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  5. Here's why Reliance Power, Servotech Power Systems and KPI Green Energy hit the upper circuit today

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Here's why Reliance Power, Servotech Power Systems and KPI Green Energy hit the upper circuit today

Upstox
By Upstox News Desk

4 min read | Updated on September 25, 2024, 13:00 IST

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SUMMARY

On Wednesday, the NIFTY50 index traded with a minor loss of 17 points but above the level of 25,900. Reliance Power, Servotech Power Systems, KPI Green Energy and Unitech hit a 5% upper circuit.

Stock list

RPOWER
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SERVOTECH
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KPIGREEN
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UNITECH
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SENSEX and NIFTY50 trade flat, Nifty Bank outperforms led by HDFC Bank and ICICI Bank

SENSEX and NIFTY50 trade flat, Nifty Bank outperforms led by HDFC Bank and ICICI Bank

Domestic equity bourses, NIFTY50 and SENSEX, are trading in the red, declining slightly by 0.10% and 0.01%, respectively. The Nifty Midcap 100 index and the Nifty Smallcap 100 index are trading negatively, down by 0.58% and 0.15%, respectively.

On the NSE, 74 stocks hit the upper price band (Upper Circuit), and 35 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 (September 25, 2024)

Reliance Power Ltd

Reliance Power shares hit the 5% upper circuit and a new fresh 52-week high at ₹42.06 in the early morning session of Wednesday. This comes after the company announced a preferential issue of 46.2 crore equity shares worth ₹1,524.60 crore at a price of ₹33 per share. The issue is proposed to be made to promoter Reliance Infrastructure Ltd and non-promoter entities Authum Investment and Infrastructure Ltd and Sanatan Financial Advisory Services Private Ltd (Sanjay Kothari and Meenakshi Sanjay Kothari).

Reliance Power said it is a zero bank debt on a standalone basis and looking poised to venture into new horizons of growth. In particular, Reliance Power intends to expand its presence in the renewable energy sector, directly and also through its special-purpose vehicles and subsidiaries.

Earlier last week the company was released and discharged of its corporate guarantee, undertakings and all obligations and claims in relation to the outstanding debt of subsidiary Vidarbha Industries Power Limited (VIPL), amounting to ₹3,872.04 crore. The company has settled all disputes with CFM Asset Reconstruction Private Limited (CFM), as 100% shares of VIPL have been pledged in favor of CFM against the release and discharge of corporate guarantee given by Reliance Power.

Reliance Power has been established to develop, construct and operate power projects in India and internationally. The company has a market capitalisation of ₹16,800 crore and over the past one year company shares have surged by 122%.

Servotech Power Systems Ltd

On Wednesday Servotech Power Systems stock got locked in the 5% upper circuit and hit a fresh 52-week high at ₹201.58. Servotech Power Systems develops tech-enabled EV Charging solutions leveraging its two decades of experience and expertise in the electronics space.

On September 23, the company reported that it will issue warrants convertible into equity shares on a preferential basis. The issue consists of 58,50,000 warrants at a price of ₹167.40 per warrant in cash, for aggregate consideration up to ₹97,92,90,000. Currently, the company has a market capitalisation of ₹4,500 crore. Over the past year, shares of the company have increased by 160%.

KPI Green Energy Ltd

KPI green energy stock hit the 5% upper circuit band at ₹901.30 in the early morning session of Wednesday. KPI Green Energy is a Gujarat-based company specialising in renewable energy solutions. They develop, build, own, and operate solar power plants as Independent Power Producers (IPP) and Captive Power Producers (CPP).

Recently, rating agency ICRA updated the company's long-term rating. It was upgraded to A from A- and the short-term rating was reaffirmed and the outlook changed to positive from stable. The company has reported strong financial earnings on a consolidated basis for Q1FY25, the company reported 83.58% growth in total income from ₹190.57 crore in Q1FY24 to ₹349.85 crore. PAT has increased by 98.77% from ₹33.26 crore in Q1FY24 to ₹66.11 crore.

The company's cumulative order book stands at 2,327+ MW, out of which 1,260+ MW is under the Independent Power Producer (IPP) segment and 1,067+ MW is under the Captive Power Producer (CPP) segment. It has a market capitalisation of ₹11,560 crore. Over the past year, shares have soared by 220%.

Unitech Ltd

Shares of Unitech hit the 5% upper circuit at ₹12.68 in the early morning session of Wednesday. Incorporated in 1971, Unitech is in the business of Real Estate, Power Transmission and Hospitality. On September 19 the company reported that Unitech Limited has paid consideration for acquiring 9,37,500 equity shares of face value of ₹10 each at a premium of ₹150 per equity share, Unitech Holdings Limited (UHL), a wholly-owned subsidiary. UHL is registered as a Non-Banking Financial Company (NBFC), with the Reserve Bank of India (RBI).

The company has a market capitalisation of ₹3,300 crore and over the past one year, shares have surged by 289%.

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