Paras Defence and Space Technologies, Azad Engineering and Sanofi India hit the upper circuit, while Transformers & Rectifiers India hit the lower circuit today

Today, the Nifty50 index and Sensex hit an all-time high amid positive global cues and fresh foreign fund inflows. But soon after scaling new highs the markets couldn't sustain at higher levels and slipped lower. Currently, the Nifty50 index and Sensex were trading in red both down by 0.41% and 0.26%, respectively. Nifty Midcap 100 and Nifty Smallcap 100 indices registered losses of 1.18% and 0.92%, respectively.

In the morning session on Wednesday, on NSE, 95 stocks hit the upper price band (Upper circuit) and 28 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 (June 19, 2024)

Paras Defence and Space Technologies Ltd

Abu Dhabi Investment Authority (ADIA) acquired a 1.44% stake in the company through bulk deals on Friday. The stake was acquired at an average price of ₹1,120.71 per share. Recently, Paras Defence and Space Technologies management attended a Virtual Investor Conference hosted where they gave future guidance to the company.

The company has projected revenue of ₹330 crore in FY25. It expects the order book to double its sales in the next few years, with a visibility period of 18 months. As of May 28, the company had orders worth ₹600 crore. The company expects an order book of ₹2,500 crore by FY28-end, which will be 60% of the total contracts rolled out. Apart from this, Defence Minister Rajnath Singh said on June 13 that the government’s target will be to export over ₹50,000 crore worth of defence equipment by 2028-2029. Since then defence stocks have been on fire.

Paras Defence and Space Technologies is engaged in the designing, developing, manufacturing, and testing of a variety of defence and space engineering products and solutions. The company caters to four major segments - Defence & Space Optics, Defence Electronics, Heavy Engineering and Electromagnetic Pulse Protection Solutions.

Azad Engineering Ltd

In December 2023, the company launched its initial public offering (IPO). Year-to-date (YTD), the company's return is 190%. The company operates in a technologically advanced industry that is crucial to many key sectors. It has effectively reduced its debt by converting high-cost Compulsorily Convertible Debentures (CCDs) and utilising IPO proceeds, resulting in significantly lower quarterly finance costs in Q4FY24. These non-recurring costs related to high-cost CCDs will normalise from Q1FY25. In the long-term, the company expects its EBITDA to remain sustainable between 33% to 37% based on product and revenue mix. It has a market capitalization of ₹11,700 crore.

Sanofi India Ltd

Sanofi India is engaged in the business of manufacture and sale of pharmaceutical products. It has strategic partnerships with key players in the pharmaceutical business Emcure and Cipla for different products. The company has a market capitalization of ₹17,350 crore and over the past year shares of the company have increased by 68%.

Stocks hitting lower circuit on Wednesday (June 19, 2024)

Transformers & Rectifiers India Ltd

Transformers and Rectifiers (India) is a manufacturer of Power, Furnace and Rectifier Transformers. It has a market capitalization of ₹11,200 crore. Over the past year shares of the company have given a return of 793%.