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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)   

Other Latest News
NASSCOM inks MoU with Dubai Internet to expand Indian SMEs in MENA region
Posted on 1st October 2018
IT industry body NASSCOM has signed an MoU with a leading technology community here to help small and medium-sized Indian enterprises expand their operations in the Middle East and North Africa region.

The MoU between the National Association of Software and Services Companies (NASSCOM) and the Dubai Internet City (DIC) is first of its kind in the Middle East and North Africa (MENA) region.


Coal India to increase tenure of supply pacts with steel industry to 10 yrs
Posted on 19th October 2018
Coal India has decided to increase the tenure of fuel supply pacts to be signed with the steel industry to 10 years with a view to reducing the sector's reliance on imports for the fuel, according to a notice.

The new FSA tenure would be applicable from the fourth tranche of the auction of coking coal linkages for the steel sector to be held shortly, Coal India said in a notice to its subsidiaries.


IT shares trade weak; TCS hits 3-mth low, Infosys, HCL Tech down 4% each
Posted on 19th October 2018
Shares of information technology (IT) companies were trading lower at the bourses with Tata Consultancy Services (TCS), Infosys, Tech Mahindra and HCL Technologies falling up to 4% on the National Stock Exchange (NSE).

Mindtree, Sonata Software, Mphasis, Trigyn Technologies, Larsen & Toubro Infotech, Hexaware Technologies and Mastek were down in the range of 4% to 15%. At 01:41 pm,


Sensex cracks 408 points on global sell-off; Nifty below 10,400
Posted on 19th October 2018
The benchmark BSE Sensex sank over 408 points in early trade on Friday on heavy selling in IT, energy and banking stocks triggered by weak trends in global markets.

The broader NSE NIfty dipped below the 10,400-mark as 32 of its constituents led by Indiabulls Housing Finance dropped. The NSE Nifty index fell 80.85 points, or 0.77 per cent, at 10,372.30.


Former SBI Chairman Arundhati Bhattacharya joins Reliance Industries’ board
Posted on 19th October 2018
Former SBI chairman Arundhati Bhattacharya has joined the Reliance Industries board as an independent additional director, the Mukesh Ambani-led conglomerate said in a regulatory filing. She has been appointed for five years starting October 17, 2018, subject to shareholder approval, the statement further said.

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