SENSEX and NIFTY50 hit fresh record highs, here are three stocks that touched 52-week highs on Thursday

At noon on Thursday, more than 128 stocks surged to 52-week highs as benchmark indices traded in positive territory. The NIFTY50 was up 0.34% at the 26,091 level, the SENSEX rose 0.33% to the 85,453 mark, and the Nifty Bank climbed 0.18% to 54,197. Meanwhile, the India VIX, the market's fear gauge, dropped 5.12% to 12.09.

Broader market indices traded in negative territory, with the Nifty Midcap 100 declining 0.36% and the Nifty Smallcap 100 dropping 0.36%. Sectoral indices traded mixed, with Nifty’s Consumer Durables down 1.22%, being the top loser, while Nifty’s Metal gained 1.14%, remaining the top gainer.

Top three stocks that hit a fresh 52-week high on Thursday, September 26, 2024

Tata Communication Ltd

Tata Group-owned stock traded to a 52-week high at ₹2,158, after a 1.46% surge in Thursday’s session.

Buying interest in Tata Communications surged, with the stock rising over 8% in the last five trading sessions. In a recent update, the Tata Group company informed the exchange about plans to simplify the existing group structure of Tata Communications Limited and its subsidiaries.

In an exchange filing, the company announced its investment in Tata Communications (UK) Limited (“TC UK”), a wholly-owned step-down subsidiary. The move aims to streamline the group structure by bringing TC UK directly under the ownership of Tata Communications without altering the ultimate ownership.

During a board meeting on Wednesday, the proposal to reduce TC UK's issued share capital, currently held by Tata Communications (Netherlands) B.V., was approved. Once the share cancellation is completed and any necessary regulatory compliance is met, TC UK will become a direct wholly-owned subsidiary of Tata Communications.

According to the company's website, Tata Communications handles 30% of the world's internet traffic, connecting businesses to 80% of the world's cloud providers and serving 4 out of 5 mobile subscribers. As of June 2024, promoters held a 58.86% stake in the company.

Year-to-date, Tata Communications’ stock has rallied over 21%, reflecting strong investor confidence in its growth trajectory.

Sun Pharmaceuticals

India's largest pharmaceutical company’s stock soared 0.71% on Thursday, peaking at a 52-week high at ₹1,888.90.

The company recently announced that Sun Pharma and Israel-based Moebius Medical Limited have received U.S. Food and Drug Administration (FDA) approval for Fast Track designation (FTD) for MM-II (Large Liposomes of DPPC and DMPC) for the treatment of osteoarthritis knee pain.

Recently, the company has appointed Tejas Chheda as the General Manager - Head of Media.

In Q1FY25, the company exceeded estimates with revenue rising 6% to ₹12,652.75 crore, EBITDA increasing 10% to ₹3,658.07 crore, and margins steady at 28.9%. Net profit surged 40% to ₹2,835.62 crore.

The company’s stock price has surged over 49.08% in 2024 so far on a YTD basis and in one year, it has given a return of 66.93% to its investors.

ITC Ltd

The largest cigarette manufacturer and seller in the country saw its stock climb to a 52-week high at ₹522.45, surging over 0.99% in the Thursday morning session.

With this up-move, the stock's market cap has reached ₹6.5 lakh crore. The company recently acquired shares of Sproutlife Foods Private Limited in a cash deal worth ₹30 crore, acquiring 1,413 Compulsorily Convertible Preference Shares (CCPS) at arm's length.

In Q1FY25, ITC reported a 7% quarter-on-quarter (QoQ) increase in its consolidated revenues for the quarter ended June (Q1FY25). On a year-on-year (YoY) basis, it witnessed a growth of 3%. Expenses for the quarter were up by 11% QoQ and 4% YoY. Net profit decreased 0.2% QoQ and 0.3% YoY. The stock surged over 17.39% in 2024 so far on a YTD basis.