Anant Raj, Page Industries and CG Power and Industrial Solutions scale to new 52-week high; here’s why

On Friday, only 61 stocks advanced to 52-week highs. The benchmark indices, NIFTY50, traded at 24,937, down 0.24%, and SENSEX at 81,401, down 0.26%. The Nifty Bank is trading at 51,056, down 0.92%, while the fear gauge India VIX fell to 13.36.

The broader market indices traded in mixed, with the Nifty Midcap 100 almost flat at (-) 0.04%, while the Nifty Smallcap 100 (+) 0.31%. The sectoral indices traded mixed, with Nifty Metal up 1.15%, remaining the top gainer. Meanwhile, Nifty Bank remained the top loser with a 0.92% fall.

Top three stocks that hit a fresh 52-week high on Friday, October 11, 2024

Anant Raj Ltd

One of the leading construction and real estate companies scrip scaled to a fresh 52-week high of ₹767 after soaring up 1.55% on Friday’s trade. The market cap reached ₹26,221 crore mark.

The stock has experienced a strong uptrend, with its share price rising by over 14.9% in the last four trading sessions. The real estate enterprise is actively diversifying its revenue streams by investing in data centres, leveraging its strategic advantage of large land ownership and existing infrastructure to reduce capex per megawatt for data centre construction.

Anant Raj, through its subsidiary Anant Raj Cloud, has invested over ₹10,000 crore to develop 307 MW of data centre capacity across its facilities in Manesar, Rai, and Panchkula. On September 21, 2024, Anant Raj Cloud received the prestigious ‘Best Innovation in Data Center Design and Infrastructure’ award at the Data Center Innovation Excellence Awards, organized by Express Computer and Indian Express.

Anant Raj is expected to announce its Q2 FY25 earnings on October 28, 2024. Its stock has surged by over 150% year-to-date in 2024.

Page Industries Ltd

India’s leading lifestyle company’s share price climbed to a 52-week high at ₹46,100 after surging 2.65%.

With its strong brand presence and a wide range of lifestyle products, the company is a leading player in the industry with its consistent growth.

Page Industries, the exclusive licensee of Jockey International, launched a refreshed ‘nothing fits better’ campaign to take forward the brand agenda for the flagship line of men’s innerwear to captivate a young and trend-conscious demographic, especially Gen Zaiming. Through this company aims to continue driving forward the growth of the men’s innerwear range.

Additionally, the company's long-term cash credit facility worth ₹254 crore received AA+ (Stable) rating and the short-term loan facility received ₹81.80 crore A1+ rating, both considered as the higher credit rating respectively from rating agency ICRA.

Page Industries' market capitalisation has surpassed the ₹50,000 crore mark with a year-to-date return of over 17% in 2024, so far.

CG Power and Industrial Solutions Ltd

Leading Electrical Engineering company’s stock climbed to a 52-week high at ₹872 after soaring up 3.59%.

The scrip has witnessed strong buying interest with the share price up over 19% in the last five trading sessions after the company announced that it has entered into a definitive agreement i.e., Asset Purchase Agreement with Renesas Electronics America Inc. & other affiliate entities of Renesas Electronics Corporation (Renesas) for the acquisition of Radio Frequency (RF) Components business in an all-cash deal. The proposed acquisition of the RF Components business is for a consideration of about $36 million (approximately ₹303 crore) and marks the company’s entry into the semiconductor design business.

The company’s management believes, through the deal it aims to enhance India’s presence in the semiconductor design & development space, which is considered to be a high-growth and high-profitability sector.

The RF components business of Renesas is part of the semiconductor industry, which had an annual revenue of about $56 million (₹471 crore) in the Calendar Year 2023.

Post transaction, CG Power will acquire Intellectual Property (IP), and tangible assets and select transferring employees across various functions such as semiconductor design, marketing, applications, etc.

CG Power and Industrial Solutions manufactures critical components for the Indian Railways, including traction motors and propulsion systems, alongside a variety of products like induction motors, drives, transformers, and switchgears for industrial and power applications.

Recently, CG Power has expanded its portfolio to include consumer appliances such as fans, pumps, and water heaters, diversifying its reach within the market.