CDSL, Godrej Properties and Wockhardt hits 52-week high on Monday

Three Stocks that scaled to fresh 52-week high on Monday July 1st, 2024

Since last week, the stock has gained over 18% as the company has announced a board meeting to be held tomorrow, July 2nd, 2024, to consider and approve a proposal for a bonus issue.

CDSL is India's leading and only listed depository, aiming to provide convenient, dependable, and secure depository services at affordable cost to all market participants. CDSL maintains and services more than 11.56 crore demat accounts of investors or beneficial owners (BOs) across India.

In another development, Securities and Exchange Board of India (SEBI) issued a circular on Friday increasing the threshold for the basic service demat account (BDSA) to ₹10 lakh from the current ₹2 lakh. The new guidelines will come into force from September 1 and is expected to boost participation of small investors in the securities market increasing demat accounts.

In FY24 CDSL’s consolidated revenue and net profit has grown by 46% and 52% on YoY basis respectively.

A basic service demat account, or BSDA, is a more basic version of a regular demat account. The facility was introduced by markets regulator Sebi in 2012 to reduce the burden of demat charges on investors with small-sized portfolios.

Godrej Properties Ltd - The stock price of one of the leading developers in the country reached a 52-week high of ₹3,290 during early trading on Monday, surging by 2.55.

The stock exhibited positive momentum as the company announced details of the latest 11-acre land development project in Hinjewadi, Pune. The project has an estimated revenue potential of ₹1,800 crore, with plans to develop over 2.2 million square feet. The development will primarily comprise Group Housing and High Street Retail.

The land parcel is strategically located near the upcoming Megapolis Metro Station, offering excellent connectivity to major IT hubs in Hinjewadi, Pune, along with access to schools, hospitals, malls, restaurants, and premium hotels, the company said in a press release.

In FY24, the consolidated revenue and net profit grew 35% and 20% YoY basis, respectively. Over the last six months, the stock price has surged by 60%.

Wockhardt Ltd - The stock price of pharma stock climbed to a 52-week high in Monday’s trade, gaining 16% to reach ₹796.85. The scrip saw strong buying interest as the company announced significant advancement with its new antibiotic, ZAYNICH (WCK 5222), last Friday. This antibiotic holds a unique status as it is the first new chemical entity (NCE) in the antibiotic domain in five decades. An NCE is a new drug compound that includes a novel active ingredient not previously approved by any regulatory agency worldwide.

ZAYNICH, a combination of Zidebactam and Cefepime designed to combat superbugs, which are the toughest resistant pathogens, is currently undergoing global phase 3 clinical trials expected to be completed by FY25. So far, it has achieved 100% success, saving the lives of all recipients.

These antibiotics are priced around £50,000 for a 10-day treatment in Western markets. In India, the company plans to offer it at an 80-85% discount.

In the last one month, the stock price has surged over 47% and in the last 12 months, over 236%. However, in FY24 the company reported net loss at consolidated level at ₹472 crore on account of lower operating margins and higher interest and depreciation costs.