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Reliance Industries, Adani Transmission, Petronet LNG hit record high
Posted on 18th October 2017
Ashok Leyland, Finolex Industries, Havells India, NBCC (India), NIIT Technologies and Petronet LNG are among 21 stocks from the S&P BSE500 index hit new highs today.

Reliance Industries (RIL), Kotak Mahindra Bank, Adani Transmission, Hindalco Industries and Indraprastha Gas are among 21 stocks from the S&P BSE500 index, which hit their respective new highs on the BSE on Wednesday in an otherwise weak market.

Ashok Leyland, Finolex Industries, Havells India, NBCC (India), NIIT Technologies, Petronet LNG, Tata Chemicals and Vakrangee too hit record highs today. At 10:38 AM; the S&P BSE Sensex was trading 0.31% or 102 points lower at 32,508.

RIL hit a new high of Rs 894, up 2% on the BSE, extending its 4% gain in past four trading sessions. The company had reported a 12.5% increase consolidated net profit at Rs 8,109 crore for the second-quarter ended September 2017 (Q2FY18) on back of higher margins from its core refining and petrochemical businesses.

“Future outlook for refining and petrochemical segments look upbeat as the company ramps up off gas cracker and commences operations of petcoke gasifiers. We are raising estimates for petrochemicals and Jio, while we moderately cut forecasts for refining segment,” analyst at IIFL Wealth Management said in a note and retains BUY rating on the stock with a two year price target of Rs 1,300.

Johnson Controls-Hitachi Air Conditioning India, Bajaj Electricals and Whirlpool of India from the consumer electronics sector hit all-time high on expectation of higher demand in festival season.

The Q2FY18 performance of the consumer electrical sector is likely to witness a sequential recovery owing to restocking by trade channels post Goods and Services Tax (GST) roll-out on 1 July 2017.

“Post GST, the consumer demand is reviving gradually. Last year despite of the adverse impact of Demonetization in December, Whirlpool of India was able to maintain robust growth. This year we expect better performance with more disposable income, good monsoon, rollout of GST and growing demand ahead of festive season,” the brokerage firm Kisan Ratilal Choksey Shares and Securities said in a note.

The outlook at the Petronet LNG’s 5 million MT terminal at Kochi currently remained under -utilized on account of lack of pipeline connectivity. GAIL has recently started the work of its Kochi-Koottanud-Mangalore-Bangalore pipeline, which is expected to get completed by the end of 2018.

Thus, we expect to see the company to be headed for a significant increase in the bottom-line. Better utilization at Dahej and a moderate increase in the re-gasification tariffs can further contribute to earnings. If the GAIL pipeline gets completed on schedule, the company could receive additional 1-1.5 MMTPA of gas going forward, the brokerage firm said in Diwali picks.

Related Companies: Reliance Industries Limited (RIL)   

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In a statement issued here, Reliance General - a subsidiary of Reliance Capital Ltd - said the bancassurance agreement - corporate agency agreement - has been inked to distribute insurance products to the bank's customers.


 
The Enforcement Directorate (ED) on Friday issued a notice to former Bihar deputy chief minister Tejashwi Yadav and former Bihar chief minister Rabri Devi, asking them to appear on November 20 and November 24 respectively, in connection with the IRCTC hotel scam.

Earlier on November 13, the ED questioned the former Bihar deputy chief minister in connection with the scam.


 
Mumbai: A working group constituted by the Reserve Bank of India (RBI) said it favours a uniform method in extending facilities to hedge commodity price risk in overseas markets that is agnostic to the place of procurement.

The group, set-up in September 2016 to review the norms for hedging of commodity price risk by residents in the overseas markets, suggested that hedging of only direct commodity price risk may be allowed for now because of the complexity in assessing indirect risks faced by the users.


 
Bengaluru: Tata Consultancy Services Ltd (TCS) will build both technologies and talent rather than buy it from outside. TCS, India’s largest software services firm, maintains that it is the company’s DNA to build technologies and groom leaders to take up senior roles, even if implementing this strategy means the company has to sacrifice some growth in the short term.

“I don’t know if insular would be the right word but definitely, we believe in building talent and technologies in house,” chief executive officer Rajesh Gopinathan said in an interview on Wednesday.


 
ICICI Bank on Thursday said it is tying up with Paytm to offer short-term instant digital credit on the latter’s e-commerce platform. The new offering will enable customers common to the bank and Paytm to access instant credit to pay for movie tickets, bills, flight tickets and other goods. Last month, HDFC Bank had told FE that it would offer a digital credit line to users of its PayZapp wallet. ICICI Bank’s product is based on a big data-based algorithm for real-time credit assessment of customers, which will use a combination of elements such as credit bureau checks, purchase patterns and frequency of purchases to ascertain the credit–worthiness of a customer.

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