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  5. Swan Energy, PC Jeweller, Heritage Foods, Marine Electricals (India) and HSCL hit the upper circuit ;GTL Infrastructure hit the lower circuit

Market News

Swan Energy, PC Jeweller, Heritage Foods, Marine Electricals (India) and HSCL hit the upper circuit ;GTL Infrastructure hit the lower circuit

Upstox
By Upstox News Desk

5 min read | Updated on July 10, 2024, 17:27 IST

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SUMMARY

On Tuesday, the NIFTY50 index traded in positive terrain above the 24,300 level. PC Jeweller hit the 10% upper circuit while Heritage Foods, Marine Electricals (India), Himadri Speciality Chemical and Swan Energy hit the 5% upper circuit. GTL Infrastructure trended lower hitting a 5% lower circuit.

Stock list

SWANENERGY
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PCJEWELLER
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HERITGFOOD
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MARINE
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HSCL
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Sky Gold, Marine Electricals (India) and Walchandnagar Industries hit the upper circuit while Genus Power Infrastructures hit the lower circuit

Sky Gold, Marine Electricals (India) and Walchandnagar Industries hit the upper circuit while Genus Power Infrastructures hit the lower circuit

Domestic equity bourses, NIFTY50 and SENSEX, were trading in the green on Tuesday, increasing by 0.22% and 0.31%, respectively. Nifty Midcap 100 index and Nifty Smallcap 100 index are positive by 0.22% and 0.43%, 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 Tuesday (July 09, 2024)

Swan Energy Ltd

Shares of Swan Energy surged to hit the upper circuit limit of 5% in Tuesday's trade. This significant rise follows a major investment by the world's largest asset manager, BlackRock, which acquired shares worth ₹304 crore through open market transactions. BlackRock's purchase includes 45.56 lakh shares, representing a 1.45% stake in Swan Energy. This acquisition was executed through various funds, including the BlackRock Emerging Frontiers Master Fund Ltd. and the BlackRock Global Funds India Fund, as reported in block deal data available with the National Stock Exchange (NSE).

Swan Energy is engaged in the development of real estate properties. It operates through the following segments - Textiles, Property Development, and Others. The company was founded on February 22, 1909, and is headquartered in Mumbai, India. The company has a market capitalisation of ₹22,800 crore. Over the past one year shares of the company have surged by 176%.

PC Jeweller Ltd

The stock of a popular jewellery brand hit its second consecutive day upper circuit of 10% on Tuesday session at the price of ₹61.80.

The buying interest in the stock built up as the company announced in an exchange filing about approval of the ‘One Time Settlement’ proposal by PNB bank of the company in respect of outstanding dues.

In an exchange filing, the company informed that the Punjab National Bank has conveyed its approval to the One Time Settlement proposal submitted by the company. It had opted for OTS to settle the outstanding dues. The terms and conditions of approved OTS include cash and equity components payable under the settlement, the release of securities and mortgaged properties etc company further added.

However, the company's financials deteriorated with a drop in sales and widening net losses. In FY24 the company reported consolidated sales of only ₹605 crore against ₹2,472 crore in FY23 and net loss stood at ₹629 crore. Still, in the last 12 months, the stock has rallied 72%.

Heritage Foods Ltd

Shares of Heritage Foods locked in an upper circuit of 5% on Tuesday at ₹547.05. Earlier share prices of Heritage Foods have rallied and surged nearly 80% from the lows of June 04, 2024, after it became clear that Telugu Desam Party (TDP) leader Chandrababu Naidu will become Chief Minister of Andhra Pradesh after the recently concluded assembly elections. Later after the surge, there was a profit booking among the investors and over the past month it has decreased its value by almost 25%.

Heritage Foods company's promoters, Bhuvaneswari Nara and Nara Lokesh are the wife and son of Chandrababu Naidu. Both combined owned around 35% of company shares.

Heritage Foods is engaged in the business of procurement and processing of Milk & Milk products and also the generation of power through solar and wind for the captive consumption of its dairy plants.

Marine Electricals (India) Ltd

Marine Electricals (India) shares were locked in a 5% upper circuit in the early morning session of Tuesday at ₹207.07. Marine Electricals (India) is an integrated technical services provider in the fields of electrical automation and information and communication technology solutions.

The company reported receiving an order amounting to approximately ₹50 crore from DC Development Hyderabad Ltd, for the supply of FIM LV Panels and Skid for HYD20 expansion (DC 2 & 3) 28.8 MW. The delivery is expected to take place over 20 months.

Himadri Speciality Chemical Ltd

Himadri Specialty Chemical's stock surged today, reaching its upper circuit limit of 5% and a new 52-week high at ₹425.50. Himadri Speciality Chemical is primarily engaged in the manufacturing of carbon materials and chemicals. It is the leading coal pitch manufacturer in India and is the only company to manufacture advanced carbon materials in India. It is also the largest player of Naphthalene and SNF in India.

In FY24, the company saw its profit almost doubling due to a consistent move towards value-added products. The company has a market capitalisation of ₹21,000 crore. Over the past one year shares of the company have surged by 230%.

Stocks hitting the lower circuit on Tuesday (July 09, 2024)

GTL Infrastructure Ltd

GTL Infrastructure shares were locked in a lower circuit of 5% at ₹3.76. Earlier, shares of the company have been hitting back-to-back upper circuits for the past many trading days. Post-election, the shares have seen a rise of over 170%. After surging aggressively, today's lower circuit can be attributed to profit booking among the investors following a sharp surge.

GTL Infrastructure provides passive telecom infrastructure sharing and energy management solutions. The company has a market capitalisation of ₹4,800 crore.

About The Author

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