Hikal, Raymond, BF Utilities, and Shanti Gears Surge Strongly as Heavy Buying Pushes Key Counters Near Upper Circuits

The Indian stock market witnessed intense buying momentum in select counters, with multiple midcap and large-cap stocks recording sharp intraday surges. Trading activity up to 11:40 AM on September 3, 2026, saw heavy volume across prominent equities including Hikal, BF Utilities, Raymond, Elecon Engineering, RBL Bank, and Shanti Gears, significantly outperforming broader benchmark indices. While Hikal led the pack with a massive rally of nearly 16 percent, several other counters locked into or hovered near their upper circuits, driven by technical breakouts, strategic block deals, and institutional buying.

Hikal and BF Utilities Lead Intraday Gains Amid Heavy Volumes

• Hikal Shares: Hikal experienced the steepest ascent of the session, surging approximately 15.66 percent to hit an intraday high of ₹234.40 compared to its previous close of ₹200.60. Despite the stellar single-day rebound, long-term technical charts show the stock still trades in negative territory over one-month and one-year horizons, highlighting that today's rally serves as a recovery rather than a full structural reversal. Market participants noted that corporate updates include the appointment of Sameer Hiremath as Chairman and Managing Director effective October 2026, alongside a modest dividend payout.

• BF Utilities: BF Utilities shares jumped nearly 11 percent, touching an intraday peak of ₹555.95. Similar to Hikal, the counter has faced downward pressure over the past year, registering a negative 1-year return of roughly 38 percent. Analysts suggest the sudden spurt was largely driven by technical short-covering and a surge in speculative trading volume rather than any immediate fundamental corporate announcement.

Raymond Hits New 52-Week High While Elecon and Shanti Gears Rally

• Raymond: Raymond shares rallied roughly 12.22 percent to touch an intraday high of ₹757.80, marking a fresh 52-week high for the counter. Unlike many of its peers in today's rally, Raymond boasts positive returns across both one-month and one-year periods, backed by a strong technical breakout past significant chart resistance. However, investors are advised to factor in historical price adjustments resulting from corporate demergers.

• Elecon Engineering: Elecon shares climbed about 7.22 percent to reach ₹454.80, supported by pre-event buying ahead of an institutional analyst meet organized by Elara Capital.

• Shanti Gears: Shanti Gears locked firmly into its 10 percent upper circuit at ₹582.80, propelled by recent block deal activity wherein promoter entity Tube Investments of India increased its stake by acquiring roughly 2.7 percent (20.64 lakh shares).

RBL Bank Gains on Foreign Currency Funding Trigger

RBL Bank shares advanced nearly 4.80 percent to trade around an intraday high of ₹409, extending its strong one-year return profile of approximately 44.59 percent. The buying momentum across banking stocks was primarily triggered by capital inflows under the Reserve Bank's Foreign Currency Deposit and Borrowing Scheme, with RBL Bank successfully raising approximately $3.4 billion. While higher deposits expand lending capacity, financial experts emphasize that net interest margins (NIM) will depend heavily on the deployment cost and yield of these fresh funds.