Introduction:
Often considered the wild west of the stock market, penny stocks have recently gained popularity among investors seeking high-risk, high-reward opportunities. These low-priced shares, typically trading for less than Rs. 20, present a unique investment opportunity that can be both enticing and scary. In this blog post, you will explore some top-performing penny stocks in January 2024, shedding light on the companies that have made significant strides in the Indian stock market. Keep reading.
Top-performing penny stocks in January 2024
Penny stocks are shares of small companies with low market capitalisation, often characterized by low share prices. The low share prices allow you to buy a large number of shares with a relatively small investment. Below are the top-performing penny stocks in January 2024 you can consider investing in:
Alok Industries Limited is in the business of yarn, weaving, knitting, and processing apparel fabrics, garments, and ready-made garments. After facing challenges during the pandemic, this textile company has successfully rebounded by emphasising exports and the development of value-added products. Although the growth prospects appear promising, the elevated level of volatility remains a source of concern for investors, keeping them on edge.
As of 5 February 2024, the shares of Alok Industries Limited were trading for Rs. 31.25 per share at the National Stock Exchange (NSE) and Rs. 30.55 at the Bombay Stock Exchange (BSE).
Read More: Penny Stock to buy in 2024
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Nyssa Corporation Limited
Nyssa Corporation Limited is involved in the trading of miscellaneous products. Thriving in rural markets, the company consistently generates healthy returns. Analyst opinions may vary, but the low volatility in its performance provides a reassuring sense of stability. In the last month, the company’s share price has soared by 54.48%.
As of 5 February 2024, Nyssa Corporation’s shares were trading for Rs. 8.97 per share at the BSE. The shares are not listed on the NSE.
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Advik Capital Services Limited
Advik Capital Services Limited offers financial services, such as financing, deposits, loans, leasing, etc. Delivering steady dividends and embracing digital transformation, this company provides modest gains with a moderate level of volatility. Positioned as a balanced option, it appeals to those seeking stability in their investments.
As of 5 February, Advik Capital Services’ shares were trading for Rs. 3.43 per share at the BSE. These shares have regularly hit the upper circuit in the last month or so.
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Sulabh Engineers and Services Limited
Incorporated in 1983, Sulabh Engineers and Services Limited is a Non-Banking Financial Company (NBFC) registered under the Reserve Bank of India (RBI). The company tries to capitalise on the current trends and has the potential to provide steady returns to investors. However, high volatility and limited analyst coverage can be the deterrents.
As of 5 February 2024, the shares of Sulabh Engineers and Services Limited were trading for Rs. 5.78 per share at the BSE. They have hit the upper circuit in the last two trading days. The one-year return of these shares stood at 45.45%.
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Prism Global Ventures Limited
Prism Global Ventures Limited offers microfinance and wealth management services in India. While the company showcases enticing past returns, it's crucial to bear in mind that its volatility keeps investors on their toes. Thorough research is advisable before considering an entry into this dynamic stock.
As of 5 February 2024, the shares of Prism Global Ventures Limited were trading for Rs. 1.69 per share at the BSE. The company has the potential to provide stellar returns in the future.
MPS Infotechnics Limited, also known as Visesh Infotechnics, is a fast-growing company that offers Information Technology (IT) solutions to global organisations. The company has offered multi-bagger returns in the past and the trend is expected to continue in the future, However, as an investor, you need to be wary of high volatility.
As of 5 February 2024, the shares of MPS Infotechnics Limited were trading for Re. 0.75 per share at both the NSE and the BSE. The returns for the last month stood at 42.11%.
To conclude
Investing in penny stocks can be a lucrative yet thrilling venture. While the potential for high returns exists, you must proceed with caution, conducting thorough research and understanding the associated risks. With Motilal Oswal, you can open a free Demat account and invest in the stock markets with confidence.
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