Asian Paints, Godrej Consumer, Havells India, Pidilite hit 52-week high

Asian Paints, Godrej Consumer Products, Havells India, Pidilite Industries and Grasim Industries are among 11 stocks from the BSE-500 index have touched their respective 52-week highs on the Bombay Stock Exchange (BSE) in an intra-day trade on Monday.

Biocon, Essel Propack, GHCL, Omaxe, Shriram Transport Finance and Supreme Industries are among others that have also hit 52-week highs.

At 11:37 am, the S&P BSE Sensex was up 1.5% or 375 points at 25,682.

Havells India was up nearly 3% to Rs 377, extending its gain after reporting a good set of number and inclusion in MSCI India index with effect from May 31, 2016.

Since May 11, the stock rallied 11% from Rs 340 compared to 0.43% decline in the benchmark index.

Shares of personal products maker Godrej Consumer Products surged 5% to Rs 1,461 on the BSE.

The company had posted 17% year on year jump in consolidated net profit at Rs 266 crore for the quarter ended March 2016 (Q4FY16), on back of 9% YoY growth in sales at Rs 2,266 crore. Earnings before interest, taxes, depreciation and amortization (EBITDA) margins expanded by 90 basis points to 19.6%.

“Performance was led by double-digit growth in Household Insecticides and recovery in hair colours while growth in soaps was impacted due to deflationary pressures,” Godrej Consumer Products said in a statement.

Pidilite Industries up 3% at Rs 676, extending its 8% gain in past four trading sessions post Q4 results. The specialty chemicals maker reported a strong 89% YoY jump in its consolidated net profit at Rs 153 crore for Q4FY16, on back of higher volume growth and lower input cost.

Motilal Oswal Securities maintains ‘Buy’ rating on the stock with a revised target price of Rs 750.

“A potentially normal monsoon could further revive demand. Pidilite Industries offers a high quality discretionary play due to its strong competitive positioning, proven in-market excellence and an impeccable track record of generating long-term shareholder value over multiple periods,” the brokerage house said in a report.

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