Suzlon, Arvind Fashion, and Oracle Financial Services Software clinch fresh 52-week high

On Thursday, more than 107 stocks surged to 52-week highs as benchmark indices traded in positive territory. The NIFTY50 was up 0.42% at 25,022 level, the SENSEX rose 0.33% to the 81,796 mark, and the Nifty Bank climbed 0.36% to 51,193. Meanwhile, the India VIX, the market's fear gauge, dropped 4.36% to 13.03.

Broader market indices were also in the green, with the Nifty Midcap 100 gaining 0.68% and the Nifty Smallcap 100 rising 0.47%. All sectoral indices traded positively, led by Nifty Healthcare, which was up 1.11%.

Top three stocks that hit a fresh 52-week high on Thursday, September 12, 2024

Suzlon Energy Ltd - The renewable energy player’s scrip traded to a 52-week high at ₹86.04, after a 5% surge in Thursday’s session.

The stock is trading in bullish momentum as it continues its 3-day streak to hit the 5% upper circuit limit. The rally in the stock was triggered following the company’s announcement on September 9, concerning India’s largest renewable energy order from NTPC Green Energy.

Suzlon’s stock has seen strong buying interest from investors in recent years after clearing ₹1,500 crore of debt from its balance sheet through fundraising in FY24. This turned its net worth positive for the first time in a decade.

Recently, Suzlon sold its iconic corporate office, Suzlon One Earth, for ₹440 crore, with plans to use the capital to enhance execution capacity and secure additional orders. This move aligns with its April 2022 strategy, which focused on selling non-core assets and raising funds to strengthen its operational capabilities.

However, the property will be leased back to Suzlon for five years, with sub-leasing and licensing rights post-sale. Through this asset-light strategy, it is expected to strengthen the company’s financial position and operational efficiency. Sulzon’s stock has rallied over 113% in 2024, so far on a YTD basis.

Arvind Fashion Ltd - The leading retail fashion company stock soared 2.05% on Thursday, peaking at a 52-week high at ₹594.

The stock price uptick after renowned institutional investors Goldman Sachs, ICICI Prudential Life Insurance, and Manindra Manulife Mutual Funds picked up stakes in the company through open market transactions worth ₹381 crore.

According to the bulk deal data available on NSE, Goldman Sachs India Equity Portfolio acquired 10.06 lakh shares or 0.75% stake. Also, ICICI Prudential Life Insurance Company purchased 43.48 lakh shares or a 3.26% stake while Mahindra Manulife Mutual Fund bought 12.75 lakh shares, amounting to a 0.96% stake in Arvind Fashions. The sellers were Plenty Private Equity Fund I Limited and Plenty CI Fund I Limited.

The lifestyle retail and fashion company has a portfolio of over 27 brands in India including Arrow, Calvin Klein, Flying Machine, and Tommy Hilfiger. Arvind Fashion’s stock price has surged over 43% in 2024 so far on a YTD basis. Oracle Financial Services Software (OFFS) Ltd - The Indian arm of global IT giant Oracle stock climbed to a 52-week high at ₹11,691, surging over 2.89% in the Thursday morning session.

The stock is trading in with positive biases as its parent company Oracle Corporation (U.S. Based) reported quarterly earnings with revenue up 7% YoY. The company also announced a quarterly dividend, which gave positive guidance for the next quarterly earnings of Oracle Financial Services Software.

In Q1FY25 earnings, the company reported consolidated revenue of ₹1,741 crore up 19.08% YoY and net profit of ₹617 crore, up 23.15% YoY. The surge in net profit was driven by the topline growth and improvement in margins. Oracle Financial Services Software Limited, 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.

The company’s stock price has surged over 168% in 2024 so far on a YTD basis.