Market News
4 min read | Updated on July 24, 2024, 15:27 IST
SUMMARY
On Wednesday, the NIFTY50 index traded in the red near the 24,450 level. Suzlon Energy, PC Jeweller, Shakti Pumps (India), and Sky Gold hit the 5% upper circuit.
Here's why Suzlon Energy, PC Jeweller, Sky Gold and Shakti Pumps (India) hit the upper circuit on Wednesday
Domestic equity bourses, NIFTY50 and SENSEX, were trading in the red on Wednesday, declining by 0.12% and 0.14%, respectively. Nifty Midcap 100 index and Nifty Smallcap 100 index were in green, advancing by 0.75% and 1.31%, respectively.
In the morning session on Wednesday, on the NSE, 107 stocks hit the upper price band (Upper circuit), and 29 stocks hit the lower price band (Lower Circuit).
Here is the list of stocks (market cap above ₹1,000 crore) locked in upper and lower circuits in today’s trading session.
Suzlon is one of the leading global renewable energy solutions providers. It is a vertically integrated WTG manufacturer. It also undertakes installation and O&M of all WTG sales. The company has a market capitalisation of ₹82,700 crore. In the last one year, shares of the company have surged 194%.
The stock of a popular jewellery brand got locked in an upper circuit of 5% in Wednesday morning session at the price of ₹77.86. The company received approval on the One Time Settlement (OTS) proposal submitted by the company to Bank of Baroda on July 20, 2024. The company had opted for OTS to settle the outstanding dues.
Company has announced that it will target new opportunities in the Electric Vehicle Segment. The board has approved investments of ₹114.3 crore in their subsidiary Shakti EV Mobility. This subsidiary company is engaged in the manufacturing and sale of EV motors, charging stations, battery management systems, electric control panels, smart electric control panels, VFDs and other items.
Shakti Pumps (India) Ltd is primarily engaged in manufacturing pumps and motors of various kinds. It also offers advanced water pumping solutions to a wide range of applications such as irrigation, horticulture, domestic water supply, commercial and industrial applications. Over the past year, shares of the company have zoomed by 533%. It has a market capitalisation of ₹9,000 crore.
In the last one year, the shares of the company have given staggering returns of over 696%. Sky Gold is engaged in the business of designing, manufacturing, and marketing gold jewellery. It has a market capitalisation of ₹2,980 crore.
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