NIFTY50 trades in red, these three stocks achieve fresh 52-week highs on Friday

Around 11.00 a.m., around 132 stocks peaked at a 52-week high. The NIFTY50 traded at 24,245.90 levels down by 0.23%, SENSEX was at 79,757 down 0.37% and India VIX fell to 12.66.

In Friday’s session, the broader market indices traded in greens with Nifty Smallcap 100 and Nifty Midcap 100 up 0.89% and 0.41%, respectively. Talking about the sectoral indices performance, Nifty Bank declined by 1% and Nifty Financial Service slumped by 1.16%

Stocks that hit fresh 52-week high on July 5

Raymond

The scrip of India’s popular textile company went on to hit a fresh 52-week high of ₹3,240 after surging 10.20% on Friday’s early trade.

The stock of Raymond was trending higher on the back of the announcement of a vertical split of the company into textile and real estate units. This paves the way for the listing of its real estate arm.

In an exchange filing, Raymond said its board approved the scheme of arrangement of Raymond (demerged company) and Raymond Realty (resulting company) and their respective shareholders. As per the scheme of the arrangement, shareholders of Raymond will get one share of Raymond Realty for every share held in the company.

Raymond's real estate business accounted for 24% of the total revenue in FY24 with the real estate division's standalone revenue of ₹1,593 crore (43% YoY growth) and EBITDA of ₹370 crore in FY24.

Raymond Realty has 100 acres of land in Thane with an 11.4 mn sq. ft RERA-approved carpet area, of which about 40 acres is currently under development. There are five ongoing projects worth ₹9,000 crore on Thane land, with an additional potential to generate more than ₹16,000 crore. This makes the total potential revenue of over ₹25,000 crore from this land bank, the company's statement further added.

The stock price soared 45% in the last month and 94% in the last 12 months.

Rail Vikas Nigam Ltd (RVNL)

The stock price of railway infra company scaled to a 52-week high of ₹455 soaring up 8.66% in early trade on Friday.

The stock price spiked as the company inked a Memorandum of Understanding (MoU) with Delhi Metro Rail Corporation Ltd (DMRC) for participation in upcoming projects in India and abroad.

Earlier on July 2, the company said in the exchange filing that RVNL emerged as the lowest bidder for Central Railway for “OHE modification work for Up-gradation of existing 1 x 25 kV Electric Traction System costing about ₹132.59 crore.

As of May 2024, the company had an order book value of ₹85,000 crore. The FY24 consolidated revenue and net profit were ₹21,733 crore and ₹1,463 crore, respectively.

Railway infra stocks are expected to remain in focus on account of continuity in railway sector allocation in the budget which is expected in July. In the last 12 months, the stock has gained 265%.

Lupin Ltd

The pharma major's scrip traded to a fresh 52-week high of ₹1,785 after rising around 1.46% on Friday’s morning session.

Based in Mumbai, and one of the largest generic pharma companies in revenue terms, stock price has increased 97% in the last 12 months. The current price momentum is based on a brokerage report which expected strong volumes and robust earning outlook in Q1FY25. The report also added that there is a possibility of further positive surprises if Lupin continues to gain share in the generic version of the asthma drug Spiriva

In FY24 the company reported growth in consolidated revenue and net profit by 20% and 350% on a YoY basis respectively. Net profit was boosted on account of higher operating margins of 19% compared to 10% in FY23 indicating lower input cost.

Tuesday, July 16, 2024, has been fixed as the record date for the company's year ended March 31, 2024, dividend of ₹8 per equity share. The record date, also known as the cut-off date, is the specific day on which a company finalises the list of shareholders eligible for its forthcoming dividend distribution.