Apr 26, 2023By: Bhakti Makwana
With a slowdown in foreign institutional investor (FII) outflows, following aggressive sales in the first two months of 2023, market volatility has come down. In fact, India VIX is at a near three-year low. Benchmark index Sensex has gained more than 4 percent in the last one month.
There is no significant downside to the market in the near term and also no triggers for a sharp up move either. So the possible near-term trend is a range-bound movement, within which there could be sharp responses to Q4 results and management commentary, says VK Vijayakumar, chief investment strategist at Geojit Financial Services.
With market sentiment firmly in place, here are stocks that have rallied to their 52-week highs on April 26.
The public-sector railway company has surged over the last few days – it has risen 44 percent in the last five sessions, 61 percent in the last one month and 160 percent in the last six months. The stock has hit its 52-week high at ₹114.70.
The stock has been on a rise especially since March when a consortium of Russia's CJSC Transmashholding and Rail Vikas Nigam emerged as the lowest bidder for the ₹58,000-crore contract to manufacture and maintain 200 trainsets at ₹120 crore per unit.
Another public-sector railway construction company Ircon International’s shares have also surged significantly in the last couple of months. One of the reasons for the rising interest in these stocks is because Indian Railways is set to begin the production of 120 advanced Vande Bharat Express trains by August 2023.
The stock has surged 14 percent in the last five sessions, 34 percent in the last one month and 59 percent in the last six months. The stock has hit its 52-week high of ₹74.75.
The wires and cables maker has given multibagger returns to investors in the past as well. In the last five years, the stock has skyrocketed four times. The stock has risen nearly 7 percent in the last five sessions, 12 percent in the last one month and 26 percent in 2023 so far. The stock has hit its 52-week high of ₹1,893.
With 5,000 channel partners, the company serves customers in over 45 countries while maintaining an international footprint. Besides, the company has now entered into a strategic association with Royal Challengers Bangalore (RCB) as principal partner for the Indian Premier League (IPL) for three years.
The pharmaceutical company has hit its 52-week high of ₹522.50. In the last one month, the stock has surged 18 percent and 30 percent in the last six months. The drugmaker has been in the news recently with reports saying it would sell a major chunk of its stake in Glenmark Life Sciences (GLS) to reduce its debt burden.
The Tata Group hotel company that operates the Taj Group of Hotels is another stock that has hit its 52-week high of ₹92. The stock has surged nearly 9 percent today on April 26 while it has surged 23 percent in the last six months.
The hotel company reported a strong earnings for the March quarter – its net profit skyrocketed to ₹18 crore from ₹1.4 crore last year. Its revenue has grown by nearly 68 percent to ₹111 crore from ₹66 crore last year.