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

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 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 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

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

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