Johnson Controls-Hitachi and Waaree Renewable hits upper circuit, check key reason behind this surge

On Friday, the BSE Sensex hit an all-time high at 75,582.28 levels. After hitting this milestone, the index trimmed its gains and was trading around the level of 75,420 up by 8 points. Additionally, the BSE Midcap index and the BSE Smallcap index have also hit all-time highs at 43,568.71 and 48,353.57, respectively.

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 Friday (May 24, 2024)

The stock of Johnson Controls-Hitachi Air Conditioning India is locked in a 20% upper circuit. Yesterday the company reported strong financial results for the fourth quarter and financial year that ended on March 31, 2024. For the fourth quarter, the company reported a growth of 40.89% in total income. In Q4FY24, the company reported a net profit of ₹48.81 crore against a loss of ₹1.06 crore in Q4FY23.

Johnson Controls-Hitachi Air Conditioning is a joint venture of Johnson Controls, US and Hitachi Global Life Solutions, Japan. On Friday, the stock recorded its highest single-day volume in almost 9-months. During this summer season, brutal heat in a large part of India has been witnessed. Considering the company is engaged in manufacturing, selling and trading air conditioners, refrigerators, and chillers, there is an expectation it could maintain its positions in sales and profitability. In the last one year, shares of the company have surged by 43%.

Waaree Renewable Technologies was hitting back to back lower circuits after their results announcement for Q4FY24. However, on Friday, the stock reversed its losing streak and hit an upper circuit at ₹1,880.20. Waaree Renewables Technologies is engaged in the business of generation of power through renewable energy. It has a market capitalisation of ₹19,500 crore. In the last one year, shares of the company have zoomed by 972%. The company recently secured a Letter of Intent (LOI) for the execution of Engineering, Procurement and Construction (EPC) works for a solar power project of 700 KW DC capacity on a turnkey basis along with one year operation and maintenance service with an order value of about ₹4.89 crore.

Shares of Indo Tech Transformers hit a 5% upper circuit at ₹1,597.60. On May 23, the company reported strong financial results for the fourth quarter end and financial year that ended on March 31, 2024. For the fourth quarter, it reported a growth of 22.15% total income. In the same time frame, the company PAT increased by 32.49%.

Indo Tech Transformers Ltd is engaged in the business of manufacturing power and distribution transformers and various special application transformers, mobile substation transformers and substations. It has a market capitalisation of ₹1,700 crore. Over the past year shares of the company have climbed by 412%.

Stocks hitting lower circuit on Friday (May 24, 2024)

Shares of Schneider Electric Infrastructure delivered returns of over 100% this year. However, on Friday, the stock hit a 5% lower circuit and was seen trading at ₹870.35. The stock has hit a lower circuit, courtesy of reporting weak financial results for the quarter that ended March 2024.

For the fourth quarter, the company reported a growth of 14.70% in total income, however, dampening the sentiment was a huge dent in the net profit. Net profit of the company declined by 92.79% YoY, mainly due to higher expenses. In the same time frame, the net profit decreased by 92.69%. Schneider Electric Infrastructure is engaged in the business of manufacturing, designing, building and servicing technologically advanced products and systems for the electricity network. It has a market capitalisation of ₹20,800 crore.