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  5. Volatility surges over the 24 mark, while these 3 stocks hit a 52-week high

Market News

Volatility surges over the 24 mark, while these 3 stocks hit a 52-week high

Upstox
By Upstox News Desk

3 min read | Updated on May 28, 2024, 14:49 IST

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SUMMARY

Benchmark indices decline, while broader markets underperform. Stocks like DOMS Industries, Exide Industries and Divi’s Laboratories were seen hitting a fresh 52-week high, here’s why!

Stock list

DIVISLAB
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EXIDEIND
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DOMS
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Volatility surges over the 24 mark, while these 3 stocks hit a 52-week high

On Tuesday, India VIX surged by 5% and is trading above the level of 24, indicating heightened market volatility. The Nifty50 index is down by 23 points and is trading below the 23,000 mark. Nifty Midcap 100 and Smallcap 100 have also slipped lower by 1.07% and 0.96%, respectively. Market breadth is negative with 525 stocks advancing while 1,573 are declining on NSE.

Amid the underperformance by the broader market, these 3 stocks hit a 52-week high on Tuesday

DOMS Industries: DOMS Industries designs, develops, manufactures, and sells a wide range of stationery and art products under the flagship brand ‘DOMS’, both domestically and in over 45 countries. As of September 30, 2023, it holds around 12% of India’s branded ‘stationery and art’ products market by value, making it the second largest player in the market. The company's strong brand recall is driven by its focus on research and development, product engineering, backward integrated manufacturing, and a robust distribution network.

Shares of DOMS Industries soared over 9.4% on Tuesday, recording a fresh 52-week high of ₹2,035. per share on NSE. The stock had opened the session at ₹1,859.20 and after hitting an intraday low of ₹1,855, it went on to hit a 52-week high. The company recently announced its Q4FY24 results. Its consolidated revenue from operations grew by 20% and stood at ₹403.74 crore as compared to ₹336.48 crore while net profit rose 29.6% to ₹46.93 crore in Q4FY24 as compared to ₹36.21 crore posted in Q4FY23.

Exide Industries: Exide Industries is a leading manufacturer and distributor of lead-acid batteries and storage solutions, dedicated to offering exceptional solutions and services for various energy applications globally. The company designs, manufactures, markets, and sells an extensive range of lead-acid storage batteries, catering to a wide array of applications. Utilising the latest technological advancements, it produces batteries for the automotive, power, telecom, infrastructure, and computer industries, as well as the railways, mining, and defence sectors.

The stock of Exide Industries rose as much as 3.8% on Tuesday to hit a fresh 52-week high of ₹517.40 per share on NSE. It opened the session at ₹498.45 and after hitting an intraday low of ₹492.50 it went on to hit a 52-week high. The company has announced its Q4FY24 results. The consolidated revenue from operations grew by 13.5% and stood at ₹4,173 crore as compared to ₹3,677 crore while net profit rose 2.8% to ₹186 crore in Q4FY24 as compared to ₹181 crore posted in Q4FY23.

Divi’s Laboratories: Divi's Laboratories is a leading global pharmaceutical company specialising in the manufacture of Active Pharmaceutical Ingredients (APIs), intermediates, and nutraceutical ingredients, with a strong focus on exports. Alongside its generic business, the company supports innovator pharmaceutical companies through its custom synthesis division, providing services for patented products from gram-scale requirements for clinical trials to product launch and late life cycle management.

Divi's Laboratories stock rose as much as 3.38% on Tuesday to hit a fresh 52-week high of ₹4,386.50 per share on NSE. The stock had opened the session at ₹4,242.75 and after hitting an intraday low of ₹4,238.45, it went on to hit a 52-week high. The company had announced its Q4FY24 results. Its consolidated revenue from operations grew by 18% and stood at ₹2,303 crore as compared to ₹1,951 crore while net profit rose 67.6% to ₹538 crore in Q4FY24 as compared to ₹321 crore posted in Q4FY23.

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Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

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