Piccadily Agro industries, Jana Small Finance Bank, Jyoti CNC hit upper circuit

On Tuesday, BSE Sensex opened in the green and hit the 75,000 mark, up by 0.50% in the early morning session. Currently, most companies are trading positively, with the BSE Midcap index hovering at an all-time high of 42,277.8. The BSE Smallcap index was trading around 47,481.30, up by 0.45%.

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

Stocks hitting upper circuit on Tuesday (April 30, 2024)

Piccadily Agro Industries Ltd

Piccadily Agro Industries is hitting back-to-back the 5% upper circuit after it announced the raising of ₹1,000 crore funds. The company achieved revenue of ₹285 crore with a growth of 37% YoY in Q4 and an increase in profitability of 585% YoY to ₹43.50 crore in Q4. Lion share i.e. 67% of the revenue was contributed by the company's distillery division. It expanded its domestic market presence to 21 states in India and 21 markets overseas. Over the past week shares of the company have jumped by 27.61%. The company manufactures sugar and distillery products at its plant in Haryana and has a market capitalisation of ₹6,300 crore. In the last one year, the stock has risen over 1,310%.

Jana Small Finance Bank Ltd

Shares of Jana Small Finance Bank Ltd hit an upper circuit limit of 20% on Tuesday at ₹600.35, however, the stock has shed some of its gains from the day’s high, and currently, the stock is trading at ₹596.25 per share. The rally in the stock price could be attributed to the recent guidelines by RBI wherein, the RBI said small finance banks can apply for universal bank license if they meet the eligibility criteria. The company may opt to apply for a universal bank license next year by May or June.

Jyoti CNC Automation Ltd

Shares of Jyoti CNC Automation Ltd were locked in the 5% upper circuit limit at ₹849.80 and it is trading near a 52-week high of ₹851. The company is engaged in manufacturing and supplier of CNC machines. Company made its debut on exchanges earlier this year and the stock saw a decent listing at ₹372 against the issue price of ₹331. The company’s 63% revenue is contributed by Aerospace & Defence and Auto & Auto components as per quarter ended December 31, 2023. The stock has been seen trading in a broad range of almost ₹100 since the start of this month and currently, it stands at the upper end of the range.

Zen Technologies Ltd

On Tuesday, shares of Zen Technologies Ltd were locked in the 5% upper circuit at ₹1,120.85 primarily due to result anticipation. The company's board meeting is scheduled to take place on May 4, 2024. Since the announcement, the stock started hitting the upper circuit. The company designs, develops and manufactures combat training solutions and counter-drone solutions for defence and security forces and has a market capitalisation of ₹9,413 crore.

Stocks hitting lower circuit on Tuesday (April 30, 2024)

Swelect Energy Systems Ltd Ltd

Shares of Swelect Energy Systems Ltd were consistently hitting back-to-back 5% upper circuit until yesterday. The stock has risen over 108% on a YTD basis. However, in the last trading session on Monday, it hit a 5% lower circuit and today, again it was locked at a 5% lower circuit at ₹1,318.40. The shares of the company were in the overbought zone having RSI of 75. This suggests correction after a strong rally and the major reason behind this drop is profit-booking by investors after a recent price increase. Swelect Energy Systems is engaged in the business of manufacturing and trading solar power projects, contract manufacturing, installation, maintenance, and energy-efficient lighting systems and has a market capitalization of ₹1,998.53 crore.