NIFTY50 slips below 24,800 mark, Auto index tumbles over 3%, here are three stocks that hit 52-week highs on Thursday

On Thursday, 53 stocks surged to 52-week highs, however, benchmark indices traded in negative territory. The NIFTY50 was down 0.65% below the 24,808 level, the SENSEX fell 0.48% to the 81,111 level, and the Nifty Bank plunged 0.73% to 51,310. Meanwhile, the India VIX, the market's fear gauge, rose 2% to 13.32.

Broader market indices traded in negative territory, with the Nifty Midcap 100 declining 1.22% and the Nifty Smallcap 100 dropping 0.73%. Sectoral indices traded in the red, with only the exception of Nifty IT, which is up 0.71%, while Nifty’s Auto tumbled by 3%, being the top loser.

Top three stocks that hit a fresh 52-week high on Thursday, October 17, 2024

Stock price witnessed sharp upward momentum as investor buying interest surged ahead of ICRA’s quarterly earnings for the period ended in September 2024. ICRA has informed the exchange that it has scheduled a board meeting on October 25, 2024, to approve the financial results for Q2FY25.

ICRA is a professional investment information and credit rating agency operating through segments like rating, research, consulting, outsourcing, and information services. The company is popular among investors for its large dividend payouts, In the past 12 months, ICRA Ltd. has declared an equity dividend amounting to ₹100 per share.

According to management in Q1FY25, ICRA's businesses showed strong resilience despite a transient dip in economic activities due to general elections and the uneven progress of the monsoon.

In Q1FY25 ICRA reported ₹115 crore revenue with 11% YoY growth and net profit of ₹36 crore down 12% YoY. Revenue benefited from growth in bank credit and securitization partly offset by muted bond issuances.

ICRA besides focusing on operating leverage and tech efficiencies, is also focused on pricing strategies, higher contribution from initial rating fees, and market share expansion. The company has made changes in team structure and organization to drive efficiencies and synergies for margin improvement. Additionally, the company is launching new products in the ESG (Environmental, Social, and Governance) segment as global investors are more keen to know about ESG reports of corporations.

ICRA’s stock has rallied over 32.14% in 2024, so far on a YTD basis.

Bombay Dyeing & Mfg Company Ltd - Textile and Real-estate company’s scrip jumped 6.7% on Thursday, peaking at a 52-week high at ₹253.8, with the company’s market cap reaching ₹5,120 crore mark.

The buying interest in shares has surged in recent days with the share price up 13% in the last five trading sessions. Today i.e Thursday the shares trading volume rose to 64.11 lakh shares with a trade value worth ₹156.67 crore on NSE till 10.40 a.m.

According to management, With zero debt obligations, the Real-estate segment is well placed to enjoy the benefits of a large contiguous land parcel at a strategic location, being well connected with the commercial hub of Central Mumbai, which gives the company a significant advantage over other real estate players.

The retail textile segment also remains optimistic for growth, due to increasing consumer spending towards home fashion products and the growing premiumisation trend. With Bombay Dyeing being a strong home fashion brand, a large consumer reach is possible.

In the past six months, the company's stock has outperformed the market by surging 52.7%.

Computer Age Management Services (CAMS) Ltd - The technology-driven financial service provider’s stock climbed to a 52-week high at ₹4,969.85, surging over 2.76% in the Thursday morning session.

In Q1FY25, CAMS’s AUM crossed the ₹40 lakh crore, registering a growth of 35% YoY. The growth was achieved on the back of solid performance of equity assets, which grew at 56%. SIP registration stood at 9.3 Million, representing a 100% growth YoY.

As CAMS is experiencing strong growth across multiple segments, Strategic partnerships and technological advancements are set to enhance operational efficiency and market competitiveness.

The company’s stock price has surged over 85% in 2024 so far on a YTD basis.