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  5. Zee Media Corporation, PC Jeweller, Authum Investment & Infrastructure, Websol Energy System and Reliance Power hit the upper circuit

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Zee Media Corporation, PC Jeweller, Authum Investment & Infrastructure, Websol Energy System and Reliance Power hit the upper circuit

Upstox
By Upstox News Desk

6 min read | Updated on September 27, 2024, 15:16 IST

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SUMMARY

On Friday, the NIFTY50 index traded in positive terrain above the level of 26,200. Zee Media Corporation hit the 10% upper circuit while PC Jeweller, Authum Investment & Infrastructure, Websol Energy System and Reliance Power hit a 5% upper circuit. Ravindra Energy hit a 5% lower circuit.

Stock list

ZEEMEDIA
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PCJEWELLER
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RPOWER
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RELTD
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Zee Media Corporation, PC Jeweller, Authum Investment & Infrastructure, Websol Energy System and Reliance Power hit the upper circuit, while Ravindra Energy hit the lower circuit today

Zee Media Corporation, PC Jeweller, Authum Investment & Infrastructure, Websol Energy System and Reliance Power hit the upper circuit, while Ravindra Energy hit the lower circuit today

Domestic equity bourses, NIFTY50 and SENSEX, are trading in the green, advancing by 0.12% and 0.02%, respectively. The Nifty Midcap 100 index and the Nifty Smallcap 100 index are trading positively, up by 0.26% and 0.54%, respectively.

On the NSE, 68 stocks hit the upper price band (Upper Circuit), and 43 stocks hit the lower price band (Lower Circuit).

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 (September 27, 2024)

Zee Media Corporation Ltd

Shares of Zee Media Corporation locked in the 10% upper circuit and a fresh 52-week high at ₹20.70 in the early morning session of Friday. Today a meeting of the board of directors of the company is scheduled to be held to consider and approve the raising of the funds.

Incorporated in 1999, ZEE Media Corporation is in the news publishing and broadcasting business. In India, Zee Media Corporation is one of the largest and most prominent news networks. It has a distinctive collection of 19 TV news channels, including 3 digital-only channels, multiple digital brands and 1 global, 4 national, and 11 regional language networks.

The company has a market capitalisation of ₹1,300 crore and over the past six months company shares have surged by 98%.

PC Jeweller Ltd

Popular jewellery brand PC Jeweller stock got locked in the 5% upper circuit limit in the morning session of Friday at the price of ₹169.50. Yesterday, after the market closed, the company reported that it got approval for the One Time Settlement (OTS) proposal from the Bank of India. With this approval, all the fourteen consortium member banks have approved the OTS proposal submitted earlier by the company.

Earlier the company settled its outstanding dues including IDBI Bank, IDFC First Bank, Indian Bank, Indian Overseas Bank, Bank of Baroda, IndusInd Bank, and Canara Bank.

PC Jeweller manufactures, sells, and trades gold, diamond-studded, and silver jewellery and operates in different geographical areas. The company has a market capitalisation of ₹7,800 crore and over the past one year, it has surged whooping by 539%.

Authum Investment & Infrastructure Ltd

Shares of Authum Investment & Infrastructure hit the 5% upper circuit at ₹1,789.20 in the early morning session of Friday. This comes after Authum Investment and Infrastructure along with Mahi Madhusudan Kela signed a share purchase agreement to acquire a controlling stake in Indian snacks manufacturer Prataap Snacks Ltd which was reported in the early morning hours of today.

Authum along with Mahi Madhusudan Kela will acquire a 46.85% stake in Prataap Snacks from its Private Equity promoters, including Peak XV Partners Growth Investment Holdings I, Peak XV Partners Growth Investment II and Sequoia Capital GFIV Mauritius Investments.

Authum Investment & Infrastructure is engaged in the business of fund-based activities viz, investment in shares, securities, mutual funds etc and providing loans and advances, etc. The company has a market capitalisation of ₹29,000 crore.

Websol Energy System Ltd

Websol Energy System was locked in the 5% upper circuit at ₹1,111.65 in the early morning session of Friday. Websol Energy System is engaged in the business of manufacturing photovoltaic crystalline solar cells and related modules in India.

The company's financial results for Q1FY25 stand at ₹111.83 crore from ₹0.3 crore in Q1FY24. PAT has increased from a net loss of ₹5 crore in Q1FY24 to ₹22.88 crore. Q1FY25 was the company's first quarter where it has clocked revenue more than ₹100 crore and PAT more than ₹20 crore in the last 13 quarters.

The company has a market capitalisation of ₹4,700 crore and over the past one year company shares have surged by 645%.

Reliance Power Ltd

Reliance Power shares are hitting back-to-back 5% upper circuit and a fresh 52-week high every trading day. Today also it hit the 5% upper band at ₹46.36. This comes after the company announced a preferential issue of 46.2 crore equity shares worth ₹1,524.60 crore at a price of ₹33 per share. The issue is proposed to be made to promoter Reliance Infrastructure Ltd and non-promoter entities Authum Investment and Infrastructure Ltd and Sanatan Financial Advisory Services Private Ltd (Sanjay Kothari and Meenakshi Sanjay Kothari).

Reliance Power said it has zero bank debt on a standalone basis and is poised to venture into new growth horizons. In particular, Reliance Power intends to expand its presence in the renewable energy sector, both directly and through its special-purpose vehicles and subsidiaries.

Last week, the company was released and discharged of its corporate guarantee, undertakings and all obligations and claims concerning the outstanding debt of subsidiary Vidarbha Industries Power Limited (VIPL), amounting to ₹3,872.04 crore. The company has settled all disputes with CFM Asset Reconstruction Private Limited (CFM), as 100% shares of VIPL have been pledged in favour of CFM against the release and discharge of corporate guarantee given by Reliance Power.

Reliance Power has been established to develop, construct and operate power projects in India and internationally. The company has a market capitalisation of ₹18,600 crore and over the past one year company shares have surged by 141%.

Stocks hitting the lower circuit on Friday (September 27, 2024)

Ravindra Energy Ltd

Shares of Ravindra Energy were locked at the 5% upper circuit for the past several trading cycles. In fact, yesterday, the company opened at a fresh 52-week high of ₹166.95. However, it soon began to move in the opposite direction. Today the stock is locked in a 5% lower circuit at ₹146.35.

Over the past three months, the stock surged by almost 150%. After rising in triple digits in such a short time, investors would have opted to take profit off the table, which could have led the stock to hit a lower circuit limit for the day.

Incorporated in 1980, Ravindra Energy is in the business of selling Solar Pumps, setting up Solar Generation Power Plant (Ground Mount & Rooftop) & generation and sale of Power. The company has a market capitalisation of ₹2,250 crore.

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