2023 is expected to be a volatile year for Indian markets after struggling in 2022. However, for investors with high risk appetite, penny stocks can provide opportunity for multi-bagger penny stocks returns in 2024. Penny stocks trading under Rs 10 have potential to multiply rapidly in price.
We’ve picked some of the top penny stocks in India that could post outsized gains for investors in 2024:
Revive Infrastructures (REVIVEINFRA)
Revive Infrastructures is engaged in engineering and construction for power transmission projects. Despite strong long-term fundamentals, the penny stock has struggled in recent years and trades around Rs 0.30. However, with government expected to expedite investments in power infrastructure including via public-private partnerships, orders could accelerate for REVIVEINFRA in 2024. Technically, the stock has seen strong accumulation and could breakout toward old highs at Rs 2 – 7X over current prices.
Manaksia Steels (MANAKSTEEL)
Manaksia Steels manufactures value added steel products supplying critical industries like oil & gas, railways, and infrastructure. Its subsidiary MINL produces hot rolled parallel flange channels which should see heavier demand. With capacity expansion plans underway amidst government infrastructure push, MANAKSTEEL at Rs 6 has potential to regain lost ground back toward 52-week high of Rs 16 – a triple bagger from current levels.
Balaji Telefilms (BALAJITELE)
Balaji Telefilms operates in Indian television content production and movie entertainment. Despite shift toward OTT platforms, television remains strong in India. As BALAJITELE expands digitally both organically and via partnerships, it could see accelerated subscriber growth in 2024. Profitability should also improve with operating leverage. Technically, BALAJITELE has strong support at Rs 50 and could potentially double from current Rs 55 toward the Rs 100 level on growth acceleration.
Additional Trends – Defense, Infra, and Digitalization
Some overarching trends that could benefit penny stocks include indigenization in defense driving new opportunities, infrastructure expansion with roads and energy, and India’s ongoing digital transformation. Stocks to analyze that fit these themes include MTAR Technologies, NCC, and Brightcom Group. Also scroll some related on indian stock market daily
While penny stocks are riskier, they also multiply rapidly. For investors willing to research fundamentally strong stories, penny names could deliver exciting multi-bagger returns building long-term wealth over the coming years. Be sure to evaluate company prospects carefully before investing.