Indian markets in choppy trade on Friday (September 4, 2020) in early trade lost some 500 points given the overnight heavy sell-off in the US markets. At around 2:10 pm, the Nifty traded lower by 1.09% at 11402 while Sensex was down 1.1% at 38562. India VIX which is the measure of volatility also is said to surge by some 6% today.
But despite the weak momentum 94 stocks hit 52-week high on the back of counter-specific news:
Here are listed prominent names from among them with likely reason pushing these stocks higher:
1. Adani Gas:
The shares of Adani Gas in trade today hit the life time high of Rs. 200.90 per share on the BSE. This is after the company said rating agency ICRA has upgraded its long-term rating and re-affirmed the short-term rating with a stable outlook.
Package food company DFM also logged its 52-week high price of Rs. 359.55 apiece on demand improvement as well as improved operational performance of the company in June qtr of FY21.
3. Hindustan Foods:
This is also a packaged food company that is locked in 5% upper circuit for the third consecutive day. The scrip hit its all time high price of Rs. 857.85 today.
4. Ramco Systems :
Shares in Ramco Systems were frozen in 5% upper circuit, with compamy hitting a 52-week high price of Rs. 274.75. In a month's time the stock has doubled investors' wealth and last week HDFC Mutual Fund acquired 157,337 equity shares, representing 0.51 per cent of the equity of Ramco Systems at a price of Rs 240 per share on the NSE.
5. Vodafone Idea:
Scrip also surged another 7% in intraday deal which is its 15 month price of Rs. 13.45 apiece on the BSE. This is as the company's board will discuss on fund raising plan to stay afloat in the market.
6. Globus Spirits:
The shares of Globus Spirits also rose to their 52-week high of Rs. 207.5 per share on the BSE. The company is the leading manufacturer, marketer and seller of i dustrial Alcohol comprising Rectified Spirit and Extra-Neutral Alcohol, Country Liquor, and Indian Made Foreign Liquor (IMFL)
Some other stocks that hit their 52-week high are Astrazeneca Pharma, CG Power and Industrial Solutions, Granules India among others.