Inox Wind, Suzlon Energy and Gujarat Pipavav Port touched fresh 52-week high; here’s why

On Tuesday, over 91 stocks advanced to 52-week highs. The benchmark indices, NIFTY50, traded at the 24,295 level, down 0.21%, and Sensex was at the 79,464 level, down 0.23%. Nifty Bank was hovering at the 50,260 level, decreasing 0.63%. The fear gauge, India VIX, fell to 15.75 levels.

The broader market indices traded in the green, with the Nifty Midcap 100 index up 0.14% and the Nifty Smallcap 100 index almost flat with 0.03% gains. The sectoral indices traded mixed, with Nifty Consumer Durable, IT, and Healthcare being top gainers, while Banks and Financial Services were top losers.

Top three stocks that hit a fresh 52-week high on Tuesday, August 13, 2024

Inox Wind Ltd

The wind stock has been on an upward trajectory since it announced quarterly results, rallying 36% in just two sessions. In recently announced Q1FY25’s earnings, the company reported the best Q1 financial performance in Inox Wind's history, with revenue up 85%, EBITDA up 349%, and net profit rising to ₹50 crore.

In Q1FY25, revenue rose 85% YoY to ₹651 crore, EBITDA surged 349% YoY to ₹157 crore, and the bottom line turned profitable to ₹50 crore against a loss in the same quarter last year.

Further, the company recorded the largest-ever order book of 2.9 GW (up 254% YoY), providing huge revenue growth visibility. Promoters (IWEL) infused ₹900 crore (net of taxes and fees) in July 2024, resulting in IWL becoming a net cash company. The leasing model minimising capex also helped in value unlocking through the EPC arm and value enhancement through the hybridization of existing common infrastructure.

Suzlon Energy Ltd

The stock has been buzzing, with a fourth consecutive session of upward movement. The upward movement can be attributed to Suzlon’s execution of definitive agreements to acquire a 76% stake in Renom Energy Services Private Limited (Renom) from the Sanjay Ghodawat Group (SGG).

The stock has delivered over 50% return in the last one month. The acquisition is seen as a strategic move into the multi-brand operations and maintenance service (OMS) sector.

In Q1FY25, the company reported revenue of ₹2,022 crore, a 50% YoY uptick, and net profit stood at ₹302 crore with a 200% YoY jump.

Gujarat Pipavav Port Ltd (GPPL)

Gujarat-based port’s stock price traded to a 52-week high at ₹246.5 and jumped to 7% in Tuesday's morning session.

In recently announced Q1FY25 earnings, the company reported a 14% YoY rise in revenue to ₹246 crore. Furthermore, net profit surged 62% YoY to ₹110 crore due to lowered direct expenses, resulting in higher operating margins at 61% against 49% in Q1FY24. The June-ended shareholding pattern also revealed that FIIs increased their stake in the company in Q1FY25 to 18.53%.