Penny stocks to watch out for Monday

Friday’s trading session concluded on a subdued note as both the Sensex and Nifty wrapped up the day with noteworthy declines, reflecting a decrease of 0.56% and 0.59%, respectively.

Similarly, the Nifty Midcap segment experienced a downtrend, concluding with a 0.45% decline, while the Nifty Smallcap segment saw a more modest reduction of 0.18%.

In terms of sectoral performance, the Nifty PSU Bank emerged as the sole significant gainer, standing in contrast to sectors such as Nifty FMCG, Nifty Pharma, and Nifty Media, which recorded notable losses.

Among individual stock movements within the Nifty 50 index, HCL Tech, Titan, and Power Grid exhibited strong gains, while NTPC, IndusInd Bank, and Divi’s Laboratories encountered declines.

The following penny stocks are likely to be in focus on Monday, August 14, 2023:

Spacenet Enterprises: The stock experienced a substantial surge in its stock price, with the stock getting locked at 10% upper circuit, indicating a strong breakout in both price and volume. The stock achieved an impressive intraday high of Rs 18.30 per share on the NSE. Spacenet Enterprises Ltd is in the business of trading commodities and providing Information technology-related services.

Nagarjuna Fertilizers and Chemicals: The counter experienced a notable increase in buying interest as the scrip zoomed and got locked at 10% upper circuit, reaching an intraday high of Rs 11.55 per share on NSE. This surge in price was accompanied by a significant rise in trading volume for the scrip. Nagarjuna Fertilizers & Chemicals Ltd is principally engaged in the business of manufacturing and marketing fertilisers, micro irrigation equipment and agri-informatic services.

Prakash Steelage: The company witnessed a robust price and volume breakout, resulting in the stock surging and getting locked at 20% upper circuit, reaching an intraday high of Rs 5.50 per share on the NSE. This price rally was backed by a substantial increase in trading volume. Prakash Steelage Limited was incorporated in 1996 and it is a manufacturer of stainless-steel welded pipes, tubes and U-tubes.