52-Week Highs Amidst Market Volatility: 5 Stocks Surge
The Indian stock market was volatile on November 18, 2024, with the Nifty 50 and Sensex declining. However, several stocks, including Garware Technical Fibres, Kiri Industries, and Gokul Agro Resources, hit their 52-week highs. While some banking and IT stocks underperformed, others like HDFC Bank and Kotak Mahindra Bank gained momentum.
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52-Week Highs Amidst Market Volatility: 5 Stocks Surge
Strong performers in a weak market
52-Week Highs Amidst Market Volatility: 5 Stocks Surge Ganesha Ecosphere, Kiri Industries, and Garware Technical Fibres reached new 52-week highs on November 18, 2024, despite mixed market conditions. While major indices such as the NIFTY50 and SENSEX saw slight declines, the Nifty Bank gained ground. Several stocks hit new highs, with Ganesha Ecosphere, Kiri Industries, and Garware Technical Fibres standing out for their strong performances.
Ganesha Ecosphere (52-week high: ₹2,470): This leader in PET waste recycling reported its highest-ever quarterly revenue in Q2 FY25, with a 38.92% YoY growth in consolidated revenue. The company’s EPS surged significantly from ₹1.28 to ₹10.70, and its stock rose 5.60% on the day, hitting a 52-week high.
Kiri Industries (52-week high: ₹511.4): Known for manufacturing dyes and chemicals, Kiri Industries saw its stock climb 10.40%, hitting a 52-week high of ₹498.85. The company experienced a 17% YoY increase in H1 FY25 revenue, and its PAT surged to ₹80 crore from ₹19 crore in Q2 FY24.
Garware Technical Fibres (52-week high: ₹4,584.7): A key player in the technical textiles sector, Garware’s stock rose 15.40%, driven by strong quarterly results, including a 28.11% YoY increase in revenue. The company is also considering a 4-for-1 bonus issue. Its operating margins have steadily improved, from 19% in FY19 to 21% in FY24.
Despite broader market challenges, these companies demonstrated strong growth and resilience.
High-volume gainers in ‘A’ group
52-Week Highs Amidst Market Volatility: 5 Stocks Surge Garware Technical Fibres Ltd led the gainers in the BSE’s ‘A’ group on November 18, 2024, with a 14.43% increase, reaching ₹4,521.65 by 11:46 AM IST. The stock saw a significant rise in volume, with 8,709 shares traded, compared to the average daily volume of 1,612 shares over the past month.
Other notable gainers in the ‘A’ group included National Aluminium Company Ltd, which surged by 11.46% to ₹245, with 23.23 lakh shares traded, far surpassing its average daily volume of 7.12 lakh shares. Muthoot Finance Ltd rose by 5.73% to ₹1,879.60, with 75,453 shares exchanged, well above its usual daily volume of 5,355 shares. Aegis Logistics Ltd saw a 5.29% gain, reaching ₹846.55, and Crompton Greaves Consumer Electricals Ltd added 5.23%, climbing to ₹390.60.
These stocks saw notable trading activity, with volumes significantly higher than their monthly averages.
Mixed market with 52-week highs and lows
52-Week Highs Amidst Market Volatility: 5 Stocks Surge On November 18, 2024, several stocks hit their 52-week highs, including Garware Technical Fibres, Kiri Industries, Gokul Agro Resources, DCM Shriram, and Hikal. The Nifty 50 saw a decline of 0.69%, and the Sensex dropped by 0.54%. In contrast, the Bank Nifty rose by 0.08%.
Among the 52-week high stocks, Garware Technical Fibres saw a significant surge, while other stocks such as Bandhan Bank, Indusind Bank, JK Lakshmi Cement, AIA Engineering, and Nestle India hit their 52-week lows.
In the BSE Sensex index, HDFC Bank, Tata Steel, Kotak Mahindra Bank, Mahindra & Mahindra, and Asian Paints were the top gainers, while Wipro, Tata Consultancy Services, Infosys, Tech Mahindra, and NTPC were the major losers. In the Bank Nifty index, IDFC First Bank, HDFC Bank, and Kotak Mahindra Bank performed well, while several other banks including Bandhan Bank and Axis Bank saw declines.
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