Yes Bank, BPCL, Biocon, Finolex Cables hit lifetime highs

HDFC Bank, Asian Paints, City Union Bank, Grasim Ind, IndusInd Bank, Pidilite Ind and Supreme Ind hit record highs

Yes Bank, Bharat Petroleum Corporation (BPCL), Biocon, Finolex Cables and HDFC Bank from the BSE 500 index have touch their respective lifetime highs on the Bombay Stock Exchange (BSE) in an intra-day trades on Friday after the benchmark index rallied more than 1,300 points in past four trading sessions.

Asian Paints, City Union Bank, Grasim Industries, IndusInd Bank, Kajaria Ceramics, Pidilite Industries and Supreme Industries are among others from the index hitting their record highs.

At 12:07 PM, the S&P BSE Sensex was trading at 26,548, spurting 1,318 points from 25,230 on May 23, 2016.

Finolex Cables has surged 13% to Rs 345 on the BSE in an intra-day deal after the company posted a robust 77% year on year (YoY) growth in net profit at Rs 83 crore, on back of strong operational performance.

The board has recommended a final dividend of 125% (i.e. Rs 2.50 per equity share of Rs 2 each fully paid up) for the financial year ended March 31, 2016 which includes special one-time dividend of 25%.

BPCL has soared 11% to Rs 1,024, also its record high on the BSE, after he company’s board has recommended the issue of bonus shares in the ratio of 1:1 i.e. one new bonus equity share of Rs 10 each for every existing one fully paid up equity share.

The state-owned oil marketing company had also reported a better-than-expected net profit of Rs 2,549 crore for the quarter ended March 31, 2016 (Q4FY16).

Biocon has moved higher by 8% to Rs 717 on the BSE. In past one-month, the stock outperformed the market by gaining 28% compared to 2% gain in benchmark index after reported a 250% jump in fourth quarter profits at Rs 361 crore, and 17% increase in revenue to Rs 1,004 crore. The company recorded exceptional income of Rs 268 crore in Q4.

India's largest Biopharma firm said during the quarter, Biocon's biosimilar insulin Glargine got approval in Japan and also got approval in the European Union for Biocon's generic Rosuvastatin Calcium tablets, its first generic formulation in the developed markets. It expects filings in FY17 after the global Phase III clinical trials for biosimilar Insulin Glargine, Trastuzumab, Pegfilgrastim and Adalimumab.

Yes Bank was up 2% at Rs 1,040, extending its 4% gain in past two trading sessions, after the private sector lender announced that it has received approval from The Cabinet Committee on Economic Affairs (CCEA) for increase in foreign investment limit to 74%.

“The increase in limit will provide the bank with significant enhanced flexibility in global capital raising, going forward,” Yes Bank said in a release.