Penny Stock of Rs 3.13 Hits Upper Circuit, Records High Volume and Ninefold Profit Surge
Over 4,92,600 shares were queued up in buy orders, highlighting strong investor interest.
On Friday, the Nifty50 index experienced a significant decline, falling over 1 per cent and slipping below the crucial 24,550 level. This drop marked the sharpest seen since the day of the election outcome, signaling a substantial shift in market sentiment. The broader markets were hit even harder, with the Nifty Midcap and Small-Cap 100 indices each tumbling by over 2 per cent.
Amidst this market turmoil, one penny stock stood out by outperforming the broader market indices. Inventure Growth & Securities Ltd saw its shares soar by 9.82 per cent, hitting the upper circuit limit for the day at Rs 3.13 per share on the NSE. This robust performance was particularly notable given the broader market's decline. Over 4,92,600 shares were queued up in buy orders, highlighting strong investor interest.
The penny stock hit a 52-week high of Rs 3.75 per share on January 9, 2024, while its 52-week low was Rs 1.73 per share on August 24, 2024. The upmove on Friday was accompanied by a substantial increase in trading volumes, with around 3.08 crore shares traded on the NSE. This volume was four times greater than the 30-day average of 74.59 lakh shares and marked the highest volume recorded by the stock in seven months, since January.
Inventure Growth & Securities Ltd's recent Quarterly Results has likely contributed to the increased investor interest. For the quarter ended June 2024, the company reported an 84 per cent year-on-year increase in revenue. More impressively, its net profit jumped nearly ninefold to Rs 6.43 crore, compared to Rs 0.73 crore in the same quarter of the previous year.
Disclaimer: The article is for informational purposes only and not investment advice.