ALSO READReliance Industries, SBI, Adani Ports, HCL Tech hit 52-week highs Markets pare some losses to end marginally lower; Nifty down 0.3% for week Markets remain range-bound; Midcaps underperform HDFC Bank surpasses Reliance, becomes second most valuable company HDFC Bank hit new high; market cap crosses Rs 4 lakh crore
The S&P BSE Sensex was trading 54 points higher at 32,299.71 at 09:42 am; hit a new high of 32,374 in intra-day trade today.
RIL hit a record high of Rs 1,629, surpassing its previous high of Rs 1,626 touched on January 15, 2008 in intra-day deal. In the last three trading sessions, the stock rallied over 6% after Mukesh Ambani, chairman and managing director of RIL, announced the board's recommendation for one bonus share for every one held by shareholders, at the 40th Annual General Meeting (AGM) in Mumbai on Friday.
However, on the National Stock Exchange (NSE), the stock is slightly away from its all-time high of Rs 1,649 touched on January 15, 2008 during intra-day trade.
HDFC Bank too hit new high of Rs 1,756, extending its previous day’s 1.8% gain after the private sector lender reported 20% year-on-year (Y-oY) rise in its net profit at Rs 3,894 crore, in line with estimates, for the quarter ended June 2017 (Q1FY18). The bank had reported profit of Rs 3,239 crore in the corresponding period of the previous year.
Net Interest Income (NII) also grew 20% at Rs 9,371 crore over the previous year quarter.
Gross non-performing assets (NPAs) in percentage terms stood at 1.24% versus 1.04% in Q1FY17 and 1.05% in Q4FY17. In value terms it was at Rs 7,243 crore, higher compared to Rs 4,921 crore in Q1FY17 and Rs 5,886 crore in Q4FY17.
During the reporting quarter, the 60% of the total increase in gross NPAs pertained to the agricultural segment.
“Recoveries from agricultural advances were impacted during the quarter by borrower expectations of farm loan waivers arising out of policy announcement in certain states,” HDFC Bank said.
“These loan waiver policies are in the process of being finalised and implemented. As a prudent measure, the bank has enhanced specific coverage for its non-performing agricultural advances,” it added.
Besides these three stocks, Coromandel International, Godrej Consumer Products, Indiabulls Housing Finance, Manappuram Finance and Vinati Organics are among 10 stocks from the S&P BSE 500 index hitting their respective record highs.
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