Volatility has once again raised its ugly head as the India VIX has shot up over 2% and as a result, the Indian markets have declined by over 0.50%. The NSE Nifty 50 index is down by over 250 points from the day's high and is trading below the 22,100 mark. Despite the rise in volatility, the broader markets are showing resilience. Nifty Midcap 100 and Smallcap 100 traded up by 0.15% and 0.40%, respectively. Market breadth is almost the same with 1,040 stocks on NSE advancing and a similar number of stocks declining.
Amid outperformance by the broader market, these 3 stocks hit a 52-week high on Thursday
Hitachi Energy India: The share price of electric equipment maker
Hitachi Energy India soared about 14% on Thursday, recording a fresh 52-week high of ₹12,379.60 per share on NSE. The stock had opened the session at ₹10,800 and after hitting an intraday low of ₹10,706.55, the stock went on to hit a 52-week high. It recently on May 13 took support around its 20-DMA and thereafter, it has been inching higher making higher highs and higher lows. In this upsurge, the stock has crossed the ₹51,000 crore market cap. The company is expected to announce its earnings for the quarter and financial year ending March 31, 2024, on May 21. Furthermore, the board of directors of the company will consider dividend, if any for the financial year ended March 31, 2024, in the board meeting.
Hindustan Aeronautics: The stock of
Hindustan Aeronautics rose as much as 1.6% on Thursday to hit a fresh 52-week high of ₹4,269 per share on NSE. The order book of the company stands at about ₹82,000 crore, this is even though the company has liquidated ₹26,000 crore of orders from the last financial year. Despite starting the financial year with a revenue deficit, Hindustan Aeronautics achieved a record revenue of almost ₹26,900 crore, a growth of 9% plus. It expects to reach a double-digit growth of 10% from financial year 24-25 onwards, with significant improvement towards the delivery of LCA Mk1A, HTT-40 aircraft, additional ALH, and AL-31FP. The stock is seen buzzing on the bourses ahead of the analyst meeting which is scheduled on May 17.
Honeywell Automation: Shares of
Honeywell Automation climbed over 6% to reach a 52-week high of ₹53,484.55 per share on NSE. The board of the company declared a final dividend of ₹100 per share for FY24. The company reported a jump of 32.3% on a YoY basis in its net profit to ₹148.2 crore for the quarter ending March 31, 2024. Revenue also improved by 12% on a YoY basis to ₹950.7 crore, up from ₹849.7 crore.
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