NIFTY50 trades near the 25,400 mark, here are three stocks that hit a fresh 52-week high on Monday

On Monday, over 154 stocks hit 52-week highs. The benchmark indices saw modest gains, with NIFTY50 trading at 25,387, up 0.12%, and SENSEX at 82,968, up 0.06%. Nifty Bank rose 0.31% to reach 52,100, while the India VIX, a measure of market volatility, increased to 12.65.

The broader market showed mixed performance, with Nifty Midcap 100 up 0.24%, while Nifty Smallcap 100 slipped 0.13%. All sectoral indices traded in positive territory, except for Nifty FMCG and Financial Services.

Top three stocks that hit a fresh 52-week high on Monday, September 16, 2024

Bajaj Finserv Ltd - The financial service provider’s stock surged over 1.4% on Monday, reaching a 52-week high of ₹1,921. The upward movement was driven by investor enthusiasm following the strong debut of its sister concern, Bajaj Housing Finance. On Monday, Bajaj Housing Finance shares listed with a 114% premium.

The ₹6,560-crore IPO of Bajaj Housing Finance received an overwhelming response, with subscriptions worth ₹3.23 lakh crore. Investors stand to gain a profit of ₹17,120 per lot upon listing.

The issue saw solid bidding and was overall subscribed 63.61 times. Further, Bajaj Housing Finance became the first Indian IPO to fetch bids worth ₹3 lakh crore. Bajaj Finserv remained the key beneficiary of this IPO, being the promoter entity. The company through its subsidiary Bajaj Finance held 100% shares in Bajaj Housing, before the issue.

Bajaj Finserv is the holding company for the various financial services businesses under the Bajaj group. It holds a 52.45% stake in Bajaj Finance and a 74% stake in two unlisted subsidiaries, Bajaj Allianz General Insurance Company and Bajaj Allianz Life Insurance Company.

CEAT Ltd - India's leading tyre maker saw its stock rise by 2.34% on Monday, hitting a 52-week high of ₹3,073, with a market cap reaching ₹12,450 crore.

Tyre stocks have gained attention as investor interest surged, driven by falling crude oil prices. Crude oil, a key raw material in tyre manufacturing, has seen a nearly 10% decline in Brent crude prices over the past month due to subdued demand. This drop is expected to support the margins of tyre manufacturers.

In its Q1FY25 earnings, the company reported a 1% decline in margins on a QoQ basis to 12%. However, margin pressures could ease in H2FY25 if current oil prices remain stable, potentially moderating domestic rubber prices.

Last week, the company announced the commencement of commercial production of truck and bus radial (TBR) tyres at the Kancheepuram, Tamil Nadu plant. The installed capacity of the plant is expected to progressively reach 1,500 tyres per day in the next 12 months, as per the filing.

Radico Khaitan Ltd - The stock of a leading liquor manufacturer surged 6.84% on Monday, reaching a 52-week high of ₹2,174 during the morning session.

Investor interest spiked after the government approved the production of Rectified Spirit (RS) and Extra Neutral Alcohol (ENA) from sugarcane juice and B-heavy molasses. In a recent move, the Department of Food and Public Distribution (DFPD) authorized sugar mills and distilleries to produce these substances from sugarcane juice, B-heavy, and C-heavy molasses.

Over the past month, Radico Khaitan's stock has rallied 26%. Radico Khaitan, a key player in the Indian Made Foreign Liquor (IMFL) market, traces its roots back to 1943 as Rampur Distillery. Today, it is a major bulk spirits supplier and offers a wide range of alcoholic beverages.