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Penny Stocks to Watch Out for Monday, 22th May 2023

19 May 20233 mins read by Angel One
Among the Nifty 50 stocks, Adani Port Special, Tata Motors and Tech Mahindra performed exceptionally well and emerged as the top gainers.
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The Nifty index showed a strong rebound from its lower levels and ended the day near its highest point. It managed to recover more than 150 points from its lowest point and closed with a gain of 73 points, reaching a level of 18,203.    

The S&P BSE Sensex also experienced a significant jump of 295.99 points, closing at a level of 61,734. Similarly, the Nifty Midcap 100 and Nifty Smallcap 100 indices displayed a strong recovery, with marginal changes of 0.06% and 0.48% respectively, closing nearly flat.   

Among the Nifty 50 stocks, Adani Port Special, Tata Motors and Tech Mahindra performed exceptionally well and emerged as the top gainers. Conversely, Tata Consumer products, Divis Lab and Britannia faced losses and ended up as the top losers.    

The following penny stocks are likely to be in focus on Monday, May 22, 2023:     

Shanti Overseas (India) Limited– Heavy buying interest was witnessed in the counter as the scrip surged 19.94%, recording an intraday high of Rs 21.95 per share on NSE. Shanti Overseas India Ltd is in the business of processing and trading of agri commodities and manufacturing of soya products.    

Next Mediaworks– The stock saw significant buying activity, resulting in a surge of 9.32%, to trade on intraday high of Rs 6.45 per share on NSE. Incorporated in 1981, Next Mediaworks is primarily engaged in the business of FM Radio broadcasting. The company, through its subsidiary, Next Radio Ltd, runs the “Radio One” channel.     

Vishwaraj Sugar Industries– A strong breakout was witnessed in terms of price and volume as it rallied 18.47%, reaching an intraday high of Rs 18.60 per share. The scrip witnessed some profit booking and closed 13.69% up. Vishwaraj Sugar Industries Ltd is engaged in the production of sugar, alcoholic spirits by distillation including ethanol, vinegar and generation of power.

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