Shree Cement, Motherson Sumi, Sundram Fasteners hit 52-wk highs

Shares of Shree Cement, Systems, Aegis Logistics, Godrej Properties, HFCL, and Sundram Fasteners from the S&P BSE500 index hit their respective 52-week highs on the BSE on Tuesday. These stocks surpassed their previous high recorded between December 2019 and February 2020.

Besides these, as many as 49 stocks from the BSE500 index hit 52-week highs today. Of these, 21 stocks including Adani Gas, Affle India, Granules India, ICICI Lombard General Insurance, JK Cement, Tech Mahindra, Ramo Cement, Asian Paints, and Divi’s Laboratories touched their respective record highs.

Systems gained 6 per cent to Rs 157.50, surpassing its previous high of Rs 151 hit on January 9, 2020. At the analyst meet held recently, Systems said it was targeting $36 billion in group revenues by FY25E, including a 25 per cent contribution from non-automotive space. It also aims to be highly capital efficient with a targeted group RoCE of 40 per cent. Other ambitions outlined included a 40 per cent consolidated dividend payout ratio and continued business de-risking via 3CX10 i.e. no component, country, or customer to form more than 10 per cent of revenues.

Sundram Fasteners, too, hit a 52-week high of Rs 553, surging 7 per cent in intra-day trade on the BSE. The stock of the auto ancillary company surpassed its previous high of Rs 533 recorded on January 27, 2020. The company, part of the TVS group (led by Mr Suresh Krishna), is a leading automotive component supplier. It dominates the domestic fasteners market accounting for a sizeable market share.

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