Grasim Industries, Biocon, Yes Bank, Zee Entertainment hit 52-week highs

Grasim Industries, Biocon, Yes Bank and Zee Entertainment Enterprises have touched their respective 52-week highs on the BSE in an otherwise weak market, extending their gains after reporting good earnings for the quarter ended March 31, 2016 (Q4).

Zee Entertainment Enterprises has surged 7% to Rs 447 on the BSE after the company reported 13% year on year (YoY) jump in consolidated net profit at Rs 261 crore for the fourth quarter ended March 31, 2016 (Q4FY16), on the back of double digit growth in operational revenues.

The company’s operating revenues during the quarter under review grew 14% to Rs 1,532 on YoY basis. EBITDA (earnings before interest, taxes, depreciation, and amortisation) margin expanded 690 basis points to 27% over the previous year quarter.

Grasim Industries hit high of Rs 4,300, also its lifetime high on the BSE. In past three trading sessions, the stock gained 5% as compared to less than 2% rise in Sensex after the company posted 37% YoY growth in consolidated net profit at Rs 696 crore in Q4FY16. EBITDA margin improved to 20.5% from 18.6% during the quarter.

Motilal Oswal maintains ‘Buy’ rating on the stock with a target price of Rs 4,768.

“Being the market leader, Grasim is a strong play on account of the improving outlook for all its businesses (VSF, Chemical and Cement). The company’s high utilization provides visibility to its strong capital efficiencies,” the brokerage house said in a results update.

Biocon too hit a lifetime high of Rs 632, up 2%, extending its 12% rally in past 10 trading sessions on the BSE. India's largest Biopharma firm reported 79% YoY jump in fourth quarter profits to Rs 361 crore and 17% increase in revenue to Rs 1,004 crore.

Yes Bank (Rs 960), Atul (Rs 2,005), Store One Retail (Rs 105) and DCM Shriram (Rs 175) has touched their respective 52-week highs on the BSE in intra-day trade.

At 11:23 am, the S&P BSE Sensex was down 46 points or 0.18% 25,726. The benchmark index has fallen 364 points during intra-day at 25,409.

 


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