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  5. Johnson Controls hit upper, while Cochin Shipyard, Bharat Dynamics and Suzlon Energy hit the lower circuit today

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Johnson Controls hit upper, while Cochin Shipyard, Bharat Dynamics and Suzlon Energy hit the lower circuit today

Upstox
By Upstox News Desk

3 min read | Updated on June 05, 2024, 13:49 IST

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SUMMARY

Nifty50 index is trading above 22,300 level, up by 2.25%. Cochin Shipyard and Bharat Dynamics hit a 10% lower circuit, while Suzlon Energy Energy hit a 5% lower circuit.

Stock list

SUZLON
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COCHINSHIP
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JCHAC
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BDL
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Suzlon Energy, Dredging Corporation of India, MIC Electronics and Ramco Systems hit the upper circuit

Johnson Controls hit upper, while Cochin Shipyard, Bharat Dynamics and Suzlon Energy hit the lower circuit today

After yesterday's bloodbath in the market, on Wednesday, the NSE Nifty50 index and BSE Sensex were trading in positive. The Nifty50 index and BSE Sensex advanced over 2%, each. The Nifty Midcap 100 and Nifty Smallcap 100 index recovered from lower levels and were seen trading with gains of over 3%, each on Wednesday.

In the Wednesday morning session, on NSE, 33 stocks hit the upper price band (Upper circuit) and 276 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 upper circuit on Wednesday (June 5, 2024)

Johnson Controls-Hitachi Air Conditioning India Ltd

Amid the yesterday Lok Sabha results investors have started to move in evergreen sectors and companies. Evergreen sector refers to an industry that consistently performs well and remains resilient regardless of economic conditions. One of such sector is consumer durables. Currently, the BSE Consumer Durables is up by 3%, and one of the companies in this sector is Johnson Controls-Hitachi Air Conditioning India. Today, shares of the company hit a 10% upper circuit at ₹1,884.45.

Shares of Johnson Controls have surged by 53% over the past two weeks amid strong financial performance for the Q4FY24. Johnson Controls-Hitachi Air Conditioning is a joint venture of Johnson Controls, US and Hitachi Global Life Solutions, Japan.

Stocks hitting lower circuit on Wednesday (June 5, 2024)

Bharat Dynamics Ltd

Shares of Bharat Dynamics hit a 10% lower circuit today after surging over 750% over the past five years and by 32% in the past one month. This surge was driven by investors anticipation of a BJP-led NDA with a thumping majority. However, investor sentiment shifted after the expectations were not fully met. While the NDA is expected to return for a third term, uncertainty remains over the leadership, which significantly impacted the defence sector stocks.

Cochin Shipyard Ltd

Another PSU company that hit a lower circuit today is Cochin Shipyard. The company is a leading player in construction of all types of vessels, and performing repairs, refits, periodic upgrades, and life extensions of ships. Over the past year, its shares have surged by 483%, making it one of the top gainers from the PSU basket of stock.

Today, however, the shares hit a 10% lower circuit at ₹1,630.55. As of March 31, 2024, the company’s order book stands at about ₹22,000 crore, with an additional ₹10,000 crore in the order pipeline. Currently, investor sentiments are uncertain and with the recent momentum seen in the defence stocks, investors preferred to take profits off the table.

Suzlon Energy Ltd

Suzlon Energy, a renewable energy solution provider that has gained 295% in the past year, hit a 5% lower circuit at ₹45.13 on Wednesday. The stock had rallied on improved financials, aided by debt reduction and driven by the growing awareness of the need to reduce carbon emissions. However, the cloud of uncertainty related to the government's leadership has prompted investors to reconsider their strategies, leading to a fall in renewable energy stocks.
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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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