Domestic benchmark indices were trading sideways on Tuesday. The Sensex reclaimed the 60,000-level mark after opening in the negative territory, and was at 60,179 points, up 0.21% at 11:50 PM. Meanwhile, the broader Nifty 50 opened in the green and was trading 0.26% higher at 17788.95 points. Though the markets were flat, here are a few stocks that mounted gains to reach a fresh 52-week high:
Rail Vikas Nigam Ltd
The Miniratna CPSEs shares are on an upward trend and have gained a whopping 43% in the past month. Its share price scaled new heights after gaining 24% in the past two days. On Tuesday, they reached a fresh 52-week high of ₹ 96.70 apiece on the National Stock Exchange (NSE).
The company recently announced that it has incorporated a new subsidiary named Kinet Railway Solutions Ltd. Moreover, it has received multiple orders in the past few weeks. On April 12, 2023, it received a letter of award (LOA) from the North Western Railway for “Provision of Automatic Block Signalling on Madar-Sakhun Section (51.13 Kms) of Jaipur Division over North Western”.
ITC Ltd
Often referred to as the meme stock, ITC’s share price has snowballed to gain 62% in the past year. The blue-chip counter was in the green on Tuesday and reached a new 52-week high and an all-time high of ₹ 413.55 apiece. The conglomerate’s market capitalization has already crossed the 5 trillion mark.
Many analysts say that consistent growth in its cigarette business, strong tailwinds in the hotel business and a scale-up in non-cigarette FMCG business markets make ITC’s earnings visibility stronger, compared to its peers. This will drive its share price upward.
Bajaj Auto Ltd
The automaker’s shares were in top gear on Tuesday and reached a 52-week high of ₹ 4340.40 apiece on the NSE. Its shares will be in focus as it is going to announce the result for the fourth quarter of FY23.
The company’s shares gained more than 14% in the past month. In fact, it has been on the radar ever since it entered the premium EV segment. It is planning to sell 10,000 electric vehicle units per month eventually in the next 3-6 months, which is a significant number in India’s growing market. Moreover, Triumph India’s sales and marketing operations were transferred to Bajaj Auto, in link with an announcement made in 2020.
A few other stocks that touched a 52-week high on Tuesday are NCC Ltd (₹ 118.20), Glenmark Pharmaceuticals Ltd (₹ 519.95), Anupam Rasayan India Ltd (₹ 1,132.70), Rail Vikas Nigam Ltd (₹ 97.30), Godrej Consumer Products Ltd (₹ 992.20) and Aegis Logistics Ltd (₹ 410.50).
Written by Simran Bafna
