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  5. Reliance Power and Ravindra Energy hit the upper circuit, while GE T&D India, Panacea Biotec and MIC Electronics hit the lower circuit today

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Reliance Power and Ravindra Energy hit the upper circuit, while GE T&D India, Panacea Biotec and MIC Electronics hit the lower circuit today

Upstox
By Upstox News Desk

6 min read | Updated on September 19, 2024, 13:06 IST

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SUMMARY

On Thursday, the NIFTY50 index traded above the level of 25,500. Reliance Power and Ravindra Energy hit a 5% upper circuit while GE T&D India, Panacea Biotec and MIC Electronics hit a 5% lower circuit.

Stock list

RPOWER
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RELTD
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MICEL
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Reliance Power and Ravindra Energy hit the upper circuit, while GE T&D India, Panacea Biotec and MIC Electronics hit the lower circuit today

Reliance Power and Ravindra Energy hit the upper circuit, while GE T&D India, Panacea Biotec and MIC Electronics hit the lower circuit today

Domestic equity bourses, NIFTY50 and SENSEX, were trading in the green, advancing by 0.54% and 0.52%, respectively. Nifty Midcap 100 index and the Nifty Smallcap 100 index are trading negatively, down by 0.95% and 1.38% respectively.

On the NSE, 73 stocks hit the upper price band (Upper Circuit), and 57 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 Thursday (September 19, 2024)

Reliance Power Ltd

Shares of Reliance Power hit the upper circuit at ₹34.62 in the early morning session of Thursday. This comes after the company has been released and discharged of its corporate guarantee, undertakings and all obligations and claims in relation to the outstanding debt of subsidiary Vidarbha Industries Power Limited (VIPL), amounting to ₹3,872.04 crore. The company has settled all disputes with CFM Asset Reconstruction Private Limited (CFM), as 100% shares of VIPL have been pledged in favour of CFM against the release and discharge of corporate guarantee given by Reliance Power.

Reliance Infrastructure, which held a 23.15% stake in Reliance Power as of June 30, advanced by 33% over the last one week. Reliance Power has been established to develop, construct and operate power projects in India and internationally. The company has a market capitalisation of ₹13,900 crore and over the past six months company shares have surged by 52%.

Ravindra Energy Ltd

Ravindra Energy shares were locked in the 5% upper circuit at ₹133.41 in the early morning session of Thursday. The meeting of the Board of Directors of the company was held on September 11, where they proposed reclassifying the company's authorised share capital and issuance of equity shares. These decisions reflect the company's strategic move to enhance its equity base and optimise its capital structure, aligning with its long-term growth objectives. After this stock is hitting back-to-back upper circuits.

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 ₹2,050 crore and over the past year company shares have surged by 133%.

Stocks hitting the lower circuit on Thursday (September 19, 2024)

GE T&D India Ltd

On Thursday, the shares of GE T&D India locked in the 5% lower circuit limit at ₹1,606.85. The lower circuit limit was hit after the GE T&D India promoters, Grid Equipments Private Ltd and GE Grid Alliance B.V. (formerly Alstom Grid Holding B.V.) announced a proposed offer for sale (OFS).

The floor price of the offer will be ₹1,400 per equity share. The OFS involves up to 11.7% of the company’s equity share capital, which amounts to 30 million shares. Each share has a face value of ₹2. The promoters have also included an oversubscription option to sell an additional 3.9% of equity, representing 10 million shares, which could increase the total sale to 15.6% of the company’s paid-up equity share capital, if fully exercised. This means the total potential offer size could reach 40 million shares.

GE T&D India is the entity of GE Vernova’s Electrification business in India. It has been in the power transmission and distribution business for more than 100 years and provides a versatile range of solutions for connecting and evacuating power from generation sources onto the grid. It has a market capitalisation of ₹41,000 crore.

Panacea Biotec Ltd

Panacea Biotec stock hit the 5% lower circuit limit at ₹330.20 in the early morning session of Thursday. For the past few trading days, the script has consistently hit the upper circuit. Over the past three months shares of the company have surged by 150%, after rising in triple digits in such a short span of time, investors would have opted to take profit off the table, which could have led the stock to hit a lower circuit limit for the day.

Panacea Biotec is a global pharmaceutical and vaccine manufacturer based in New Delhi, Mumbai, and Lalru. The company researches, develops, manufactures, and markets pharmaceuticals, vaccines, biosimilars, and natural products.

Over the past three months, the company's shares have surged as currently India lacks an antiviral treatment or licensed vaccine for dengue. Panacea Biotec is working on a dengue vaccine, which has been in development since 2006. In March 2022, the company partnered with the Indian Council of Medical Research (ICMR) for this project. On August 14, Panacea Biotec commenced Phase-3 trials for its Tetravalent Dengue Vaccine, DengiALL, in India. Approved by the Drug Controller General of India (DCGI), these trials involve 10,335 participants across 19 sites and represent the first Phase-3 clinical trial for a dengue vaccine in India.

Additionally, the company recently announced the settlement of a legal dispute with Sanofi Healthcare India Private Limited (Sanofi). On May 17, 2021, Panacea Biotec filed a lawsuit in the Delhi High Court to prevent Sanofi from marketing a fully liquid hexavalent vaccine that would infringe on Panacea’s patent for its wP-IPV based fully liquid hexavalent vaccine, EasySix. Under the settlement, Sanofi has agreed not to launch its fully liquid hexavalent vaccine Shan6 in India commercially and will withdraw its opposition to Panacea Biotec’s Patent IN 272351 on the hexavalent vaccine before the Indian Patent Office. The company has a market capitalisation of ₹2,000 crore.

MIC Electronics Ltd

MIC Electronics shares were locked in the 5% lower circuit at ₹103.82 in the early morning session. For the past few trading days, the scrip has consistently hit the upper circuit. Over the past six months shares of the company have surged by 157%, after increasing so much profit booking among the investors could be the reason for the lower circuit today.

MIC Electronics is a global leader in the design, development & manufacturing of LED Video Displays, high-end Electronic and Telecommunication equipment and development of Telecom software since 1988. The company has a market capitalisation of ₹2,500 crore.

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