HDFC, Can Fin Homes, DHFL hits new high

Total 24 stocks from the S&P BSE 500 and S&P BSE Smallcap index hit their respective all-time highs.

Housing Development Finance Corporation (HDFC), Kotak Mahindra Bank, Godrej Properties, Supreme Industries, Blue Star and Dilip Buildcon are among 24 stocks from the S&P BSE 500 and S&P BSE Smallcap index hitting their respective all-time highs in otherwise weak market. At 02:06 pm; the S&P BSE Sensex was down 0.47% at 29,510.

Besides, HDFC, Dewan Housing Finance Corporation (DHFL), Can Fin Homes, Indiabulls Housing Finance from housing finance companies and Kotak Mahindra Bank and RBL Bank from private banks hit record highs.

Since February 1, post Budget, HFCs has outperformed the market by gaining up to 28% after the various initiatives for the real estate sector. On comparison, the S&P BSE Sensex was up 7% during the same period.

“The incentives announced by the government are expected to ease funding for affordable housing projects, provide tax relief to developers with unsold inventory, and support demand on the back of a softening rate environment. Deferment of payment of capital gains in case of joint development agreements is expected to benefit land owners, making them a preferred model of development,” CRISIL Research said in Budget Analysis.

Proposals for affordable housing will give a boost to real estate, allow promoters to raise funds at lower rates for longer tenure and avail of tax benefits, and create credit growth opportunities for the housing finance industry, added report.

Dilip Buildcon surged 6% to Rs 364, extending its past two-and-half months rally on BSE. Thus far in 2017, the stock of company engaged in roads & highways business has zoomed 59% as compared to 11% rise in the S&P BSE Sensex.

IIFL Institutional Equities retain ‘buy’ rating on the stock with 12-month target price of Rs 382.

“Management emphasised its core strategy of in-house execution to save time and costs. Limited capex, stable working capital, and focus on asset sweating are expected to improve free cash generation and drive debt reduction over FY17-20. Potential divestment in completed BOT assets or upcoming HAM projects can reduce equity infusion needs,” the brokerage firm said in research report.

Asian Granito India (AGIL) gained 4.5% to Rs 341 on the BSE extending its 18% rally in past eight trading days after the foreign institutional investor (FII) bought more than 1% stake in company through open market on Monday.

On March 6, 2017, GMO Emerging Domestic Opportunities Fund had purchased 457,499 shares of AGIL at price of Rs 274.99 per share on BSE via bulk deal, the exchange data shows.

Jagdishbhai Ramanbhai Patel, the individual shareholders, had sold 583,464 equity shares at price of Rs 275.08 a piece, data shows.

COMPANY	LATEST	ALL TIME HIGH	PREV HIGH	PREV DATE
AMBIKA COTTON	1323.95	1346.00	1320.05	17-Mar-17
ASIAN GRANITO	339.00	341.00	330.00	17-Mar-17
ASTRAL POLY	555.75	569.60	567.80	17-Mar-17
BALKRISHNA INDS	1428.30	1450.00	1449.55	16-Mar-17
BLUE STAR	597.50	600.00	596.00	17-Mar-17
CAN FIN HOMES	2105.55	2157.00	2122.40	15-Mar-17
DEWAN HSG. FIN.	362.95	364.00	361.80	17-Mar-17
DILIP BUILDCON	359.00	363.65	348.00	17-Mar-17
DWARIKESH SUGAR	458.60	467.00	464.00	17-Mar-17
FUTURE LIFESTYLE	219.00	222.35	222.00	15-Mar-17
GODREJ PROPERT.	395.00	397.00	394.80	06-Feb-17
H D F C	1462.95	1464.50	1463.25	07-Sep-16
HATSUN AGROPROD.	530.25	535.90	530.00	17-Mar-17
INDIABULLS HOUS.	972.05	982.40	969.00	17-Mar-17
KOTAK MAH. BANK	852.70	861.80	856.45	16-Mar-17
KRBL	407.00	410.00	403.75	17-Mar-17
POLY MEDICURE	610.00	632.90	599.00	03-Feb-15
PTL ENTERPRISES	171.60	177.25	155.60	23-Jan-17
RBL BANK	494.15	499.00	496.60	17-Mar-17
S P APPARELS	465.00	478.75	474.40	17-Mar-17
SHARDA MOTOR	1664.15	1709.75	1645.00	16-Mar-17
SUNDRAM FASTEN.	377.65	381.40	375.00	17-Mar-17
SUPREME INDS.	1088.80	1094.00	1087.95	14-Mar-17
VST INDS.	2817.50	2949.00	2934.00	17-Mar-17