Indian stock markets rallied on Wednesday, tracking positive global cues. They extended the recent streak of gains to the fourth day. There were gains across sectors as strong earnings in the US helped investors take their minds off concerns about slowing growth due to steep hikes in COVID-era interest rates.
Here are three blue-chip stocks that reached their respective 52-week highs:
ITC Ltd
ITC’s shares on Wednesday hit a fresh 52-week high of ₹ 299.50 apiece after the company’s AGM. The diversified conglomerate on Wednesday said that it will continue to deliver robust growth despite key concerns such as inflation.
Sanjiv Puri, CMD of ITC said at the company’s AGM that the firm has nurtured 25 brands in the FMCG space and the newer ones will garner an annual consumer spend of ₹ 24,000 crores. He added that the company will also fortify and scale up new mega brands while investing in categories of the future.
Centrum Broking has a buy call on the shares of ITC Limited with a target price of ₹ 351, achievable in one year. The current market price of ITC Limited is ₹ 297.80 and the given target implies an upside of 17.86%.
Eicher Motors Ltd
The shares of Eicher Motors Limited puffed up to trade at their fresh 52-week high of ₹ 3,111.00 apiece. This happened due to the anticipation of robust rural demand supported by favourable rabi output, an increase in crop prices, and the opening of schools and colleges.
Analysts expect long-term growth because of factors including improved technology, increased fuel efficiency, improved driving comfort, and less environmental impact.
Emkay Global has given a buy call on the shares of Eicher Motors with a target price of ₹ 3340.00, achievable in one year. This implies an upside of 9.70% as compared to its current market price of ₹ 3044.75.
Mahindra & Mahindra Ltd
The shares of Mahindra & Mahindra gained as the automaker is citing aggressive launching of electric vehicles and sales growth across segments.The company’s share prices increased by 16.70% in the past month.
ICICI Direct has a buy call on the shares of Mahindra & Mahindra Limited with a target price of ₹1315, achievable in one year. The shares are currently trading at ₹ 1,164.65. This indicates an upside of 12.09%.
Written by: Simran Bafna
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