YES Bank, Axis Bank, Asian Paints hit 52-week highs
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YES Bank, Axis Bank, Asian Paints, LIC Housing Finance and Dewan Housing Finance Corporation are among 30 stocks from the BSE500 and Nifty500 indices, which hit their 52-week highs on Friday.
YES Bank ended 3% higher at Rs 1,291 on the BSE on reports that the stock's weightage on the MSCI Global Standard Indexes was raised to 1.7% from 0.46% earlier. The increase could translate into additional buying of $224 million.
The private sector lender was included in MSCI Global Standard Indexes, one of the leading research-based indices, as per their May 2016 Semi-Annual Index Review, published on May 16, 2016, with an original weightage of 0.46%.
Axis Bank closed 4% higher at Rs 591, after hitting a high of Rs 593 on the BSE in intra-day trade. Axis Bank and payments company Suvidhaa Infoserv, on Thursday launched 'Nano Credit' to offer pre-approved, instant and unsecured loans for the urban low-income segment.
Shares of housing finance companies are in focus with LIC Housing Finance, Dewan Housing Finance Corporation, Can Fin Homes and Gruh Finance trading at their respective 52-week highs on the BSE.
According to Angel Broking, India is expected to witness a robust housing finance growth going forward as the mortgage penetration in India remains at very low levels at 9% to GDP as compared to the developed countries where it is in the range of 60-100%.
“DHFL’s nearly 70% of the bank borrowings are due for maturity over the next three years and swapping a part of that with non-convertible debentures (NCDs), where it has around 100 basis points cost benefit, will help DHFL in maintaining its net interest margin (NIM) at around 2.9%,” said Angel Broking in August top picks report.
Sundram Fasteners up 6% to Rs 235 extended its 16% gain in past four trading sessions after reported a robust June quarter earnings. The company's net profit nearly doubled to Rs 75.55 crore for the quarter ended June 30, 2016 (Q1FY17), on the back of strong operational performance.
TVS Group Company engaged in auto parts & equipment business had profit of Rs 38.51 crore during the same period in the previous year.
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The BJP will benefit from the anti-incumbency against the Biju Janata Dal government, which is in power for an unbroken 24 years in Odisha, and a strong Modi wave to dethrone Naveen Patnaik from the helm of the state, senior saffron party leader Vijaypal Singh Tomar claimed.
In an interview with PTI, Tomar said, "There is anti-incumbency and people in Odisha have decided to change the BJD government this time. Similarly, there is a strong Modi wave across India, which has also been strongly felt in this state."
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A senior TDP leader has said the priority of the party is to "rebuild" Andhra Pradesh and take the state out of the debt trap by getting rid of the YSR Congress Party (YSRCP) government.
Telugu Desam Party (TDP) National Coordinator (Election) and ex-Rajya Sabha MP Kanakamedal Ravindra Kumar said Andhra Pradesh has suffered more losses during the Jagan Mohan Reddy government than during the creation of the two Telugu states in 2014 when resources were shared with Telangana.
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The Supreme Court on Friday issued a notice to the Election Commission of India (ECI) regarding a plea seeking to frame rules in case ‘None of the Above' (Nota) option gets the majority in elections.
Motivational speaker Shiv Khera has petitioned that the ECI treat Nota as a "fictional candidate" and to establish guidelines for conducting re-elections in constituencies where Nota garners a majority.
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The just-concluded follow-on public offer (FPO) of Vodafone Idea Limited (VIL) has not only brought relief to the struggling telecom operator but also to the three investment banks that managed the Rs 18,000 crore share sale. According to the final prospectus filed by the Mumbai-based firm, it has paid Rs 287 crore, 1.6 per cent of the issue size, as book running lead manager (BRLM) fees.
This, according to PRIME Database, is the second-highest BRLM fee paid for a domestic FPO or an initial public offering (IPO).
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India’s largest non-banking financial company Shriram Finance on Friday reported a 57 per cent year-on-year (Y-o-Y) jump in its consolidated net profit for the fourth quarter of 2023-24.
In Q4 of FY24, the consolidated net profit of Shriram Finance stood at Rs 2,021.28 crore as against Rs 1,288.18 crore recorded in the same period of the previous year, due to rise in income and improved asset quality.
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