Genus Power Infrastructures and Exicom Tele-Systems hit the upper circuit, while Reliance Power, PC Jeweller hit the lower circuit today

Domestic equity bourses, NIFTY50 and SENSEX, are trading in the green, advancing by 0.50% and 0.43%, respectively. The Nifty Midcap 100 index and Nifty Smallcap 100 index were trading positively, up by 1.18% and 1.04%, respectively.

On the NSE, 52 stocks hit the upper price band (Upper Circuit), and 168 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 Tuesday (October 08, 2024)

Genus Power Infrastructures Ltd

According to the August 28, 2024 notification total order book of the company including all SPVs and the GIC Platform, exceeds ₹32,500 crore (net of taxes). These concessions are for 8 to 10 years. The company has manufacturing plants across Jaipur, Haridwar and Guwahati with a total installed capacity of over 10 million meters. Genus Power has a market capitalisation of ₹11,400 crore.

Exicom Tele-Systems Ltd

Yesterday, the company reported that Preeti Dhall Pal, Vice President, Human Resources (Senior Management Personnel) had resigned from the company and had appointed Pooja Duggal for the same post. The company has a market capitalisation of ₹3,800 crore.

Stocks hitting the lower circuit on Tuesday (October 08, 2024)

Reliance Power Ltd

In a recent board meeting, 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.

This marks the company's second fundraising initiative, following the approval to raise ₹1,525 crore through a preferential allotment on September 23. These funds will support business expansion, investments in subsidiaries and joint ventures, debt reduction, and general corporate purposes.

On October 2, Reliance Power announced a partnership with Bhutan's Druk Holding and Investments to jointly develop solar and hydropower projects. The venture will include 500 megawatts of solar power and the 770 MW Chamkharchhu-1 hydropower project. Today, the company is also set to hold a board meeting to discuss further fundraising plans from domestic and/or global markets.

Reliance Power has been established to develop, construct and operate power projects in India and internationally. The company has a market capitalisation of ₹18,500 crore and over the past one year, the shares have surged by 144%.

PC Jeweller Ltd

Recently, the company announced a 1:10 stock split, approved by its board of directors on September 30, 2024, to enhance liquidity and make the shares more affordable for retail investors. This move will subdivide each fully paid-up equity share of ₹10 face value into 10 shares of ₹1 each, according to the official filing made by the company. As a result, the total number of shares will increase from approximately 46.5 crore to 465.4 crore.

Additionally, the board approved the preferential allotment of 11.5 crore fully convertible warrants on a private placement basis to two promoter group entities New Track Garments Pvt. Ltd and Balram Garg (HUF) at an issue price of ₹56.20 per warrant. These warrants, convertible into equity shares of the company will raise ₹646 crore with an initial 25% subscription received upfront. The balance 75% of the issue price must be paid by the promoters within 18 months from the date of allotment for full conversion into equity shares.

The company got approval from all the fourteen consortium member banks to approve the OTS proposal. PC Jeweller manufactures, sells, and trades gold, diamond-studded, and silver jewellery and operates in different geographical areas. The company has a market capitalisation of ₹6,800 crore.

Zee Media Corporation Ltd

The stock surged after Zee Media announced a fundraising plan, with the board approving the issuance of up to 13.33 crore warrants valued at ₹200 crore. These warrants can be converted into equity shares within 18 months. Additionally, the company’s Board of Directors has scheduled an Extraordinary General Meeting for Friday, October 22, 2024.

Incorporated in 1999, ZEE Media Corporation is in the news publishing and broadcasting business. It is one of the largest and most prominent news networks in India. It has a distinctive collection of 19 TV news channels, including 3 digital-only channels, multiple digital brands and 1 global, 4 national, and 11 regional language networks. The company has a market capitalisation of ₹1,300 crore.

Radhika Jeweltech Ltd

Panacea Biotec Ltd

Over the past three months, the stock surged by 145%. After rising in triple digits in such a short 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.

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.

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. The company has a market capitalisation of ₹1,700 crore.