L&T, ONGC, Maruti, M&M, Axis Bank hit new highs

AIA Engg, Bajaj Electrical, Cummins India, Hindustan Zinc, J&K Bank, KSB Pumps and Shree Cement are among 40 stocks from CNX500 index hits new high.

Larsen and Toubro (L&T), Oil and Natural Gas Corporation (ONGC), Mahindra and Mahindra (M&M), Maruti Suzuki India and Axis Bank from the NSE 50-share Sensex have hits their respective new highs after the benchmark indices rallied nearly 2% each in trade today.

AIA Engineering, Bajaj Electrical, Cummins India, Hindustan Zinc, Jammu and Kashmir Bank, KSB Pumps, Shree Cement, PI Industries, UPL, Tube Investments of India and WABCO India are among 40 stocks from CNX500 companies which touched record highs.

At 1250 hours, the Bombay Stock Exchange (BSE) S&P BSE Sensex surged 1.6% or 405 points to 25,099, while the National Stock Exchange (NSE) CNX Nifty gained 1.6% or 113 points at 7,480.

L&T has soared 7.5% to Rs 1,627, its record high in mid-noon deals on the NSE, after CLSA maintained its 'buy' rating on stock. The broking firm said the company is likely to benefit significantly from the impending revival in the domestic economy.
 

Meanwhile, the National Highways Authority of India (NHAI) on Friday approved deferment of premiums for nine projects worth around Rs 6,000 crore, spread over the next 12 years.

Nine stressed highway projects belonging to Reliance Infra, Sadbhav Engineering and L&T were on Friday allowed to reschedule premium payments worth Rs 5,960 crore, a move that can revive stalled road works and attract new investments in the sector, the PTI report suggests.

Maruti Suzuki India too surged nearly 5% to Rs 2,505, extending its past two days 10% rally, after most of broking houses maintained ‘Buy’ rating on the stock as analysts are upbeat on the automobile sector.

CLSA said the company's stock price could double in three years as the personal vehicle industry volume grows due to pent-up demand if the economy picks up.