Suzlon Energy, Indus Towers and Federal Bank scale to a fresh 52-week high; here’s why

The broad market indices remained in red with Nifty Midcap 100 down 0.06% and Nifty Smallcap 100 slipping 0.31%. Majority of the sectoral indices also traded in red except Nifty Realty up 0.31% and Nifty FMCG up 0.25%.

Top three stocks that hit a fresh 52-week high on Tuesday, July 23, 2024

Suzlon Energy Ltd- The India’s leading wind energy player’s scrip clinched a 52-week high at ₹57.83 after surging 5% on Tuesday’s early trade.

The stock traded higher as the company delivered strong performance in Q1FY25 results, The key highlights of result were highest deliveries in last 7 years at 274 MW and the highest operating profit in last 7 years at ₹370 crore.

For Q1FY25 the company's revenue from operations soared 50% to ₹2,016 crore and net profit surged 200% at ₹302 crore. The operating margins improved to 18% from 16% in the previous quarter.

In a press release the Suzlon Group's Vice Chairman,Girish Tanti said “This is a good indication of our readiness to meet industry demand and leverage the tailwinds of the sector. Our largest‐ever order book of 3.8 GW gives us great visibility for the future. With significant deliveries of our flagship product series, 3.x MW S144 in Q1 FY25, we are in a strong position to service our current order book".

In the last 6 months the stock price of Suzlon is up over 40%, while in the last 12 months stock delivered over 189% return to investors.

Indus Towers Ltd - The leading telecom tower company’s stock price on Tuesday’s morning session scaled a fresh 52-week high at ₹426.7, up over 1.17%. On NSE at around 10.20 a.m. the stock witnessed trade volume of over 84.15 lakh shares with trade value at ₹355.85 crore, taking the current market capitalisation to ₹1,14,643 crore.

The stock witnessed positive momentum with global brokerage firms maintaining a positive outlook of the stock price. As per the market expert’s the capex intensity of the company is expected to remain high in current fiscal as major telecoms would rollout towers and 5G expansions.

In FY24, the company reported a muted growth in topline of 0.77% against 197% growth in the bottom line on a YoY basis. The jump in net profit to ₹6,036 crore was led by higher operating profits and lower interest costs.

The company provides communication services for millions in India, it boasts a vast network of towers and co-locations, serving major telecom providers like Bharti Airtel, Vodafone Idea, and Reliance Jio.

The Federal Bank Ltd - The private lender’s stock price witnessed a sharp spike of 5.45% on Tuesday's morning session with stock price making a fresh 52-week high at ₹203.44. The stock on Tuesday witnessed trade volume of over 2.15 crore shares with trade value at ₹428.24 crore, taking the current market capitalisation to ₹48,555 crore on NSE till 10.30 a.m.

The stock has been trading with positive bias since last month with the stock price gaining over 13% in the last one month period. In the latest development the company informed the Exchange of the appointment of Ex Kotak Mahindra Bank’s Joint MD KVS Manian as the CEO of Federal Bank.

As per the filing company informed that the Reserve Bank of India on Monday accorded approval for the appointment of Krishna Venkat Subramanian as managing director and chief executive officer of the bank. The lender said that the appointment will come into effect from September 23rd, 2024 and will be for a period of three years. Manian will succeed Shyam Srinivasan who is set to retire in September.

KVS Manian was joint managing director at Kotak Mahindra Bank Ltd. till his sudden resignation in April. After Uday Kotak stepped down in September 2023, Manian was rumored to be the first pick for the MD and CEO role at Kotak Mahindra Bank. However, the regulator approved Ashok Vaswani's appointment last year.