Shares of TCM Limited, a penny stock, saw a 4 percent jump in Tuesday’s trading session after signing a Memorandum of Understanding (MoU) for manufacturing Medical Compounds. The stock has gained 30 percent in the last six months. With a market capitalization of Rs 44.12 crores, TCM Limited, which manufactures chemicals and trades solar equipment, opened trading at Rs 59.98 on Tuesday and currently trades at Rs 59.
The company’s stock price saw a 4 percent increase compared to the previous close of Rs 57.73 after reaching an intra-day high of Rs 59. This increase followed the signing of an MoU with Biogenix Inc. Private Limited for the contract manufacture of various reagents used in diagnostic laboratories.
Biogenix has expertise in manufacturing reagents and will supply products to TCM Limited as per their requirements. The recent financial quarters have shown positive movements in the company’s operating revenues and after-tax profits.
TCM Limited, established in 1943, is involved in manufacturing and selling chemicals such as carbonates, nitrates, and chlorides. The company also trades and installs solar panels, manufactures cattle feed, among other activities.
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