Metal, Oil & Gas, Power index hit 52-week highs

Hindalco, IOCL, HPCL BPCL, IGL, Cairn India, Power Grid and NLC India hit 52-week highs on the BSE

The BSE Metal, Oil & Gas, Power along with Utility and Energy indices hit their respective 52-week highs on the Bombay Stock Exchange (BSE), after a sharp rally in public sector undertaking (PSU) stocks of these sectors.

Hindalco Industries, National Aluminium (Nalco) and Steel Authority of India (SAIL) from metal, Indian Oil Corporation (IOCL), Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL), Gail (India) and Indraprastha Gas (IGL) from oil & gas, Power Grid Corporation, Cairn India and NLC India from the power, utility and energy index has touched 52-week highs on the BSE in intra-day trade.

NLC India has rallied 7.5% to Rs 100 after the company said the board of directors of the company is scheduled to meet on January 31, 2017, to consider matters related to buy back of fully paid equity shares of the company.

Gail (India) hit a fresh 52-week high of Rs 494, up 4% in early morning trade after the company said its board approved the issuance of bonus shares in the ratio of 1:3 (1 share for every three shares held) and 85% or Rs 8.5 per share interim dividend.

The board has approved issuance of secured /unsecured, redeemable, non-convertible, taxable bond(s) upto Rs 750 crore with green shoe option upto 100% of issue size aggregating upto Rs 1,500 crore on a private placement basis, in one or more tranches, it added.

Index	Current Value	Prev. Close	Ch (%)	52 Wk High	52 WK Low
S&P BSE Basic Materials	2619.30	2603.22	0.62	2621.25	1457.46
S&P BSE Energy	3135.45	3100.32	1.13	3139.76	2224.49
S&P BSE Utilities	1922.50	1898.69	1.25	1929.16	1331.83
S&P BSE METAL	11796.93	11790.40	0.06	11844.40	6169.41
S&P BSE OIL & GAS	13226.41	13029.17	1.51	13247.21	7987.26
S&P BSE POWER	2175.30	2149.28	1.21	2179.85	1559.38
S&P BSE SENSEX	27899.59	27708.14	0.69	29077.28	22494.61

All three listed oil marketing companies (OMCs) IOCL, HPCL and BPCL along with IGL hit their respective record highs on expectation of good October-December (Q3) earnings.

Analysts expect companies with marketing/distribution presence to post a strong performance in Q3FY17, with robust performance across the refining/marketing segments.

“For OMCs, gross refining margins (GRMs) are likely to see sharp uptick QoQ to levels of US$6-6.5/bbl as Q2FY17 GRMs were impacted by weak diesel spreads and inventory losses, both of which reversed course in Q3FY17,” IDFC Securities said in results preview.

COMPANY	LATEST	52 WK HIGH	PREV HIGH	PREV DATE
B P C L	720.00	726.00	716.00	25-Jan-17
CAIRN INDIA	279.40	281.90	281.40	25-Jan-17
CESC	748.05	750.30	743.50	24-Jan-17
GAIL (INDIA)	483.20	493.80	477.50	25-Jan-17
H P C L	544.00	549.95	547.10	25-Jan-17
HINDALCO INDS.	189.85	191.60	190.80	25-Jan-17
I O C L	389.15	392.70	387.35	25-Jan-17
INDRAPRASTHA GAS	971.50	971.90	960.00	04-Jan-17
NATL. ALUMINIUM	78.70	79.35	78.30	25-Jan-17
NLC INDIA	97.95	100.10	96.25	25-Jan-17
POWER GRID CORPN	204.30	206.90	204.75	24-Jan-17
S A I L	61.80	62.90	62.85	25-Jan-17