Five stocks hit the upper circuit today: Arrow Greentech, Reliance Power, Premier Explosives, E2E Networks and BF Utilities

Domestic equity bourses, NIFTY50 and SENSEX, are trading in the red, declining by 1.02% and 0.99%, respectively. The Nifty Midcap 100 index and the Nifty Smallcap 100 index are trading in the red, decreasing by 0.10% and 0.25%, respectively.

On the NSE, 80 stocks hit the upper price band (Upper Circuit), and 16 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 07, 2024)

Arrow Greentech Ltd

Arrow Greentech specialises in biodegradable and high-tech products, notably as India's largest manufacturer of Water Soluble Films, including innovative solutions like Mouth Dissolving strips. Over the past year, the share prices of Arrow Greentech have increased by 130%. It has a market capitalisation of ₹1,600 crore.

Reliance Power Ltd

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 in September, Rosa Power had prepaid ₹833 crore to Varde Partners. Rosa Power operates a 1,200 MW coal-based thermal power plant in Rosa village near Shahjahanpur, Uttar Pradesh. The strengthening of Rosa Power’s balance sheet, along with a recent ₹1,525 crore equity-linked warrants preferential issue, will support Reliance Power in pursuing business opportunities in the fast-growing clean green renewable energy sector.

Additionally, the company is set to hold a meeting of the Board of Directors on Tuesday, November 12 2024 to consider and approve the unaudited financial results for the quarter and half year ended September 30, 2024 of the FY 24-25.

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 ₹18,300 crore and over the past one year, the shares have surged by 120%.

Premier Explosives Ltd

As of June 2024 company order book stands at ₹8,994 million which is approximately 3.3x of FY24 revenue. Premier Explosives is engaged in the manufacturing of industrial explosives and detonators. It also undertakes operation and maintenance (O&M) services of solid propellant plants at the Sriharikota Centre of ISRO and Solid Fuel Complex at Jagdalpur under the umbrella of DRDO.

Premier Explosives has a market capitalisation of ₹2,700 crore. Over the past one year, the stock has gained by 107%.

E2E Networks Ltd

The investment will take place via preferential allotment for a 15% stake in E2E Networks, comprising 29.79 lakh equity shares of E2E Networks, which carry a face value of ₹10, at a price of ₹3,622.25 apiece for an aggregate amount of ₹1,079 crore. The issue price is at a discount of nearly 24% to Monday's closing price of E2E Networks.

Investment via secondary acquisition of a 6% stake from the founder for a total investment of ₹328 crore. The secondary stake will be purchased at a price of ₹2,750 per share, which is a discount of 43% from Monday's closing price of E2E Networks.

Earlier, the company declared strong financial results for Q2FY25. It reported a 119.55% increase in total income from ₹22.05 crore in Q2FY24 to ₹48.41 crore. PAT has increased by 109.84% from ₹5.79 crore in Q2FY24 to ₹12.15 crore.

Ace Investor Ashish Kacholia's name appeared in the company's shareholding. He holds a 1.05% stake in the company, which was revealed in the second quarter filing of FY25. On October 25, the company reported that it was the first company to bring NVIDIA H200 Tensor Core GPUs to the Indian market.

A few months back, the company successfully closed a strategic investment round, securing ₹420.51 crore through a preferential issue of equity shares. E2E Cloud is a MeitY-empanelled AI-focused cloud provider. E2E Networks has a market capitalisation of ₹9,200 crore. Over the past one year, the stock has gained significantly by 970%.

BF Utilities Ltd

Incorporated in 2000, BF Utilities is engaged in the generation of electricity through windmills and Infrastructure activities. The company has a market capitalisation of ₹3,600 crore. Over the past year, its shares have increased by 54%.