IDBI Bank, Tata Motors and Suzlon Energy clinch fresh 52-week high; here’s why

In the afternoon session, over 77 stocks advanced to 52-week highs, the benchmark indices, NIFTY50 traded at 24,322 down 0.37%, SENSEX at 79,783 down 0.46% and the Nifty Bank at 50,746 down 1.11%, while the fear gauge India VIX spiked to 12.83 levels.

The broad market indices remained in red with Nifty Midcap 100 down 0.09% and Nifty Smallcap 100 slipping 0.23%. Majority of the sectoral indices traded in red except Auto, Media, Oil & Gas.

Three stocks that hit a fresh 52-week high on Thursday, July 25, 2024

IDBI Bank Ltd- The Public sector lender’s scrip clinched a fresh 52-week high at ₹104.25 soaring up over 7%% on Thursday’s trade.

The stock price triggered with DIPAM’s Secretary of Government of India hinted for potential stake sale. The Secretary quoted in an interview to a media platform that, ‘The Reserve Bank of India’s vetting process to ascertain potential bidders for IDBI Bank is at an advanced stage’. The Secretary further added the vetting process is taking some time “following which we will do the due diligence". The RBI’s approval will pave the way for the bank’s strategic disinvestment, with bidders meeting the fit and proper criteria.

The government holds 45.48% and government owned LIC holds 49.24% stake in IDBI Bank.

To qualify, bidders for IDBI Bank must have a minimum net worth of ₹22,500 crore and have reported net profits in three of the last five years.

The IDBI’s Q1FY25’s results reported over 40% rise in net profit on a YOY basis.

Tata Motors Ltd - The India’s leading carmaker and owner of global brand JLR's stock price on Thursday’s morning session jumped to fresh 52-week high at ₹1067.35, up around 4%.The stock traded with positive bias as the trade volume surged to over 91 lakh against trade value at ₹960.74 crore, taking the current market capitalisation to ₹3,52,341 crore on NSE till 10.30 a.m.

In upcoming Q1 results the company is expected to surprise the street with positive margins amid new launches, suggest the experts. The company’s premium segment JLR is also expected to continue its strong performance, the company strategy for JLR of upscaling from premium to luxury segments has drawn market attention.

In the last one year the stock price of Tata Motors has risen over 65% against Nifty 50’s rise of over 23%.Company has informed the Exchange about a board meeting to be held on August 1st, 2024 to approve the company's financials for the quarter ended on June, 30th 2024.

Suzlon Energy Ltd - The renewable energy producer’s stock price witnessed a sharp spike of 5% on Thursday's trade with the stock price scaling to a fresh 52-week high at ₹63.75. The stock witnessed trade volume of over 1.097 crore shares with trade value at ₹692.39 crore, on NSE till 10.50 a.m. The wind energy solution provider has hit the ₹85,000 crore market capitalisation mark today.

The strong Q1FY25 results with 200% jump in net profit and highest level of operating profits in last 7 years remains key for positive momentum in stock price. Further favourable support from policymakers towards renewable energy and growing energy consumption Suzlon seems to have bright prospects over time.

The major highlights of Q1FY25 for the company were highest Q1 deliveries in 7 years at 274 MW along its largest‐ever order book of 3.8 GW.

Pune based, Suzlon is one of the leading renewable energy solutions providers in the world with 20.8 GW of wind energy capacity installed across 17 countries. It has a vertically integrated organisation, with in‐house research and development (R&D) centres in Germany, the Netherlands, Denmark and India.