Stocks Surge Amid Weak Market with Suzlon and Shakti Pumps Leading the Charge

In an otherwise sluggish market, some stocks have been defying the odds by hitting upper circuit limits. By 2:18 PM on Wednesday, 354 stocks were locked at the upper limit on the Bombay Stock Exchange (BSE). Despite the BSE Sensex dipping by 0.56% to 79,981, these stocks are grabbing attention.

Among the notable mentions are IFCI, MMTC, and State Trading Corporation of India, with their shares frozen at a whopping 20% upper circuit. Also joining the ranks are companies like Suzlon Energy, Shakti Pumps, and Heritage Foods, showcasing significant gains.

Suzlon Energy, for instance, has been on a roll, hitting the upper circuit for the second consecutive day with a rise of 5%, bringing its stock price to Rs 60.71. This follows impressive Q1FY25 results where the company announced the highest quarterly earnings before interest, taxes, depreciation, and amortization (EBITDA) in seven years.

The company reported a staggering 662% increase in its stock price since April 2023, a remarkable milestone. For this quarter, Suzlon recorded revenues of Rs 2,021 crore, up 50% year-on-year, while achieving a three-fold jump in consolidated net profit, now standing at Rs 302.29 crore.

Shakti Pumps (India) is another stock that’s making headlines. For the third straight day, it saw a 5% increase, now priced at Rs 4,514.80, after the company reported a significant rise in profit after tax. The profits jumped to Rs 92.6 crore for Q1FY25, compared to just Rs 1.0 crore in Q1FY24, highlighting the company’s impressive turnaround.

Shakti Pumps also revealed a massive 402% year-on-year revenue increase, totaling Rs 567.6 crore. The company’s management remains optimistic, citing a healthy order book of about Rs 2,000 crore and growing recognition from state governments for their solar pump technology as significant drivers for future growth.