NIFTY50 slips below the 25,000 mark, these three stocks hit a 52-week high on Wednesday

On Wednesday, over 68 stocks advanced to 52-week highs. The benchmark indices, NIFTY50, traded below the 25,000 mark, while the SENSEX was at 81,494, down 0.4%. Nifty Bank was trading at 51,855, down 0.10%, while the fear gauge India VIX spiked to 13.34.

The broad market indices traded in negative terrain, with Nifty Midcap 100 down 0.40%, while the Nifty Smallcap 100 was down 0.44%. The sectoral indices also traded in negative terrain except Nifty Financial Services trading in greens. Nifty Media remained the worst performer down 1.35%.

Top three stocks that hit a fresh 52-week high on Wednesday, October 16, 2024

HDFC AMC Ltd

Shares of the fund management service provider logged a fresh 52-week high at ₹4.797.2, climbing 5.3% in Wednesday's session.

The stock witnessed a sharp spike as the company announced robust performance in Q2FY25 earnings, with investors buying interest pushing the company's market cap to ₹1 lakh crore mark.

The company’s revenue from operation increased 38% YoY and 14% QoQ to ₹887 crore, led by growth in AUM and a rise in yield by 2 basis points QoQ to 46 basis points. Q2 performance depicts HDFC AMC’s operational performance continues to remain strong coupled with healthy AUM growth.

Investors are optimistic about HDFC AMC’s share as it is poised to benefit from structural growth in the asset management industry in the long run with a surge inflow into a strong systematic investment plan (SIP), increasing unique investors and the company’s widespread distribution network.

Incorporated in 1999, HDFC Asset Management Company (HDFC AMC) is the Investment Manager for HDFC Mutual Fund, one of the leading mutual funds in India.

In 2024, HDFC AMC's share price surged nearly 48% on a year-to-date basis.

Siemens Ltd

The industrial solution provider share price soared over 3.3% on Wednesday, peaking at a 52-week high at ₹8,129.9 and reaching the market cap to the ₹2,89,516 crore mark.

The stock’s trade volume on NSE till 10.56 a.m. surged to 4.02 lakh shares, with a trade value worth ₹322.48 crore. After receiving approval from the stock exchange for the demerger of the company's energy business, investors have shown active interest in the stock with the stock price up over 20% in the last one-month period. The company plans to transfer the energy business to Siemens Energy India Limited.

According to experts, Siemens is likely to report healthy earnings for Q2, on the back of execution of robust opening order books, continued capex-led demand in the domestic market, and strong traction in key export segments, such as energy transition, turbines and transmission and distribution (T&D).

Further, the capital goods sector's long-term outlook remains strong across power, T&D, railways, defence and data centre businesses, with a focus on energy transition globally, along with manufacturing localisation and infrastructure development in India and the Middle East. According to the company's management, the government’s focus on capital expenditure in infrastructure, and demand for the company’s products and solutions will continue to remain strong.

In 2024, Siemens's share price surged over 99% on a year-to-date basis.

IFB Industries Ltd

India’s leading electric appliance maker’s scrip climbed to a 52-week high at ₹2,240, eventually locking in a 20% upper circuit in Wednesday’s session, with company market-cap reaching ₹9,079 crore.

The consumer durables sector in India is expected to witness revenue growth, supported by steady growth in urban demand. Operating profitability is also expected to improve this fiscal due to the softening of raw material prices. Additionally, the air conditioners (AC) segment is likely to be one of the key growth drivers for the industry due to surge in Demand for ACs and refrigerators driven by changing weather patterns.

In a recent development, IFB has been selected as one of the manufacturers of AC components under the ₹4,614 crore Production Linked Incentive (PLI) scheme for white goods.

In 2024, IFB's share price surged over 134% on a year-to-date basis.