Axis Bank, Tech Mahindra and Mahindra Holidays hit a fresh 52-week high today; here’s why

At 11.00 am on Friday, the Nifty50 traded at 23,537 marginally lower by 0.13% after scaling to a fresh all-time of 23,667 level. Bank Nifty traded at 51,444 lower by 0.65%.On the last trading session of the week, 163 stocks have advanced to a 52-week high.

The broader markets were seen outperforming the frontline gauge. Nifty Midcap 100 and Smallcap 100 traded higher by 0.38% and 0.46%, respectively.

Three stocks that scaled to a 52-week high on June 21, 2024.

Fundamentally stock is well poised, adding up the customer base in last year by taking over the operations of Citibank India’s consumer operation in India. This week Axis has informed all customers of Citibank about completing the migration of all relationships to Axis Bank by July 15, 2024. The bank has an 11.81% market share in the credit card business in India and in FY24 standalone net profit grew by 160% YoY basis.

Also, on June 19 this week bank’s Board of Directors (BoD) approved additional stake buying in Max Life Insurance Company Ltd amounting to ₹336 crore. Thereby taking the aggregate stake of Axis Bank from 19.02% to 19.99%.

The IT stock saw buying interest as the global peer Accenture declared results giving guidance towards pick-up in demand and strategy and consulting business returning to growth.

In last week’s investor meet the group said that it aims to unlock the full potential of Tech Mahindra through cross-selling and synergies within the group through which the company would expand its network.

The IT sector is currently grappling with slowing growth and margins. The stock price in the last 12 months is up 25%. July 19th, 2024 is the record date for the final dividend of ₹28.

Mahindra Holidays and Resorts India Ltd. engages in the provision of leisure hospitality services. The firm focuses on operating its resorts and offering family holidays through vacation ownership memberships.

In FY24 the company hit a membership additions mark of about 20,000. The company’s standalone revenue has grown to ₹1,314 crore and net profit to ₹181 crore in FY24. The company is also planning to increase room inventory from 5,000 to 10,000 by 2030.