Jupiter Wagons hit upper circuit at 5% & More on Today’s market

HPL Electric locked at upper circuit

On August 8th, the shares of HPL Electric & Power witnessed a 5 percent surge, hitting the upper circuit limit, following the company's agreement with the West Bengal State Electricity Distribution Company Limited (WBSEDCL) for the implementation of an advanced metering infrastructure (AMI) project. This initiative, valued at Rs 416.84 crore, will be financed by the World Bank and carried out in conjunction with WBSEDCL, aiming to connect approximately 5 lakh consumers in Kolkata.

India Glycols trades 3% higher

On August 8th, the shares of India Glycols experienced positive trading activity, driven by the company's announcement of a Rs 242-crore expansion plan for two projects. The stock demonstrated a 2.82 percent increase, reaching Rs 654 on the BSE by 1pm. India Glycols revealed that its Board of Directors, during a meeting on August 7, granted approval to enhance the capacity of its grain-based distillery located in Kashipur, Uttarakhand. The expansion will elevate the capacity from 300 KLPD to 500 KLPD and will occur in two phases. The initial 100 KLPD increment is scheduled for Q3FY24, followed by another 100 KLPD in Q4 of the same fiscal year. The financing of this Rs 160- crore project will be a combination of internal accruals and bank funding.

HLE Glascoat slips 5%

On August 8th, HLE Glascoat Ltd witnessed a 5 percent decline in its shares, trading at Rs 608.90 by 10:17 am, as a result of the company's year-on-year drop in net profit for the June quarter. The company reported a net profit of Rs 9.29 crore in June 2023, marking a significant 39.61 percent decrease from Rs 15.38 crore in June 2022. The Gujarat-based manufacturing firm, specializing in process equipment, also experienced a 3.5 percent YoY decrease in revenue, amounting to Rs 197 crore during the reviewed period, compared to Rs 204 crore in the same quarter the previous year.

Jupiter Wagons hit upper circuit at 5%

On August 8th, Jupiter Wagons' shares surged and hit the upper circuit limit at Rs 232.95, marking a 5 percent increase, following the company's impressive financial results for the quarter ending in June. The wagon manufacturer achieved remarkable performance, with its consolidated net profit skyrocketing nearly five-fold to Rs 62.85 crore compared to Rs 12.81 crore in the same period of the previous year. The company's revenue also exhibited a remarkable surge of 155 percent year-on-year, reaching Rs 753.19 crore, while its EBITDA (Earnings Before Interest Tax Depreciation and Amortisation) witnessed a substantial 222 percent rise, reaching Rs 96.81 crore.

Conclusion

In conclusion, today's market report highlights a mixed day for the Indian stock market. While the Nifty 50 and Sensex closed in the red, experiencing slight declines of 0.14% and 0.16% respectively, the Nifty Bank managed to close in the green, up by 0.28%. The decline in the broader market was primarily driven by losses in financial stocks, including prominent names like HDFC Bank, ICICI Bank, and Kotak Mahindra Bank. The market continues to be influenced by a combination of macroeconomic factors, company-specific developments, and investor sentiments.

Source - Moneycontrol