Reliance Power hits the upper circuit, while Ravindra Energy and Servotech Power Systems hit the lower circuit today

Domestic equity bourses, NIFTY50 and SENSEX, are trading in the green, advancing by 0.23% and 0.25%, respectively. The Nifty Midcap 100 index and the Nifty Smallcap 100 index are trading negatively, down by 0.54% and 0.37%, respectively.

On the NSE, 53 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 26, 2024)

Reliance Power Ltd

Reliance Power said it has zero bank debt on a standalone basis and is poised to venture into new growth horizons. In particular, Reliance Power intends to expand its presence in the renewable energy sector, both directly and through its special-purpose vehicles and subsidiaries.

Last week, the company was released and discharged of its corporate guarantee, undertakings and all obligations and claims concerning 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 Power has been established to develop, construct and operate power projects in India and internationally. The company has a market capitalisation of ₹17,700 crore and over the past one year company shares have surged by 132%.

Stocks hitting the lower circuit on Thursday (September 26, 2024)

Ravindra Energy Ltd

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.

Over the past three months the stock surged by almost 150%, after rising in triple digits in such a short 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.

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 ₹2,400 crore.

Servotech Power Systems Ltd

On September 23, the company reported that it would issue warrants convertible into equity shares on a preferential basis. The issue consists of 58,50,000 warrants at a price of ₹167.40 per warrant in cash, for aggregate consideration up to ₹97,92,90,000. Currently, the company has a market capitalisation of ₹4,300 crore. Over the past year, shares of the company have increased by 150%.