Stock market live: Wipro rally 5% to hit 52-week high; Axis Bank and JK Tyre tumble to 1-year low; here’s why

As many as 16 stocks hit their 52-week high, while 51 stocks hit their 52-week low levels on Thursday, January 23, on the National Stock Exchange of India (NSE).

Broader equity markets were trading mildly positive. At 1:15 pm, benchmark NIFTY50 was up 86 points, 0.37%, at 23,241. The BSE SENSEX was trading marginally higher at 76,644, up 239 points, or 0.31%.

The volatility index, or India VIX, was down 0.21% to 16.74. The NIFTY IT was the biggest gainer, up 2.3%, while the NIFTY Oil and Gas was the biggest loser, down 0.4%, among the sectoral indices.

Wipro Ltd (52-week high: ₹324.60)

Wipro reported a 24% year-on-year growth in consolidated net profit for the December quarter to ₹3,354 crore. Revenue from operations rose marginally by 0.5% to ₹22,319 crore, the Q3 earnings of Wipro showed.

Sequentially, profit after tax increased by nearly 5%, while revenue was up 0.1% in Q3FY25. The company also announced a new IT centre in Gopanpally, Hyderabad.

Wipro stock price surge was also aided by a strong deal pipeline and an interim dividend of ₹6 per share, with a record date of January 28. The IT services provider secured contracts worth $3.5 billion during the quarter under review. The large deals accounted for $961 million, marking a 6% increase in constant currency terms compared to the same quarter a year ago.

KRN Heat Exchanger (52-week high: ₹904.40)

Shares of the company were listed on the NSE in October 2024 at ₹470 apiece, a premium of 113.6% over the issue price of ₹220 per piece. They have now surged another 90% from the listing levels.

The recent rally was triggered after ace investor Mukul Agrawal added shares of the small-cap company to his portfolio. According to the latest shareholding data of KRN Heat Exchanger, Agrawal acquired 10 lakh shares in the company, representing a 1.61% stake, during the December 2024 quarter.

Axis Bank (52-week low: ₹948)

In Q3FY25, Axis Bank’s net profit increased 4% YoY to ₹6,304 crore, while net interest income (NII) jumped 9% to ₹13,606 crore. The bank’s net interest margin (NIM) for the quarter was 3.93%.

JK Tyre and Industries (52-week low: ₹343.1)

JK Tyre was in the news on Monday after The International Finance Corporation (IFC) sanctioned a $100 million sustainability-linked loan to the company. The funding includes $30 million for JK Tyre and Industries and up to $70 million for Cavendish Industries Ltd (CIL), a subsidiary of JK Tyre. The funding will support the expansion of tyre manufacturing capacity, focusing on passenger car radial tyres at JK Tyre’s Madhya Pradesh and Uttarakhand plants.