Ambuja Cements, Dixon Technologies, Bharat Forge and M&M hit 52-week high; here’s why

The Nifty50 index has hit a fresh all-time high of 23,487.90, while 30-shares Sensex trades above the 77,000 mark. The broader markets continued their outperformance, while on the NSE, 228 stocks advanced to a 52-week high.

Here are 4 stocks that hit 52-weeks high on Friday June 14,2024

Ambuja Cements Ltd - After acquisition of rival firm Penna Cement, Adani owned Ambuja Cements stock hit a fresh 52-week high with a surge of 4% at ₹689 on Friday.

The company said in an exchange filing that it had signed a binding agreement for the acquisition of Penna Cement Industries Ltd (PCIL) at an enterprise value of ₹10,422 crore. It further added that Ambuja will acquire 100% shares of PCIL from its existing promoter group, P. Pratap Reddy and family. The acquisition will be fully funded through internal accruals.

The acquisition is expected to improve Ambuja’s pan India market share by 2% and south India market share by 8%. The acquisition has added 14 MTPA capacity to the company, current total capacity stands at 89 MTPA after acquisition. The company has a target to achieve 140 MTPA capacity by 2028.

Today (June 14, 2024) is the record date for ₹2 per share final dividend of the stock. The record date of a dividend is the cut-off date established by the company to determine which shareholders are eligible to receive the dividend.

Dixon Technologies (India) Ltd - India’s leading electronic contract manufacturer’s scrip scaled to a fresh 52-week high at ₹11,458.90 on Friday. The stock price zoomed up 5.55% this morning on news that Dixon Technologies is to invest ₹1,500-1,800 crore in India over the next 3 years.

After the surge in stock price on account of the news, the exchange has sought clarification from the company. The company's response was awaited till the last time it was checked.

Last week, the company had inked a term sheet with HKC Corporation to form a joint venture (JV). The stock price in the preceding 6 months has rallied up 77.75%. Dixon Technologies is the world's 4th largest and India’s largest LED Light manufacturer and has over 22 manufacturing facilities across India.

Bharat Forge Ltd - The flagship company of the Kalyani Group, Bharat Forge’s stock price soared 6% hitting a fresh 52-week high of ₹1,735 on Friday.

The company has reported strong results for Q4FY24 with 14.75% YoY growth in sales to ₹4,164 crore in Q4FY24 against ₹3,629 crore in the corresponding quarter last year. The net profit also grew to ₹227 crore in Q4FY24 from ₹128 crore in Q4FY23. The stock has climbed 44% in the last 6 months and currently trades at a P/E of 84.23.

July 5th, 2024 is the upcoming record date for the final dividend of ₹6.50 per share of Bharat Forge.

Mahindra & Mahindra Ltd (M&M) - Stock of the homegrown auto maker jumped to a 52-week high at ₹2,946 with a gain of 2.95% on Friday. After today’s surge, Mahindra & Mahindra became 2nd most valued auto company in India surpassing Tata Motors in terms of market capitalisation.

The company reported a net profit of ₹2,038 crore for the Q4FY24. This was an increase of 32% year-on-year (YoY) from ₹1,549 crore in the last year quarter. Revenue from operations in the reporting period rose 11% YoY to ₹25,109 crore, compared with ₹22,571 crore in the corresponding period of last year. The May sales volume also saw a YoY 31% growth in the passenger segment.

July 05, 2024, is the upcoming record date for the final dividend of ₹21.10 per share of Mahindra & Mahindra.

The record date is the specific date on which a company finalises an eligible shareholders list for forthcoming dividend distribution.