L&T, Ceat, Bajaj Healthcare shares hit 52-week high: Here’s why

In a surprising development, the number of securities trading at their 52-week highs on the National Stock Exchange of India (NSE) on Monday, December 9, hit the three-digit mark even as broader markets traded in the negative. As many as 111 stocks hit their 52-week highs, as the overall market breadth remained positive with more stocks rising than declining.

As of 11:48 am, the NIFTY 50 index was trading flat at 24,674.55 down 3.25 points. The BSE SENSEX, meanwhile, was also trading flat at 81,730.41, up 21.29 points, or 0.03%.

The volatility index, or India VIX, was down 5.69% to 12.77. Among sectoral indices, only the NIFTY Bank, Realty and Consumer Durables indices were trading in the green, with all other indices trading in the negative.

Here’s a look at three major stocks that touched their 52-week highs on Monday, December 9, 2024.

Larsen and Toubro Ltd (52-week high: ₹3,948)

On Friday, L&T said that it has overturned a ₹702-crore customs duty demand after a favourable ruling from the Central Excise and Service Tax Appellate Tribunal, Ahmedabad. The demand was raised by the Principal Commissioner of Customs, Ahmedabad, after denying customs duty exemptions to the company. L&T had filed an appeal with the tribunal challenging the order. On December 5, the tribunal ruled in favour of L&T and set aside the entire demand.

One 97 Communications Ltd (52-week high: ₹1,007)

One 97 Communications announced on Saturday that the board of its Singaporean arm has approved the sale of its stake in Japan’s PayPay to Softbank Vision Fund 2 for approximately ₹2,364 crore. The deal is anticipated to be finalised by December 2024, it added.

Ceat Ltd (52-week high: ₹3,449)

Ceat on Friday announced that it has signed an agreement to acquire Camso brand’s off-highway tyres (OHT) and tracks business for about $225 million (almost ₹1,905 crore today) from Michelin. The transaction will include the business with revenue of around $213 million for calendar year 2023 and global ownership of the Camso brand along with two state-of-the-art manufacturing facilities in Sri Lanka. The acquisition is significant for the company as it will help in fulfilling its ambition to become a leading global player in the high-margin OHT segment. It will also give Ceat access to a global customer base, including over 40 international OEMs and premium international OHT distributors.

Bajaj Healthcare Ltd (52-week high: ₹444)

On Friday, Bajaj Healthcare had informed exchanges that the company can now supply its active pharmaceutical ingredients (API) to Australia after the country’s drugs regulator Therapeutic Goods Administration (TGA) gave its Vadodara plant the stamp of approval. The site is already approved by the US and EU regulators.

The recent Australian approval makes Bajaj healthcare eligible to supply APIs directly to Australia and New Zealand, as well as to global drug product manufacturers targeting these markets. The approval is valid for 24 months.

Other stocks that hit 52-week high: Shares that hit their 52-week highs on Monday include Ashoka Buildcon Ltd, Tech Mahindra Ltd, One 97 Communications Ltd, PB Fintech Ltd, Karur Vysya Bank Ltd, Ind-Swift Ltd, Gokul Agro Resources Ltd, EMS Ltd, Zomato Ltd, Polyplex Corp. Ltd, VA Tech Wabag Ltd, T T Ltd, Times Guaranty Ltd, 63 Moons Technologies Ltd and Central Depository Services (India) Ltd, among others.