ALSO READChemical stocks rally; BASF India up 16%,Tata Chemicals hit new high Adani Group shares gain; Adani Transmission hits new high Adani Transmission rallies for 12th straight day; stock zooms 67% GAIL, Adani Transmission, Avanti Feeds, Graphite India hit new highs Adani Transmission up 10% on signing agreement with Reliance Infra
Ashok Leyland, Bajaj Auto, Avanti Seeds, Bombay Burmah Trading Corporation and Gujarat Narmada Valley Fertilizers & Chemicals (GNFC) too hit new highs on Tuesday.
At 10:43 AM; the S&P BSE500 index was trading at its record high level of 14,254 points, up 0.23% against a marginal 0.03% decline in the benchmark S&P BSE Sensex at 32,625 points.
BASF India hit a new high of Rs 1,860, up 8% on the BSE, extending its two-day gains of 2%, after the company said its parent firm BASF SE, Germany signed an agreement to acquire significant parts of Bayer's seed and non-selective herbicide businesses.
BASF India said on October 13, that it has received information from its parent company, BASF SE, Germany that it has signed an agreement to acquire significant parts of Bayer's seed and non-selective herbicide businesses which are being divested by Bayer in the context of its planned acquisition of Monsanto.
The acquisition complements BASF's crop protection business, strengthens its herbicide portfolio and marks its entry into the seed business with proprietary assets in key agricultural markets, it added.
NBCC (India) too hit new high of Rs 252, up 5% on the BSE. Thus far in the calendar year 2017, the stock of state-owned construction & engineering company rallied 58% from Rs 159. On comparison, the S&P BSE Sensex was up 23% during the same period.
According to analysts at ICICI Securities, NBCC is set to benefit from strong order book, opportunities from railway station redevelopment, affordable housing and other big ticket redevelopment projects. Overall, we like NBCC’s business model given the huge opportunities ahead and expect its revenues and earnings to grow at 37.4% and 32.9% CAGR, respectively, over FY17-19E.
“The execution of several big ticket redevelopment projects to begin soon; senses strong opportunities from redevelopment of railway stations and affordable housing segment to be huge opportunity where NBCC would act as land management agency,” the brokerage firm said in management meet note.
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