When it comes to the Indian stock market, analysts are not following investors’ exuberance. A booming economy and encouraging corporate results have sent the benchmark S&P BSE Sensex racing past 22 record highs this year. While gains have accelerated in the past six weeks, analysts have failed to keep up, and the average price estimate for members of the gauge is now just 14 percent above their stock prices, the narrowest gap since February, data compiled by Bloomberg show.

Shares of Reliance Industries (RIL) hit a new high of Rs 1,208 per share, up 2% on the BSE on Wednesday, surpassing its previous high of Rs 1,203 recorded on August 1, 2018 in intra-day trade.

Thus far in the current financial year 2018-19 (FY19), RIL has outperformed the market by surging 37% from Rs 883 on March 28, 2018.

Mumbai: State Bank of India (SBI) has set a target to increase the user base for its app YONO (You Only Need One) by 100 times to 250 million in two years, chairman Rajnish Kumar said on Wednesday. Speaking to reporters after launching its new payment solution on Wednesday, Kumar said registered users for YONO have reached 2.5 million. “For YONO, we have big plans and our target is very ambitious for the next two years,” he added.

Normal life came to a grinding halt in Cuddalore and Villupuram districts since early morning on Wednesday as shops, business establishments and educational institutions remained shut and vehicles kept off the roads following the death of DMKD president and former Tamil Nadu Chief Minister and DMK patriarch M. Karunanidhi.

A court today issued summons to ICICI bank’s Managing Director Chanda Kochhar and others in connection with case involving a joint account, after the manager of the branch concerned did not appear before it. Chief Judicial Magistrate Anand Prakash Singh fixed August 16 for their appearance.

Punjab National Bank (PNB) on Tuesday reported a net loss of Rs 940 crore in the April-June period, its second straight quarterly loss, as it struggles to rebound from a Rs 14,357-crore fraud it had announced in February, involving jewellers Nirav Modi and Mehul Choksi.

Mahindra & Mahindra (M&M) on Tuesday reported a 67% year-on-year rise in consolidated net profits at Rs 1,257 crore for the three months to June, driven by a smart increase in revenues. It may be recalled that Q1FY18 was the pre-GST quarter during which companies stayed light on inventories. The company’s revenue rose 23% year-on-year to Rs 13,358 crore, driven by increase in volumes of 5.6% year-on-year in SUVs and a smart 19% year-on-year jump in the volumes of tractors.

TVS Motor Company has reported a 13.2% growth in its net profit for the quarter ended June 30, 2018 to Rs 146.6 crore as against Rs 129.5 crore in the same quarter last fiscal. However, it missed market expectations as analysts were expecting the profit of around Rs 170 crore. In spite of a strong 14% growth in total two-wheeler sales (including exports) to 8.93 lakh units in the quarter under review as compared to 7.85 lakh units sold in the quarter ended June 2017,

Looking forward to growing demand and upcoming festive season, leading carmaker Tata Motors aims to cross 5 lakh units production mark by October this year at the Sanand plant in Gujarat. The company has achieved 100% utilisation of the plant and running three shift to meet the demand. “The plant has so far rolled out over 4,50,000 units since inception and is among fastest expanding plants of Tata Motors.

Worried over an inordinate delay in the resolution of Essar Steel’s debt, Indian lenders are taking legal opinion on how to settle the Rs 60-billion debt of Uttam Galva Steels (UGSL). Insolvency proceedings of UGSL is pending before the National Company Law Tribunal (NCLT) in Mumbai since December last.

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