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  5. Here’s why these four stocks hit a fresh 52-week high on Wednesday

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Here’s why these four stocks hit a fresh 52-week high on Wednesday

Upstox
By Upstox News Desk

3 min read | Updated on June 12, 2024, 16:22 IST

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SUMMARY

NSE Benchmark Nifty50 hit a fresh all-time high on Wednesday on the back of the World Bank revised its forecast of 6.6% growth in FY25 for India from earlier 6.4%.

Stock list

TIINDIA
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TATASTEEL
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SUNTECK
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BHARTIARTL
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52 week high stocks.jpg

Here’s why these four stocks hit a fresh 52-week high on Wednesday

Indian equity markets were seen trading in green with Nifty50 and Sensex up by 0.38% and 0.32%, respectively. Going forward, on the domestic front, the key things to watch ahead would be - CPI data followed by the US CPI data and the US Fed policy outcome which is due later today.

In the afternoon session on Wednesday, 134 stocks advanced towards a 52-week high

Here are four stocks that hit a fresh 52-week high on June 12th 2024:

Tube Investments of India Ltd - The Tube Investments of India Ltd scrip scaled up 4.92% to hit a fresh 52-week high at ₹ 4,264.55. The flagship company of Murugappa Group, Tube Investments of India Ltd (TII), and its subsidiary TI Clean Mobility Private Ltd (TICMPL), have entered into a ₹160-crore agreement with South Asia Growth Invest III LLC and South Asia EBT Trust III (collectively known as GEF).

With the proposed investment TI Clean Mobility has completed tying up the targeted fundraising of ₹3000 crore from TII and other investors said the company in an exchange filing. The total fundraise is part of the company's larger goal of scaling up its electric mobility operations. Currently, mobility accounts for 3.4% of its product portfolio.

Bharti Airtel Ltd - Airtel’s stock price peaked to a 52-week high at ₹1447.85 on Wednesday after surging 1.44%. The telecom operator said that it had converted $49.87 million in foreign debt bonds issued in January 2020 into equity. Airtel raised $1,000 million in January 2020 through foreign currency convertible bonds, which were convertible into the company's fully paid up equity shares of ₹5 each at any time on or after February 27, 2020, and up to the close of business hours on February 7, 2025, at the option of the FCCB holders. The company has approved the allotment of 69,34,266 fully paid-up equity shares at a conversion price of ₹518 per equity share to holders of FCCBs.

The stock has recently entered the elite club of $100 billion market capitalisations.

Tata Steel Ltd - The steel giant of India, saw its stock price climb to a 52-week high at ₹183.87, gaining 1.4%. The stock has strong fundamentals due to reduced costs in Europe, increased capacity in India, lower coking coal prices and strong operations in India.

Last week, the Dutch parliament approved providing an unspecified amount of subsidies to accelerate the renovation of its IJmuiden factory, which has caused serious health and environmental problems in the surrounding area.

The record date for the company's final dividend of ₹3.60 per share is June 21, 2024.

Sunteck Realty Ltd - The Realty company’s stock price traded at a 52-week high of ₹562 on Wednesday after surging 6.35%. The Mumbai-based realtor has given turnaround performance in Q4FY24 results. The company reported ₹101 crore net profit against a loss of ₹ (-) 28 crore in the same quarter last year. The revenue substantially increased YoY basis to ₹427 crore in Q4FY24 from ₹49 crore in the same quarter last year.

The company has reduced debt over the period by adopting an asset-light model. This has enabled the company to acquire scale without straining its balance sheet at present its Debt/ Equity ratio is 0.25.

The stock has given a whopping return to investors of 99% in the preceding 12 months and currently trades at a P/E of 109.

About The Author

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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