UltraTech Cement, LIC Housing among 44 stocks that hit record high
Bajaj Finance, Indiabulls Housing, HDFC, HDFC Bank and IndusInd Bank hit fresh highs too
 "UltraTech Cement, LIC Housing among 44 stocks from BSE500 hit record high")
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UltraTech Cement, Bajaj Finance, LIC Housing Finance, Indiabulls Housing Finance, Kotak Mahindra Bank, Housing Development Finance Corporation (HDFC), HDFC Bank and IndusInd Bank are among the 44 stocks from the S&P BSE 500 index hitting their respective record highs on the BSE in intra-day trade on Tuesday.
At 12:36 pm; the S&P BSE 500 index was up 0.81% at 12,961, also its lifetime high, as compared to 0.74% gain in the S&P BSE Sensex at 29,874.
UltraTech Cement hit a new high of Rs 4,260, up 3%, extending its Monday’s 4.4% surge, after the company reported 20% quarter-on-quarter growth in sales volume in January-March (Q4FY17) quarter, due to low base, demand recovery and capacity additions.
Analysts at Elara Securities believe the company will grow faster than peers on timely capacity additions and operational efficiency.
“However, due to roll over to FY19 and better-than-expected cement prices, we raise target price to Rs 4,418 on EV/tonne of USD 200 on FY19E capacity post the inorganic expansion,” the brokerage firm said in result update.
LIC Housing Finance up 2.4% at Rs 674, ahead of its Q4 results today.
“Individual loan growth of LIC Housing Finance to continue momentum and we expect it to track 14-15% growth year-on-year (YoY); Lower funding cost & largely fixed rate nature of lending book to support net interest margins (NIMs); asset quality will likely be stable; no major resolution has come through in corporate loan book,” Edelweiss Securities said in results preview.
At 12:36 pm; the S&P BSE 500 index was up 0.81% at 12,961, also its lifetime high, as compared to 0.74% gain in the S&P BSE Sensex at 29,874.
UltraTech Cement hit a new high of Rs 4,260, up 3%, extending its Monday’s 4.4% surge, after the company reported 20% quarter-on-quarter growth in sales volume in January-March (Q4FY17) quarter, due to low base, demand recovery and capacity additions.
Analysts at Elara Securities believe the company will grow faster than peers on timely capacity additions and operational efficiency.
“However, due to roll over to FY19 and better-than-expected cement prices, we raise target price to Rs 4,418 on EV/tonne of USD 200 on FY19E capacity post the inorganic expansion,” the brokerage firm said in result update.
LIC Housing Finance up 2.4% at Rs 674, ahead of its Q4 results today.
“Individual loan growth of LIC Housing Finance to continue momentum and we expect it to track 14-15% growth year-on-year (YoY); Lower funding cost & largely fixed rate nature of lending book to support net interest margins (NIMs); asset quality will likely be stable; no major resolution has come through in corporate loan book,” Edelweiss Securities said in results preview.