Here's why Omaxe, Jai Balaji Industries, and Marine Electricals (India) hit the upper circuit on Tuesday

In the morning session on Tuesday, on NSE, 115 stocks hit the upper price band (Upper circuit) and 24 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 Tuesday (July 02, 2024)

Shares of Omaxe hit 5% upper circuit at ₹124 on the Tuesday morning session. The driving force behind the stock price is an announcement made by the company. The company stated it is going to launch of a commercial project named The Omaxe State at Dwarka, New Delhi by the wholly owned subsidiary of the Omaxe Limited i.e. Worldstreet Sports Center Ltd. The Omaxe State will consist of Integrated Sports, Retail, Leisure & Cultural Arena.

Omaxe is in the business of developing real estate properties for residential, commercial and retail purposes. The company has a market capitalization of ₹2,260 crore. Over the past year shares of the company have increased by 138%.

Shares of Jai Balaji Industries hit a 5% upper circuit at ₹959.15 in the Tuesday morning session. Incorporated in 1999, Jai Balaji Industries is engaged in the manufacturing of Iron and Steel products.

In FY24, the company reported its highest-ever revenue, EBITDA, and PAT. Looking ahead to FY25, the company is focusing on expanding their capacities for DI pipes and ferro alloys, and aims to achieve a net-debt-free status within the next 12-15 months. Jai Balaji Industries has a market capitalization of ₹16,500 crores. Over the past year, its shares have climbed 1160%.

Shares of Marine Electricals (India) locked in 5% upper circuit in the early morning session of Tuesday at ₹172.14. 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 57.06%. Technically, the stock has seen a four-month-long breakout of the horizontal trendline.

For the Q4FY24 company has reported a 203.52% increase in PAT and a 65.65% increase in net sales. Recently, the company received an order amounting to ₹10.35 crore from L&T Shipbuilding, for the Supply of Data Distribution Unit. The company has a market capitalization of ₹2,280 crore. Over the past year shares of the company have increased by 248%.

Shares of GTL Infrastructure locking in back to back upper circuit from past many trading days. Today also the stock got locked in the 5% upper circuit at ₹3.60. GTL Infrastructure provides passive telecom infrastructure sharing and energy management solutions.

Post-election, shares of the company started to surge and over the past one month, the scrip has gained 140%, outperforming its benchmark index. In the same timeframe, BSE Telecommunication grew by 12.09%. Over the past one year shares of GTL Infrastructure have surged by 344%. The stock has a market capitalization of ₹4,600 crore.