10 Best Penny Stocks To Buy Now In India 2024 : The Share Brokers (2024)

Best Penny Stocks To Buy Now In India 2023: You will get to see many such top penny stocks lists in the Indian stock market, which has given shareholders by earning multi-bagger returns in the long term. But you will also find many such penny stocks in the market which have already reduced the shareholder’s investment amount to zero.

There will be very few people who are earning multi-bagger returns by investing in penny stock companies at the right time. In order to earn good returns in penny stock, a good penny stock can be selected on the basis of the future of the company’s business and the direction in which the business’s performance is moving.

In this article, we are going to tell about the 10 best penny stocks of the Indian stock market, whose business is seeing progress in the future and has full potential to earn tremendous returns to the shareholders in the long run. Let us know in detail about those penny shares.

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List of 10 Best Penny Stocks To Buy Now In India 2024 (Updated):

Analysis Of Best Penny Stocks To Invest In India 2024:

1. South Indian Bank Ltd:

This banking sector company comes first in our list of penny stocks in 2023. Slowly, South Indian Bank is working fast to spread its banking service to every corner of India, for which the bank is continuously opening new branches in smaller towns. In the last few years.

In the coming days also, the bank is paying a lot of attention to digitization in its banking service to spread its business faster and provide better service to the customer, which will put South Indian Bank in a better position. Time to come to full capacity.

2. Suzlon Energy Ltd:

Looking at the Penny Share List 2023, the second name in our list is Suzlon Energy Limited, which is a great company working in the energy sector in the future. Suzlon Energy is the market leader in the wind energy segment, where the company’s business is also spread across wind turbine-assisted power generation and its operation and maintenance services.

The way every country is focusing more and more on clean energy keeping the environment in mind, the demand for clean energy is gradually increasing, and Suzlon Energy is already working in this area. There is every hope of getting the maximum benefit from this. The company’s presence is already being seen in India as well as in the international market, due to which the company’s business is going to see a big boom in the coming days as the demand for clean energy increases.

3. Urja Global Ltd:

If we look at our best penny stock list, Urja Global appears to be a great company associated with the power sector, the company primarily spans Urja Global’s business in all types of solar energy-related design, supply, and distribution. As the demand for solar energy is increasing rapidly every year and the government also seems to be jointly promoting solar energy, the company should increase its manufacturing capacity in view of this ever-increasing opportunity. As it grows, it starts working in pairs.

To establish itself as the Urja Global Leading Company in the renewable energy sector in the coming times, the company is also working on many such big projects in the last few years, with the help of which Urja Global will be an emerging company. area in the future. The company has its full potential.

4. Indian Overseas Bank (IOB):

IOB, operated by the Ministry of Finance and headquartered in Tamil Nadu, was established in 1937. More than 96% of IOB’s shares are held by the government. Apart from these, this bank has also established branches in foreign countries such as Bangkok, Colombo, Singapore, and Hong Kong. The IOB share price has performed consistently over the past three years, up nearly 85%.

5. Vodafone Idea Ltd:

Vodafone Idea Limited has a strong foundation and a market capitalization of Rs 255.67 billion. A stake purchase has been suggested by the Indian government, which will increase investor confidence in the company’s growth potential and possibly boost the stock price. The stock of Vodafone Idea, one of the country’s top telecom carriers and backed by Indian billionaire KM Birla. Vodafone Idea is listed on the National Stock Exchange and the Bombay Stock Exchange.

6. Syncom Formulations (India) Ltd:

Syncom Formulations belongs to the pharmaceutical industry, and a strong market share of the company is seen in India as well as in the global market. Right now, with over 400 products, the company is seeing a very good market share. At the same time, the company is continuously investing in the development of new products and increasing the production capacity of its products, which is expected to increase the business of the company in the future.

Even though the share price of Syncom Formulations is currently being seen in the penny share list, but the way the demand for pharmaceutical products in the domestic market as well as in the global market is increasing rapidly every year, which will lead to the growth of the upcoming company. Every hope is taking advantage of it from time to time.

7. Visa Steel Ltd:

With a market value of INR 1.82 billion, Visa Steel has been instrumental in helping the government’s efforts to revive the economy after COVID-19. It is certain that the value of the company’s stock almost doubled in a single year due to the mining of Visa Steel and the increasing demand for metal goods.

The stock of Visa Steel traded on the National Stock Exchange and the Bombay Stock Exchange, had a 728% increase in EBITDA on an annual basis. The 26-year-old business has been able to reduce its debt substantially, which has some potential. Although the business is not profitable yet, the decision taken by the company is benefiting the company, so the growth of the company looks good in the coming time.

8. Globe Textiles (India) Ltd:

The company is mainly spread in the manufacturing and trading business of Textile Products where the company has a wide range of product segments like Jeans, Printed Fabrics, and others. Looking at the textile industry in India is growing at a very good pace every day, looking at this growing opportunity of the global textile market, they have established their manufacturing plants with the help of their manufacturing plants at various locations across the country. The company can be seen spreading its business in the big market in the coming days.

At the same time, the company is paying a lot of attention to new product development with its own brand name according to the customer’s requirement, due to the product design and development according to the customer’s requirement, the pace of the company is getting very fast. Looks like they’re taking over the market. Looking at the way the company is doing business, Globe Textiles is definitely seen as the best company in its field on the list of best penny stocks.

9. Alok Industries:

Another top penny stock list to buy is Alok Industries, India’s largest fully integrated textile company. Its specialty is in the cotton and polyester segment. Alok Industries is currently priced at Rs. 15.80. The share price of Alok Industries has reached a 52-week high. 35.80 It is a multi-bagger stock that has given excellent returns of over 565% in the last 3 years. The share price of Alok Industries has gained about 5% in the last month.

10. TV18 Broadcast Ltd:

TV18 Broadcast Limited is backed by Reliance, the largest company in the Indian market. Post-Covid, the growth in the media and entertainment sector has become evident. TV18 is aggressively taking initiatives to increase its market share. In addition, recently Bodhitree has invested in the firm to lead the development.

The stock has been in an uptrend with a range-bound perspective with a range of Rs 34 – 60. Hence, considering the sound fundamentals and technicalities, this stock seems to be a reasonable contender in the list of penny stocks we have listed.

Penny Stock Investment Rules:

Your first rule of thumb for investing in penny stocks should be that you should never invest heavily in penny stocks, the more growth opportunities in such companies, the more risk the business will see. Therefore, you should always invest the same amount in penny stocks, which may not show the same impact on your finances even if they are a loss.

Talking about the second rule, after investing in penny stock, it is very important for you to always keep an eye on the business of the company whether the company is progressing according to its business plan or not, and in what kind of financial condition. , It is very important to always keep an eye on what is seen while showing the display.

Given the third rule, you should never buy penny stock in the upper circuit at a time when the price of a penny stock rises or, if you do, most of the time you may be stuck at a higher price, which will give you. Lots of money You may face heavy losses.

From my perspective:

Even though investing in penny stock companies is considered to be the riskiest, if you do a thorough analysis and select any good penny company stocks at the right time, it can generate very good returns. Never get greedy when investing in penny stocks, investing in good penny stocks should only take a very small portion of your portfolio. Keep in mind that before making any investment decision, do not forget to do your own analysis of the company or take the advice of your financial advisor.

FAQs On Best Penny Stocks In India 2023:

Conclusion On Best Penny Stocks in India 2024:

I hope that after reading the article Best Penny Stocks List, you have come to know about the companies that have the full potential to show good performance in their business in the long run. If you still have any questions related to this article then don’t forget to ask in a comment.

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