52-Week High Stocks: Bharti Airtel, Mahindra & Mahindra, and More; Do You Own Any?

Tanushree Jaiswal Tanushree Jaiswal 22nd April 2024 - 04:16 pm
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Bharti Airtel has been in the spotlight after announcing a definitive agreement with Axiata Group's Dialog to merge its operations in Sri Lanka.  This has led to Airtel’s stock to surge to a fresh 52-week high, reaching a price of ₹1280.0. This marks a significant increase of 1.13% from the previous day's closing price of ₹1245.0.

As part of the deal, Dialog will acquire a 100% stake in Airtel Lanka and in exchange, Bharti Airtel will get ordinary voting shares amounting to 10.355% of the total issued shares of Dialog by way of a share swap. The Telecommunications Regulatory Commission of Sri Lanka (TRCSL) has already given its nod to the proposed merger, Bharti Airtel said in an exchange filing.

The spike in the telco's share price was seen amid expectation of tariff hikes, as well. The tariff hike is likely to give a major uplift to the company, which is reportedly struggling due to the competition in the sector with other major players, including Jio and Vodafone-Idea, which are likely to announce similar tariff hikes soon.

Bharti Airtel had reported a consolidated net profit of ₹2,442.2 crore in the December 2023 quarter, a 54% YoY jump and it’s shares have gained over 34% over the last six months.

Mahindra & Mahindra (M&M) share price also rallied over 5% to a 52-week high after the company signed a supply agreement for Volkswagen components to be used in its electric vehicles. The agreement between Volkswagen Group and M&M is for the supply of components of Volkswagen’s Modular electric drive matrix (MEB) for Mahindra’s purpose-built electric platform INGLO.

The deal covers the supply of certain electric components as well as unified cells.  This will mark Mahindra as the first external partner to use the unified cell concept, the core element of Volkswagen’s battery strategy.  The two companies were also  evaluating further opportunities for collaboration, the statement added. The partnership with Mahindra is led by Volkswagen Group Technology and its “Platform Business" unit in close cooperation with Škoda Auto Volkswagen India Pvt. Ltd, the company said.

As for the other companies, the BSE Sensex index showed Wipro, Larsen & Toubro, Ultratech Cement, Bajaj Finance, Axis Bank as the top gainers while NTPC, HDFC Bank, ITC, Mahindra & Mahindra, Nestle India were the top losers.

In the Bank Nifty index Bandhan Bank, Punjab National Bank, Axis Bank, IDFC First Bank, Federal Bank were the top gainers while Au Small Finance Bank, HDFC Bank, were the top losers.

For the complete list of 52 week high stocks click here.

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