Penny stock with strong foreign institutional investors’ (FIIs’) holding hit upper circuit today in early morning deals. The small-cap stock with a market cap of around ₹659 crore attracted strong buying interest after announcement of Qualified Institutions Placement or QIP issue at a discounted price of ₹4.65 apiece levels. This penny stock below ₹5 has emerged favourite FII stock as well. FPIs of well repute like Mauritius-based AG Dynamic Funds and Citrus Global Arbitrage Fund have made big investment in this penny stock. In fact, AG Dynamics Funds raised stake in the penny stock during July to September 2022 from 2.19 per cent to 3.90 per cent.