Fri-yay! RIL, ICICI Bank, Tata Motors, Grasim, Adani Ports hit new highs

Zomato, Ambuja Cements, Cipla, Tata Motors DVR, United Spirits were among notable stocks from the S&P BSE 200 index that, too, hit their respective record highs

Shares of the country's most valuable company in terms of market capitalisation, Reliance Industries (RIL); private sector lender ICICI Bank; automobiles major Tata Motors, and Mahindra & Mahindra; Adani group firm Adani Ports and Special Economic Zone (APSEZ); and Grasim Industries from the Nifty 50 index hit their respective new highs after the benchmark indices scaled new peaks in Friday's intraday trade.

Food delivery services firm Zomato, Ambuja Cements, Cipla, Tata Motors DVR, United Spirits, Bosch, SBI Life Insurance, Tata Consumer Products, Jindal Steel and Power, and Torrent Pharmaceuticals, meanwhile, were among notable stocks from the S&P BSE 200 index that, too, hit their respective record highs. That apart, Adani Enterprises, Indus Tower, and Tata Steel from the index touched 52-week highs.

On Thursday, post market hours, India reported a faster-than-expected 8.4 per cent growth in Q3 GDP led by government capex spending. Meanwhile, the National Statistical Office (NSO), which releases the data, revised upwards the FY24 growth estimate to 7.6 per cent from 7.3 per cent projected in January.

This robust growth, coupled with positive signals from leading indicators, prompted analysts at UBS to revise their FY25 GDP growth forecast upward to 7 per cent Y-o-Y. "While consumption growth remains subdued, we anticipate a gradual recovery, especially in the premium and rural segments," said Tanvee Gupta Jain, UBS India Economist.

Investment is expected to broaden, supported by public and private sectors, with housing and corporate capex showing promise post-elections. Additionally, marginal improvements in exports are foreseen. Despite concerns regarding fiscal consolidation, India's economic trajectory appears favorable, with contained deficits and declining inflation, she added.

Elara Securities has also retained their growth projection for FY25 at 7 per cent with most support to growth likely from gradual recovery in private final consumption expenditure, especially in the mass segments in rural India amid sharply moderating inflation. Private capex will stay selective and tentative amid election-related uncertainty.

"Additionally, continued improvement in corporate profitability would support industrial GVA as global commodity prices continue to be soft. Urban consumption growth, especially services, would be supported, but expect the momentum to normalize led by tightening of credit standards by the RBI through risk-weight increases and lagged impact of monetary tightening," the brokerage firm said.

Meanwhile, among individual stocks, Tata Steel surged 6 per cent to Rs 150 on the back of over three-fold jump in average trading volumes. The stock had previously hit a record high of Rs 153.45 on August 16, 2021.

Tata Motors, too, hit a new high of Rs 979.90, up 3 per cent, surpassing its previous high of Rs 976.30 touched on Wednesday, February 28.

Ambuja Cements, also ,hit a new high of Rs 620.25, up 2 per cent, surpassing its earlier high of Rs 615.20 touched on February 26. Brokerage firm ICICI Securities has maintained a 'buy' rating on the stock with a target price of Rs 658 per share.

"Going forward, Ambuja Cements is expected to maintain its volume due to the expectation of healthy cement demand of 7-8 per cent growth. The green energy initiative of the company is poised to help the company better its margins going ahead," according to BP Equities.

The recent completion of the company’s acquisition of Sanghi Industries is going to add healthy volumes to the company, thereby increasing sales and realisations. The company’s constant acquisitions of coal and limestone mines through government bidding will significantly help reduce its costs and better the margins going forward. Due to various factors being in favour of the company, the brokerage firm has a positive outlook for the company going ahead.