2 Stocks jump 7% to reach 52-week high as volumes increase more than 200%

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2 Stocks jump 7% to reach 52-week high as volumes increase more than 200%
Credit: © Reuters.

Domestic benchmark indices opened flat on Friday, shrugging weakness across global markets. The BSE Sensex was at 60,873.64 points, up 0.025% at 11:47 AM on Friday and, the NSE Nifty 50 was at 18111.25 points, up 0.019%. Meanwhile, the shares of two companies appreciated to the tune of 7% each to reach a fresh 52-week high.

Jindal Stainless (NS: JIST ) Ltd

The shares of Jindal Stainless zoomed 7.06% to reach a fresh 52-week high of ₹ 263.10 apiece on the National Stock Exchange (NSE), on the back of high trading volumes. 17.92 lakh shares had changed hands by 12:03 PM on Friday, as against a trading volume of 4.98 lakh shares on Thursday.

Jindal Stainless is one of the largest manufacturers of stainless steel flat products, in austenitic, ferritic, martensitic and duplex grades in India. Its steel is used in a variety of industries like automobiles, railways, construction, consumer goods and so on.

The company has a market capitalization of ₹ 12,914 crores and is a mid-cap stock. Its shares were trading at ₹ 255.30 apiece at 12:14 PM. It has an excellent return on equity of 44.84% and an ideal debt-to-equity ratio of 0.65. The company’s shares were trading at a price-to-earnings ratio of 7.92 which is lower than the industry average of 11.70, indicating that it might be undervalued as compared to its peers.

Engineers India (NS: ENGI ) Ltd

The shares of Engineers India surged 6.17% to reach a fresh 52-week high of ₹ 89.35 apiece on the National Stock Exchange (NSE), on the back of high trading volumes. 1.51 crore shares had changed hands by 12:25 PM on Friday, as against a trading volume of 14.40 lakh shares on Thursday.

Engineers India is a leading global engineering consultancy and EPC company owned by the Govt. Of India. It operates under the administrative control of the Ministry of Petroleum and Natural Gas . The company provides engineering consultancy and EPC services focused on the oil & gas and petrochemical industries.

The company has a market capitalization of ₹ 4,730 crores and is a small-cap stock. Its shares were trading at ₹ 87.95 apiece at 12:31 PM. It has a return on equity of 7.93% and an ideal debt-to-equity ratio of 0.01. The company’s shares were trading at a price-to-earnings ratio of 18.15 which is higher than the industry average of 8.83, indicating that it might be overvalued as compared to its peers.

Written by Simran Bafna

The post 2 Stocks jump 7% to reach 52-week high as volumes increase more than 200% appeared first on Trade Brains.

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