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  5. Adani Ports & Special Economic Zone, Suzlon Energy, KPI Green Energy and Paytm hit the upper circuit, while JITF Infralogistics hit the lower circuit today

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Adani Ports & Special Economic Zone, Suzlon Energy, KPI Green Energy and Paytm hit the upper circuit, while JITF Infralogistics hit the lower circuit today

Upstox
By Upstox News Desk

4 min read | Updated on June 03, 2024, 15:07 IST

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SUMMARY

Nifty50 index is trading near 23,150 levels, up by 2.70%. Adani Ports & Special Economic Zone hit a 10% upper circuit, while Suzlon Energy, KPI Green Energy and Paytm hit a 5% upper circuit.

Stock list

ADANIPORTS
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SUZLON
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KPIGREEN
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PAYTM
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JITFINFRA
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Suzlon Energy, Dredging Corporation of India, MIC Electronics and Ramco Systems hit the upper circuit

Adani Ports & Special Economic Zone, Suzlon Energy, KPI Green Energy and Paytm hit the upper circuit, while JITF Infralogistics hit the lower circuit today

The Nifty50 index and Sensex were trading at an all-time high in the early morning session after exit poll data revealed that the incumbent government i.e. the NDA alliance would continue for the third term.

The Bank Nifty surpassed the 50,500 mark. The Nifty 50 and Sensex both are up by 2.70%. Nifty Midcap 100 and Nifty Smallcap 100 index are trading positive by 2.59% and 2.01%, respectively.

In the Monday morning session, on NSE, 219 stocks hit the upper price band (Upper circuit) and 58 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.

Stocks hitting the upper circuit on Monday (June 3, 2024)

Adani Ports & Special Economic Zone Ltd

Shares of Adani Ports & Special Economic Zone (APSEZ) hit a 10% upper circuit limit on Monday after multiple updates in the company. On May 31 after the market clouser company reported that Adani Ports through its subsidiary entered into a 30-year concession to operate Container Terminal 2 (CT2) at Dar es Salaam Port, Tanzania. Through its JV entity, the company entered into a share purchase agreement for the acquisition of a 95% stake in Tanzania International Container Terminal Services Limited. CT2 has a capacity of 1 million TEUs and handles ~83% of Tanzania’s container volume.

Additionally, the company reported that for May 2024, it handled ~35.8 MMT of cargo volumes which is almost flat YoY. Company flagship port Mundra recorded a key milestone of handling 17.6 MMT of cargo on May 24, which is the highest-ever monthly volume at any of the Indian ports.

After the exit poll data, the stock got another booster and started to gain momentum. Over the past two weeks shares of the company have increased by 18.46%.

Suzlon Energy Ltd

The shares of Suzlon Energy hit a 5% upper circuit limit of ₹49.99. This recent surge in share price was mainly due to the recent order from Oyster Green Hybrid One Private Limited for 81.9 MW for the 3 MW series wind turbines. This order signifies positive developments for the company and has boosted investor confidence, leading to a significant increase in share price.

Suzlon is one of the leading global renewable energy solutions providers. It is a vertically integrated WTG manufacturer and has a market capitalization of ₹68,000 crore. Over the past year shares of the company have gained by 355%.

KPI Green Energy Ltd

KPI green stock hit the upper circuit band of 5% of ₹1,911.55. This surge is likely driven by growing investor interest in green energy companies, leading to increased demand for their stocks. KPI Green Energy is a Gujarat-based company specialising in renewable energy solutions. They develop, build, own, and operate solar power plants, both as Independent Power Producers (IPP) and Captive Power Producers (CPP) and have a market capitalization of ₹11,000 crore. Over the past year shares of the company have soared by 452%.

One97 Communications (Paytm)

On Monday shares of One97 Communications, which owns Paytm brand, hit a 5% upper circuit limit of ₹379.25 on BSE. It opened at ₹378 and hit the circuit limit of ₹379.25. The stock has been buzzing after reports emerged stating that Adani Group might be looking to acquire a stake in One97 Communications. However, Paytm quickly dismissed these rumours, stating that the news was purely speculative and that the company was not involved in any such discussions.

The shares of One97 Communications (Paytm) recorded their highest single-day volume on Friday, which stood at 24.15 lakh shares. The stock is trading above its 20-DMA, but it is trading below its 50 and 200-DMA.

Stocks hitting lower circuit on Monday (June 3, 2024)

JITF Infralogistics Ltd

The stock hit back-to-back upper circuits from the past few trading days amid financial results for the fourth quarter and financial year that ended on March 31, 2024. Today shares of JITF Infralogistics hit a lower circuit for the second consecutive session and are quoting at ₹845.60. The stock rose 258% over the past year.

JITF Infralogistics Ltd, along with its subsidiaries is in the business of development of urban infrastructure, water infrastructure, management of municipal solid waste and generation of energy from Municipal solid waste. It has a market capitalisation of ₹2,170 crore.

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Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

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