 "BSE PSU index hits 18-month high; ONGC, Moil, REC hit 52-week highs")
Shares of public sector undertaking (PSU) were in focus with the S&P BSE PSU index hitting a 52-week high led by frontline stocks that were trading at multi-year highs on Monday.
Oil and Natural Gas Corporation (ONGC), Engineers India, Gujarat Mineral Development Corporation (GMDC), Gail (India), Moil, Power Finance Corporation (PFC) and Rural Electrification Corporation (REC) from the index touching their respective 52-week highs today.
At 02:59 pm, the S&P BSE PSU Index was up 1.7% at 7,953, as compared to 0.45% rise in the S&P BSE Sensex. The PSU index hit an intra-day high of 7,963, its highest level since April 20, 2015.
In past one-month, the PSU index has outperformed the market by gaining 5% against 0.4% decline in the benchmark index.
ONGC surged 5% to Rs 294 after the company said the board will meet on October 27, 2016 to consider a proposal of issue of bonus shares.
Oil and Natural Gas Corporation (ONGC), Engineers India, Gujarat Mineral Development Corporation (GMDC), Gail (India), Moil, Power Finance Corporation (PFC) and Rural Electrification Corporation (REC) from the index touching their respective 52-week highs today.
At 02:59 pm, the S&P BSE PSU Index was up 1.7% at 7,953, as compared to 0.45% rise in the S&P BSE Sensex. The PSU index hit an intra-day high of 7,963, its highest level since April 20, 2015.
In past one-month, the PSU index has outperformed the market by gaining 5% against 0.4% decline in the benchmark index.
ONGC surged 5% to Rs 294 after the company said the board will meet on October 27, 2016 to consider a proposal of issue of bonus shares.
Moil up 5% to Rs 310 in intra-day trade. The stock of mining company rallied 25% in past one-month. The company has recently got government approval for 76.409 ha. land in Balaghat, adjacent to the existing mines.
According to HDFC Securities, timely execution of the same will help the company to boost production volume.
“We think having regard to the favourable outlook for manganese ore, one can look to buy MOIL at the current market price and add on dips of Rs 273-280 band (around 4.5x FY18E EV/EBITDA) for sequential targets of Rs 333 (7x FY18E EV/EBITDA) and Rs 354 (8x FY18E EV/EBITDA) for the period of 2-3 quarters,” the brokerage firm said in Diwali pick report.
| COMPANY | LATEST | 52 WK HIGH | PREV HIGH | PREV DATE |
| ENGINEERS INDIA | 276.00 | 278.00 | 276.00 | 01-Sep-16 |
| G M D C | 107.90 | 108.80 | 107.35 | 19-Oct-16 |
| GAIL (INDIA) | 443.50 | 450.45 | 448.70 | 21-Oct-16 |
| MOIL | 303.95 | 309.80 | 299.90 | 21-Oct-16 |
| O N G C | 292.30 | 294.00 | 283.25 | 20-Oct-16 |
| POWER FIN.CORPN. | 127.00 | 130.45 | 129.30 | 09-Sep-16 |
| RURAL ELEC.CORP. | 137.65 | 140.95 | 139.90 | 21-Oct-16 |