Adani Green Energy, Adani Energy Solutions and Honasa Consumer among key stocks to hit upper circuit today; here’s why

Domestic equity bourses, NIFTY50 and SENSEX, are trading in the red, declining by 0.54% and 0.65%, respectively. The Nifty Midcap 100 index and the Nifty Smallcap 100 index are trading in the green, gaining 0.35% and 0.33%, respectively.

On the NSE, 87 stocks hit the upper price band (Upper Circuit) and 23 stocks hit the lower price band (Lower Circuit).

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

Stocks hitting the upper circuit on Thursday (November 28, 2024)

Adani Green Energy Ltd

Today, shares of Adani Green Energy hit the 10% upper circuit at ₹1,087.20 in the early morning session. This comes as yesterday Adani Group refuted the bribery allegations made by the U.S. Department of Justice (DoJ) and the US Securities and Exchange Commission against its founder and Chairman, Gautam Adani, his nephew Sagar Adani, and MD and CEO of Adani Green Energy, Vneet Jaain. The DoJ indictment does not include these three Adani officials in any corruption or bribery counts as per the statement by Adani Green Energy Ltd.

Along with Adani Green, the shares of Adani Energy Solutions also hit the 10% upper circuit at ₹726.85 in the early morning session of Thursday.

Honasa Consumer Ltd

Shares of Honasa Consumer locked in the 10% upper circuit at ₹252.65 in the early morning session of Thursday. A few days back, Honasa Consumer share price tumbled over 30% after weak Q2 results drove a sharp sell-off.

Honasa reported a 6.9% year-on-year decline in Q2FY25 revenue, primarily due to a one-time inventory correction in its general trade (GT) channel and weaker-than-expected performance from Mamaearth. The company also highlighted challenges in consumer demand and acknowledged the need for structural changes in its operating model to adapt to the evolving market landscape.

Honasa Consumer provides beauty and personal care products. It has a market capitalisation of ₹8,000 crore.

Cochin Shipyard Ltd

Shares of Cochin Shipyard locked in the 5% upper circuit at ₹1,579.25 in the early morning session of Thursday. Earlier, the company reported that it had entered into a Memorandum of Understanding (MOU) with Seatrium Letourneau USA, Inc. (SLET) for the design and critical equipment for jack-up rigs for the Indian Market. As of September 2024 company order book stands at ₹22,500 crore.

The company is a leading player in the construction of all types of vessels, and performing repairs, refits, periodic upgrades, and life extensions of ships. It has a market capitalisation of ₹41,500 crore.

Reliance Power Ltd

Reliance Power stock hit the 5% upper circuit at ₹39.99 in the early morning session of Thursday. On Wednesday Reliance Power got relief from the Delhi High Court granting a stay on SECI notice of debarment against the company. including all its subsidiaries except Reliance NU BESS Limited (formerly known as Maharashtra Energy Generation Limited).

Recently, the company reported that Rosa Power Supply Company Limited (Rosa Power), a subsidiary of Reliance Power Limited, has prepaid ₹485 crore loan to Singapore-based lender Varde Partners. By prepaying this loan, Rosa Power has achieved a zero-debt status, fully settling its outstanding debt by payment of ₹1,318 crore to Varde ahead of the original schedule.

Earlier, the company approved the issuance of up to $500 million (₹4,200 crore) in Foreign Currency Convertible Bonds (FCCBs) on a private placement basis to affiliates of Varde Investment Partners. These FCCBs will have a low interest rate of 5% per annum, are unsecured, and carry a 10-year tenure. They are convertible into approximately 82.30 crore equity shares at a conversion price of ₹51.

Reliance Power has been established to develop, construct and operate power projects in India and internationally. The company has a market capitalisation of ₹16,000 crore.

Sky Gold Ltd

Sky Gold hit the 5% upper circuit today at ₹3,923.60 in the early morning session of Thursday. Recently, the company declared strong financial results for Q2FY25. On a consolidated basis, revenue from operations for Q2FY25 stood at ₹768.8 crore, registering a growth of 94.2% on a YoY basis and 6.3% on a QoQ basis. PAT for Q2FY25 stood at ₹36.7 crore, registering a growth of 405.2% as compared to the same quarter for the previous year.

For Q2FY25, company highlights are - that it has raised ₹270 crore through a Qualified Institutional Placement (QIP) from renowned funds like Motilal Oswal Small Cap Fund, Kotak Mahindra Life Insurance and Bank Of India Flexi Cap, among others. Scaling of acquired companies i.e., Sparkling Chains and Starmangalsutra, to achieve target sales of ₹500 crore by Q4FY25. Manufacturing margin-accretive 18-carat gold and diamond jewellery, the company has added CaratLane and P N Gadgil Jewellers to the client portfolio. For Q2FY25, the revenue split for export was 9%, and domestic stands at 91%.

Earlier this month, the company announced that its board had approved the issue of bonus shares in the 9:1 ratio. This means that it will issue nine new bonus equity shares of ₹10 each for every one existing equity share of ₹10 each, and the record date is yet to be announced.

In the last one year, shares have risen by 350% and over the past two years, it has shown an increase of 2,360% in its price. Sky Gold designs, manufactures, and markets gold jewellery. It has a market capitalisation of ₹5,700 crore.