NIFTY50 trades above the 24,700 mark, broader markets outperform, these three stocks hit 52-week highs on Wednesday

On Wednesday, over 133 stocks advanced to 52-week highs. The benchmark indices, NIFTY50, traded at 24,730 level, up 0.13%, and SENSEX flat at 80,804 mark. Nifty Bank is trading at 50,536 level, down 0.53%, while the fear gauge India VIX fell to 13.66.

The broad market indices traded green, with Nifty Midcap 100 up 0.32% and Nifty Smallcap 100 up 0.93%. All of the sectoral indices traded mixed, with Nifty’s FMCG and Pharma being top gainers with Nifty’s Realty being top loser.

Top three stocks that hit a fresh 52-week high on Wednesday, August 21, 2024

Genus Power Infrastructures Ltd- The share price of India's leading metering solutions provider logged a fresh 52-week high at ₹437.75 climbing 5% in Wednesday's session.

The stock witnessed a sharp upward move after the company won orders worth ₹3,608.52 crore. In an exchange filing the company informed that its wholly owned subsidiary has received three Letter of Awards (LOA) worth ₹3,608.52 crore (net of taxes) for the appointment of Advanced Metering Infrastructure Service Providers (AMISPs) including the design of Advance Metering Infrastructure (AMI) system with supply, installation and commissioning with FMS of about 4.26 million Smart Prepaid Meters, system meters including DT Meters with corresponding energy accounting on DBFOOT basis i.e Design, Build, Finance, Own, Operate, and Transfer.

This order is in addition to last week's order worth ₹2,925.52 crore, With these recent orders, the company's total order book, including all SPVs and the GIC Platform, stands at about ₹28,000 crore. The order book provides clear visibility into the company's robust future growth, the stock price has surged over 25% in the last one month and 104% in the last 12 months.

Petronet LNG Ltd - The state-run leading importer and regasification of LNG stock soared 1.5% on Wednesday, peaking at a 52-week high at ₹384.2.

The stock price traded with positive momentum with a surge in buying interest in the stock after the company announced the signing of an MoU with LTI Holding Ltd of (Sri Lanka) for the development of Storage facilities, Regasification unit and supply of LNG to the areas in Colombo, Sri Lanka.

Petronet informed in a press release that, it has entered into a Memorandum of Understanding (MoU) with LTL Holdings Limited (LTL) of Sri Lanka on August 20, 2024, at Colombo for the supply of LNG to LTL’s dual fuelled Power Plant(s) in Kerawalapitiya, Colombo.

Both parties, through this MoU, have agreed to the development of the LNG supply chain from Petronet’s LNG terminal, Kochi to LTL’s Power Plant(s) in Kerawalapitiya, Colombo in a time-bound manner. The proposed supply of LNG from the company's Kochi LNG Terminal would be through LNG ISO tank containers involving a multi-modal transport system. The initial term of LNG supply would be 5 years, which is extendable subject to mutual agreement.

This initiative is expected to reduce the cost of energy and contribute towards the clean energy transformation, stabilise the grid for renewable energy integration, create a domestic market for LNG, facilitate LNG bunkering in the future & domestic other LNG requirements in Sri Lanka.

Muthoot Finance Ltd - The gold loan NBFC scrip climbed to a 52-week high at ₹1,943.45, gaining over 3.6% in Wednesday’s morning session.

On NSE till 10.20 a.m. the stock witnessed a spurt in volume trade at 5.81 lakh shares with a trade value of ₹111.66 crore, with market-cap touching the ₹78,000 crore mark.

This year's surge in gold price has offered leverage to gold financing companies, which has benefited the company. In Q1FY25 earnings, it reported the highest-ever consolidated loan AUM with a 28% YoY increase at ₹98,048 crore. Further, it posted highest ever net profit with 14% YoY to ₹1,196 crore and consolidated turnover increased to ₹4,474 crore, up 29% YoY

During Q1 the company raised USD 650 million through Global issuance of bonds and opened 218 new branches. Muthoot Finance is NBFC engaged in the business of providing gold loans. The company predominantly operates in Southern India in the last 6 months the stock has surged 46% outperforming the Nifty’s Financial Services Index.