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  5. Here's why Genus Power Infrastructures, E2E Networks and Mahanagar Telephone Nigam hit the upper circuit

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Here's why Genus Power Infrastructures, E2E Networks and Mahanagar Telephone Nigam hit the upper circuit

Upstox
By Upstox News Desk

4 min read | Updated on August 21, 2024, 11:43 IST

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SUMMARY

On Wednesday, the NIFTY50 index traded in positive terrain above 24,700 levels. Genus Power Infrastructures, E2E Networks, Mahanagar Telephone Nigam and GMR Power & Urban Infra hit the 5% upper circuit.

Stock list

GENUSPOWER
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E2E
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MTNL
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Here's why Genus Power Infrastructures, E2E Networks and Mahanagar Telephone Nigam hit the upper circuit

Here's why Genus Power Infrastructures, E2E Networks and Mahanagar Telephone Nigam hit the upper circuit

Domestic equity bourses, NIFTY50 and SENSEX, were trading in the green, advancing by 0.08% and 0.01%, respectively. Nifty Midcap 100 index and Nifty Smallcap 100 index are in green, increasing by 0.28% and 0.97%, respectively.

On the NSE, 114 stocks hit the upper price band (Upper Circuit), and 21 stocks hit the lower price band (Lower Circuit).

Here is the list of stocks (market cap above ₹1,000 crore) locked in upper circuits in today’s trading session.

Stocks hitting the upper circuit on Wednesday (August 21, 2024)

Genus Power Infrastructures Ltd

Genus Power Infrastructures stock was locked in the 5% upper circuit at ₹438.35 in the early morning session on Wednesday after it reported a new work order yesterday after the market closure. Genus Power Infrastructures wholly owned subsidiary has received three Letter of Awards (LOA) worth ₹3,608.52 crore (net of taxes) for the appointment of Advanced Metering Infrastructure Service Providers (AMISPs) including the design of Advance Metering Infrastructure (AMI) system with supply, installation and commissioning with FMS of about 4.26 million Smart Prepaid Meters, system meters including DT Meters with corresponding energy accounting on DBFOOT basis.

With these recent orders, the total order book of the company including all SPVs and the GIC Platform, exceeds ₹28,000 crore (net of taxes). These concessions are for 8 to 10 years.

Genus Power is primarily engaged in manufacturing/providing metering and metering solutions and undertaking engineering, construction and contracts on a turnkey basis. The company operates through two segments: Metering business and Strategic investment activity. Genus Power has a market capitalisation of ₹13,400 crore. Over the past year, its shares have climbed by 105%.

E2E Networks Ltd

E2E Networks stock locked in the 5% upper circuit at ₹2,385.65 in the early morning session of Wednesday. The company has successfully closed a strategic investment round, securing ₹420.51 crores through a preferential issue of equity shares. The Board of Directors approved the preferential issue of up to 24,81,592 equity shares at an issue price of ₹1,694.50 per share. The funds will be deployed to accelerate the growth of E2E Networks AIFirst Cloud Platform, enhancing its capability to support advanced machine learning and AI-driven applications.

E2E Cloud is a MeitY-empanelled AI-focused cloud provider. The company offers advanced cloud GPUs such as HGX H100, A100, and L4OS, along with high-end InfiniBand-powered configurations like 64xH100 and 256xH100. E2E Cloud also features an advanced AI development platform, TIR, enabling developers to train and deploy foundational AI models. Serving nearly 3000 customers, E2E Cloud is recognised as one of the most highly rated cloud providers in India.

E2E Networks has a market capitalisation of ₹3,450 crore. Over the past year, its shares have climbed by 583%.

Mahanagar Telephone Nigam Ltd

In the early morning session of Wednesday shares of Mahanagar Telephone Nigam got locked in the 5% upper circuit at ₹66.32. From the past three trading days stocks have been hitting the upper circuit this comes after the company reported financial earnings. On a consolidated basis, for Q1FY25, the company reported 22.33% growth in total income from ₹312.55 crore in Q1FY24 to ₹382.35 crore. Bottomline stands from a net loss of ₹851.93 crore in Q1FY24 to a net loss of ₹773.46 crore.

Mahanagar Telephone Nigam is engaged in providing telecom services and 56.25% of the company shares are with the President of India. In the past years, shares of the company have increased by over 220%. The company has a market capitalisation of ₹4,200 crore.

(₹ in crores)Growth
ParticularsQ1FY25Q4FY24Q1FY24YoYQoQ
Total Income382.35353.54312.5522.33%8.15%
PAT-773.46-783.74-851.93--
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