Zee Media Corporation, PC Jeweller, Reliance Power and Shakti Pumps (India) hit the upper circuit, while Jai Balaji Industries hit the lower circuit today

Domestic equity bourses, NIFTY50 and SENSEX, are trading in the red declining by 0.25% and 0.20%, respectively. The Nifty Midcap 100 index trading negatively, down by 0.37% while Nifty Smallcap 100 index trading positively, up by 0.31%.

On the NSE, 102 stocks hit the upper price band (Upper Circuit), and 33 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 Tuesday (October 01, 2024)

Zee Media Corporation Ltd

The stock soared after the company informed about the fundraising plan. Zee Media board approved the issue of up to 13.33 crore warrants worth ₹200 crore. These warrants allow investors to convert them into equity shares within 18 months. Additionally, yesterday the company reported that the Board of Directors of the company have approved the convening of the Extra-Ordinary General Meeting on Tuesday, October 22, 2024.

PC Jeweller Ltd

Additionally, the board approved the preferential allotment of 11.5 crore fully convertible warrants on a private placement basis to two promoter group entities New Track Garments Pvt. Ltd and Balram Garg (HUF) at an issue price of ₹56.20 per warrant. These warrants, convertible into equity shares of the company will raise ₹646 crore with an initial 25% subscription received upfront. The balance 75% of the issue price must be paid by the promoters within 18 months from the date of allotment for full conversion into equity shares.

Last week the company 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.

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 ₹8,700 crore and over the past one year shares of the company skyrocketed by 610%.

Reliance Power Ltd

Recently 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.

Additionally, 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 ₹20,500 crore and over the past one year company shares have surged by 165%.

Shakti Pumps (India) Ltd

The company reported strong financials for Q1FY25. It reported 402% growth in net sales from ₹113.08 crore to ₹567.56 crore, and net profit increased by 9,166% from ₹1 crore to ₹92.66 crore. As of June 30, 2024, the company's order book stands at ₹2,000 crore.

Shakti Pumps (India) Ltd is primarily engaged in manufacturing pumps and motors of various kinds. It also offers advanced water pumping solutions for a wide range of applications, such as irrigation, horticulture, domestic water supply, and commercial and industrial applications. Over the past year, the company's shares have zoomed by 424%. It has a market capitalisation of ₹9,000 crore.

Stocks hitting the lower circuit on Tuesday (October 01, 2024)

Jai Balaji Industries Ltd

Rating agency CRISIL updated the long-term rating to BBB/Stable from BBB-/Stable and short-term ratings to A3+ from A3. The company has a market capitalisation of ₹18,500 crore and over the past year company shares have surged by 130%.