Stock below Rs 10: This multibagger penny stock is all powered up! Do you own it?
The company expects strong demand in the upcoming quarters and is also, taking up green energy projects.
The Indian indices opened lower on Friday amid bad global cues. The global market is jittery as investors await US non-farm payroll data, which is set to be released on Friday. The midcap and smallcap stocks witnessed some profit booking but this didn't stop this penny stock from rising 5 per cent during Friday’s trading session! We are talking about Jaiprakash Power Ventures (NSE code: JPPOWER), which saw strong buying interest from investors amid weak market sentiment. The stock has jumped nearly 20 per cent from its swing low of Rs 6.95 in the past five trading days, coupled with good volumes.
Interestingly, JPPOWER is among the strong growing Penny Stocks, which pleased investors with its recent impressive Quarterly Results. The company’s revenue rose 98.95 per cent YoY to Rs 1,820 crore while its net profit gained a massive 5,475 per cent to Rs 241.96 crore in June 2022. The company expects strong demand in the upcoming quarters and is also, taking up several green energy projects. Thus, investors are bullish on this stock as is evident from its price action.
The JPPOWER shares have soared 425 per cent in the past three years, making it a proven multibagger. It registered a strong price volume breakout on Friday, which has attracted fresh interest from traders.
Currently, JPPOWER share price trades at Rs 8.10 level on NSE. Long-term investors should include it on their watchlist!