182 stocks from BSE500 trade above November 8 levels

Chambal Fertilisers, GNFC, MMTC, KRBL, Adani Power, BEML and RCF were gained more than 20% each.

182 stocks from the S&P BSE500 index are trading above the levels they hit on November 8, when the government announced to demonetise Rs 500 and Rs 1,000 denomination notes.

The stocks from sugar, oil & gas, fertilizers and pharmaceuticals have outpaced the market by gaining up to 40% in the last two months.

Two months since November 08 and the S&P BSE Sensex is still 3% or 832 points away from its November 8 closing level of 27,591. Post demonetisation, the benchmark index fell 6.6% to hit a low of 25,765 on November 21.

Total 16 stocks from the 30-share Sensex & Nifty50 indices such as Reliance Industries, Maruti Suzuki India, YES Bank, Bharti Airtel and Tata Power Company were trading higher as compared to their market price on November 8.

The three out of four listed Adani Group companies – Adani Power, Adani Transmission and Adani Enterprises – have seen market price appreciation of more than 20% each in past two months. Adani Ports and Special Economic Zone was down 2%, but still outperformed the market during the period.

Chambal Fertilisers & Chemicals, Gujarat Narmada Valley Fertilizers & Chemicals (GNFC), Coromandel International and Rashtriya Chemicals and Fertilizers (RCF) from the fertilizers rallied between 20% and 40%.

According to ICRA Research, overall, the outlook for the fertiliser sector continues to remain stable with favorable agro-climatic conditions and liquidation of high systemic inventory.

Analysts at HDFC Securities expect that most of the excess channel inventory will get liquidated during the current Rabi season. The brokerage firm also sees no risk to margins owing to the drop in farmgate prices, as raw material costs have fallen adequately.

“Another positive development is related to preponement of union budget date. Earlier subsidy from new budget starts getting disbursed from May end. However, this time it is likely to start from beginning of April. This will lead to interest saving on peak receivables for two months. We expect at least 50% reduction in interest cost for all fertiliser players in FY18 vs. FY15,” HDFC Securities said in latest report.

Most of the oil & gas and refineries companies like Oil and Natural Gas Corporation (ONGC), Oil India, Chennai Petroleum Corporation, Mahanagar Gas, Indian Oil Corporation (IOC) and Mangalore Refinery & Petrochemicals (MRPL) were up more than 10% each.

IDFC Securities expects companies with marketing/distribution presence to post strong performance in October-December (Q3FY17), with robust performance across the refining/marketing segments.

For oil marketing companies (OMCs), gross refining margins (GRMs) are likely to see a sharp uptick quarter on quarter to levels of $6-6.5/bbl as Q2FY17 GRMs were impacted by weak diesel spreads and inventory losses, both of which factors reversed course in Q3FY17, the brokerage firm said in Q3FY17 results preview.

MMTC, Balmer Lawrie & Co, BEML, National Aluminium, MOIL, Vijaya Bank, Engineers India, Power Finance Corporation, IFCI, Hindustan Copper, Bharat Electronics and NBCC among public sector undertaking (PSU) stocks are trading above their November 8, 2016 levels.

However, as much as 63% or 316 stocks are still trading below the levels observed on November 8, 2016, which include names like Divi’s Laboratories, Manappuram Finance, Crompton Greaves, Reliance Communications, Shriram City Union Finance and Bharat Financial Inclusion. These stocks were down in the range of 25% and 40%. Sun Pharmaceutical Industries and Gail India however, were trading at same levels.

Company	08/11/2016	LTP	% chg
Swan Energy	113.55	171.60	51.1
MMTC	47.85	68.30	42.7
Chambal Fert.	61.40	84.15	37.1
KRBL	239.85	311.25	29.8
G N F C	200.30	254.55	27.1
Adani Power	25.90	32.70	26.3
Balmer Lawrie	192.93	243.30	26.1
Natl. Aluminium	51.90	65.35	25.9
HCL Infosystems	47.95	59.70	24.5
Adani Transmission	46.00	57.15	24.2
BEML Ltd	909.50	1128.70	24.1
M R P L	88.30	108.30	22.7
Adani Enterp.	64.80	78.95	21.8
Welspun Corp	65.35	79.60	21.8
Shilpa Medicare	579.15	703.70	21.5
Navneet Educat.	101.35	123.10	21.5
R C F	46.80	56.80	21.4
Sonata Software	161.10	195.30	21.2
Coromandel Inter	265.75	321.00	20.8
MOIL	344.70	415.00	20.4
Sharda Cropchem	401.95	483.80	20.4
C P C L	270.70	325.70	20.3
Infibeam Incorp.	999.95	1198.50	19.9
Vijaya Bank	41.70	49.60	18.9
Fortis Health.	170.35	202.45	18.8
LTP: Last traded price on BSE in Rs at 12:26 pm
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