Is investing in Penny stocks backed by Renowned names like LIC worth looking at?

I had been reading about Integra Essentia recently. LIC holds 1.06% stake which is reduced from 4.46% in 2021. Also promotors have reduced stake from 63.55% to 20.81%. Even they offered bonus. Fundamental numbers which looks not very bad with very thin OPM. Sales growing 3-4 times but always expenses are eating away all sales- typical possible accounting practice in trading companies. When I looked at its business model. Its like any typical agent, distributor who trades right from pen, paper, onion, potato, to steel, cement, chemicals and commodities wherever the growth there and margins there. I am thinking to study what is difference between Super market, such traders, online shopping today? Probably, promotors or team have good network to bag/manage orders? Trading is old age business model and source of income is commission! Today with digital world and changing norms of doing business, many OEMs, critical products are being purchased directly by the clients. Yes, FMCG needs retail outlets- which don’t know if they have ( for garments)? Another query comes to mind, is if this company is linked with any National integration for import and exports policies ( sorry I did not read DHRP)? What is its uniqueness to list it by promotors unless they have exclusive rights or LTSA framed ( long term sales agreement to sell in the region ( if anyone knows ?). Normally things should be visible on website if not in data analytics. But with its products portfolio, several such queries came to mind especially when LIC is bullish, why !? Have promotors raised loans against policies and offered a stake…? … Disclaimer: Dont hold this stock, the message is for information and sharing and/or discussion also.

Integra Essentia is from the group of Ashok Piramal.