Pondy Oxides & Chemicals, Ravindra Energy and GTL Infrastructure hit upper circuit, while Raymond Lifestyle hits the lower circuit today

Domestic equity bourses, NIFTY50 and SENSEX, were trading in the green, advancing by 0.07% and 0.10%, respectively. Nifty Midcap 100 index and Nifty Smallcap 100 index are trading in the green, up by 0.27% and 0.75%, respectively. On the NSE, 72 stocks hit the upper price band (Upper Circuit), and 36 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 Tuesday (September 10, 2024)

Pondy Oxides & Chemicals Ltd Shares of Pondy Oxides & Chemicals hit a 5% upper circuit at ₹2,298.10 in the early morning session of Tuesday. Incorporated in 1995, Pondy Oxides and Chemicals manufactures Lead Metal and Alloys and other Non-ferrous metals.

Over the past three months shares of the company have increased by 243%. After the company declared their results it started to gain momentum. In Q1FY25, the company’s consolidated profit after tax (PAT) increased by 215.92% year-on-year (YoY) to ₹12.96 crore. Net sales grew to ₹444.94 crore, up by 36.83% YoY.

Further, the company has signed an MoU with the Tamil Nadu state government, laying the groundwork for establishing advanced recycling and manufacturing facilities in the state. These facilities will focus on non-ferrous metals, lithium-ion battery recycling, e-waste and plastics, and dedicated R&D centres for developing value-added products.

The company has a market capitalisation of ₹2,900 crore. Ace Investor Dolly Khanna owned 170,974 equity shares, or a 1.31% stake in the company at the end of the June 2024 quarter.

Ravindra Energy Ltd

Ravindra Energy stock got locked in the 5% upper circuit at ₹94.84 in the early morning session of Tuesday. The meeting of the Board of Directors of the company will be held on Wednesday, September 11, 2024, where they will consider and approve the issue of equity shares or other securities on a preferential basis. Incorporated in 1980, Ravindra Energy is in the business of selling Solar Pumps, setting up Solar Generation Power Plant (Ground Mount & Rooftop) & generation and sale of Power. The company has a market capitalisation of ₹1,450 crore and over the past year company shares have surged by 55%.

GTL Infrastructure Ltd

GTL Infrastructure shares hit the 5% upper circuit at ₹2.49. GTL Infrastructure provides passive telecom infrastructure sharing and energy management solutions. The company has a market capitalisation of ₹3,200 crore. Over the past year shares of the company have gained by 141%.

Stocks hitting the lower circuit on Tuesday (September 10, 2024)

Raymond Lifestyle Ltd

In the early morning session of Tuesday, shares of Raymond Lifestyle got locked in the lower circuit limit of 5% at ₹2,443.55.

Raymond Lifestyle Ltd (RLL) the demerged textiles and apparel entity of Raymond Group, made its market debut at ₹3,020 per share on the NSE on September 5. However, company shares failed to hold the momentum and reversed gains in the first 30 minutes of trade. The stock retreated to hit its lower circuit at ₹2,869, down 5%. After that, on every trading session, it is getting locked in lower circuits. The listing price was a premium over the base price of ₹1,563 per share which was derived during a special trading session ahead of the listing.

Raymond shares started trading ex-RLL demerger on July 11, 2024. Under the scheme of the arrangement, Raymond shareholders will get four shares of Raymond Lifestyle for every five of Raymond (4:5).

The Raymond Group is net debt-free after it sold its FMCG business in FY24 for ₹2,825 crore. Both listed companies, Raymond and Raymond Lifestyle, shall now stand net debt-free. The Raymond Group would now have three core sectors: lifestyles under the new entity Raymond Lifestyle and real estate and engineering under Raymond.