 "Suzlon, RInfra, GMR Power, Sequent among 317 stocks locked at upper circuit")
Shares of Suzlon Energy, Reliance Infrastructure (RInfra), GMR Power & Urban Infra, Sequent Scientific and Reliance Power were among a total of 317 stocks locked at their respective upper circuits on the BSE in Wednesday’s intra-day trade.
63 Moons Technologies, Shilchar Technologies, Mercury Ev-Tech, Axiscades Technologies, JSW Holdings, Indo Tech Transformers, Zaggle Prepaid Ocean Services, Motisons Jewellers, Sunflag Iron & Steel Company, EPACK Durable and Coffee Day Enterprises from the BSE Smallcap index were locked at the 5 per cent upper circuit, the exchange data shows.
Among individual stocks, Suzlon Energy was locked at the 5 per cent upper circuit at Rs 65.34 amid heavy volumes after CRISIL Ratings upgraded its credit rating to ‘CRISIL A’ with a positive outlook, underscoring the company’s robust performance and improved profitability. The rating agency also upgraded of SE Forge Limited, a wholly-owned subsidiary of Suzlon Energy.
This marks the second rating upgrade by CRISIL in 2024, reflecting Suzlon’s strong operational efficiencies, disciplined financial management, and consistent quarter-on-quarter growth. Earlier last year, CRISIL assigned Suzlon a rating of ‘CRISIL A-’, which has now been further upgraded to ‘CRISIL A’ in recognition of the company’s improved financial metrics and growing opportunity in the dynamic renewable energy sector. CRISIL also assigned positive outlook reflecting possibility of wind turbine generator (WTG) business outperformance on higher execution volumes.
Suzlon is India’s No. 1 Renewable Energy Solutions company, managing ~15 GW of assets and an additional ~6 GW installed outside India. Its portfolio includes the advanced 2.x MW and 3.x MW series of wind turbines.
Share of EPACK Durable hit a fresh 52-week high of Rs 578.20, as were locked at the 5 per cent upper circuit on the BSE. Till 02:29 pm; a combined 307,000 equity shares changed hands and there were pending buy orders for nearly 200,000 equity shares on the NSE and BSE. The stock was locked at the upper circuit for the sixth straight trading day, surging 27 per cent during the period.
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The upward movement in the stock price of the company was seen after the company clarified through a exchange filing that it is in preliminary discussions with China's top TV company to buy stakes in EPACK Durable's subsidiary.
"We would like to provide clarification on the announcement or communication through mainstream media dated December 24, 2024, captioned as “China's top TV Company plans to buy 26 per cent stake in Indian contract manufacturer EPACK Durable's Subsidiary," the filing read.
It added: We would like to inform you that business discussions are currently in the preliminary stage. The company shall file the requisite disclosure in compliance with applicable laws, as and when required.
Epack Durable specialises in the manufacturing of consumer durables and home appliances. Established as a part of the Epack Group, the company is a trusted original equipment manufacturer (OEM) for several prominent brands in the home appliances industry. Its product portfolio includes air conditioners, washing machines, refrigerators, and other household appliances.
Shares of RInfra were up 5 per cent at Rs 319.20 on the back of near 10-fold jump in average trading volumes. A combined 8.8 million equity shares changed hands on the NSE and BSE.
The company on Tuesday, December 31, 2024, informed stock exchange that Mumbai Metro One Private Limited (MMOPL), a joint venture of the Company with Mumbai Metropolitan Regional Development Authority (MMRDA) yesterday received a Notice of Assignment dated December 27, 2024 from Canara Bank (Lead Bank) that it along with Indian Bank, Bank of Maharashtra, State Bank of India and IDBI Bank have assigned their entire rupee loan exposure(s) in MMOPL to National Asset Reconstruction Company Limited, through the transparent and competitive process as per Reserve Bank of India’s guidelines. In MMOPL, RInfra holds 74 per cent and MMRDA holds 26 per cent.
Shares of GMR Power were locked at the upper circuit for the fifth straight trading day, up 5 per cent at Rs 126.95. In the past one week, the stock has rallied 27 per cent.
On clarification on volume movement of securities of the company, GMR Power today said that the company is not familiar of any specific reason for any increase in the volume of shares in the recent past. The increase in the volume of the company’s shares appears purely market driven.
“In this regard, we submit that as on date, there is no material information/ announcement, which in our opinion may have a bearing on the increase in volume of securities of our Company, which is required to be disclosed to the Stock Exchanges, other than those that have been disclosed to the exchanges from time to time in terms of the SEBI Listing Regulations,” GMR Power said.