These three stocks hit fresh 52-week high, here is why

India VIX has surged by 5.07% and is trading above the level of 22, indicating heightened market volatility. The NSE Nifty 50 index is up by over 117 points and is trading above the 23,000 mark. Nifty Midcap 100 and Smallcap 100 traded up by 0.72% and 0.88%, respectively. Market breadth is negative with 921 stocks advancing while 1201 are declining on NSE.

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

Saregama India: Saregama India, a part of the RPSG group, owns the largest music archives in India and one of the biggest globally. With nearly 50% of all recorded music in India, Saregama is the leading repository of the country's musical heritage. The company has also diversified into film and series production, live events, and music-based consumer products. The share price of Saregama India soared over 3.5% on Monday, recording a fresh 52-week high of ₹499 per share on NSE. The stock had opened the session at ₹480 and after hitting an intraday low of ₹475.55, the stock went on to hit a 52-week high. The company recently announced its Q4FY24 results. Its consolidated revenue from operations grew by 29% and stood at ₹263.1 crore as compared to ₹203.6 crore while net profit rose 23.6% to ₹53.9 crore in Q4FY24 as compared to ₹43.6 crore posted in Q4FY23.

Finolex Cables: Finolex Cables is a leading manufacturer of electrical and telecommunication cables in India. With over 50 years of experience, Finolex has maintained its leadership position as one of the most diversified wire and cable companies in the country. The stock of Finolex Cables rose as much as 9.4% on Monday to hit a fresh 52-week high of ₹1,432.40 per share on NSE. The stock had opened the session at ₹1,308.30 and after hitting an intraday low of ₹1,290, the stock went on to hit a 52-week high. The company announced robust Q4FY24 results on Friday. On a consolidated basis revenue from operations grew by 14.5% to ₹1,401.02 crore while PAT surged by 6.34% to ₹186.1 crore as compared to Q4FY23. Additionally, the Board of Directors recommended a dividend of 400%, at ₹8 per equity share.

Glenmark Pharmaceuticals: Glenmark Pharmaceuticals is a global research-driven pharmaceutical company with a presence in generics, speciality and OTC businesses, operating in over 80 countries. The stock of Glenmark Pharmaceuticals rose as much as 8.9% on Monday to hit a fresh 52-week high of ₹1,123.90 per share on NSE. The stock had opened the session at ₹1,031.25 and directly went on to hit a 52-week high. The company reported Q4FY24 results on Friday in which on a consolidated basis revenue from operations grew by 2% and stood at ₹3,063 crore as compared to ₹3,000.5 crore in Q4FY23. Additionally, Glenmark’s board recommended a 250% dividend at ₹2.5 per share.