Marine Electricals (India), Reliance Power, PC Jeweller, and Panacea Biotec hit the lower circuit today

Domestic equity bourses, NIFTY50 and SENSEX, are trading in the red declining by 0.45% and 0.24%, respectively. The Nifty Midcap 100 index and Nifty Smallcap 100 index were trading negatively, down by 2.43% and 2.98%, respectively.

On the NSE, 62 stocks hit the upper price band (Upper Circuit), and 247 stocks hit the lower price band (Lower Circuit).

Here is the list of stocks (market cap above ₹1,000 crore) locked in lower circuits in today’s trading session.

Stocks hitting the lower circuit on Monday (October 07, 2024)

Marine Electricals (India) Ltd

On October 4 the company received new orders amounting to a total of ₹6.25 crore. Order received from Nxtra Data Limited for Supply, Installation, Testing and Commissioning (SITC) of HT Panel for the Pune Project and another order is from Pokarna Engineered Stone Limited for Supply, Installation, Testing and Commissioning (SITC) of Busducts for Hyderabad Project. Both orders have an expected delivery period of 6 months. The company has a market capitalisation of ₹2,950 crore.

Reliance Power Ltd

In a recent board meeting, the company approved the issuance of up to $500 million (₹4,200 crore) in Foreign Currency Convertible Bonds (FCCBs) on a private placement basis to affiliates of Varde Investment Partners. These FCCBs will have a low interest rate of 5% per annum, are unsecured, and carry a 10-year tenure. They are convertible into approximately 82.30 crore equity shares at a conversion price of ₹51.

This marks the company's second fundraising initiative, following the approval to raise ₹1,525 crore through a preferential allotment on September 23. These funds will support business expansion, investments in subsidiaries and joint ventures, debt reduction, and general corporate purposes.

On October 2, Reliance Power announced a partnership with Bhutan's Druk Holding and Investments to jointly develop solar and hydropower projects. The venture will include 500 megawatts of solar power and the 770 MW Chamkharchhu-1 hydropower project. Today, the company is also set to hold a board meeting to discuss further fundraising plans from domestic and/or global markets.

Reliance Power has been established to develop, construct and operate power projects in India and internationally. The company has a market capitalisation of ₹19,500 crore and over the past one year, the shares have surged by 156%.

PC Jeweller Ltd

Additionally, the board approved the preferential allotment of 11.5 crore fully convertible warrants on a private placement basis to two promoter group entities New Track Garments Pvt. Ltd and Balram Garg (HUF) at an issue price of ₹56.20 per warrant. These warrants, convertible into equity shares of the company will raise ₹646 crore with an initial 25% subscription received upfront. The balance 75% of the issue price must be paid by the promoters within 18 months from the date of allotment for full conversion into equity shares.

Last week the company got approval for the One Time Settlement (OTS) proposal from the Bank of India. With this approval, all the fourteen consortium member banks have approved the OTS proposal submitted earlier by the company. PC Jeweller manufactures, sells, and trades gold, diamond-studded, and silver jewellery and operates in different geographical areas. The company has a market capitalisation of ₹7,000 crore.

Panacea Biotec Ltd

Over the past three months, the company's shares have surged by 145%. After rising in triple digits in such a short time, investors would have opted to take profit off the table, which could have led the stock to hit a lower circuit limit for the day.

Currently, India lacks an antiviral treatment or licensed vaccine for dengue. Panacea Biotec is working on a dengue vaccine, which has been in development since 2006. In March 2022, the company partnered with the Indian Council of Medical Research (ICMR) for this project.

The company recently announced the settlement of a legal dispute with Sanofi Healthcare India Private Limited (Sanofi). On May 17, 2021, Panacea Biotec filed a lawsuit in the Delhi High Court to prevent Sanofi from marketing a fully liquid hexavalent vaccine that would infringe on Panacea’s patent for its wP-IPV based fully liquid hexavalent vaccine, EasySix. The company has a market capitalisation of ₹1,780 crore.