Reliance Industries, HPCL, Edelweiss Financial hit new highs

Motherson Sumi, Magma Fincorp, Apollo Tyres, Avanti Feeds and Caplin Point Lab hit new high on BSE

Reliance Industries (RIL), Hindustan Petroleum Corporation (HPCL), Edelweiss Financial Services, Motherson Sumi Systems, Magma Fincorp and Caplin Point Laboratories are among nine stocks from the S&P BSE 500 index that hit their respective new highs on BSE in intra-day trade on Thursday. The benchmark S&P BSE Sensex, on the other hand,  was down 0.4% or 129 points at 32,344 at 12:03 pm.

RIL hits a new high of Rs 1,645, up 1% on BSE in intra-day trade, extending its 6.5% gain in past two weeks. The company had posted strong operational performance in June quarter and recommended a bonus shares in the ratio of 1:1 i.e. one bonus share for every held by shareholder.

The gross refining margins (GRMs) at $ 11.9/bbl were highest since Q2FY09 and petrochemical segment EBIT margins of 16.5% were highest since Q2 FY10. With a backdrop of such strong performance along with scale up new projects in the core businesses and tremendous value creation potential of its telecom business, analysts at IIFL Wealth Management maintain ‘buy’ rating with upward revision in estimates and target price of Rs 2,000.

Edelweiss Financial Services moved higher to its record high of Rs 224, up 4%, extending its Wednesday’s 5% surge on BSE, after the company reported 41% year-on-year (YoY) jump in net profit at Rs 196 crore in June quarter (Q1FY18). It had profit of Rs 140 crore in the same quarter year ago.

The asset quality of the overall credit book continued to remain under control with gross non-performing loans (NPLs) at 1.71% and Net NPLs at 0.61% during the quarter under review. Gross NPLs and net NPLs stood at 1.59% and 0.6%, respectively, at the end of March quarter.

HPCL was up 4.4% to Rs 401 in intra-day trade on report that the government will end subsidy on kerosene.

COMPANY	LATEST	ALL TIME HIGH	PREV HIGH	PREV DATE
APOLLO TYRES	275.70	279.00	278.35	02-Aug-17
AVANTI FEEDS	1772.00	1799.00	1764.30	01-Aug-17
CAPLIN POINT LAB	747.00	775.00	775.00	14-Jul-17
COROMANDEL INTER	458.90	467.50	463.20	31-Jul-17
EDELWEISS.FIN.	223.15	224.20	216.45	02-Aug-17
H P C L	395.10	400.80	392.60	14-Jul-17
MAGMA FINCORP	177.30	185.00	181.20	18-Jul-17
MOTHERSON SUMI	335.80	336.35	335.75	02-Aug-17
RELIANCE INDS.	1641.35	1646.50	1636.00	02-Aug-17