In the past three months, 13 penny stocks delivered impressive gains ranging from 40% to 260%, including two multibaggers. These outperformers were identified using specific filters: a market capitalisation below Rs 1,000 crore, a share price under Rs 20, and a minimum trading volume of 5 lakh shares. This approach helped spotlight low-priced, actively traded micro-cap stocks exhibiting strong upward momentum.Penny stocks continue to draw interest due to their low price points and high return potential. However, they come with substantial risk, marked by low liquidity, sharp volatility, and limited transparency. For investors, success in this space requires more than luck; it demands discipline, thorough research, and a firm grip on risk management. (Data Source: ACE Equity) Small but Mighty