At 10:46 AM; the S&P BSE Sensex was up 1.2% or 382 points at 33,488, after hitting high of 33,521 in intra-day trade. The banking index S&P BSE Bankex hit a new high of 29,510, up 2% or 608 points in today’s trade.
Moody's Investors Services on Friday upgraded India’s sovereign ratings from the lowest investment grade to a notch higher, in a vote of confidence in the Narendra Modi-led central government’s decisions on demonetisation, introduction of the goods and services tax (GST) and measures to resolve banks’ bad asset issue, among other reforms.
Also, in a move that will help India in attracting more foreign fund flows and corporates in tapping debt at lower rates abroad, the agency changed its outlook on India’s rating to stable from positive. CLICK HERE TO READ FULL REPORT
Among the individual stocks, Radico Khaitan surged 10% to Rs 276, also its record high on the BSE. The stock of alcohol and alcoholic beverages extended its Thursday’s 15% rally on the BSE.
Eveready Industries too hit a new high of Rs 396, up 6% in intra-day trade today. The stock soared 16% in past six trading sessions, after the company reported net profit of Rs 36 crore, a 42% growth in September quarter (Q2FY18). EBITDA (earnings before interest, taxes, depreciation and amortization) margins improved to 11.8% in Q2FY18 from 11.6% in Q2FY17.
The performance of LED products in delivering profitability in the segment is encouraging. It is expected that this segment will continue to have higher contribution to the Company’s growth and profitability, with new launches in the high margin luminaire segment. The company will also phase out CFL products from its range in the next two quarters, Eveready Industries while announcing results on November 10, 2017.
Polaris Consulting & Services hit a fresh 52-week high of Rs 344, up 4% on the BSE. Since October 25, the stock of IT software products Company zoomed 42% after the company said its board will meet on October 31, to consider proposal of voluntary delisting of the equity shares.
In a filing made with the exchanges, the board said it has taken on record the proposal filed by Virtusa Corporation for delisting of the shares and has appointed YES Bank as the merchant banker to carry out due diligence as required by regulations.