Coforge, Thyrocare, and CARE scales to 52-week high: here’s why

On Tuesday, 23 stocks advanced to 52-week highs. The benchmark indices, NIFTY50, traded at 24,427, down 0.03%, and SENSEX was at 80,102, up 0.03%. The Nifty Bank was trading at 51,733, up 0.97%, while the fear gauge, India VIX, tumbled by 2.12% to 14.31.

The broader market indices were in positive territory, with the Nifty Midcap 100 up 0.38% and the Nifty Smallcap 100 up 0.69%. The sectoral indices traded mixed, with Nifty PSU Bank up 1.82%, making it the top gainer. Meanwhile, Nifty FMCG was the top loser, falling by 2.29%.

Three stocks which hit fresh 52-week highs on Tuesday, October 24, 2024

Coforge Ltd

The company provides end-to-end software solutions and services, serving prominent global customers. It is among the top 20 Indian software exporters.

On Thursday, the stock surged by 2.67% from its previous close, reaching a 52-week high of ₹7,783. As of 12:41 p.m., it was trading at ₹7,70430, up by 1.95%.

The stock’s price movement is attributed to a strong quarterly performance. This marks the eleventh consecutive quarter when order intake exceeded $300 million. The company added 13 new clients during the quarter, and its order book now stands at $1.3 billion, which is expected to be executed over the next 12 months.

In Q2 FY25, the company reported revenue of ₹3,062 crore, compared to ₹2,276 crore in Q2 FY24, reflecting a YoY growth of 34.54%. PAT for Q2 FY25 stood at ₹234 crore (including other income of ₹56 crore), up from ₹188 crore in Q1 FY24.

Over the past month, the company has outperformed the market, delivering a return of 11.26%. Its current market capitalisation stands at ₹51,189 crore.

Thyrocare Technologies Ltd

The company operates in the healthcare sector, providing quality diagnostic services at affordable costs to patients, laboratories, and hospitals.

On Thursday, the stock surged by 4.52% from its previous close, reaching a 52-week high of ₹949.60. As of 12:40 pm, it was trading at ₹929.60, up by 2.30%.

The company also posted a strong quarter and has consistently grown its revenues since the December 2022 quarter. However, its Q2 FY25 revenue remains below the September 2021 quarter revenue, which stood at ₹169 crore.

In Q2 FY25, Thyrocare reported revenue of ₹163 crore, compared to ₹136 crore in Q2 FY24, a growth of 19.63% YoY. PAT for Q2 FY25 stood at ₹30 crore, up from ₹20 crore in Q2 FY24.

Over the past month, the company has outperformed the market, delivering a return of 11.49%. Its current market capitalisation is ₹4,914 crore.

CARE Ratings Ltd

The company provides various credit ratings that help corporates raise capital for their requirements and assist investors in making informed investment decisions.

On Thursday, the stock hit a 20% upper circuit on Thursday, reaching a 52-week high of ₹1,407 as of 12:40 p.m.

Although the company hit its 52-week high due to strong results, it is still trading below its all-time high of ₹1,805, which was recorded in 2015. Revenue growth is driven by momentum in the rating business, especially in initial capital market instruments, securitisation, and bank debt.

In Q2 FY25, the company reported revenue of ₹117 crore, compared to ₹96 crore in Q2 FY24, reflecting a YoY growth of 21.70%. PAT for Q2 FY25 stood at ₹47 crore, up from ₹36 crore in Q2 FY24.

Over the past month, the company has significantly outperformed the market, delivering a return of 39%. Its current market capitalisation is ₹4,207 crore.