These penny stocks were locked in the upper circuit on Tuesday!

The downtrend continued in the first session, but the markets picked up in the second half, with indices maintaining levels of around 58,700 and 17,500 on the bourses.

Following cues from the previous trading session, Indian equity markets continued their downfall, breaching low levels of 57,750 and 17,233 in the BSE Sensex and Nifty 50 indices, respectively. The downtrend continued in the first session, but the markets picked up in the second half, with indices maintaining levels of around 58,700 and 17,500 on the bourses.

Indian Metals and Ferro Alloys’ share price froze at 5% upper circuit, as the company announced that the board of directors will be considering the issue of bonus shares in their upcoming meeting. The stock was trading at the upper circuit limit of Rs 718.40, up to Rs 34.20 at 11:27 AM. The company's net profit surged three-fold to Rs 143.58 crore in the quarter ended September 2021 as against Rs 43.62 crore during the corresponding quarter in 2020.

In other news coming from the Telecom industry, incumbent Vodafone-Idea has also announced tariff hikes by 20-25% from Thursday, 25 November 2021. This announcement comes after Bharti Airtel made a similar announcement on Monday. Vodafone-Idea believes that the new plans will help address the financial stress being faced by the industry and improve the Average Revenue Per User (ARPU) process. 

Wall Street brokerage firm Goldman Sachs has updated India’s economic growth at 9.1% in the fiscal year 2022. Previously, it had estimated the growth at 11.1%, citing consumption and investment to be the key drivers of growth. It also forecasts headline inflation at 5.8% in 2022.

Latent View Analytics IPO surpassed the analysts’ expectation by listing at 179% above issue price on its first day at the bourses. This lightened the mood of IPO investors, post the Paytm listing debacle.

Following is the list of penny stocks that were locked in the upper circuit on Tuesday. Keep a close eye on these counters for the upcoming sessions.