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Business News/ Markets / Stock Markets/  FII-backed penny stock under 10 hits 52-week high. Gives 85% return in six months
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FII-backed penny stock under ₹10 hits 52-week high. Gives 85% return in six months

Penny stock under ₹10: This FII-backed small-cap stock under ₹10 has delivered over 30% in the last one month

FII-backed penny stock today opened upside and went on to hit an intraday high of ₹8.78 apiece levels on BSE, locking in an upper circuit within a few minutes of the stock market's opening bell. (Photo: Bloomberg)Premium
FII-backed penny stock today opened upside and went on to hit an intraday high of 8.78 apiece levels on BSE, locking in an upper circuit within a few minutes of the stock market's opening bell. (Photo: Bloomberg)

Penny stock under 10: Shares of East West Holdings Ltd are one of those rare penny stocks of the Indian stock market, which is backed by foreign institutional investors (FIIs). Mauritius-based FII AG Dynamics Fund holds the majority of FIIs' stake in this penny stock under 10. The FII holds a 6.78 per cent stake in this small-cap stock under 10. In the last six months, this FII-backed penny stock has delivered an 85 per cent return to its shareholders. However, it seems that the penny stock still possesses some steam to give upside movement.

East West Holdings share price today opened upside and went on to hit an intraday high of 8.78 apiece levels on BSE, locking in an upper circuit within a few minutes of the stock market's opening bell.

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East West Holdings' share price history

In the last one month, this AG Dynamics Fund-backed penny stock under 10 has surged from around 6.65 to 8.78 apiece levels, delivering around 30 per cent return to its shareholders. In the last six months, this small-cap stock under 10 has risen from 4.69 to 8.78 per share level, recording over 85 per cent rise in this time. In the last one year, this FII-backed penny stock shot up from 5.98 to 8.78 per share levels, registering over 45 per cent rise in this time.

Also Read: Reliance Industries-Analysts maintain bullish 2024 outlook led by Retail and Jio

AG Dynamics Fund shareholding

As per the shareholding pattern of East West Holdings Ltd for the July to September 2023 quarter, this Mauritius-based FII holds 86.50 lakh East West Holdings shares, which is 6.78 per cent of the total paid-up capital of the company. However, from April to June 2023 shareholding pattern of the company, AG Dynamics Fund name was missing from the FPI category. This means, the Mauritius-based FII bought good number of this penny stock during the July to September 2023 quarter. However, it is difficult to establish whether he bought all these shares during Q2FY24 or he was holding some shares of the company in Q1FY24 shareholding but it was below one per cent of the total paid-up capital of the company.

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

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Asit Manohar
Chief Content Producer at Live Mint Digital Team
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Published: 05 Jan 2024, 03:38 PM IST
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