IFCI, MMTC, STC, Suzlon, Raymond among 354 stocks locked in upper circuit

IFCI (Rs 84), MMTC (Rs 102.60) and STC India (Rs 203.40) were frozen at the 20 per cent upper limit on the BSE.

IFCI, MMTC, State Trading Corporation of India (STC India), Suzlon Energy, Raymond, Shakti Pumps (India) and Heritage Foods were among 354 stocks locked in the upper circuit on the BSE on Wednesday at 02:18 pm in an otherwise weak market. In comparison, the BSE Sensex was down 0.56 per cent at 79,981.

Black Box, Swan Energy, Aurionpro Solutions, Jai Balaji Industries, Ramco Systems, PC Jeweller, Suraj Estate Developers, Reliance Power and Apollo Micro Systems from the BSE Smallcap index were locked at the 5 per cent upper circuit.

Among individual stocks, IFCI (Rs 84), MMTC (Rs 102.60) and STC India (Rs 203.40) were frozen at the 20 per cent upper circuit on the BSE.

Shares of Suzlon Energy hit the upper circuit for the second straight day, up 5 per cent at Rs 60.71 after the company reported solid set of June 2024 quarter (Q1FY25) results, with the company reporting highest quarterly earnings before interest, taxes, depreciation, and amortization (EBITDA) in 7 years at Rs 370 crore.

Currently, the stock was trading at its highest level since April 2011. In the past 15 months, the market price of Suzlon Energy has zoomed 662 per cent from level of Rs 7.97 on April 24, 2023.

In Q1FY25, Suzlon’s revenue came in at Rs 2,021 crore against Rs 1,348 crore, up 50 per cent year-on-year (YoY). In terms of volume, the company executed 274 MW vs. 135 MW YoY.

The company reported a 3-fold jump in Q1FY25 consolidated net profit at Rs 302.29 crore, as compared to Rs 100.90 crore in the corresponding quarter a year ago. EBITDA margins came in at 18.4 per cent up 360 bps YoY. Current order backlog stands at 3817 MW vs 2929 MW QoQ.

Suzlon is India’s No. 1 wind energy service company with the largest service portfolio of over 14.8 GW in wind energy assets. The Group has around 6 GW of installed capacity outside India. Suzlon offers a comprehensive product portfolio led by the 2 MW and 3 MW series of wind turbines.

The company’s healthy market position should help to obtain orders in the long run. The company has been able to overcome the dependence on customer-backed financing to execute orders, which had constrained growth in the last fiscal, according to CRISIL Ratings. The rating agency has the Positive outlook on the back of expectation that a healthy order book and delivery volumes will drive profitability of the WTG business.

Shares of Shakti Pumps (India) were locked in upper circuit for the third straight day, up 5 per cent at Rs 4,514.80 after the company’s profit after tax grew to Rs 92.6 crore in Q1FY25 from Rs 1.0 crore in Q1FY24.

EBITDA increased to Rs 135.9 crore as against Rs 7.9 crore in Q1FY24. EBITDA margin improved to 23.9 per cent in Q1FY25 as against 7.0 per cent in Q1YF24, largely driven by economies of scale and higher execution rate. Revenue jumped 402 per cent year-on-year to Rs 567.6 crore as compared to Rs 113.1 crore in year ago quarter.

The management said the company continues to maintain a healthy order book of approximately Rs 2,000 crore as on 30th June 2024, which is expected to be implemented in the next 15 months. Moreover, the recognition by various state governments and electricity boards of the benefits of deploying solar pumps for farmers, is anticipated to lead to more orders from the state governments, further bolstering growth potential, the management said.