5 Best Performing Penny Stocks of 2023 so far. Will their Dream Run Continue?

It's a little over a month into 2023 and we're already seeing some major moves in the penny stock market!

Surely many may be pondering why they invested in Adani group stocks at sky high valuations. But some investors are being treated with incredible gains, with select penny stocks seeing returns of over 300%.

Whether these are high quality penny stocks or poison stocks, we'll let you decide.

Before you jump on the bandwagon, it's important to approach these investments with caution.

With that disclaimer out of the way, let's look at the top performing penny stocks of 2023 so far, examining both the bullish and bearish sides of the equation.

#1 Integrated Technologies

Integrated Technologies deals with printed circuit boards (PCBs) including very fine-line, high conductor track width & spacing and hole density surface mount device (SMD), and multi-layer PCBs.

In 2023 so far (between 1 January 2023 and 10 February 2023), the stock has already rallied 305%.

In the December 2022 quarter, promoters of the company offloaded a major chunk of their shares.

The latest shareholding pattern of Integrated Technologies shows that total promoters' stake decreased by 28.68% and stood at 46.32% as compared to 75% in September 2022.

The company has a string of losses, having posted losses in the past 9 years. So have the fortunes changed this year?

Certainly looks that way...the company is on its road to become profitable in 2023. It is profitable so far for the first three quarters of financial year 2023.

The company reported a one-time other income of Rs 50 million (m) in the September 2022 quarter, which explains the sharp rally in its share price in the following months.

To know more, check out Integrated Technologies financial factsheet and its latest quarterly results.

#2 Shukra Pharma

Next on the list is Shukra Pharma. The company is engaged in manufacturing and trading of pharma products and other equipment.

It exports to countries including Australia, Uganda, Kenya, the UK, Sri Lanka, Mauritius, and the Republic of Yemen.

In 2023 so far (between 1 January 2023 and 10 February 2023), the stock has already rallied 179%.

In the past one year, the stock is up over 400% with most of the gains coming in the first month of 2023.

Since 2017, the company has been producing pharma products such tablets, capsules, and parenteral.

What's more, this penny stock also pays out dividend. The company last year paid a dividend of Rs 0.50 per equity share.

In August 2022, the company informed that it would conduct a rights issue for Rs 190 million (m).

To know more, check out Shukra Pharma's financial factsheet and its latest quarterly results.

#3 Taylormade Renewables

Next on the list is a renewable energy company.

Taylormade Renewables is involved in the business of providing renewable energy solutions.

It is based in Ahmedabad, Gujarat. The company manufactures components and carries out EPC (engineering, procurement, and construction) work for renewable energy and solar thermal applications, primarily parabolic concentrators.

It also manufactures bio-mass cook stoves, box cookers, and dish cookers among others. Taylormade also has patents for some of its products.

In 2023 so far (between 1 January 2023 and 10 February 2023), the stock has already rallied 148%.

In the past one year, the stock is up over 500% with most of the gains coming in the first month of 2023.

The company's PE multiple shot up in financial year 2022 when it was back to reporting profits.

Prior to that in the previous year, the company had losses to the tune of Rs 18.1 million.

It remains to be seen how the company performs this year.

#4 Deep Diamond

Next on the list is Deep Diamond. The company is involved in the business of gold and diamond studded jewelry.

In 2023 so far (between 1 January 2023 and 10 February 2023), the stock has already rallied 88%.

In the past one year, the stock is up a massive 1,646%!

Last year, the company increased its authorised share capital from Rs 40 million to Rs 100 million.

Last year was also a turning point for the company as it forayed into pharma and related businesses.

This year, the company decided to split its shares from Rs 10 to a face value of Rs 1 each.

To know more, check out the company's financial factsheet.

#5 Quest Softech

Last on the list is Quest Softech.

The Mumbai based company is engaged in the business of software and hardware consultancy services related to the preparation and maintenance of accounting, statistical, scientific or mathematical information, and reports.

It also provides data processing, systems integration services, and project management.

In 2023 so far (between 1 January 2023 and 10 February 2023), the stock has already rallied 98%.

In the past one year, the stock is up a massive 2,373%!

These gains could be attributed to the company reporting multifold jump in profits.

It had a history of reporting miniscule revenues and instable profits till 2020. In financial year 2021, the company's losses ballooned to Rs 426 m. But in 2022, the company was back to being profitable and reported a net profit of Rs 261 m.

To know more, check out Quest Softech's financial factsheet.

Which other penny stocks have started 2023 with a bang?

Apart from the above, here are few other penny stocks which have rallied in 2023 already.

Company	CMP (Rs)	Price on 1 Jan 2023	Gains (%)
Vinyoflex Ltd.	92.9	50.2	85%
Generic Engineering Construction	58.4	32.4	80%
Pressure Sensitive Systems	11.2	6.5	72%
Garnet International Ltd.	65.3	38.4	70%
Magnum Ventures Ltd.	32.9	19.4	69%
Baid Finserv Ltd.	32.9	19.9	66%
Indus Finance Ltd.	29.1	17.7	65%
MSR Copper Ltd.	11.9	7.4	60%
Trescon Ltd.	14.5	9.3	57%
Bilcare Ltd.	59.3	38.0	56%
Ashapuri Gold Ornament Ltd.	91.3	58.7	55%
Mauria Udyog Ltd.	5.4	3.5	55%
Artemis Electricals And Projects Ltd.	96.8	64.3	51%
Pressman Advertising Ltd.	63.2	42.5	49%

Data Source: Ace Equity

Since penny stocks interest you, also check out the below video where Co-head of Research at Equitymaster Rahul Shah shares his strategy for penny stock investing and three low-risk penny stocks for 2023.

Disclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such. Learn more about our recommendation services here...