NIFTY50 jumps 100 points, Max Financial Services and Gufic BioSciences hit 52-week highs

On Wednesday, 36 stocks advanced to 52-week highs. The benchmark indices, NIFTY50, traded at 24,493, up 0.09%, and SENSEX was at 80,267, up 0.09%. The Nifty Bank was trading at 51,247, down 0.02%, while the fear gauge, India VIX, rose by 1.60% to 14.63.

The broader market indices were in positive territory, with the Nifty Midcap 100 up 0.83% and the Nifty Smallcap 100 up 1.11%. Most of the sectoral indices traded in green, with Nifty IT up 2.34%, making it the top gainer.

Three stocks which hit fresh 52-week highs on Tuesday, October 23, 2024

Max Financial Services Ltd

The company is focused on growing and nurturing business investments while providing management advisory services to Indian group companies.

On Wednesday, its stock surged by 7.82% from the previous close, hitting a 52-week high of ₹1,262. As of 10:42 a.m., it was trading at ₹1,252.05, up by 6.97%.

The company recently announced its results, showing a revenue growth of 13.3% QoQ. However, the reported revenue remains below the peak of ₹14,888 crore in March 2024. Despite this, market participants expect the positive momentum to continue. The company reinvests all profits into the business, generating an ROE of around 10%, which is close to the industry average.

In Q2 FY25, the company reported revenue of ₹13,372 crore, compared to ₹10,165 crore in Q2 FY24, reflecting a YoY growth of 31.56%. However, PAT for Q2 FY25 stood at ₹139 crore, down from ₹170 crore in Q2 FY24, which had included ₹25 crore in other income.

Over the past month, the company has outperformed the market, delivering a return of 7.40%. Its current market capitalisation stands at ₹43,260 crore.

Gufic BioSciences Ltd

On Wednesday, its stock surged by 5.28% from the previous close, reaching a 52-week high of ₹459. As of 10:46 a.m., it was trading at ₹452, up by 3.68%.

The company is targeting a topline revenue of ₹1,500 crore by FY27-28, with management optimistic about scaling operations and market opportunities. A key positive is that the promoters have significant skin in the game, with the three individual promoters collectively holding about 42% of the company.

In Q1 FY25, Gufic reported revenue of ₹203 crore, compared to ₹195 crore in Q1 FY24, reflecting a YoY growth of 3.99%. PAT for Q1 FY25 remained flat at ₹21 crore, matching the figure from Q1 FY24.

Over the past month, the company has outperformed the market, delivering a return of 11.08%. Its current market capitalisation is ₹4,518 crore.