Century Textile, Fortis Healthcare, and Prism Johnson touch fresh 52-week high; here’s why

The benchmark indices, NIFTY50, traded below the 25,000 mark at 2:00 p.m., while the SENSEX was at 81,681, down 0.29%. NIFTY Bank was trading at 51,058, down 0.42%, while the fear gauge India VIX rose to 13.53.

The broad market indices traded in positive territory, with Nifty Midcap 100 up 0.43%, while the Nifty Smallcap 100 was up by 0.17%. The sectoral indices traded mixed with Nifty’s FMCG being the top gainer (+0.96%), while Nifty’s Oil & Gas remained the top loser (-0.78%).

Century Textile (52-week high: ₹2,689)

The Aditya Birla Group lead company’s stock logged a fresh 52-week high at ₹2,689, climbing over 7% in Wednesday's session.

The stock witnessed a surge in buying interest after the company acquired around 10 acres of land parcel in Worli, Mumbai, which it plans to develop through its real estate subsidiary, Birla Estates.

In a press release, Century Textile & Industries informed that it has acquired the ownership rights of approx. 10-acre leasehold land parcel in Worli, Mumbai from Nusli Wadia. With this transaction, the existing leasehold interest of CTIL is merged with the ownership rights. The amount paid for this transaction is ₹1,100 crore.

According to the company, this 10-acre land parcel adds an approximate booking value potential of ₹14,000 crore to the company. It also paves the way for a gross 30-acre contiguous landholding in this prime area, with an overall booking value potential of approximately ₹28,000 crore. This includes Birla Niyaara, the flagship project of Birla Estates, launched a few years ago, which achieved great success and is one of the fastest-selling uber luxury projects in MMR, with cumulative sales of over ₹5,700 crore since its launch.

In Q1FY25 earnings, the company reported a 47.1% YoY drop in consolidated net profit of ₹27.94 crore, and revenue rose by 28.36% YoY to ₹1,139.67 crore.

The stock price is up over 108% in 2024, so far on a YTD basis.

Fortis Healthcare (52-week high: ₹576.95)

The leading chain of hospitals soared over 2.84% on Wednesday, peaking at a 52-week high at ₹576.95 and reaching the market cap to the ₹43,500 crore mark.

In the latest development, the company has sought the Competition Commission of India's approval for its proposed acquisition of another 31.52% stake in its diagnostics arm, Agilus, from private equity players. The deal will raise its shareholding to 89.2% and will be, valued at ₹1,780 crore, Additionally, Aquilo House Pte seeks approval to acquire a 26.47% stake in Aavas Financiers.

Currently, Fortis Healthcare holds a 57.68% stake in Agilus Diagnostics, with the remaining shares held by International Finance Corporation (7.61 %, NYLIM Jacob Ballas India Fund III LLC (15.86%), and Resurgence PE Investments Limited (8.05%).

According to Fortis exchange filing, these private equity investors have exercised their ‘Put Option Right’, requiring the company to purchase their shares at fair market value according to the shareholder's agreement.

Finance the acquisition Fortis will issue listed, senior, secured Non-Convertible Debentures (NCDs) to eligible investors, including foreign portfolio investors.

In Q1FY25, Fortis reported a 40.4% YoY increase in consolidated net profit to ₹173.98 crore. Revenue also rose by 12.2% YoY to ₹1,859 crore, driven by growth in both the hospital and diagnostic segments. The diagnostic business saw a 2% YoY revenue growth, totalling ₹309 crore.

Prism Johnson (52-week high: ₹246)

The building material company’s scrip climbed to a 52-week high at ₹246, gaining over 15% in Wednesday’s trading session.

The stock is currently in an upward trend driven by strong trading activity and investors' interest. capture growth for the company. Till 10.34 a.m. on the NSE, the stock witnessed a trade volume of 3.09 crore shares with a trade value of ₹685.09 crore. Since the beginning of this week, i.e. Monday, the stock has surged over 30% on account of a spurt in volume.

In Q1FY25, the company reported a consolidated revenue of ₹1,763 crore and a net loss of ₹18 crore.

Prism Johnson Limited (Formerly Prism Cement Limited) is one of India’s leading integrated building materials companies. It offers a wide range of products, including cement, ready-mixed concrete, tiles, and bath products. The stock price has rallied over 39% in the last month and 61% in the last 12 months.