Sarveshwar Foods, Panacea Biotec, Kitex Garments and MSP Steel & Power hit the upper circuit

Domestic equity bourses, NIFTY50 and SENSEX, were trading in the green, advancing by 0.10% and 0.17%, respectively. Nifty Midcap 100 index and Nifty Smallcap 100 index are trading in the red, down by 0.43% and 0.42% respectively.

On the NSE, 82 stocks hit the upper price band (Upper Circuit), and 85 stocks hit the lower price band (Lower Circuit).

Here is the list of stocks (market cap above ₹1,000 crore) locked in upper and lower circuits in today’s trading session.

Sarveshwar Foods hit a 10% upper circuit at ₹10.64 in the early morning session of Monday. This comes after the company reported that it has initiated strategic partnerships with certain Non-Banking Financial Companies (NBFCs) to enhance financial support for farmers who are the backbone of the company’s supply chain and drive improvements within the agricultural sector. Key Aspects of the initiated Partnerships will be focused on Enhancing Financial Support, Infrastructure Development, Technical Assistance and Sustainable Growth for the farmers.

Incorporated in 2004, Sarveshwar Foods manufactures basmati rice & other products. The company has a market capitalisation of ₹1,050 crore and over the past year shares of the company have surged by 131%.

Shares of Panacea Biotec hit the 10% upper circuit limit and 52-week high at ₹270.51 in the early morning session of Monday. Panacea Biotec is a global pharmaceutical and vaccine manufacturer based in New Delhi, Mumbai, and Lalru. The company engages in research, development, manufacturing, and marketing of pharmaceuticals, vaccines, biosimilars, and natural products.

Over the past one month shares of the company have risen by 99.55%. Currently, there is no antiviral treatment or licensed vaccine against dengue in India. Panacea Biotec is developing a dengue vaccine. The vaccine has been under development since 2006, with a partnership signed with the Indian Council of Medical Research (ICMR) in March 2022. On August 14, the company began Phase-3 trials for its Tetravalent Dengue Vaccine, DengiALL, in India. The trials, approved by the Drug Controller General of India (DCGI), involve 10,335 participants at 19 sites. This will be the first-ever phase 3 clinical trial for a dengue vaccine in India.

Additionally, the rise of the company is followed by the Karnataka government’s declaration of dengue fever as an epidemic. Karnataka’s epidemic declaration includes measures to control mosquito populations and penalties for non-compliance. This announcement has heightened interest in Panacea Biotec’s vaccine, particularly during the monsoon season.

Kitex Garments stock got locked in the 5% upper circuit at ₹488.80 in the early morning session of Monday. The company reported that the 32nd Annual General Meeting (AGM) will be held on Saturday, September 28, 2024.

Kitex Garments was incorporated in 1992. The company exports cotton and organic cotton garments especially infant wear to US and European markets. The company has a market capitalisation of ₹3,250 crore.

Over the past one month shares of the company have seen a surge of 140% in its share price this comes after the company's strong business outlook for the future. On August 19, 2024, Sabu M Jacob, chairman and managing director of Kitex Garments, stated that the company’s capacity utilisation is currently at its peak and the factory order position is fully booked up to June 2025. With the surge in demand and favourable global market conditions, the company expects to achieve its all-time high record over the last three decades in terms of turnover and profits.

Meanwhile, the Group is in the process of setting up integrated textile units in Telangana in two phases under Kitex Apparel Parks Limited (KAPL) at a total cost of approximately ₹2,890 crore (including preoperative expenses) to be funded by term loans from banks (70%) and promoter contributions.

MSP Steel & Power shares were locked in the 5% upper circuit limit at ₹46.86 in the early morning session of Monday. The company reported that the 55th Annual General Meeting (AGM) will be held on Thursday, September 12, 2024.

Incorporated in 1968, MSP Steel & Power manufactures and sells iron and steel products and generation of power. The company has a market capitalisation of ₹1,800 crore and over the past year company shares have surged staggering by 279%.

In the early morning session of Monday, shares of Raymond Lifestyle got locked in the lower circuit limit of 5% at ₹2,572.15.

Raymond Lifestyle Ltd (RLL) the demerged textiles and apparel entity of Raymond Group, made its market debut at ₹3,020 per share on the NSE on September 5. However, company shares failed to hold the momentum and reversed gains in the first 30 minutes of trade. The stock retreated to hit its lower circuit at ₹2,869, down 5%. The listing price was a premium over the base price of ₹1,563 per share which was derived during a special trading session ahead of the listing.

Raymond shares started trading ex-RLL demerger on July 11, 2024. Under the scheme of the arrangement, Raymond shareholders will get four shares of Raymond Lifestyle for every five of Raymond (4:5).

The Raymond Group is net debt-free after it sold its FMCG business in FY24 for ₹2,825 crore. Both listed companies, Raymond and Raymond Lifestyle, shall now stand net debt-free. The Raymond Group would now have three core sectors: lifestyles under the new entity Raymond Lifestyle and real estate and engineering under Raymond.