Edelweiss Financial Services, Servotech Power Systems, PC Jeweller, KPI Green Energy, MIC Electronics and Ravindra Energy hit the upper circuit

Domestic equity bourses, NIFTY50 and SENSEX, were trading marginally lower down by 0.04% and 0.01%, respectively. The broader markets were in green with Nifty Midcap 100 index and Nifty Smallcap 100 index trading up by 0.72% and 0.80%, respectively.

On the NSE, 99 stocks hit the upper price band (Upper Circuit), and 17 stocks hit the lower price band (Lower Circuit).

Here is the list of stocks (market cap above ₹1,000 crore) locked in upper circuits in today’s trading session. Stocks hitting the upper circuit on Friday (September 13, 2024)

Over the past one month shares of the company have risen by 64% and over the last one year it has increased by 129%. This rise was due to strong quarterly results as the company reported a consolidated profit after tax (PAT) growth of 17% YoY increase driven by strong financial performance across its core businesses. Additionally India's financial services landscape has witnessed rapid growth, driven by increasing disposable incomes, expanding middle class, and supportive government policies. The gamut of financial services, from lending and insurance to wealth management and investment banking, has expanded significantly. Currently, the company has a market capitalisation of ₹11,800 crore.

On September 10, the company declared that it has secured a contract to build 11 DC Fast EV charging stations from Bangalore Electricity Supply Company Limited (BESCOM). This contract involves servotech installing public electric vehicle (EV) charging stations at 11 Regional Transport Office (RTO) premises across Karnataka. Currently, the company has a market capitalisation of ₹3,850 crore. Over the past year, shares of the company have increased by 132%.

Recently, the company declared strong financial results for Q1FY25. In the quarter, the company reported a 505.67% increase in total income from ₹72.61 crore in Q1FY24 to ₹439.78 crore. PAT increased from a net loss of ₹171.62 crore in Q1FY24 to ₹156.06 crore. After six consecutive quarters of loss-making, the company generated profits this quarter.

Additionally, the company has settled its outstanding dues through One-Time Settlement (OTS) from many banks, including IDBI Bank, IDFC First Bank, Indian Bank, Indian Overseas Bank, Bank of Baroda, IndusInd Bank, and Canara Bank. PC Jeweller manufactures, sells, and trades gold, diamond-studded, and silver jewellery and operates in different geographical areas. The company has a market capitalisation of ₹6,500 crore and has surged 419% in shares in the last year.

Recently rating agency ICRA updated the company's long-term rating. It was upgraded to A from A- and short-term rating reaffirmed and outlook changed to positive from stable. Company has reported strong financial earnings, on a consolidated basis for Q1FY25, the company reported 83.58% growth in total income from ₹190.57 crore in Q1FY24 to ₹349.85 crore. PAT has increased by 98.77% from ₹33.26 crore in Q1FY24 to ₹66.11 crore.

The company's cumulative order book stands at 2,327+ MW, out of which 1,260+ MW is under the Independent Power Producer (IPP) segment and 1,067+ MW is under the Captive Power Producer (CPP) segment. It has a market capitalisation of ₹10,900 crore. Over the past year, shares have soared by 206%.

MIC Electronics is a global leader in the design, development & manufacturing of LED Video Displays, high-end Electronic and Telecommunication equipment and development of Telecom software since 1988. The company has a market capitalisation of ₹2,275 crore and over the past year company shares have surged by 224%.

Ravindra Energy shares were locked in the 5% upper circuit at ₹109.77 in the early morning session of Friday. The meeting of the Board of Directors of the company was held on September 11 where they proposed reclassification of the company's authorised share capital and Issuance of equity shares. These decisions reflect the company's strategic move to enhance its equity base and optimize its capital structure, aligning with its long-term growth objectives.

Incorporated in 1980, Ravindra Energy is in the business of selling Solar Pumps, setting up Solar Generation Power Plant (Ground Mount & Rooftop) & generation and sale of Power. The company has a market capitalisation of ₹1,700 crore and over the past year company shares have surged by 89%.