Penny stock priced under Rs 1 has been locked at a 5% upper circuit following a successful Rs 100 crore fundraising through a Qualified Institutional Placement (QIP). The stock’s price rise has been attributed to the positive response from investors towards the fundraising initiative. The QIP has enabled the company to raise a substantial amount of funds, which will likely be used for various growth and expansion activities. This development has generated interest among investors and has contributed to the stock’s upward movement.