmly in favor of the advancing stocks.
Yet, amidst this interesting scenario of market activity, one particular stock managed to capture the imagination of market participants—TTI Enterprise Ltd. This non-deposit taking Non-Banking Finance Company witnessed its shares soaring by 1 per cent, reaching Rs 15.10, and even hitting an intraday high of Rs 15.80. What's truly remarkable is that TTI Enterprise had surged by an astonishing 25 per cent on a month-to-date basis, setting tongues wagging and traders speculating.
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The question on everyone's mind was, "What was the driving force behind this remarkable ascent in just seven trading sessions?" The answer lay in a revelation that sent shockwaves through the market—the disclosure of insider buying. According to the latest disclosure under SEBI's Prohibition of Insider Trading regulations, V S Ranganathan (Alias Valath Sreenivasan Ranganathan) had acquired a staggering 1,714,601 equity shares of TTI Enterprise Ltd. at an average price of Rs. 10.5, a move reported to the exchange on Sept. 4, 2023. With this transaction, V S Ranganathan's holding in the company had skyrocketed to an impressive 28.71 per cent.
This was not the only surprise in store. Another disclosure, this time under SEBI's SAST (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, revealed that Bindu K C had made a substantial acquisition of 2,115,338 shares in TTI Enterprise Ltd., a transaction reported to the exchange on Aug. 30, 2023. These developments had the market buzzing with anticipation, as investors eagerly awaited the next move in this penny stock.
Disclaimer: The article is for informational purposes only and not investment advice.