Penny stock under ₹10 hits 5% upper circuit despite stock market sell-off | Stock Market News

String Metaverse share price was locked in a 5% upper circuit on Wednesday, 12 August, even as the broader Indian stock market remained under pressure amid rising crude oil prices and caution ahead of key inflation data from India and the US.

The Nifty 50 was down 0.62% at 24,325 . 70, while the Sensex declined 0.68% to 77,623.79 as of 14:31 IST.

String Metaverse reported a strong performance for the June quarter of FY27, with revenue nearly doubling year-on-year and profit more than doubling. Revenue for Q1 FY27 rose 97.13% year-on-year to ₹392.42 crore, compared with ₹199.07 crore in the corresponding quarter of FY26.

Profit after tax (PAT) surged 101.80% year-on-year to ₹36.92 crore from Rs18.30 crore a year earlier.

The company said the results mark a strong start to FY27 as it continues to scale its technology businesses and expand its presence across artificial intelligence, blockchain and digital financial infrastructure.

Ganesh Meenavalli, Managing Director, String Metaverse Ltd, said, “Q1 FY27 represents another strong quarter for String Metaverse. Revenue increased approximately 97.13% year over year to ₹392.42 crore, while Profit After Tax more than doubled to ₹36.92 crore. We remain focused on scaling our technology businesses while maintaining financial discipline and investing in platforms that can participate in the next generation of global digital infrastructure.

String Metaverse is also strengthening its blockchain strategy through Billson Chain, while continuing to invest in emerging technologies, including AI, blockchain and tokenised financial systems.

The company said its focus on these technology-led businesses is aimed at building new growth opportunities and expanding its digital infrastructure capabilities.

String Metaverse share price today opened at ₹7.01 apiece on the BSE, the stock touched an intraday high of ₹7.17 apiece, and intraday low of ₹6.49 apiece.

String Metaverse share price has shown a mixed performance across different timeframes. The stock has gained 9.80% over the past week and 39.22% over the last two weeks, while its one-month gain stands at 7.50%.

However, the stock remains under pressure over the longer term, declining 9.70% in the past three months and 43.94% over six months. On a year-to-date basis, String Metaverse share price has fallen sharply by 61.18%, highlighting the stock’s significant volatility despite the recent rebound.

Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.

Dhanya Nagasundaram works as a Content Producer at LiveMint, specializing in news related to financial markets, stocks, and business. With over eight years of experience in journalism and content creation, she has honed her skills in data-driven reporting and market analysis. Her focus is on monitoring stock trends, initial public offerings (IPOs), corporate news, policy shifts, and larger economic trends that affect investors and market players. <br><br> At LiveMint, Dhanya consistently writes and produces articles that make complex financial topics accessible to readers. She keeps a close eye on equity markets, commodities, and macroeconomic indicators, assisting audiences in comprehending how global and domestic events influence investment perspectives. Her stories frequently underscore emerging trends within sectors, the IPO market, company earnings results, and market strategies pertinent to both retail and institutional investors. <br><br> Before her tenure at LiveMint, Dhanya accumulated a wealth of professional experience at various companies, including MintGenie, Informist, Cogenics, Chary Publications, KPMG, and the Royal Bank of Scotland. These positions allowed her to establish a solid foundation in financial research, reporting, and content creation. <br><br> Throughout her career, she has explored numerous subjects such as trading strategies, commodities, IPOs, wealth generation, corporate profits, and macroeconomic indicators. Her background in both financial journalism and corporate settings has given her the ability to tackle stories with analytical rigor while ensuring clarity for her audience. Through her contributions, Dhanya strives to deliver insightful, trustworthy, and investor-centric financial content.

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