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  5. Raymond, Apollo Micro Systems and KPI green energy locked in upper circuit for second consecutive day

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Raymond, Apollo Micro Systems and KPI green energy locked in upper circuit for second consecutive day

Upstox
By Upstox News Desk

5 min read | Updated on July 16, 2024, 14:22 IST

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SUMMARY

On Tuesday, the NIFTY50 index traded in positive territory above the 24,600 level. Servotech Power Systems hit the 10% upper circuit, while Raymond, Apollo Micro Systems, Marine Electricals (India), and KPI Green Energy hit a 5% upper circuit. Sky Gold hit a 5% lower circuit.

Stock list

KPIGREEN
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RAYMOND
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APOLLO
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SKYGOLD
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Raymond, Apollo Micro Systems and KPI green energy locked in upper circuit for second consecutive day

Raymond, Apollo Micro Systems and KPI green energy locked in upper circuit for second consecutive day

Domestic equity bourses, NIFTY50 and SENSEX, were trading in the green on Tuesday, advancing 0.22% and 0.20%, respectively. Nifty Midcap 100 index and Nifty Smallcap 100 index were trading in green with gains of 0.32% and 0.49% respectively.

In the morning session on Tuesday, on the NSE, 78 stocks hit the upper price band (Upper circuit), and 45 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 (July 16, 2024)

KPI Green Energy Ltd

KPI green stock hit the upper circuit band of 5% of ₹2,039.85 ahead of its stock split. KPI Green Energy is a Gujarat-based company specialising in renewable energy solutions. They develop, build, own, and operate solar power plants, both as Independent Power Producers (IPP) and Captive Power Producers (CPP).

The company will be doing a stock split this week as it has fixed Thursday, July 18, 2024, as the Record Date. The record date is the last date on which shareholders are eligible to participate in corporate actions. Currently, the company has a face value of ₹10 which will split into 2 equity shares having a face value of ₹5.

Recently, the company has reported that it has successfully signed a Solar-Wind Hybrid Power Project Power Purchase Agreement with Gujarat Urja Vikas Nigam Limited. This project comprises 50 MW Solar and 16.80 MW Wind. As of March 31, 2024 company order book stands at 1.23 GW DC. It has a market capitalisation of ₹12,200 crore. Over the past year, shares have soared by 262%.

Raymond Ltd

In the early morning session of Tuesday, the stock price of India’s leading textile company Raymond got locked in the upper circuit limit after soaring 5% at ₹2,316.70.

The stock had only buyers in the market as it discovered their ex-demerger price (after demerging lifestyle business) on the exchange. July 11 was the ex-date for its lifestyle business demerger.

Recently, the company announced the demerger of its lifestyle business venture into Raymond Lifestyle (previously Raymond Consumer Care) and established the entitlement of the company's shareholders. Four equity shares of Raymond Lifestyle of ₹2 each, fully paid up, shall be issued and assigned to Raymond shareholders holding five equity shares of ₹10 each, fully paid up as of the record date. The lifestyle division is expected to be listed in the next two months. The demerger is expected to unlock value for shareholders.

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.

Apollo Micro Systems Ltd

Shares of Apollo Micro Systems locked in a second consecutive day 5% upper circuit at ₹115.25. On Friday after the market clouser company reported that it had been awarded the Make II project by the Indian Army. This project is for the procurement of a Vehicle Mounted Counter Swarm Drone System (VMCSDS) (Version I) under the Make II category of DAP-2020. This project is the first Make II project for the company.

Apollo Micro Systems is a pioneer in the design, development, assembly and testing of electronic and electro-mechanical solutions. It has a market capitalisation of ₹3,450 crore. Over the past year shares of the company have surged by 106%.

Marine Electricals (India) Ltd

Marine Electricals (India) shares were locked in a 5% upper circuit in the early morning session of Tuesday at ₹264.26. Marine Electricals (India) is an integrated technical services provider in the fields of electrical automation and information and communication technology solutions.

Recently, the company reported receiving an order amounting to approximately ₹50 crore from DC Development Hyderabad Ltd, for the supply of FIM LV Panels and Skid for HYD20 expansion (DC 2 & 3) 28.8 MW. The delivery is expected to take place over 20 months. In Investor Presentation 2024, the company reported that it has an order book of ₹497 crore. The company has a market capitalisation of ₹3,500 crore. In the last one year, it has given returns of 346%.

Servotech Power Systems Ltd

On Tuesday, the stock of Servotech Power Systems hit the 10% upper circuit at ₹129.81. Servotech Power Systems develops tech-enabled EV Charging solutions leveraging their over two decades of experience and expertise in the electronics space.

Recently, the company announced it has established a new subsidiary Servotech Sports and Entertainment Pvt. Ltd to foray into the sports line. It has taken a bold step towards diversification and expansion where the company will be dedicated to the sports sector, events and promotion.

Currently, Servotech Power Systems has a market capitalisation of ₹2,780 crore. Over the past one year shares of the company have advanced by 57%.

Stocks hitting the lower circuit on Tuesday (July 16, 2024)

Sky Gold Ltd

Sky Gold stock hit a 5% lower circuit in the early morning session of Tuesday at ₹1,996.35. The company held their first Extraordinary General Meeting (EGM) on July 12, 2024. Since then it is locked in the lower circuit. In the meeting, many decisions were taken but the main was to approve the Employee Stock Option Plan 2024.

Sky Gold is engaged in the business of designing, manufacturing, and marketing gold jewellery. It has a market capitalisation of ₹2,650 crore. In the last one year, the shares of the company have given staggering returns of over 668%. After this skyrocketing surge profit booking among the investors can also be the reason for the lower circuit.

About The Author

Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

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