Solara Active Pharma Sciences, MIC Electronics, GTL Infrastructure and Wockhardt hit the upper circuit on Friday

Domestic equity bourses, NIFTY50 and SENSEX were seen trading in the green on Friday as a result NIFTY50 was above 24,100 levels and Sensex was at 79,500 levels. Both the frontline indices were seen trading with gains of 0.34%. The Nifty Midcap 100 index and the Nifty Smallcap 100 were trading with gains of 0.61% and 0.91%, respectively.

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

Stocks hitting the upper circuit on Friday (June 28, 2024)

Solara Active Pharma Sciences Ltd

On May 9, the company board approved a rights issue to raise ₹449.95 crore. The Rights issue was announced to support the balance sheet and reduce debt significantly. In FY24, revenue of the company was ₹1,300 crore, and the guidance for FY25 is ₹1,500 crore. To achieve this, it is focusing on cost competitiveness and efficient allocation of resources. It is also maximizing existing portfolios to drive growth. Furthermore, the company is expected to reduce cost by Rs 15 crore each quarter, leading to annual savings of ₹60-75 crore.

It has a market capitalization of ₹2,600 crore. Over the past year shares of the company have gained by 55%.

MIC Electronics Ltd

Earlier the company reported financial results for the fourth quarter end and financial year that ended on March 31, 2024. On a standalone basis for the fourth quarter, the company has reported a 538.50% growth in total income. In the same time frame, it has reported a 1941.16% surge in PAT. MIC Electronics is a global leader in the design, development and manufacturing of LED Video Displays, high-end Electronic and Telecommunication equipment and development of Telecom software since 1988. It has a market capitalisation of ₹1,822 crore. Over the past year shares of the company have surged by 250%.

Wockhardt Ltd

The company will hold its 25th Annual General Meeting today, June 28, 2024. As of March 31, 2024, the promoters held a 51.58% equity stake in the company. Of this, around 53.28% was pledged, marking a decline from the earlier level of 74.51% as of December 31, 2023. In March, the company came up with ₹480 crore Qualified Institutional Placement (QIP), where funds owned or managed by ace investors Madhusudan Kela and Prashant Jain have invested. It has a market capitalization of ₹10,500 crore. Over the past year shares of the company have gained by 192%.

GTL Infrastructure Ltd

Post-election, shares of the company started to surge and over the past one month, the scrip has gained 116%, outperforming its benchmark index. In the same timeframe, BSE Telecommunication grew by 12.98%. Over the past one year shares of GTL Infrastructure have surged by 309%. The stock has a market capitalization of ₹4,190 crore.

Recently the government collected a modest ₹11,340.78 crore from its second 5G spectrum sale. Bharti Airtel emerged as the top buyer of airwaves at an expectedly muted auction that lasted for seven rounds over Tuesday and Wednesday.