Stocks in Upper Circuit: Ola Electric Mobility, Suzlon Energy, and Others Shine on Dalal Street
Domestic equity bourses witnessed a surge in stocks of Ola Electric Mobility, Suzlon Energy, Sky Gold, Suraj Estate Developers, Max India, and Brightcom Group, with all of them hitting the upper circuit on Monday.
Stock MarketUpper CircuitOla Electric MobilitySuzlon EnergySky GoldSuraj Estate DevelopersMax IndiaBrightcom GroupReal Estate NewsAug 12, 2024
On the NSE, 90 stocks hit the upper price band (Upper Circuit), and 70 stocks hit the lower price band (Lower Circuit).
Here is the list of stocks (market cap above ₹1,000 crore) locked in upper circuits in today’s trading session.
Ola Electric Mobility Ltd
Shares of Ola Electric Mobility were locked in the 20% upper circuit at ₹109.44. The company made a muted debut at Dalal Street on Friday, but the stock saw good demand after its debut. After the listing company hit the 20% upper circuit on EV optimism, it also got locked in the upper circuit on Monday.
Founded in 2017, Ola Electric Mobility is an electric vehicle company that primarily manufactures electric vehicles and core components for electric vehicles. These components include battery packs, motors, and vehicle frames, all produced at the Ola Futurefactory.
Suzlon Energy Ltd
Shares of Suzlon Energy hit the 5% upper circuit at ₹80.40 and hit a new 52-week high. The stock is currently trading near its 14-year high. Recently, the company reported strong financials for Q1FY25. On a consolidated basis, the company reported 50.13% growth in total income from ₹1,361.68 crore to ₹2,044.35 crore, and net profit increased by 199.59% from ₹100.9 crore to ₹302.29 crore.
The company's wind order book stands at 3.8 GW. Suzlon is one of the leading global renewable energy solutions providers. It is a vertically integrated WTG manufacturer that also undertakes installation and O&M of all WTG sales. The company has a market capitalisation of ₹98,850 crore. In the last year, its shares have surged 297%.
Sky Gold Ltd
Sky Gold stock locked in the 5% upper circuit in the early morning session of Monday at ₹2,359.80. The surge in stock prices could be attributed to the company's strong financial earnings. On a consolidated basis, for Q1FY25, the company reported 92.4% growth in revenue from operations from ₹375.7 crore in Q1FY24 to ₹723 crore. PAT has increased by 98.9% from ₹10.7 crore in Q1FY24 to ₹21.2 crore.
Additionally, the board proposed raising of funds in one or more tranches for an aggregate amount not exceeding ₹270 crore. In the last year, the company's shares have given staggering returns of over 800%. Sky Gold designs, manufactures, and markets gold jewellery. It has a market capitalisation of ₹3,100 crore.
Suraj Estate Developers Ltd
Suraj Estate Developers stock was locked in the 5% upper circuit in the early morning session of Monday at ₹745.75. The surge in stock prices could be attributed to the company's announcement that it is holding a board meeting on August 19, 2024, to consider and approve fundraising, which was declared Friday after the market closure.
Suraj Estate Developers is a real estate construction company that develops residential and commercial properties in the South Central Mumbai region. It has a market capitalisation of ₹3,300 crore and has increased its shares by 125% in the last six months.
Max India Ltd
Shares of Max India hit the 5% upper circuit in the early morning session of Monday at ₹326.95. The surge in stock prices came after the company reported that the board of directors will meet on Wednesday, August 14, 2024, to consider and approve the financial results for the quarter ended June 30, 2024. Additionally, they will also consider and evaluate the raising of funds.
Max India is the holding company of Max Group’s Senior Care business, Antara, an integrated service provider for all senior care needs. The Max Group is a leading Indian multi-business conglomerate with a commanding presence in the Life Insurance industry and has ventured into high-potential sectors of Senior Care and Real Estate. Max India has a market capitalisation of ₹1,400 crore and has increased its shares by 87% in the last year.
Brightcom Group Ltd
Brightcom Group stock hit the 5% upper circuit in the early morning session of Monday at ₹7.32. This comes after the company reported that it is expanding into Europe, Middle-East and Africa (EMEA) and Asia-Pacific (APAC) markets. The new entities under the brand name Trenova have been successfully incorporated in London and Hong Kong to serve as regional hubs for the company’s operations in the EMEA and APAC markets.
Brightcom Group offers digital marketing solutions to businesses, agencies and online publishers worldwide. It has a market capitalisation of ₹1,480 crore.
Frequently Asked Questions
What is the current market capitalization of Suzlon Energy Ltd?
₹98,850 crore
What is the primary business of Ola Electric Mobility Ltd?
Manufacturing electric vehicles and core components for electric vehicles
What is the market capitalization of Sky Gold Ltd?
₹3,100 crore
What is the primary business of Suraj Estate Developers Ltd?
Real estate construction company that develops residential and commercial properties
What is the market capitalization of Max India Ltd?
₹1,400 crore
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