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Tejas Networks, PC Jeweller, Netweb Technologies India and Ravindra Energy hit the upper circuit, while PNC Infratech hit the lower circuit today
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7 min read | Updated on October 21, 2024, 15:30 IST
SUMMARY
On Monday, the NIFTY50 index traded in the red near the 24,800 level. Tejas Networks hit the 20% upper circuit while Netweb Technologies India hit the 10% upper circuit. PC Jeweller and Ravindra Energy hit the 5% upper circuit. PNC Infratech hit the 20% lower circuit today.
Stock list
Tejas Networks, PC Jeweller, Netweb Technologies India and Ravindra Energy hit the upper circuit, while PNC Infratech hit the lower circuit today
Domestic equity bourses, NIFTY50 and SENSEX, are trading in the red, declining by 0.11% and 0.01%, respectively. The Nifty Midcap 100 index and Nifty Smallcap 100 index are trading in the red, falling by 0.15% and 0.69%, respectively.
On the NSE, 81 stocks hit the upper price band (Upper Circuit), and 72 stocks hit the lower price band (Lower Circuit).
Here is the list of stocks (market cap above ₹1,000 crore) locked in the upper and lower circuits in today’s trading session.
Stocks hitting the upper circuit on Monday (October 21, 2024)
Tejas Networks Ltd
The company said that the ramp-up for BSNL’s pan-India network has contributed to the massive growth in the quarterly revenue. Adding that its wireless business has received additional orders for 4G sites in a few circles. For BSNL, Tejas Networks said it shipped equipment for over 58,000 sites during the September quarter.
Tejas Networks is looking at major orders shortly, including BSNL's 4G and 5G upgrade, Kavach system installation for Railways, and a private 5G application for a large enterprise in India. The upcoming expansion of Bharatnet Phase 3 also promises to be a key opportunity for the company.
Incorporated in 2000, Tejas Networks designs and manufactures wireline and wireless networking products, with a focus on technology, innovation and R&D. TNL carrier-class products are used by telecom service providers, utilities, governments, and defence networks in 75+ countries. The company is currently a part of Panatone Finvest Limited which is a subsidiary of Tata Sons Private Limited. It has a market capitalisation of ₹23,100 crore. Over the past year shares of the company have gained by 52%.
| (₹ in crores) | Growth | ||||
|---|---|---|---|---|---|
| Particulars | Q2FY25 | Q1FY25 | Q2FY24 | YoY | QoQ |
| Total Income | 2821.87 | 1575.8 | 413.92 | 581.74% | 79.08% |
| PAT | 275.18 | 77.48 | -12.64 | - | 255.16% |
Netweb Technologies India Ltd
Netweb is India’s leading high-end computing solutions (HCS) provider, with fully integrated design and manufacturing capabilities. Netweb’s HCS offering comprises HPC, Private cloud and HCI, AI systems and enterprise workstations, High-performance storage (HPS) and Data Centre Servers. The company has a market capitalisation of ₹15,700 crore and has increased its shares by 213% over the past year.
| (₹ in crores) | Growth | ||||
|---|---|---|---|---|---|
| Particulars | Q2FY25 | Q1FY25 | Q2FY24 | YoY | QoQ |
| Total Income | 253.11 | 153.2 | 148 | 71.02% | 65.22% |
| PAT | 25.71 | 15.44 | 15.14 | 69.82% | 66.52% |
PC Jeweller Ltd
The company’s preferential issue of 48,13,42,500 Fully Convertible Warrants has been completed. The proposed allottees, including the promoter group, subscribed 99.89%, amounting to an issue size of ₹2,702.11 crore. Out of which ₹2,025 crores will be used for repayment of bankers' outstanding debts. Earlier the company received approval from all fourteen consortium member banks to approve the Offer for Settlement (OTS) proposal.
Recently, the company announced a 1:10 stock split, approved by its board of directors on September 30, 2024, to enhance liquidity and make the shares more affordable for retail investors. According to the company's official filing, this move will subdivide each fully paid-up equity share of ₹10 face value into 10 shares of ₹1 each. As a result, the total number of shares will increase from approximately 46.5 crore to 465.4 crore.
PC Jeweller manufactures, sells, and trades gold, diamond-studded, and silver jewellery and operates in different geographical areas. It has a market capitalisation of ₹8,500 crore and has increased its shares by 463% over the past year.
| (₹ in crores) | Growth | ||||
|---|---|---|---|---|---|
| Particulars | Q2FY25 | Q1FY25 | Q2FY24 | YoY | QoQ |
| Total Income | 548.54 | 439.78 | 494.24 | 10.99% | 24.73% |
| PAT | 178.88 | 156.06 | -138.13 | - | 14.62% |
Ravindra Energy Ltd
On October 16 after the market closed Ravindra Energy reported that it had raised ₹179 crore by selling 24.3 million equity shares. The allotment of 24.3 equity million shares was at a face value of ₹10 per equity share and a premium of ₹64 per equity share on a preferential basis. The equity shares were allotted to 29 non-promoter entities.
The largest allottees were COEUS Global Opportunities Fund (2.43 million), Quant Mutual Fund - Quant Manufacturing Fund (2.43 million), Mukul Mahavir Agrawal (2.16 million) and New Vernon India (1.68 million). The company has a market capitalisation of ₹2,200 crore. Over the past year shares of the company have gained by 124%.
Stocks hitting the lower circuit on Monday (October 21, 2024)
PNC Infratech Ltd
PNC Infratech was incorporated on 9th August 1999 as PNC Construction Company Private Limited. The company was converted into a limited company in 2001 and was renamed PNC Infratech limited in 2007. PNC Infratech Limited is one of the front-ending infrastructure development, construction, and management companies in the country. The company undertakes infrastructure projects, including highways, bridges, flyovers, power transmission lines and towers, airport runways, industrial area development, and other infrastructure activities. The company has a market capitalisation of ₹9,400 crore.
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