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HDFC Bank, Tech Mahindra, Pfizer hit 52-week high in weak market

HDFC Bank hit a new high of Rs 2,011 on BSE in intra-day trade, gaining 7.5% in past two weeks.

SI Reporter  |  Mumbai 

HDFC Bank, Tech Mahindra, Pfizer hit 52-week high in weak market

HDFC Bank, Tech Mahindra, Pfizer, and from the S&P BSE 500 and Smallcap index hitting their respective 52-week highs on BSE in otherwise weak market.

At 03:08 PM; the S&P BSE Midcap (down 1.4%) and S&P BSE Smallcap index (down 0.83%) were down nearly 1%, while S&P BSE 500 and S&P BSE Sensex were trading lower by 0.47% and 0.20%, respectively, on BSE.

hit a new high of Rs 2,011 on BSE in intra-day trade, gaining 7.5% in past two weeks. The private lender reported a net profit of Rs 46.4 billion in December 2017 quarter, up 20% year-on-year, backed by rise in interest and fee income.

The bank's net interest income, or the interest earned minus interest expended, rose 24% on a year-on-year basis to Rs 103 billion. The net interest margin, the difference between the yield on advances and cost of fund, stood at 4.3%.

IIFL Wealth Management retain ‘buy’ rating on the stock with price target of Rs 2,300.

“Robust product franchise in the retail segment and improvement in corporate credit demand should drive 24%-25% per annum loan growth for over FY17-20. With NIMs remaining firm, the revenue growth would outpace cost growth and thus the robust trend in core PPOP growth will continue. We expect credit cost to normalize from next year giving fillip to earnings growth,” the brokerage firm said in result update.

locked in upper circuit for the second straight day, up 10% at Rs 74 after the company said on Tuesday that it has entered into long term agreement with Shaw Industries Group Inc, USA to supply circa 2,500 tonnes per annum of stain resistant master batch to world’s leading carpet manufacturer.

“The total size of this single order is estimated to be around Rs 900 million per year which is more than double the Company’s FY2017 speciality polymer revenues which amounted to Rs 430 million. The agreement is open ended with the first purchase order received and shipment slated to commence in February 2018,” said in a press release.

Shaw Industries Group, Inc. supplies carpet, resilient, hardwood, laminate, tile and stone flooring products and synthetic turf to residential and commercial worldwide. It is a wholly owned subsidiary of Berkshire Hathaway, Inc. with approximately 20,000 associates across the globe.

First Published: Wed, January 31 2018. 15:09 IST
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