CDSL to Manyavar: These stocks rally over 5% to hit 52-week high

As many as 88 securities hit their 52-week high on the National Stock Exchange of India (NSE) on Monday, December 2, even as the benchmark equity indices traded flat.

As of 11:08 am, the NIFTY 50 index was trading at 24,121.65, down 9.45 points, or 0.04%. Meanwhile, the BSE SENSEX slipped 95.76 points, or 0.12%, to 79,707.03.

The volatility index, or India VIX, was up 2.4% to 14.78. All broader indices like the NIFTY 100, NIFTY Midcap 100, the NIFTY Smallcap 100 and NIFTY 500 were trading in the green with gains of up to 1%. Among sectoral indices, the NIFTY Consumer Durables was the biggest gainer, up 1.4%, while the NIFTY PSU Bank was the biggest loser, down 0.8%.

Here’s a look at three major stocks that touched their 52-week highs on Monday, December 2, 2024.

CDSL (52-week high: ₹1,692)

The positive sentiment around the stock has intensified of late after the company last month announced 25% growth in revenue during the September quarter to ₹322 crore compared with a year ago. Net profit also increased 20.7% year-on-year to ₹162 crore during the quarter. CDSL said it opened 11.8 million Demat accounts during the second quarter, which was the highest ever quarterly Demat addition. This has taken the company’s total Demat count to 135 million.

Vedant Fashions Ltd (52-week high: ₹1,512)

Vedant Fashions was recently in the news after the Income Tax Appellate Tribunal (ITAT) last week removed the disallowance of ₹65.15 lakh under Section 14A of the Income Tax Act against the company. The Vedant Fashions had filed an appeal before the ITAT a previous order from the Commissioner of Income Tax in relation to its Return of Income for the AY 2020-21.

Also, the company had expanded its retail presence with the opening of its largest-ever store in Andhra Pradesh, located at the prime MG Road, Vijayawada, last week.

Info Edge (India) Ltd (52-week high: ₹8,481.8)

Info Edge was creating a buzz in the market on Monday after the company filed an FIR against Rahul Yadav, the founder of its portfolio company 4B Networks, and a few others, alleging misuse of funds. Info Edge had invested ₹288 crore in Yadav’s 4B Networks. Later, both the companies had entered into arbitration after Info Edge initiated a forensic audit of 4B Networks for failing to provide operations and management services.