ALSO READHimatsingka Seide, Pidilite Industries, Kesoram Industries hit 52-week high HDFC Bank, Maruti Suzuki, Eicher Motors touch record highs; RIL hits fresh 52-week high Grasim Industries, Biocon, Yes Bank, Zee Entertainment hit 52-week highs Bharat Forge hits 52-week low Nifty Bank index hits 52-week high
Reliance Industries (RIL), HDFC Bank, TVS Motor Company, Raymond, Biocon, Manappuram Finance, Bajaj Finserv and Kirloskar Oil Engines too hit 52-week highs on the BSE today.
Kesoram Industries surged 8% to Rs 168 on back of three-fold jump in trading volumes. Since August 11, post April-June (Q1FY17) quarter results, the stock rallied 23% from Rs 137 after the company reported net profit of Rs 9.49 crore against a loss of Rs 165 crore in previous year quarter.
“The company’s tyre business is progressively turning around as would be evident from the fact that it has achieved a positive swing of Rs 58 crore. Total debut has reduced substantially as a consequence of which finance costs are down by close to 50%,” Kesoram Industries said while announcing Q1 results.
IFCI up 3% at Rs 30.85 extending its past four days 7% gain after signing agreement to sell entire stake in the asset reconstruction company.
"IFCI has signed a share purchase agreement with Axis Bank for disinvesting its entire stake in Assets Care and Reconstruction Enterprise (ACRE) to Axis Bank," the state-run finance company said in its filing.
The divestment would be of 7.33 million shares, representing 13.67% of total outstanding shares, for cash consideration of Rs 22.72 crore, it added.
IDFC Bank surged 8% to Rs 74.55, its highest level since November 6, 2015 on the BSE. Since July 26, post Q1 results, the stock outperformed the market by 42% as compared to 3% rise in the benchmark index.
IDFC Bank’s asset quality improved marginally as gross non-performing assets (NPA) and net NPA ratios of the bank declined by 7 basis points each to 6.1% and 2.3%, respectively.
“Total stressed assets (Gross NPA + Net Restructured Standard Assets) ratio remained almost constant for the bank at 9.0% as of Q1FY17. Notably, the bank has already made more than adequate provisions against stressed assets before it commenced banking operations. So, credit cost of the bank is likely to remain low over next two years,” analysts at IndiaNivesh Securities said in result update.
|COMPANY||LATEST||52 WK HIGH||PREV HIGH||PREV DATE|
|BAYER CROP SCI.||4356.00||4388.85||4380.00||15-Sep-16|
|JK LAKSHMI CEM.||483.10||485.00||476.85||08-Sep-16|
|K P R MILL LTD||1225.20||1244.50||1241.90||20-Sep-16|
|LAK. VILAS BANK||160.00||168.70||159.80||22-Sep-16|
|TVS MOTOR CO.||353.00||354.50||350.00||22-Sep-16|