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  5. Waaree Renewable Technologies hit the upper circuit, while SEAMEC, Hind Rectifiers and ASM Technologies hit the lower circuit today

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Waaree Renewable Technologies hit the upper circuit, while SEAMEC, Hind Rectifiers and ASM Technologies hit the lower circuit today

Upstox
By Upstox News Desk

5 min read | Updated on May 29, 2024, 14:27 IST

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SUMMARY

The Nifty50 index was seen trading near its day's low with a loss of 0.64% and below the 22,750 mark. Paytm and Waaree Renewable Technologies hit a 5% upper circuit, while SEAMEC, Hind Rectifiers and ASM Technologies locked in the lower circuit today.

Stock list

SEAMECLTD
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HIRECT
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PAYTM
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Suzlon Energy, Dredging Corporation of India, MIC Electronics and Ramco Systems hit the upper circuit

Waaree Renewable Technologies hit the upper circuit, while SEAMEC, Hind Rectifiers and ASM Technologies hit the lower circuit today

Benchmark indices started the day on a lower note and extended their losses on Wednesday afternoon. The Nifty50 index and Sensex were seen trading down by 0.64% and 0.68%, respectively.

The broader markets were also seen trading in red, however, the sell-off was not severe compared to frontline indices. Nifty Midcap 100 index traded lower by 0.24%, while Nifty Smallcap 100 index was almost unchanged.

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 Wednesday (May 29, 2024)

One97 Communications (Paytm)

Shares of One97 Communications, which owns Paytm brand, were locked at an upper circuit limit of 5% on Wednesday, amid reports that the Adani Group would acquire a stake in the fintech firm. However, the company has clarified that the report is speculative and the company is not engaged in any discussions with Adani Group. On the NSE exchange, stock rallied by 5% to ₹359.45 on Wednesday, and in the month of May, the stock has declined by 3.48% on NSE.

Waaree Renewable Technologies Ltd

Waaree Renewable Technologies reversed its losing streak and hit back-to-back upper circuits since May 24. The shares have risen by 15.47% in the last one week. Today, the stock was locked at the upper circuit limit of 5% at ₹2,176.50.

Company in Q4FY24 reported a growth of 344% in revenue on a YoY basis and the net profit surged to ₹54.18 crore, up by 341% on a YoY basis. Waaree Renewable Technologies is engaged in the business of generation of power through renewable energy. It has a market capitalisation of ₹22,700 crore. In the last one year, shares of the company have zoomed by 1,135%.

Stocks hitting lower circuit on Wednesday (May 29, 2024)

SEAMEC Ltd

Shares of SEAMEC got locked in a 5% lower circuit at ₹1,076. The company reported financial results yesterday for the fourth quarter and financial year-end 2024. Though the YoY comparison shows a steep rise in total income, the company reported a profit of ₹52.74 crore in Q4FY24. However, the net profit on a sequential basis has shown a degrowth of 6.52%.

SEAMEC owns and operates multi-support vessels for the provision of diving services, manned and unmanned subsea operations and related activities. It has also diversified into the main fleet shipping vertical. It has a market capitalisation of ₹2,736 crore. In the last one year, shares of the company have surged by 58%.

Here is the table for financial results on a consolidated basis.
(₹ in crores)Growth
ParticularsMar-24Dec-23Mar-23YoYQoQ
Total Income239.5219.1124.5692.28%9.31%
PAT52.7456.42-4.65--6.52%

Hind Rectifiers Ltd

Shares of Hind Rectifiers were locked in a 5% lower circuit after the company. The company reported financial results yesterday for the fourth quarter end and year-end of 2024. The results were good but the street expected better numbers from the company after surging around 150% over the past year. Additionally, the company has recommended a final dividend of ₹1.20 for the financial year 2023-24.

The Board of Directors of the company decided to sell/dispose of the Dehradun plant. The company's manufacturing operations at the Dehradun plant accounted for a total revenue of ₹66.72 crore for the year ended March 31, 2023, representing an 18.58% share of the total revenue for FY23.

Hind Rectifiers is primarily engaged in developing, designing, manufacturing and marketing Power Semiconductor, Power Electronic Equipments and Railway Transportation Equipments. It has a market capitalisation of ₹1,280 crore.

Here is the table for financial results.
(₹ in crores)Growth
ParticularsMar-24Dec-23Mar-23YoYQoQ
Total Income151.73136.71111.7335.80%10.99%
PAT5.121.52-2.46-236.84%

ASM Technologies Ltd

ASM Technologies stock got locked in a 5% lower circuit after the company reported weak financial results for the fourth quarter end and financial year-end 2024. ASM Technologies is engaged in the business of providing consulting and Product development services in the areas of Engineering Services and Product R&D. It has a market capitalisation of ₹1,123 crore. In the last one year, shares of the company have surged by 114%.
Here is the table for financial results on a consolidated basis.
(₹ in crores)Growth
ParticularsMar-24Dec-23Mar-23YoYQoQ
Total Income47.956.953.5-10.47%-15.82%
PAT-3.39-0.710.37--
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