Nifty hits record high; private banks, auto lead
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Shares of leading private sector lenders such as YES Bank, IndusInd Bank, HDFC Bank and Kotak Mahindra Bank and automobile stocks like Maruti Suzuki India, Eicher Motors, Bajaj Auto, Hero MotoCorp boost the Nifty50 index to hit a record high on Tuesday in intra-day trade.
These stocks, along with Reliance Industries (RIL), Bharat Petroleum Corporation (BPCL), Zee Entertainment, Tata Steel, Grasim Industries, Power Grid Corporation and Gail (India) have rallied more than 25% each from their March 4, 2015 levels.
The Nifty 50 index hit a record high of 9,122.75 on the National Stock Exchange (NSE), surpassing its previous high of 9,119.20 touched on March 4, 2015 during intra-day trade.
Only three stocks from the Nifty 50 index and all stocks from private banks like IndusInd Bank, Kotak Mahindra Bank and YES Bank are quoting their respective all-time highs on NSE.
However, ICICI Bank and Tata Motors from the private bank and auto sector are trading over 15% below their March, 2015 levels.
Along with these two, pharmaceutical stocks such as Sun Pharmaceutical Industries, Dr Reddy’s Laboratories, Lupin and Cipla, Wipro and Tech Mahindra from IT and Bharat Heavy Electricals, Idea Cellular, ACC and Coal India are trading well below their March 2015 levels.
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Shares of GMR Airports Infrastructure shot up 8.2 per cent at Rs 92.34 a piece on Friday’s intraday trade. A combined 3.07 million shares of the company changed hands on the BSE. In comparison the S&B BSE Sensex fell by 0.31 per cent 74,109 levels.
The stock of GMR Airports reached a 52-week high of Rs 94.30 on February 20, 2024, while it hit a 52-week low at Rs 40 on May 29, 2023.
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The Supreme Court on Friday told the Delhi government that it would consider listing its plea challenging the central government's law establishing pre-eminence of the lieutenant governor over the elected dispensation in controlling services in the national capital.
A bench comprising Chief Justice D Y Chandrachud and justices JB Pardiwala and Manoj Misra was urged by senior advocate Abhishek Singhvi, appearing for the AAP government, that the whole administration has come to a standstill and the matter needed to be heard.
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Cement maker ACC on Thursday said its profit after tax (PAT) increased four-fold to Rs 945 crore in the March quarter of the previous fiscal year on account of robust sales.
The company had reported a PAT of Rs 236 crore in the year-ago period.
Revenue from operations rose to Rs 5,409 crore in the fourth quarter as compared with Rs 4,791 crore in the year-ago period, ACC Ltd said in a regulatory filing.
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Nestle on Thursday missed first-quarter organic sales growth estimates, as the world's biggest packaged food company hiked prices and sold fewer products, particularly in North America.
The maker of Maggi noodles, Nescafe coffee and KitKat chocolate wafer bars confirmed its 2024 guidance of organic sales growth of about 4 per cent and a moderate increase in underlying trading profit margin.
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Shares of Hitachi Energy were buzzing in trade on Thursday as they soared as much as 18.89 per cent to hit a fresh record high of Rs 9,765.30 per share, driven by expansion plans. On the other hand, S&P BSE 500 was trading 0.21 per cent higher at 74,010.29 levels, as of 1:02 PM.
Hitachi Energy intends to establish additional global capability centres (GCCs) in India to bolster its local operations in response to escalating energy demand and the government's focus on expanding renewable energy generation, according to Reuters.
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