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Business News/ Markets / Stock Markets/  FII-backed penny stock under 2 hits 52-week high. Jumps 65% in YTD
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FII-backed penny stock under ₹2 hits 52-week high. Jumps 65% in YTD

Penny stock under ₹2: As per the shareholding pattern of the company for the October to December 2023 quarter, FIIs own a 4.08% stake in this small-cap company

Small-cap penny stock under ₹5 has rinse to the tune of 75% in the last six months.Premium
Small-cap penny stock under 5 has rinse to the tune of 75% in the last six months.

Penny stocks under 2: Gayatri Highways shares are one of those rare penny stocks of the Indian stock market that have attracted investments from foreign institutional investors (FIIs). As per the shareholding pattern of Gayatri Highways Ltd for the October to December 2023 quarter, FIIs are shown to hold 97,74,236 company shares, which is 4.08 percent of the total paid-up capital of the company.

Interestingly, FIIs' faith in this penny stock under 5 has not gone wasted. In the last one month or say in the year-to-date (YTD) time, this penny stock below 2 has surged from around 0.90 apiece to 1.50 per share on NSE, logging over 65 percent rise in this time. In the last six months, this penny stock under 5 has risen from around 0.85 to 1.50 apiece on NSE, delivering to the tune of over 75 percent in this time. 

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However, it seems that the penny stock under 5 still has some upside potential. Gayatri Highways share price today opened upside and went on to touch an intraday high of 1.50 apiece, which turned out its new 52-week high.

FIIs' shareholding in Gayatri Highways

As per the shareholding pattern of Gayatri Highways Ltd for the recently ended December 2023 quarter, FIIs hold a 4.08 percent stake in this penny stock under 2. Out of these FIIs, Sparrow Asia Diversified Opportunities Fund owns 46,38,900 shares of the penny stock, which is 1.94 percent of the total paid-up capital of the company. Likewise, Afrine Dia owns 30 lakh company shares, which is 1.25 percent of the total paid-up capital of the company.

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In the July to September 2023 quarter, FIIs held the same 4.08 percent stake in this penny stock and both FIIs Sparrow Asia Diversified Opportunities Fund and Afrin Dia used to hold 1.94 percent and 1.25 percent stake in the company. This means FIIs remained steady in this penny stock under 2.

This penny stock under 2 is available for trade on both NSE and BSE. The current trade volume of this penny stock is around 9.39 lakh and nearly two hours of trade is still left in Tuesday's session. The current market cap of this small-cap stock is 35 crore. Its 52-week high is 1.50 per share whereas its 52-week low is 0.55 per share.

Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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Published: 06 Feb 2024, 01:36 PM IST
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