AIA Engineering, Astral Poly Technik, Balkrishna Industries, Dabur India, Exide Industries, Havells India, Infibeam Incorporation, Jubilant FoodWorks, NIIT Technologies, Pfizer, United Breweries and Varun Beverages from the Nifty 500 index, too, hit new high today.
GAIL (India), Pfizer and Balkrishna Industries were up 5% each on the NSE at 11:37 am. In comparison, the Nifty 50 index (0.03%) and Nifty 500 (0.07%) were trading marginally higher from their last close.
GAIL (India), the top gainer among Nifty 50 index today, hit a new high of Rs 399, up 5% on the NSE. The stock rallied 10% in past three trading sessions after the country’s largest natural gas marketer, on Friday reported a 23% rise in its April-June quarter (Q1FY19) net profit at Rs 12.59 billion mainly due to better performance by gas trading and petrochemicals segments.
“GAIL overall reported strong numbers at the EBITDA level, with the gas marketing segment reporting a multi-year EBITDA high, while transmission was broadly in line, and LPG was sharply lower on lower volumes. The Petchem segment reported higher EBITDA even as volumes fell,” analyst at JP Morgan said in result update. The stock however trading above brokerage 12 month target price of Rs 360 per share.
“We reiterate Buy rating as US LNG viability concerns would dissipate with strong crude prices (above UD60/bbl) and completion of Jagdishpur - Haldia & Bokaro - Dhamra pipelines by CY20 that would connect 5 fertilizer plants. We revised GAIL SOTP-based target price to Rs 486 from Rs 484 after adjusting for weaker rupee,” analysts at Elara Capital said in quarterly update note.
Pfizer hit new high of Rs 3,059, up 6% on the NSE in intra-day trade. In past two weeks, the stock of pharmaceutical company soared 15% after it reported net profit of Rs 918 million in Q1FY19 as against Rs 572 million in the same period last year.
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