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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
Audit clears Facebook despite Cambridge Analytica leaks
Posted on 21st April 2018
An audit of Facebook’s privacy practices for the Federal Trade Commission found no problems even though the company knew at the time that a data-mining firm improperly obtained private data from millions of users — raising questions about the usefulness of such audits. Facebook agreed to outside audits every two years as part of a 2011 settlement with the FTC over its privacy practices.

HDFC Bank Q4 net profit rises 20% to Rs4,799 crore
Posted on 21st April 2018
Mumbai: HDFC Bank Ltd on Saturday said its fourth quarter net profit rose 20.28% on the back of higher net interest income and other income.

The bank posted a net profit Rs4,799.28 crore for the three months ended 31 March compared to Rs3,990.09 crore in the year-ago period. Profit was lower than Rs4,858.9 crore estimated by a Bloomberg poll of 22 analysts.


L&T sells Bengaluru land parcel to Phoenix-CPPIB platform for Rs650 crore
Posted on 21st April 2018
Bengaluru: Island Star Mall Developers Pvt. Ltd, a strategic investment alliance by Phoenix Mills Ltd and Canada Pension Plan Investment Board (CPPIB) has acquired a land parcel in Hebbal, north Bengaluru for Rs650 crore from L&T Construction Equipment Ltd.

NORTH KOREA SUSPENDS NUCLEAR, MISSILE TESTS
Posted on 21st April 2018
North Korea on Saturday announced its suspension of all missile tests and shutting down of nuclear test site, saying its quest for nuclear arms was "complete" and it "no longer needed" to test its weapons capability.

"Under the proven condition of complete nuclear weapons, we no longer need any nuclear tests, mid-range and intercontinental ballistic rocket tests, and that the nuclear test site in northern area has also completed its mission," North Korean leader Kim Jong-un was quoted as saying by the state-run KCNA news agency.


PNB impounds passports of 150 wilful defaulters
Posted on 21st April 2018
NEW DELHI: Punjab National Bank (PNB), the country’s second-largest public sector lender + , has impounded passports of 150 wilful loan defaulters apart from lodging 37 FIRs against those who are not repaying loans as part of its recovery drive.

“The bank has already declared 1,084 wilful defaulters and published photos of 260 such defaulters in newspapers,” the bank said in a statement.


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