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Aditya Birla Capital, Tejas Networks and Uno Minda clinches 52-week high
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3 min read | Updated on June 20, 2024, 17:59 IST
SUMMARY
With volatility cooling off substantially from its high and investors in a risk-on mode, financial services-related stocks have become a ‘Natural Selection’ for investors. As a result, the shares of Aditya Birla Capital scaled to a fresh 52-week high on Thursday.
Stock list
Banking and Financial stocks continue to outperform, here are 3 stocks which hit a fresh 52-week high today
June had a positive outlook with a prediction of above-average monsoon, but so far the monsoon had a slow pace. The FII inflow has rebounded with falling US bond yields. The financial service sector would remain in the sessions to come.
On Thursday over 102 stocks advanced towards a 52-week high and only 6 traded to a 52-week low. At 10.45 am, Nifty50 traded at 23,526 levels and Bank Nifty at 51,500 levels with marginal gains on weekly expiry.
Three stocks that hit a fresh 52-week high on June 20, 2024
Aditya Birla Capital stock went up with sectoral bias as the stocks in the BFSI sector saw gaining momentum. Aditya Birla Capital Ltd is engaged in the provision of financial services including NBFC, Housing Finance, Life Insurance, Asset Management and Broking activities. In FY24 the company's revenue has grown 14.4% YoY basis to ₹34,506 crore. In the last 6 months stock price has reaped 56% returns to investors. The company has partnered with the Indian Olympic Association as the official sponsor of Team India at the Paris Olympics 2024.
In March, the company signed an agreement with Telecom Egypt, the Information Technology Industry Development Agency and the National Telecom Institute to replicate its experience of implementing Bharatnet (Rural Broadband Project) and NKN (National Knowledge Network) projects in Egypt.
The Uno Minda currently holds a 50% share in automotive switches, more than 40% in alloy wheels and 25% in vehicle lighting and seating including airbags. The company in the coming days will benefit from the consumer shift to feature-loaded vehicles and EV scooters.
Earlier this month, the company announced that it had entered into a Technical License Agreement with China-based Suzhou Inovance Automotive Co. Ltd for the manufacturing and sale of select high-voltage category electric vehicle products
For FY24 the company has reported consolidated net profit and revenue of ₹925 crore and ₹14,031 crore with 32% and 25% YoY growth respectively. The stock has fetched 68% returns to investors in the last 6 months.
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