Route Mobile, Oracle Financial Services and Aurobindo Pharma hit 52-week high

The broad market indices remained in green with Nifty Midcap 100 up 0.33% and Nifty Smallcap 100 up 0.54%. The major sectoral indices also traded in green with Nifty Pharma, Healthcare and PSU Bank up over 1%.

Top three stocks that hit a fresh 52-week high on Monday, July 15, 2024

Route Mobile Ltd - The stock price of the cloud communication platform as a service provider hit a fresh 52-week high at ₹1942.45 after surging over 9% on Monday’s trade.

Last month, the company announced its new strategic partnership for collaboration on digital communications and cloud with Microsoft and Proximus Group. The press release of the company further said that this partnership will allow both parties to leverage their respective expertise and product leadership, accelerated by the power and potential of AI applications and solutions. The Belgian-based telecom Proximus Group has already acquired a controlling stake in Route Mobile via its subsidiary Proximus Opal.

The company has informed the Exchange about the Board Meeting to be held on July 19, 2024, to inter-alia consider and approve the unaudited financial results of the company for the quarter ended on June 30, 2024, which will be closely watched by market participants.

In FY24, the company posted 13% and 17% growth in consolidated revenue and net profit YoY basis respectively. However, for the March ended period, the shareholding pattern witnessed a decline in FIIs holding by 5.76% QoQ basis.

Oracle Financial Services Software Ltd - The IT solution provider for the financial service sector’s scrip on Monday clinched 52-week at ₹10,983.20 soaring up 4% in early trade.

In FY24, the company reported over 13% and 23% growth in consolidated revenue and net profit on a YoY basis. The June ended shareholding pattern revealed that the FIIs holding declined by 1.03% on a QoQ basis, however, DII holding increased by 1.23% on a QoQ basis for the June ended period.

On July 17, 2024, a meeting of the ESOP Allotment Committee will be held to consider allotment of shares to the eligible employees who have chosen to exercise their options under prevailing Employees Stock Option Schemes.

Oracle Financial Services Software, founded in 1989, offers information technology solutions and business processing services to the global financial service industry. The company specialises in banking products for transaction processing, compliance, corporate, retail, investment banking, treasury operations, and data warehousing.

Aurobindo Pharma Ltd - The stock price of the leading Active Pharmaceutical Ingredients (API) manufacturer scaled to a 52-week high at ₹1,386.7 jumping up 4.51% on Monday’s morning session.

The stock witnessed buying interest in the stock as the Hyderabad-based drug maker is considering its first-ever share buyback. The company has informed the Exchange about the board meeting to be held on July 18th, 2024 to consider buyback. The buyback of shares could either be via the tender offer route or through the Open Market route.

This is the first such instance of the company planning to carry out a buyback of its equity shares. Earlier in 2011 the company had split its share from a face value of ₹5 to ₹1 and in 2015 issued bonus shares in a 1:1 ratio. Since then, there has been no bonus issue by the company and the stock could not be split any further.

In FY24 the company posted consolidated revenue and net profit of ₹29,002 crore (17% YoY growth) and ₹3,169 crore (64% YoY growth). The stock has rallied over 87% in the last 12 months giving stellar returns to investors.

A buyback is a company's purchase of its outstanding shares. Buybacks reduce the number of shares available on the open market. Companies usually buy back shares of their stock to increase the value of the remaining shares by reducing the supply of them.