The roller coaster ride on D-Street continues with the NSE Nifty 50 trimming its gains from the day’s high of 22,368.65. But it continues to trade above the level of 22,300 mark. The Banking heavyweights like HDFC Bank (-1.33%) and ICICI Bank (-0.85%), were seen dragging the index lower. Bankex index Bank Nifty shed nearly 0.50% on Wednesday.
The broader market indices continue to display their resilience with Nifty Midcap 100 and Smallcap 100 soaring by 0.43% and 0.58%, respectively. Market breadth continues to be strong with 1,200 stocks on NSE advancing, while 892 stocks were seen declining.
Amidst this roller coaster ride, let's check the top 3 stocks which are gaining the attention of market participants as they have scaled to a fresh 52-week high on Wednesday.
Bharat Forge: The flagship company of the Kalyani Group -
Bharat Forge (BFL) soared to record high levels and marked a 52-week high of ₹1,474 on Wednesday, climbing by 19%. The stock has gathered pace in the last couple of hours and it is inching closer to the milestone of ₹65,000 mark capitalisation. The reason for the up move could be attributed to strong earnings reported by the company. Standalone revenue grew by 16.6% YoY driven by execution on defence export orders and Passenger vehicle exports. EBITDA margin improved 190 bps YoY to 28.1 in Q4FY24. In the post-earnings release, the company mentioned the Industrial segment saw its revenue rise 72% in FY24. The sharp rise was driven by the supply of components & products for defence applications. Apart from defence, green shoots in private capex around Sugar, Cement and Steel continue to aid demand for the industrial vertical. In the management commentary, it was said that BFL Group’s defence e-business recorded revenues of ₹1,561 crore, a near 4X jump as compared to FY23. The company secured new orders worth ₹4,494 crore across Artillery systems, Armored vehicles and consumables. The executable order book stands at ₹5,192 crore as of March 31, 2024.
Century Textiles & Industries: Shares of
Century Textile & Industries climbed almost 10% on Wednesday and the stock hit a fresh 52-week high of ₹2,059.95. It opened at a level of ₹1,857 and made an intraday low of ₹1,851 per share, before hitting the 52-week high mark. The company reported robust overall business performance with turnover increasing over 50% on a YoY basis and EBITDA grew 81% on YoY. ‘Silas’ the signature tower at Birla Niyaara became one of the fastest-selling Uber luxury projects in Mumbai by clocking about ₹2,400 crore worth of bookings at launch. The revenue mix for FY24 has seen a tremendous shift with the lion's share contributed by Real Estate, followed by Pulp & Paper and others.
Siemens: Stock price of
Siemens advanced about 3.5% on Wednesday and with this, the stock has recorded a fresh 52-week high of ₹6,337 per share. The stock is likely to report its earnings on Tuesday 14, May, 2024. So far in 2024, the stock is up over 50%. India as a country is seeing growth in industries such as semiconductors, electric vehicles, and renewable energy. These areas of progress match up closely with Siemens business goals in India.
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