HFCL, Macrotech Developers and HAL scale to new 52 week high

Around 11.30 a.m. the Nifty50 traded at 23,545 points with a 0.34% upside change, Sensex traded at 77,280 levels up 0.37% and Bank Nifty at 50,295.90 levels, gaining 0.58%.

In the early session over 248 stocks traded at 52-week highs while only 7 traded at a 52-week low.

Three stocks that hit a fresh 52-week high on June 18, 2024

This sharp spike followed news that the European Commission had exempted HFCL from anti-dumping duties.

The company has said in an exchange filing that it is the only Indian company against which no Anti-Dumping duty has been determined by the European Commission on the export of Optical Fiber Cables to European countries. The Commission in its order stated that apart from HFCL which is not engaged in dumping Optical Fiber Cable (OFC), provisional Anti-dumping duty has been determined on all other Indian OFC manufacturers. This made HFCL the only Indian Optical Fiber Cable manufacturer to have been exempted from anti-dumping duties by the European Commission. The scrip has soared 84% in the preceding 12 months.

In FY24, the Mumbai-based developer recorded ₹10,316 crore in revenue, its highest ever in a year.

Macrotech plans to launch seven new projects in the current financial year, across 3.4 million sq ft, in Mumbai and Pune. It will launch another 6.7 million sq ft in the form of new phases in its existing projects. The stock price is up 158% in the last 12 months.

The defense manufacturer on June 17, 2024 exchange filing said it had received a request for proposal (RFP) from the Ministry of Defense for the procurement of 156 Light Combat Helicopters (90 nos for IA and 66 nos for IAF).

A Request For Proposal (RFP) is a business document that announces a project, describes it, and solicits bids from qualified contractors to complete it.