Penny stocks to watch out for Monday, 7 August 2023

The Sensex and Nifty closed higher by 0.74% and 0.7%, respectively. Nifty Midcap and Nifty Smallcap also ended on a positive note, gaining 0.82% and 0.76%, respectively. 

Among the sectoral indices, Nifty Pharma, Nifty IT, and Nifty Bank were the top gainers, while Nifty FMCG, Nifty PSU Bank, and Nifty Auto were the top losers. From the Nifty 50, Cipla, IndusInd Bank, and Tech Mahindra were among the top gainers, whereas SBIN, Bajaj Auto, and BPCL were among the top losers. 

The following penny stocks are likely to be in focus on Monday, August 07, 2023:     

Udaipur Cement Works: Udaipur Cement Works experienced a substantial surge in its stock price, with a zoom of over 13%, indicating a strong breakout in both price and volume. The stock achieved an impressive intraday high of Rs 31.80 per share on the NSE, and this remarkable price surge was supported by a significant increase in trading volume. Udaipur Cement Works Limited is presently a subsidiary of Indian Cement Manufacturing Company, JK Lakshmi Cement Limited, which is part of the reputed business conglomerate JK Organisation (JKO) with a rich business legacy of more than 135 years. 

Compuage Infocom: The company witnessed a robust price and volume breakout, resulting in a surge of over 19% in its stock price, reaching an intraday high of Rs 14.30 per share on the NSE. This price rally was backed by a substantial increase in trading volume. Compuage Infocom, founded in 1987, is primarily engaged in the trading of computer parts and peripherals, software, and telecom products. 

Narmada Agrobase: The company observed a significant spike, with its stock surging more than 16%, reaching an intraday high of Rs 22.75 per share on the NSE. This notable price upswing was accompanied by a considerable rise in trading volume. Narmada Agrobase Ltd specializes in the manufacturing and sale of cottonseed and cattle feed. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet, and is subject to changes. Please consult an expert before making related decisions.