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  5. Gensol Engineering and Puravankara hit the upper circuit on Friday while Essar Shipping and Marine Electricals hit the lower circuit

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Gensol Engineering and Puravankara hit the upper circuit on Friday while Essar Shipping and Marine Electricals hit the lower circuit

Upstox
By Upstox News Desk

4 min read | Updated on June 21, 2024, 12:17 IST

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SUMMARY

On Friday, the NIFTY50 index slipped into negative terrain after hitting a fresh all-time high in early deals. Gensol Engineering and Puravankara touched the 5% upper circuit while Essar Shipping locked in the 10% lower circuit and Marine Electricals (India) locked in the 5% lower circuit.

Stock list

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Gensol Engineering and Puravankara hit the upper circuit on Friday while Essar Shipping and Marine Electricals hit the lower circuit

Gensol Engineering and Puravankara hit the upper circuit on Friday while Essar Shipping and Marine Electricals hit the lower circuit

Today, the NIFTY50 index and SENSEX both are trading in the red, down by 0.18% and 0.34%, respectively. Meanwhile, the broader markets outperformed with the Nifty Midcap 100 and Nifty Smallcap 100 indices registered gains of 0.29% and 0.26%, respectively.

In the morning session on Friday, on NSE, 74 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 (June 21, 2024)

Gensol Engineering Ltd

Gensol Engineering stock hit a second consecutive 5% upper circuit in the early morning session of Friday at ₹1,120.15. The scrip gained heavily after it received the second tranche under greenshoe option allotment of 250 MW/500 MWh from Gujarat Urja Vikas Nigam Limited (GUVNL) for standalone Battery Energy Storage Systems (BESS) project to reach 500 MW/1000 MWh. The project including the first and second tranche will generate a total revenue of ₹2,685 crore over the 12-year Battery Energy Storage Purchase Agreement (BESPA) tenure.

Company Managing Director said that their BESS order book is over ₹3,100 crore.

Gensol Engineering is a leading player in the renewable energy sector specialising in solar power engineering, procurement, and construction (EPC) services, along with electric mobility solutions. The company has a market capitalization of ₹4,000 crore. Over the past year shares of the company soared by 212%.

Puravankara Ltd

On Friday in the early morning session, shares of Puravankara hit 5% upper circuit at ₹438.15. The company is in the business of development and sale of real estate. Projects in metro cities like Bengaluru, Hyderabad, Chennai, Kolkata, Mumbai, Pune and Goa.

Recently the company reported that the board has given its in‐principle approval to proceed to raise funds through QIP mode up to an amount not exceeding ₹1000 crores in one or more tranches. For Q4FY24 the company reported a 136.50% increase in net sales and a 22.59% increase in net profit. If we compare the area sold by bookings it has increased by 84% in FY24 compared to FY23.

The company has a market capitalization of ₹10,390 crore. Over the last one year, the share price of Puravankara has soared by 370%.

Stocks hitting lower circuit on Friday (June 21, 2024)

Essar Shipping Ltd

Shares of Essar Shipping locked in a 10% lower circuit at ₹52.26. Essar Shipping is in the business of fleet operating and chartering activities and operates in international and coastal voyages. Over the past three months shares of the company have increased by 148%. The lower circuit can be attributed to profit booking among the investors after the stock soared to new highs. The company has a market capitalisation of ₹1,090 crore.

Marine Electricals (India) Ltd

Shares of Marine Electricals (India) hit a 5% lower circuit in the early morning session of Friday at ₹146.35. Marine Electricals (India) is an integrated technical services provider in the fields of electrical automation and information and communication technology solutions.

In the past one month shares have increased by 50%. The lower circuit can be attributed to profit booking among the investors after the stock soared to new highs. It has filled the opening upside gap which was seen on June 18.

For the Q4FY24 company has reported a 203.52% increase in PAT and a 65.65% increase in net sales. Recently, two weeks ago the company received multiple orders from L&T Shipbuilding, Udupi Cochin Shipyard and Schneider Electric India. The company has a market capitalization of ₹1,950 crore. Over the past year shares of Marine Electricals (India) have increased by 180%.

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