Shares of Ola Electric Mobility, SMS Lifesciences India, Kothari Products, Inox Wind Energy (IWEL), GMR Power and Urban Infra were among 361 stocks locked at their respective upper circuit on the BSE on Monday at 02:14 pm.
Genus Power Infrastructure, Shakti Pumps (India), Gallant Ispat, Suraj Estate Developers, Panacea Biotec, Suzlon Energy and Elpro International were among BSE Allcap index frozen at the higher limit of the day. In comparison, the BSE Sensex was up 0.32 per cent at 79,961.
Among individual stocks, Ola Electric Mobility, the newly listed company, was locked in the 20 per cent upper circuit at Rs 109.41 for the second straight day. With this 2-day rally, Ola Electric Mobility now trades at a 44 per cent premium against its issue price of Rs 76 per share. The company made its stock market debut on Friday, August 9.
Ola Electric Mobility is a prominent Electric Vehicle (EV) company in the rapidly growing Indian electric two-wheeler (E2W) market. The company has introduced seven products, securing a leading position in the E2W market with a 35 per cent market share in FY24. Additionally, the company has unveiled plans to launch four motorcycle models, expected to be available in H1FY26.
As a leader in the E2W segment, the company is in a strong growth phase with robust R&D, a broad product portfolio, and a vertically integrated approach. Benefiting from government incentives and a scalable model, Ola Electric Mobility is well-positioned to leverage India’s EV market and explore international opportunities, according to analysts at Geojit Financial Services.
The board of Ola Electric Mobility is scheduled to meet on Wednesday, August 14, 2024, to consider and approve the unaudited financial results of the company for the quarter ended June 30, 2024 (Q1FY25).
Shares of SMS Lifesciences India were locked in the 20 per cent upper circuit at Rs 1,351.30 after the company reported a net profit of Rs 7.10 crore for Q1FY25, as against a loss of Rs 3.83 crore in Q1FY24. In the past four trading days, the stock of pharmaceutical company has zoomed 55 per cent.
Inox Wind Energy (IWEL) hit a new high at Rs 9,023.20, and was locked in the 5 per cent upper circuit on the BSE. The company reported a consolidated profit of Rs 38.37 crore in Q1FY25, on back of strong operational performance. It had posted a loss of Rs 65.77 crore in Q1FY24. The wind energy solutions provider’s revenue from operations surged 83.18 per cent YoY to Rs 638.81 crore for Q1FY25.
The Group is engaged in the business of manufacture of Wind Turbine Generators (WTG) and also provides related erection, procurement & commissioning (EPC) services, operations & maintenance (O&M) and common infrastructure facility services for WTGs and development of projects for wind farms.
Shares of GMR Power and Urban Infra were also locked in the 5 per cent upper circuit at Rs 105.69 after the company announced fund raising plan up to Rs 3,000 crore in one or more tranche(s), through issue of securities including a Qualified Institutions Placement (QIP) and/or Foreign Currency Convertible Bonds (FCCBs).
The meeting of the board of directors of GMR Power is scheduled on August 14, 2024 to consider un-audited financial results of the company for Q1FY25 and enabling resolution for raising of funds up to Rs 3,000 crore.
First Published: Aug 12 2024 | 3:09 PM IST
