NIFTY50 recovers early losses and trades over the 24,750 level; here are three stocks that hit 52-week highs on Friday

On Friday, only 32 stocks advanced to 52-week highs. The benchmark indices, NIFTY50, traded at 24,780, up 0.12%, and SENSEX flat at 81,051. The Nifty Bank is trading at 51,747, up 0.90%, while the fear gauge India VIX fell to 13.23.

The broader market indices traded in negative territory, with the Nifty Midcap 100 down 0.12% and the Nifty Smallcap 100 down 0.48%. Sectoral indices showed mixed performance, with Nifty Private Bank leading the gains, up 1.46%. On the other hand, Nifty Oil & Gas was the top loser, falling 0.49%.

Top three stocks that hit a fresh 52-week high on Friday, October 18, 2024.

JSW Holdings Ltd

The investment arm of JSW group’s scrip scaled to a fresh 52-week high of ₹9,822 after soaring up 2.95% on Friday’s trade. The market cap reached ₹10,946 crore mark.

The JSW Holdings stocks witnessed an upward movement as India’s metal industry is likely to benefit from the world's largest metal consumer - China. With the Chinese government rolling out stimulus for the economy, Indian companies will benefit from the hike in prices due to the surge in Chinese demand.

JSW Holdings is a core investment company (CIC) and is primarily engaged in the business of investing and financing holds significant investments in equity shares of JSW Steel Limited besides certain other investments in other Group Companies, therefore, the business prospects of the Company largely depend on the business prospects of JSW Steel and the steel industry in general.

According to the company's management, there is a significant potential for an increase in steel demand in India. Therefore, the company is looking forward to sustainable growth in its investee company JSW Steel in the coming years which would enhance the shareholders' value.

JSW Holdings is expected to announce its Q2FY25 earnings on October 25, 2024. Its stock has surged by over 81% year-to-date in 2024.

Kalyani Investment Company Ltd

The investment company of Kalyani Group, the stock climbed to a 52-week high at ₹7,377.70 after surging 3.75%.

Being an investment company Kalyani Investment, holds a varied investment portfolio consisting of both listed and unlisted companies which are in diversified sectors such as forging, steel, power generation, chemicals and banking.

The holding companies' stocks have remained in an upward trend since SEBI’s June 2024 announcement about a new initiative to address these issues by proposing special call auctions without price bands. According to SEBI, certain investment companies and investment holding companies (IHCs) often trade infrequently and at prices significantly below their disclosed book values which negatively affects liquidity, fair price discovery, and investor interest. Therefore, to counter this, SEBI implemented a framework for special call auctions with no price bands, aimed at effective price discovery.

The introduction of special call auctions has boosted participation in these shares, which historically faced low float and liquidity issues. Over the last four months since the new mechanism was implemented, Kalyani Investment’s share price has surged by more than 55%.

Torrent Power Ltd

The leading power company’s stock climbed to a 52-week high at ₹1,993 after soaring up 2.74%. The company's market cap reached ₹95,750 crore.

The scrip has witnessed strong buying interest after the company informed about the execution of the Share Purchase Agreement between the company, Torrent Investments Private Limited and Torrent Electricals. Through the agreement, Torrent Electricals will sell 100% of its share capital to Torrent Investments Private Limited.

Earlier this month, Torrent Power secured a letter of award from Maharashtra State Electricity Distribution (MSEDCL). It also inked a share subscription and shareholders' agreement (SSSA) with Lakshmi Mills and Torrent Urja 17 Private Limited (TU17). In the past one year, Torrent Power shares have gained 171%.