Wockhardt, Jammu & Kashmir Bank, GE Power, DHFL locked in upper circuit

Shares of Wockhardt, Affle (India), Jammu & Kashmir Bank and GE Power India from the S&P BSE500 and other 255 stocks hit their respective upper circuit on the BSE on Friday.

Wockhdart was locked in upper circuit of 20 per cent at Rs 393 on the BSE. The stock of pharmaceutical company was trading close to its 52-week high of Rs 412 touched in February 2020. The trading volume jumped over three-fold with a combined 6.3 million shares changing hands. There were pending buy orders for 250,000 shares on the BSE and NSE, exchange data show.

Wockhardt, on August 3, 2020 entered into an agreement with the UK Government to fill finish COVID-19 vaccines for which manufacturing will be undertaken at CP Pharmaceuticals, a subsidiary of Wockhardt based in Wrexham, North Wales. As per the terms of the agreement, the company has reserved manufacturing capacity to allow for the supply of multiple vaccines to the UK Government in its fight against COVID-19, including AZD1222, the vaccine co-invented by the University of Oxford and its spin-out company, Vaccitech, and licensed by AstraZeneca, the company had said in a statement.

Shares of GE Power India hit the upper circuit for the seventh straight day, up 5 per cent at Rs 318 on the BSE, after reporting a consolidated net profit of Rs 37.37 crore for September quarter (Q2FY21). The company had posted a net loss of Rs 18 crore in previous quarter and Rs 22.30 crore in a year ago quarter. In the past seven days, the stock has rallied 80 per cent from its multi-year low of Rs 177.

On September 21, 2020, the group's holding company, General Electric Company, announced its intention to exit the new build coal power market. The Group will continue to focus its efforts on maintaining its business in India aligned with local market dynamics. "The management neither foresees any adverse impact on the carrying value of its assets nor on the Group’s ability to discharge its liabilities in the normal course of business due to the aforesaid announcement," the company said.

Among other individual stocks, Dewan Housing Finance Corporation Limited (DHFL) were locked in the 5 per cent upper circuit for the fourth straight day, at Rs 21.30, on the BSE. The sharp rise comes after reports that Adani group has offered a higher price for its assets. The stock was quoting close to its 52-week high level of Rs 23.30, last touched on November 25, 2019.

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