Netweb Technologies India, Jyoti Structures and Magellanic Cloud hit the upper circuit

On Thursday, the BSE Sensex opened in the red and is currently trading at 74,734.52 levels, up by 0.34%. In the early morning trade, most companies are trading positively, with the BSE Midcap index hovering at an all-time high of 42,432.28. The BSE Smallcap index was trading around 47,419.89.

These four stocks with a market capitalisation of over ₹1,000 crore hit the upper and lower circuit in the morning session.

Stocks hitting the upper circuit on Thursday (May 2, 2024)

Netweb Technologies India Ltd

Netweb Technologies India is locked in a 5% upper circuit today at ₹1,765.40. The company reported strong financials for Q4FY24 and the financial year end of 2024 on May 1. It reported a net profit of ₹29.66 crore for Q4FY24 compared to ₹10.52 crore in Q4FY23 which implies growth of 181.94%. Additionally, the company has recommended ₹2 as a dividend. Netweb Technologies India is one of India‘s leading high-end computing solutions providers, with fully integrated design and manufacturing capabilities and has a market capitalization of ₹9,950 crore. In the last 6 months, shares of the company have soared by 115.89%.

Jyoti Structures Ltd

The shares of Jyoti Structures Ltd hit a back-to-back upper circuit and locked at ₹27.83 up by 5% as compared to the previous day's closing of ₹26.51. The company successfully commissioned a 765 KV, double circuit, Hexa Bundle Conductor transmission line from Khavda to Bhuj with a contract value of ₹382.14 crore. In addition to this, the company was also pre-qualified by Kenya Transmission Company Ltd to bid for 132 KV Narok-Bomet transmission line tender for 88 Km. This strengthens the high-voltage transmission infrastructure and strategic move towards international expansion. In one week, the shares of the company climbed over 21%.

Magellanic Cloud Ltd

The shares of Magellanic Cloud Ltd were locked in the 5% upper circuit at ₹638.55. This upsurge came after its subsidiary Scandron Private Limited secured its first major logistics drone order from an Indian robotics firm for an aggregate value of ₹43 crore. The stock was hitting back-to-back upper circuits from the last five trading sessions. The company provides its IT services in software development, consulting, and human resources business solutions and has a market capitalization of ₹7,463 crore. In the last 12 months, shares of the company have surged by 237.68%.

Stocks hitting lower circuit on Thursday (May 2, 2024)

Shilchar Technologies Ltd

Shilchar Technologies is locked in a 5% lower circuit today at ₹6,138.45 despite reporting good financials. The company announced financials for Q4FY24 and the financial year end of 2024 on April 30 after the market closure. It reported a net profit of ₹25.02 crore for Q4FY24 compared to ₹16.28 crore in Q4FY23 which implies growth of 53.71%. Additionally, the company has recommended ₹12.5 as a dividend. Shilchar Technologies is engaged in the business of manufacturing Electronics & Telecom and Power & Distribution transformers and has a market capitalization of ₹4,680 crore. In the last 12 months, shares of the company have risen by 483.64% due to which market participants were expecting better quarterly numbers. However, the earnings didn’t turn out to what was expected, and as a result, the stock is locked at the lower circuit limit for the day.