Reliance Infrastructure, Reliance Power, Wockhardt and EPACK Durable hit the upper circuit while Heritage Foods hit the lower circuit today

Domestic equity bourses, NIFTY50 and SENSEX, are trading in the red, declining by 0.11% and 0.08%, respectively. The Nifty Midcap 100 index and Nifty Smallcap 100 index are trading in the green, up by 0.15% and 0.44%, respectively.

On the NSE, 53 stocks hit the upper price band (Upper Circuit), and 58 stocks hit the lower price band (Lower Circuit).

Here is the list of stocks (market cap above ₹1,000 crore) locked in the upper and lower circuits in today’s trading session.

Stocks hitting the upper circuit on Thursday (October 24, 2024)

Reliance Infrastructure Ltd

Reliance Infrastructure, through its subsidiaries, has exported defence equipment worth more than ₹1,000 crore over a period of time. Reliance Infrastructure’s wholly owned subsidiaries Jai Armaments Limited and Reliance Defence Limited already have licenses from Govt of India for the manufacturing of Arms and Ammunition. Reliance has successful Joint Ventures (JVs) at MIHAN, Nagpur, Maharashtra with two of the leading Global Defence companies - Dassault Aviation and Thales of France.

Reliance Infrastructure is engaged in developing infrastructure projects through various Special Purpose Vehicles (SPVs) in several sectors such as power, roads, metro rail and airports in the infrastructure space and the defence sector. The company has a market capitalisation of ₹11,100 crore. Over the past one year, the stock has gained 65%.

Reliance Power Ltd

Few days back, the company approved the issuance of up to $500 million (₹4,200 crore) in Foreign Currency Convertible Bonds (FCCBs) on a private placement basis to affiliates of Varde Investment Partners. These FCCBs will have a low interest rate of 5% per annum, are unsecured, and carry a 10-year tenure. They are convertible into approximately 82.30 crore equity shares at a conversion price of ₹51.

This marks the company's second fundraising initiative, following the approval to raise ₹1,525 crore through a preferential allotment on September 23. These funds will support business expansion, investments in subsidiaries and joint ventures, debt reduction, and general corporate purposes.

Reliance Power has been established to develop, construct and operate power projects in India and internationally. The company has a market capitalisation of ₹17,000 crore and over the past one year, the shares have surged by 152%.

Wockhardt Ltd

Few days back the company reported that Wockhardt’s other novel antibiotic, MiqnafTM (Nafithromycin) received a favourable recommendation from the Subject Expert Committee of Central Drugs Standard Control Organization (CDSCO) for the Treatment of Community-Acquired Bacterial Pneumonia (CABP).

Recently the company has reported that it got another breakthrough antibiotic. Recently, one of its unique once-a-day, β-lactam enhancer-based MDR-active antibiotics, WCK 6777 (Ertapenem/Zidebactam) has completed a Phase I study conducted by the National Institutes of Health, USA.

The company has a market capitalisation of ₹17,250 crore. Over the past year shares of the company have increased by 397%.

EPACK Durable Ltd

Hisense has contracted EPACK Durable to set up an advanced dedicated manufacturing facility in India to produce Hisense's range of Air conditioners and Home Appliances. EPACK Durable will immediately invest, firstly, in a new manufacturing facility in Sricity (Andhra Pradesh) with a capacity of 1 million RACs by FY27-28, with initial production set to begin in June 2025. This strategic cooperation agreement with Hisense is likely to garner additional revenue of approximately $1 billion over the next 5 years for EPACK Durable and its subsidiary.

Incorporated in 2019, EPACK Durable is an Original Design Manufacturer (ODM) of room air conditioners (RAC). It stands second in production volumes for Room Air-conditioners. The company has a market capitalisation of ₹4,300 crore. Over the past six months, the stock has gained 117%.

Stocks hitting the lower circuit on Thursday (October 24, 2024)

Heritage Foods Ltd

Heritage Foods is engaged in the business of procurement and processing of milk and milk products and also the generation of power through solar and wind for the captive consumption of its dairy plants. The company has a market capitalisation of ₹5,200 crore.