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  5. Here's why Suzlon Energy, PC Jeweller, Sky Gold and Shakti Pumps hit the upper circuit on Wednesday

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Here's why Suzlon Energy, PC Jeweller, Sky Gold and Shakti Pumps hit the upper circuit on Wednesday

Upstox
By Upstox News Desk

4 min read | Updated on July 24, 2024, 15:27 IST

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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.

Stock list

SUZLON
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PCJEWELLER
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SHAKTIPUMP
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SKYGOLD
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Here's why Suzlon Energy, PC Jeweller, Sky Gold and Shakti Pumps (India) hit the upper circuit on Wednesday

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.

Stocks hitting the upper circuit on Wednesday (July 24, 2024)

Suzlon Energy Ltd

Today, shares of Suzlon Energy locked in 5% upper circuit at ₹60.72. On July 22, the company reported strong financials for Q1FY25 on July 22, 2024. For the Q1FY25 on consolidated basis the company has reported 50.13% growth in total income from ₹1,361.68 crore to ₹2,044.35 crore and net profit has increased by 199.59% from ₹100.9 crore to ₹302.29 crore.

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%.

PC Jeweller Ltd

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.

PC Jeweller is engaged in the business of manufacturing, sale and trading of gold jewellery, diamond-studded jewellery and silver items and operates in different geographical areas. The company has a market capitalisation of ₹3,600 crore. In the last one year, shares of the company have surged 157%.

Shakti Pumps (India) Ltd

Shakti Pumps (India) stock got locked in 5% upper circuit at ₹4,514.80. The company reported strong financials for Q1FY25 on July 20, 2024. For the Q1FY25 company has reported 402% growth in net sales from ₹113.08 crore to ₹567.56 crore and net profit has increased by 9,166% from ₹1 crore to ₹92.66 crore. As of June 30, 2024 company order book stands at ₹2,000 crore.

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.

Sky Gold Ltd

Sky Gold stock is locked in a 5% upper circuit in the early morning session of Wednesday at ₹2,251.90. Yesterday after Finance Minister Nirmala Sitharaman announced an import duty cut on gold, silver and platinum. The total duty has been revised down to 6% from the earlier 15% effective July 24. After this move there has been a shine in jewellery stocks. While consumers are being rewarded, the companies are also set to benefit as lower prices can increase their topline, with volume growth to more than offset the decline in prices. Reflecting the potential benefit of increased revenue and profits.

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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