Indian equity markets have gone through a very rough session in the month of February 2018 on the woes of LTCG being taxed and the major setback due to the global sell-off. Up until January 2018 from January 2017, the Indian stock markets emerged as one of the top performers among the major economies of the world with the benchmark indices Sensex and Nifty gaining over 30%. But since the beginning of this month, a negative wave of sentiments have risen unanimously due to the concerning factors emerging one after the another from a 10% tax on LTCG (Long-Term Capital Gain), the largest global sell-off in last 7 years.

The effect of these two factors seemed have diminished by the second week of February but the pessimism among the investors shot to an all-new level after India’s biggest banking scam came to light. On the early morning of Valentine’s day (14 February 2018), Country’s second largest PSU (Public sector undertaking) lender Punjab National Bank informed that it has found “unauthorised and fraudulent” transactions totalling to Rs 11,394 crore which recently got exceeded by Rs 1,323 crore to Rs 12,717 crore.

Amid the intensified euphoria in Indian stock markets, we take a look at a penny stock below Rs 2 which had quadrupled in just 2 months of the new year 2018.

Shares of Zenith Birla (India) have risen four times in the duration of last two months beginning January 2018. The stock of Zenith Birla (India) gained as much as 311% to Rs 1.85 from a price level of Rs 0.45 (as on 1 January 2018). Zenith Birla (India) shares have a face value of Rs 10 and are categorised under ‘T’ group of Bombay Stock Exchange. Zenith Birla shares have a security code: 531845 and an ISIN (International Security Identification Number): INE318D01020. Zenith Birla is a construction and engineering company commanding a market capitalisation of Rs 20.22 crore on BSE.

Shares of Zenith Birla have been rising continuously since the beginning of this year. Earlier this month only, Zenith Birla reported a two-fold rise in the quarterly income for the October-December period of FY18. Zenith Birla posted a jump of 114.15% in the total income to Rs 27.69 crore for the third quarter ended 31 December 2017 as against an income of Rs 12.93 crore in the corresponding period a year earlier. In the third quarter, company’s net loss narrowed to Rs 1.76 crore from Rs 5.76 in the same quarter previous fiscal.