Shipping Corporation of India, Zomato and Kalpataru Projects International hits fresh 52-week high

On Thursday at 10.30 a.m. over 105 stocks advanced towards a 52-week high. The NIFTY50 traded at 24,247 levels down 0.32% while Nifty Bank traded around 51,857.45 levels down 0.64%. The fear gauge India Vix marginally fell by 0.83% to 14.31. However, the broad market indices relatively outperformed with Nifty Smallcap 100 up 0.06% and Nifty Midcap 100 up 0.05%.

Top three stocks of the day that hit a 52-week high on Thursday, July 11, 2024

Shipping Corporation of India (SCI) Ltd - The share of ‘Navratna’ PSU shipping company jumped over 9.39% on Thursday’s early trade clinching a 52-week high at ₹301.

The stock price witnessed a sharp spike with a news report that the Union Ministry of Shipping has proposed a JV of SCI with a PSU oil marketing company for manufacturing very large oil tankers. As per the report Indian Oil Corporation Ltd (IOCL), the largest OMC and refiner in the country is being considered as the preferred entity for JV.

The government’s move is in line with the ‘Atmanirbhar Bharat’ agenda that aims to develop India’s manufacturing sector. Also, the report further quoted that India, which has never made an oil tanker, currently has less than 1% share in the global shipbuilding market which is dominated by China, South Korea and Japan.

For FY24 the SCI has reported consolidated revenue of ₹5,046 crore and net profit of ₹612 crore. However, over the years the company has reduced debt with March 31, 2024’s consolidated borrowing at ₹2,914 crore.

Shipping Corporation Of India is the largest Indian shipping Company with a diverse fleet that includes Bulk carriers, Tankers, Container vessels, and more. With a significant presence globally, SCI owns and operates one-third of the Indian tonnage. Offering a wide range of services including break-bulk, container, bulk, offshore, and passenger services.

Zomato Ltd - The scrip of the e-commerce platform scaled a 52-week high at ₹216.15 surging 2.2% on Thursday’s trade. The stock witnessed buying with around 102.72 lakh shares changing hands at a traded value of ₹220.11 crore on NSE till 10 am this morning.

The company recently celebrated its 16th anniversary by publishing ads and launching a special offer for Zomato customers to purchase Zomato Gold for ₹30 for 6 months.

Zomato founded in July 2008 by Deepinder Goyal and Pankaj Chaddah as FoodieBay has evolved into a leading restaurant aggregator and food delivery service, operating in over 1,000 cities. The company has also expanded internationally to countries including New Zealand, Canada, Turkey, and Brazil.

In FY24 the company reported consolidated revenue of ₹12,114 crore and net profit of ₹351 crore. In the last 12 months, the stock has delivered a return of 178%.

Kalpataru Projects International Ltd - The stock price of a key player in the Engineering, Procurement, and Construction (EPC) sector company traded to a 52-week high at ₹1, 410 soaring up 4.79%.

The stock gained positive momentum with the company securing an order worth ₹2,995 crore. The company secured orders in the Transmission & Distribution (T&D) business in overseas markets, EPC Order in the Water business in JV and B&F orders in India.

The company mentioned in the press release that with this order the company’s order intake to date in the current financial year stands at ₹6,178 Crores. For FY24 the company reported consolidated revenue of ₹19,626 crore (20% YoY growth) and net profit of ₹516 crore (18.5% YoY growth).

Kalpataru Projects International is currently executing projects in over 30 countries and has a global footprint in over 70 countries. It has maintained a leadership position in all its major businesses backed by strong organisational capabilities, superior technical know-how, and adherence to best-in-class sustainability standards.