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Cochin Shipyard, Heritage Foods, Unitech and Reliance Power hit the upper circuit

Upstox
By Upstox News Desk

7 min read | Updated on September 20, 2024, 14:02 IST

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SUMMARY

On Friday, the NIFTY50 index traded above the level of 25,650. Cochin Shipyard hit the 10% upper circuit while Heritage Foods, Unitech and Reliance Power hit a 5% upper circuit. GE T&D India, Panacea Biotec and MIC Electronics hit a 5% lower circuit.

Stock list

COCHINSHIP
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HERITGFOOD
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GVT&D
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PANACEABIO
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Cochin Shipyard, Heritage Foods, Unitech and Reliance Power hit the upper circuit, while GE T&D India, Panacea Biotec and MIC Electronics hit the lower circuit today

Cochin Shipyard, Heritage Foods, Unitech and Reliance Power hit the upper circuit, while GE T&D India, Panacea Biotec and MIC Electronics hit the lower circuit today

Domestic equity bourses, NIFTY50 and SENSEX are trading in the green, advancing by 0.99% and 1.05%, respectively. Nifty Midcap 100 index and the Nifty Smallcap 100 index are trading positively, up by 0.72% and 0.84% respectively.

On the NSE, 73 stocks hit the upper price band (Upper Circuit), and 20 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 Friday (September 20, 2024)

Cochin Shipyard Ltd

Shares of Cochin Shipyard hit the 10% upper circuit at ₹1,846.05 in the early morning session of Friday. The company has reported participating in a Non-Deal Roadshow, which is from September 23 to 25 in Mumbai.

Additionally, Global index provider FTSE unveiled inclusions to its All-World Index in its Semiannual Index Review. These changes are slated to come into effect on September 23, 2024. 13 Indian stocks have been added to the FTSE All-World Index and Cochin Shipyard is one of the stocks which is going to be added.

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 ₹48,300 crore.

Heritage Foods Ltd

Heritage Foods stock hit the 5% upper circuit at ₹598.75 in the early morning session of Friday. The Board of Directors at its meeting held on September 18, 2024, approved the proposal for setting up a new ice cream manufacturing facility at Shamirpet, Telangana. The facility is expected to be commissioned by November 2025 and will involve a capital investment of approximately ₹204 crore.

Heritage Foods is engaged in the business of procurement and processing of milk and milk products and also the generation of power through solar and wind for the captive consumption of its dairy plants. The company has a market capitalisation of ₹5,530 crore and over the past one year company shares have surged by 150%.

Unitech Ltd

Shares of Unitech locked in the upper circuit at ₹10.97 in the early morning session of Friday. Incorporated in 1971, Unitech is in the business of Real Estate, Power Transmission and Hospitality. Yesterday the company reported that Unitech Limited has paid consideration for acquiring 9,37,500 equity shares of face value of ₹10 each at a premium of ₹150 per equity share, Unitech Holdings Limited (UHL), a wholly-owned subsidiary. UHL is registered as a Non-Banking Financial Company (NBFC), with the Reserve Bank of India (RBI).

The company has a market capitalisation of ₹2,700 crore and over the past one year company shares have surged by 247%.

Reliance Power Ltd

Shares of Reliance Power locked in the upper circuit at ₹36.35 in the early morning session of Friday. This comes after the company has been released and discharged of its corporate guarantee, undertakings and all obligations and claims in relation to the outstanding debt of subsidiary Vidarbha Industries Power Limited (VIPL), amounting to ₹3,872.04 crore. The company has settled all disputes with CFM Asset Reconstruction Private Limited (CFM), as 100% shares of VIPL have been pledged in favour of CFM against the release and discharge of corporate guarantee given by Reliance Power.

Reliance Infrastructure, which held a 23.15% stake in Reliance Power as of June 30, advanced by 45% over the last one week. Reliance Power has been established to develop, construct and operate power projects in India and internationally. The company has a market capitalisation of ₹14,600 crore and over the past six months company shares have surged by 53%.

Stocks hitting the lower circuit on Friday (September 20, 2024)

GE T&D India Ltd

On Friday, the shares of GE T&D India hit the 5% lower circuit limit at ₹1,522.90. The lower circuit limit was hit after the GE T&D India promoters, Grid Equipments Private Ltd and GE Grid Alliance B.V. (formerly Alstom Grid Holding B.V.) announced a proposed offer for sale (OFS).

The floor price of the offer will be ₹1,400 per equity share. The OFS involves up to 11.7% of the company’s equity share capital, which amounts to 30 million shares. Each share has a face value of ₹2. The promoters have also included an oversubscription option to sell an additional 3.9% of equity, representing 10 million shares, which could increase the total sale to 15.6% of the company’s paid-up equity share capital, if fully exercised. This means the total potential offer size could reach 40 million shares.

GE T&D India is the entity of GE Vernova’s Electrification business in India. It has been in the power transmission and distribution business for more than 100 years and provides a versatile range of solutions for connecting and evacuating power from generation sources onto the grid. It has a market capitalisation of ₹41,000 crore.

Panacea Biotec Ltd

Panacea Biotec stock hit the 5% lower circuit limit at ₹313.70 in the early morning session of Friday. For the past few trading days, the script has consistently hit the upper circuit. Over the past three months the stock surged by 150%, after rising in triple digits in such a short span of time, investors would have opted to take profit off the table, which could have led the stock to hit a lower circuit limit for the day.

Panacea Biotec is a global pharmaceutical and vaccine manufacturer based in New Delhi, Mumbai, and Lalru. The company researches, develops, manufactures, and markets pharmaceuticals, vaccines, biosimilars, and natural products.

Over the past three months, the company's shares have surged as currently India lacks an antiviral treatment or licensed vaccine for dengue. Panacea Biotec is working on a dengue vaccine, which has been in development since 2006. In March 2022, the company partnered with the Indian Council of Medical Research (ICMR) for this project. On August 14, Panacea Biotec commenced Phase-3 trials for its Tetravalent Dengue Vaccine, DengiALL, in India. Approved by the Drug Controller General of India (DCGI), these trials involve 10,335 participants across 19 sites and represent the first Phase-3 clinical trial for a dengue vaccine in India.

Additionally, the company recently announced the settlement of a legal dispute with Sanofi Healthcare India Private Limited (Sanofi). On May 17, 2021, Panacea Biotec filed a lawsuit in the Delhi High Court to prevent Sanofi from marketing a fully liquid hexavalent vaccine that would infringe on Panacea’s patent for its wP-IPV based fully liquid hexavalent vaccine, EasySix. Under the settlement, Sanofi has agreed not to launch its fully liquid hexavalent vaccine Shan6 in India commercially and will withdraw its opposition to Panacea Biotec’s Patent IN 272351 on the hexavalent vaccine before the Indian Patent Office. The company has a market capitalisation of ₹1,900 crore.

MIC Electronics Ltd

MIC Electronics shares were locked in the 5% lower circuit at ₹98.63 in the early morning session. For the past few trading days, the scrip has consistently hit the upper circuit. Over the past six months shares of the company have surged by 160%, after increasing so much profit booking among the investors could be the reason for the lower circuit today.

MIC Electronics is a global leader in the design, development and 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 ₹2,300 crore.

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