Know why BEL, ONGC and CESC Ltd scaled a new 52-week high

On Monday over 224 stocks advanced to a 52-week high. The India Vix climbed up to 13.64 level indicating an increase in volatility. The Nifty traded at 24,274 levels down 0.20%, Bank Nifty traded at 52,533 levels down 0.57%.

The PSU Bank suffered most with Nifty PSU Bank down by 1.14% while Nifty FMCG gained 1.47% and Nifty Oil & Gas gained 0.54%.

Top Three stocks that 52-week high on Monday, July 8, 2024

With the Budget lined up on July 23, the D-street estimates the government's agenda of investment-led growth for the economy would boost the company's topline.

As of March 31, 2024, the company’s total order book value stood at ₹75,934 crore. The order inflows have been steady in Q1FY25 with PSU receiving an order from Armoured Vehicles Vikas Nigam worth ₹3,172 crore in June this year and an order worth ₹481 crore in May. In FY24 the company reported consolidated revenue of ₹20,268 crore (14% YoY increase) and a net profit ₹3,985 crore (34% YoY increase).

Bharat Electronics Limited (BEL) manufactures advanced electronic products and systems for the defence forces. Apart from defence products, the company also caters to various sectors like homeland security, smart cities, e-governance, space electronics, energy storage, network security, railways, airports, telecom, and medical electronics.

July 29, 2024, has been announced as the date for approval of unaudited financial results of Q1FY25. Navratna companies are companies that stand out as the top tier among Public Sector Undertakings (PSUs) because of their remarkable financial and operational accomplishments. PSUs have the authority to undertake substantial investments up to ₹1,000 crore without needing approval from the Central Government.

The stock witnessed buying interest soaring 19% in the last one month. In the last 12 months, the stock has doubled investors' wealth by returning over 132%.

The company's financial performance has remained muted in FY24 compared with the previous year with consolidated sales growing by 7% and net profit by 3% on a YoY basis. However, margins have remained under strain compared with 24% in FY21 against 14% in FY24.

The Calcutta Electric Supply Corporation is the flagship company of the RP-Sanjiv Goenka Group, born from the erstwhile RPG Group, under the chairmanship of businessman Sanjiv Goenka. CESC Limited is India’s first integrated electrical utility company established in 1899.

The company has reported strong financials for FY24 and the same is expected to continue in the coming quarters. In FY24 the company reported its highest-ever consolidated net profit of ₹57,101 crore with consolidated revenue growing to ₹6,43,037 crore. The margins have improved in FY24 to 16% from 12% in FY23. However, the borrowing has gone up ₹1,53,181 crore at consolidated levels due to ₹37,000 capex in FY24.

On July 2, in an exchange filing, the company informed that the Board of Directors considered and approved the appointment of Vivek Chandrakant Tongaonkar Director (Finance) and designated Shri Tongaonkar as Chief Financial Officer of the Company with effect from 02.07.2024 place of Devendra Kumar.

Promoters held a 58.89% stake in the company as of March 31, 2024, while FIIs owned 8.88%, and DIIs 18.87%. The stock price has rallied almost 80% in the last 12 months.