NIFTY50 reclaims 25,000 mark, Here are three stocks that hit a fresh 52-week high on 26 Aug 2024

On Monday, over 151 stocks advanced to 52-week highs. The benchmark indices, NIFTY50, traded at a 24,974 level up 0.61%, and SENSEX at 81,605 level, up 0.64%. Nifty Bank is hovering at the 51,255 mark, up 0.63%, while the fear gauge India VIX fell to 13.71 levels.

The broad market indices traded green, with Nifty Midcap 100 up 0.55% and Nifty Smallcap 100 up 0.53%. The major sectoral indices traded green with Nifty’s IT, being the top gainer.

Top three stocks that hit a fresh 52-week high on Monday, August 26, 2024

PB Fintech Ltd - The popular Policybazaar portal operator’s stock price traded to a 52-week high at ₹1,777.95 after surging over 5.46% in Monday’s session, surpassing the company's market cap mark of ₹80 thousand crore.

The stock price gained momentum post Q1 earnings, as the insurance aggregator, reported a net profit of ₹60 crore in Q1FY25, compared to a loss of ₹12 crore in the same period last year. Consolidated revenue from operations surged by 52% YoY to ₹1,010 crore for the Q1FY25, up from ₹665.5 crore in the same period last year.

The company's total insurance premium for the quarter was ₹4,871 crore, driven by a 78% YoY growth in new health and life insurance business. In the last one month, the stock has rallied 16%, and in the last 12 months gained 131%. Policybaazaar’s stock has a record rally this year 2024 with a 117% year-to-date return so far. The stock has become the world’s best performer among companies with a minimum $1 billion market value in the 52-member Solactive Fintech Index, as per a Bloomberg report.

PB Fintech is the operator of online platforms for insurance and lending products by utilising technology, data, and innovation. The platform offers over 390 term, health, motor, home, and travel insurance products from 48 insurer partners. Policybazaar provides a user-friendly self-service platform for pre-purchase research, application, policy management, claims facilitation, renewals, cancellations, and refunds.

Persistent Systems Ltd - The IT major’s scrip surged 3.16% on Monday, peaking at a 52-week high at ₹5,037. This is the first time the stock price crossed ₹5,000 mark, in the last month the stock has rallied 99%, almost doubling its value.

The stock witnessed a buying interest as the Fed’s Chairman signalled a rate cut in the near term, resulting in IT stocks being top gainers in today’s trade. Fed Chairman Jerome Powell’s recent speech gave a strong indication of an upcoming interest rate cut cycle by the U.S. central bank during its upcoming meeting in September. The rate cut is expected to increase IT discretionary spending of the companies in the U.S., leading to more business for Indian IT firms.

The comments from the U.S. Fed’s chairman regarding interest rates were not surprising. The market expects an interest rate cut during the next Federal Reserve meeting in September. There are indications that the rate cuts could happen faster.

In Q1FY25 result’s company reported a net profit rose 33.62% to ₹306 crore as against ₹229 crore during the same quarter last year. Revenue rose 18% to ₹2,737 crore against ₹2,321 crore during the same last year.

Dixon Technologies Ltd - India’s leading electronic manufacturer service (EMS) provider’s stock climbed to a 52-week high at ₹13,598, soaring over 2.47% in the Monday morning session.

The stock witnessed an upward move as the stock's trade volume surged to 1.80 lakh shares with trade value worth ₹242.98 crore on NSE till 9.45 am on Monday.

In the last one year the stock has outperformed with a 173% return, the surge in stock performance mirrors the rapid growth of the Indian EMS sector, which is emerging as a key manufacturing and export hub. Government policies such as PLI, the Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS), coupled with India's cost competitiveness, robust infrastructure, and skilled labour force are driving the sector's growth.

In Q1FY25 earnings, the revenue and net profit have doubled on a YoY basis denoting stellar performance. The revenue has doubled with YoY growth of 101% at ₹6,580 crore, while the net profit has jumped 109% to ₹140 crore.

A recent move by the government to reopen the PLI Scheme for White Goods, for further encouraging investments and focus on localized production aligns with the broader goal of enhancing the domestic component manufacturing ecosystem and is crucial for achieving self-sufficiency and would play a bigger role in stimulating growth for the company.