Market extends gains as SENSEX reclaims the 82,200 mark; these three stocks hit a fresh 52-week high on Wednesday

On Wednesday, 41 stocks advanced to 52-week highs. The benchmark indices, NIFTY50, traded at 25,230, up 0.87%, and SENSEX at 82,2290, up 0.80%. The Nifty Bank was trading at 51,520, up 0.97%, while the fear gauge India VIX declined below 14 levels.

The broader market indices traded in positive territory, with the Nifty Midcap 100 up 1.08% and Nifty Smallcap 100 up 1.28%. The sectoral indices traded mixed, with Nifty Realty up 1.89%, remaining the top gainer. Meanwhile, Nifty FMCG was the top loser with a 0.91% fall.

Top three stocks that hit a fresh 52-week high on Wednesday, October 9, 2024

Divis Laboratories Ltd

The company is engaged in the production of generic APIs (Active Pharmaceutical Ingredients), custom synthesis of APIs and intermediates, along with nutraceuticals for the global pharmaceutical and nutraceutical industries.

On Wednesday, the stock surged 6.5% from the previous close, reaching a 52-week high of ₹5,907.35. As of 10:38 a.m., it was trading at ₹5,849.80, up by 5.46%.

Recently, the company exited the NIFTY50 index, alongside LTIMindtree, and was replaced by Trent and Bharat Electronics. Now, the company is focusing on a six-point strategy, emphasising growth in Generic APIs, contract manufacturing, nutraceuticals, contrast media, gadolinium compounds, and iodine-based compounds.

In Q1FY25, the company reported revenue of ₹2,118 crore, compared to ₹1,778 crore in Q1FY24, reflecting a growth of 19.12% YoY. However, the revenue is still below the highest quarterly revenue of ₹2,518 crore reported in March 2022.

The stock is rallying on the back of a report that the segments in which Divi's operates present a revenue opportunity worth $800 million by 2030.

Over the past month, the company has outperformed the market, delivering a return of 14.66%. Its current market capitalisation stands at ₹1,53,189 crore.

BSE Ltd

The Bombay Stock Exchange (BSE Ltd) is an Indian stock exchange located on Dalal Street in Mumbai. It facilitates trading in equity, currencies, debt instruments, derivatives, and mutual funds.

On Wednesday, its stock surged 3.47% from its previous close, reaching a 52-week high of ₹4,390. As of 10:42 a.m., the stock was trading at ₹4,365.90, up by 2.91%.

Recently, BSE's subsidiary, Asia Index Pvt., launched three new indices: BSE Sensex Sixty 65:35, BSE Sensex Sixty, and BSE Power and Energy. These indices can be used for PMS strategies, benchmarking, mutual fund schemes, and fund portfolios, and can also be incorporated into passive strategies such as ETFs and index funds.

In Q1FY25, the company reported consolidated revenue of ₹671 crore, compared to ₹260 crore in Q1FY24, registering a growth of 158% YoY. The PAT for Q1FY25 stood at ₹264 crore, down from ₹440 crore in Q1FY24, which had included other income of ₹430 crore.

In the past month, the company has significantly outperformed the market, delivering a return of 55.13%. Its current market capitalisation is ₹59,024 crore.

Dixon Technologies (India) Limited

On Wednesday, the stock surged by 2.86% from the previous close, reaching a 52-week high of ₹14,934.95. As of 10:58 a.m., the stock was trading at ₹14,722.05, up by 1.40%.

India's EMS (Electronics Manufacturing Services) industry is experiencing strong demand and revenue growth. Companies in this sector are expanding their client bases, providing greater order visibility.

Dixon’s management is anticipating continued aggressive growth driven by mobile and IT hardware segments. Additionally, the company is exploring partnerships for backward integration into the component ecosystem, focusing on value addition to enhance margins.

In Q1FY25, the company reported consolidated revenue of ₹6,580 crore, up from ₹3,272 crore in Q1FY24, marking a growth of 100% YoY. The PAT for Q1FY25 stood at ₹140 crore, compared to ₹67 crore in Q1FY24, showing a growth of 109% YoY.

Over the past month, Dixon Technologies has outperformed the market, delivering a return of 22.03%. The company's current market capitalisation stands at ₹87,930 crore.