Navratna status boosts Mazagon Dock Shipbuilders to 52-week high, Two other stocks hit 52-week highs

Indian equity benchmark indices were seen trading just above the dotted line on Wednesday amid volatile global cues and ahead of the June series F&O expiry.

The NIFTY50 and SENSEX were seen trading up by 0.05% and 0.09%, respectively. However, the superstar performer of the last trading session, the Nifty Bank index is underperforming as it is trading down by 0.20% marginally below the 52,500 mark.

India VIX has cooled off from the higher levels and is seen trading down by 1% but above the 14-mark.

Three stocks that scaled to a 52-week high on June 26 2024

The stock has been buzzing since the news that the ‘company is in talk with defence ministry over ₹35,000 crore deal’, However in an exchange clarification the company has clarified that it has submitted the bid for the three additional submarines under project P75 which is an activity in the normal course of business. Submission of bid does not result in automatic bagging of an order. The company’s current order book value stands at ₹38,561 crore.

The company was awarded Navratna status by the Department of Public Enterprises.

The Indian government accords the navratna status to top-tier public sector undertakings (PSUs) and these organizations are authorized to undertake substantial investments of up to ₹1,000 crore without needing approval from the Centre.

The chemical and cement manufacturer's core businesses consist of Viscose Staple Fiber (VSF), caustic soda, speciality chemicals, rayon-grade wood pulp (RGWP), and white and grey cement.

In FY24 the company saw consolidated revenue growth of 11.35% on a YoY basis, however, the consolidated net profit fell by (-)10.40% due to higher interest costs. The operating margin remained at 21% in FY24 against 18% in FY23.

Recently Grasim has entered into the competitive arena of paint manufacturing with the brand Birla Opus, offering incentives to customers and dealers in the upcoming Q1FY25 it would be interesting to see its financial performance.

In the last 12 months, the stock has rallied almost 49%. It currently trades at an adjusted PE of 16.19 on NSE.

According to reports, Inox Green might raise up to ₹1,000 crore via preferential allotment and warrant issuance to fund future acquisitions.

The company provides wind power operation and maintenance services. In FY24 the company turned profitable by reporting consolidated net profit of ₹28 crore against loss of ₹20 crore in last FY23. The company has managed to reduce debt resulting in lower interest costs in FY24.

In the last 12 months, the stock price has surged almost 193% giving stellar returns to investors. In the upcoming budget, the renewable sector will remain in focus as the government plans to be net carbon zero in the coming future.