On Thursday, the stock market witnessed selling pressure from the upper levels and Nifty slipped from the level of 24300. Although the decline intensified and Nifty also reached below 24000, but after a deep correction, Nifty tried to come above the level of 24000.
Meanwhile, some stocks saw a news-based rally in the market and some stocks also hit an upper circuit. One of these stocks, defense tech stock Walchandnagar Industries Ltd, also saw buying and it rose by up to 5%. The stock saw a day-high level of Rs 259.55.

Star investor Ashish Kacholia holds a 3.17 percent stake in this company. He has 1,754,385 shares of this company, whose holding value is Rs 44 crore.

The company is in heavy engineering and project execution. It claims to have a diversified portfolio in key areas. Specializing in EPC (engineering, procurement, and construction) and turnkey projects, this company provides high-tech manufacturing, engineering product,s and engineering services.

Shares of Walchandnagar Industries Ltd saw significant volume on Thursday and hit an upper circuit. The market cap of the company is Rs 1.38 thousand crore.

Shares of Walchandnagar Industries Limited opened at Rs 253.95 per share on the BSE as against the previous day's closing price of Rs 248.50 per share. The shares have given an impressive return of around 28percentnt in the last 2 years.

Apart from this, this month Walchandnagar Industries Limited signed an MoU with IIT Ropar to pursue targeted research and development in the defense and aerospace sector and to advance innovation and indigenization efforts. This collaboration focuses on promoting research in advanced military technology. The joint operation aims to support research and development and indigenization in weapon technology, aligning with the Government of India's Aatmanirbhar Bharat (Self-Reliant India) vision and Make in India initiative.

According to quarterly results, Walchandnagar Industries Limited recorded a revenue of Rs 68 crore in the September quarter of FY 25. The operating loss in the second quarter of FY 25 was Rs 6 crore. The net loss for the period was Rs 11 crore as compared to a loss of Rs 8 crore. Looking at the annual performance, the company posted a revenue of Rs 302 crore in FY24 as against Rs 322 crore in FY23. The operating profit for FY24 was Rs 1 crore while the net loss stood at Rs 42 crore.

According to the shareholding pattern of Walchandnagar Industries Limited, promoters hold 31.55 percent of the compan,y and general or retail investors hold 67.84 percent. FIIs and DIIs hold 0.31 percent and 0.28 percent of the company which was earlier 0.35 percent and 0.15 percent respectively. DIIs have increased their stake in this stock.