Zomato, HEG, Greaves Cotton shares hit 52-week highs; here’s why

As many as 97 securities hit their 52-week high on the National Stock Exchange of India (NSE) on Thursday, December 5, on an otherwise dull day in the markets.

As of 01:51 pm, the NIFTY 50 index was trading at 24,650.65, up 181.20 points, or 0.74%. The BSE Sensex climbed 660 points, or 0.80%, to 81,600.

Here’s a look at three major stocks that touched their 52-week highs on Thursday, December 5, 2024.

Zomato Ltd (52-week high: ₹304.65)

Zomato shares have rallied nearly 23% in the past one month. The company recently raised ₹8,500 crore through a qualified institutional placement priced at ₹252.62 per share.

Domestic investors like Motilal Oswal, ICICI Prudential, and HDFC Mutual Fund participated in the investment round.

Zomato said that it would use the funds to expand its quick commerce business, Blinkit, and for advertising and marketing purposes to solidify its position in the food delivery and quick commerce space.

HEG Ltd (52-week high: ₹619.5)

As many as 28.8 lakh shares of the company, equivalent to a 6% stake, have changed hands on exchanges at an average price of ₹600 per share. This was over 3% higher than the Wednesday closing price of the stock.

The stock had rallied in the previous two sessions on account of China’s decision to implement a stricter review process for graphite exports to the US. Analysts believed that these restrictions could increase demand for Indian graphite producers.

Greaves Cotton Ltd (52-week high: ₹206.8)

Other stocks that hit 52-week high: Shares that hit their 52-week highs on Thursday include Federal Bank, Indian Hotels Co. Ltd, Dynamic Cables Ltd, Coforge Ltd, Godavari Biorefineries Ltd, VA Tech Wabag Ltd, One 97 Communications Ltd, Tech Mahindra Ltd, Oriental Hotels Ltd, Indian Metals and Ferro Alloys Ltd, Premier Energies Ltd, Bang Overseas Ltd, Pitti Engineering Ltd, Associated Alcohols and Breweries Ltd, Agi Infra Ltd, Lyka Labs Ltd and Monte Carlo Fashions Ltd.