Tech Mahindra, Paytm hit 52-week high as NIFTY50, SENSEX see strong gain for the second straight day

As many as 68 securities hit their 52-week high on the National Stock Exchange of India (NSE) on Monday, November 25.

Market sentiment was positive at the broader level as well. Benchmark NIFTY50 closed 314 points, or 1.32%, higher at 24,221. Meanwhile, the BSE SENSEX jumped by 992 points, or 1.25%, to close at 80,109.

The volatility index, or India VIX, was down 4.94% to 15.30. The NIFTY Midcap100 and Smallcap100 indices were among the biggest gainers, closing 1.61% and 2.03% higher, respectively.

One 97 Communications Ltd (52-week high: ₹939)

The rally has been triggered as analysts seem bullish on the stock after the National Payments Corporation of India (NPCI) allowed the company to onboard new UPI users in the last week of October after nearly nine months of restrictions imposed by the Reserve Bank of India (RBI). This is expected to increase Paytm’s UPI transaction volumes going ahead.

Paytm also posted a net profit of ₹930 crore in the quarter that ended September 2024, compared with a net loss of ₹290.5 crore seen during the year-ago period, which further fuelled the optimism around the stock and pushed up the share price.

Tech Mahindra Ltd (52-week high: ₹1,767.8)

The rise in Tech Mahindra shares has been slow and steady. The stock was one of the few that were following an upward trajectory even when the broader markets were in the correction phase recently. The momentum was supported by the IT company’s September quarter earnings, which showed the company recording a whopping 153% year-on-year jump in consolidated net profit to ₹1,250 crore. Revenue had risen by 3.5% year-on-year to ₹13,313.2 crore during the period.

Laurus Labs Ltd (52-week high: ₹525.95)

Despite not-so-encouraging September quarter results, Laurus Labs' share price has surged recently after the management maintained its guidance of stable sales in the financial year 2024-25. The company also guided for an EBITDA margin of 20% for FY25. Ebitda refers to earnings before interest, taxes, depreciation, and amortisation.

Other stocks that hit 52-week highs

Other companies that hit their 52-week highs on Monday include HCL Technologies Ltd, Everest Kanto Cylinder Ltd, The Anup Engineering Ltd, Afcons Infrastructure Ltd, SRM Contractors Ltd, TD Power Systems Ltd, Tilaknagar Industries Ltd, Windsor Machines Ltd, Yaari Digital Integrated Services Ltd, Dynamic Cables Ltd, Coromandel International Ltd, and Choice International Ltd.