Asian Paints, HDFC Bank, Hindustan Unilever (HUL), IndusInd Bank
and Kotak Mahindra Bank
- were among the 5 S&P BSE Sensex stocks tha hit their respective record high after the benchmark index rally more than 1% as BJP leading in Karnataka.
JSW Steel, Magma Fincorp, Nestle India and Pidilite Industries from the S&P BSE500 index, too, hit new high on the BSE in intra-day on Tuesday.
At 10:06 am; the S&P BSE Sensex was rallied 424 points or 1.2% at 35,980, while the Nifty 50 index up 1.1% or 119 points at 10,926.
hit a new high of Rs 1,543, up 2.5% on the BSE in early morning trade, after the fast moving consumer goods (FMCG) major reported a better than expected sales volume growth of 11% in March quarter (Q4FY18). Analysts expected sales volume growth in the range of 5% to 8%.
reported 14.2% increase in its standalone net profit to Rs 13.51 billion in Q4FY18, driven by a strong double digit volume growth. The company had posted a net profit of Rs 11.83 billion in January-March period a year ago.
The company’s net sales during the quarter under review stood at Rs 90.03 billion compared to Rs 87.73 billion in the same quarter previous fiscal. EBIDTA (Earnings before interest, tax, depreciation and amortization) margin improved 240 bps to 22.5% in Q4FY18 from 20.1% in Q4FY17.
In our view, double digit growth in sales volumes during 4QFY18 has been encouraging and points towards an improving rural economy. We believe that the company will witness accelerated growth in sales led by strong recovery in personal care and broad based growth in fabric care, said analysts at Antique Stock Broking in result review.
Nestle India hit high of Rs 9,662, up 1%, extending its past two days 6.5% surged, after the company reported a better than expected 38% year on year (YoY) growth in net profit at Rs 4.24 billion in March 2018 quarter (Q1CY18).
Analysts on an average had expected profit of Rs 4.06 billion for the quarter from the FMCG firm.
Domestic sales grew 13.4% at Rs 25.60 billion on a comparable basis, adjusted for Goods and Services Tax (GST). Exports were up 6% at Rs 1.78 billion. EBIDTA margin improved 25.5% in Q1CY18 from 22.5% in Q4CY17 and 20.9% in Q1CY17.
“During the quarter the company has sustained growth momentum, which is backed by broad volume based growth across categories. This is in line with the company’s strategy of broad based growth through increased penetration,” said Suresh Narayanan, Chairman and Managing Director, Nestle India.