NIFTY50 scales to fresh record high; here are three stocks that hit 52-week highs on Friday

On Friday, over 74 stocks advanced to 52-week highs. The benchmark indices, NIFTY50, traded at 25,249, up 0.39%, and SENSEX at 82,476, up 0.42%. The Nifty Bank is trading at 51,428, up 0.54%, while the fear gauge India VIX fell to 13.72.

The broader market indices traded green, with Nifty Midcap 100 up 0.41% and Nifty Smallcap 100 up 0.35%. All the sectoral indices traded green with Nifty’s Realty up 1.08%, being the top gainer.

Top three stocks that hit a fresh 52-week high on Friday, August 30, 2024

Bharat Petroleum Corporation Ltd (BPCL) - The oil marketing and refining company’s scrip scaled to a fresh 52-week high of ₹365.5 after soaring up 2.54% on Friday’s trade.

The stock witnessed buying interest, as trade volume surged to 54.19 lakh shares with a trade value worth ₹196.50 crore. Its market cap reached ₹1,57,500 crore mark.

Recently BPCL has also informed that it is considering a proposal for procurement of LPG from Norway’s Equinor India Pvt Ltd. It is currently under discussion in the normal course of business.

The proposal with Equinor is crucial as LPG makes up about 62% of all cooking fuels used in Indian households, with over 60% of LPG being imported. This could be a strategic move in response to the escalating tensions in West Asia, which could potentially disrupt energy prices and supplies. At present, the United Arab Emirates, Qatar, Saudi Arabia and Kuwait are the top LPG suppliers to India.

In Q1FY25, the company’s revenue was ₹1,13,095 crore and net profit of ₹2,842 with an operating margin of 5%. In the last 6 months, the stock surged 20%, while in the 12 months, the stock has jumped 105%.

EID Parry India Ltd - India’s leading sugar manufacturer’s stock jumped 7.34% on Friday, peaking at a 52-week high at ₹875.

The stock price reacted positively to recent development in which the Union Government introduced a significant policy change, permitting sugar mills to use cane juice or syrup to produce ethanol for the Ethanol Supply Year (ESY) 2024-25, beginning November 1, 2024. Along with cane juice and syrup, the new policy also allows the use of B-Heavy and C-Heavy molasses for ethanol production.

This adjustment aims to advance the government's objectives of boosting renewable energy use and decreasing reliance on fossil fuels.

EID Parry’s strategic transition from a primary focus on commodity sugar manufacturing to a diversified portfolio that includes food, bioenergy, and nutrition is gaining strong momentum. Currently, non-sugar businesses account for 33% of the company’s revenue.

During Q1, net sales were at ₹6,746.79 crore, down 3.98% YoY, net profit at ₹91.33 crore, lower by 16.1% YoY and EBITDA stood at ₹543.61 crore, falling 17.2% YoY.

Colgate Palmolive Ltd - The popular personal care brand’s stock climbed to a 52-week high at ₹3,694.9, after soaring up 2.43%. It also touched the ₹1 lakh crore market-cap milestone.

On NSE till 10.15 a.m. on Friday, stock trade volume reached 1.99 lakh shares with a trade value worth ₹72.86 crore with an adjusted PE of 69.39.

The share price has risen nearly 47% so far in 2024, and in the last 12 months surged 89%.

Colgate India's recent actions in the core oral care portfolio have been rewarding for the company. Key concerns of low-volume growth the company has addressed with high single-digit toothpaste volume growth in Q1. Colgate has started benefitting from the likely rural recovery, this is evident given rural markets have outpaced urban markets for the second time in a row.

In Q1FY25, Colgate reported net sales growth at 13% and net profit growth at 33% YoY basis. Domestic revenue grew at a 2-year CAGR of 12.6% and maintained high-single-digit volume growth in Toothpaste with a continued focus on category development through the ‘Brush Twice A Day’ campaign.