Penny Stock Below Rs 2: Up 119% in Six Months, Company Announces Proposed Acquisition Development

NHC Foods Limited has informed the stock exchanges that its foreign step down subsidiary, Conquer Enterprises Limited, has signed a non binding Letter of Intent (LOI) for the proposed acquisition of a 75 per cent equity interest in DNR Ventures Pte Ltd, Singapore.

According to the company’s disclosure dated October 4, 2026, the proposed transaction has been indicated at a consideration of USD 5.5 million.

The disclosure is important to read in the context of the transaction structure. Conquer Enterprises has signed a non binding Letter of Intent, which means the proposed acquisition has not yet been completed.

Under the proposal, Conquer Enterprises would acquire a 75 per cent equity interest in DNR Ventures Pte Ltd, a Singapore based entity.  

NHC Foods has stated that the proposed acquisition is subject to several conditions. These include satisfactory due diligence, execution of mutually agreed definitive transaction documents, applicable corporate approvals and the receipt of necessary regulatory or third party consents.

On Monday, October 5, 2026, NHC Foods opened at Rs 1.80 on the BSE, touched an Intraday high of Rs 1.82, and hit the Lower Circuit at Rs 1.70. As of 1:19 PM, the stock was trading at Rs 1.71 on the BSE.

Over the last three months, the stock has gained about 57 per cent, while over the past six months, it has risen around 119 per cent, delivering multibagger retruns. However, in the last one month, the stock has witnessed a correction of nearly 34 per cent.

Disclaimer: The article is for informational purposes only and not investment advice.