Shares of Mahindra & Mahindra
(M&M), Berger Paints India, Bata India
and Exide Industries
were among eight companies from the S&P BSE500 index hit their respective new highs on the BSE in otherwise range-bound market.
Indiabulls Ventures, Graphite India, Nestle India and Sanofi India, too, touched record highs today. On comparison, the S&P BSE Sensex was trading 0.3% or 108 points lower at 37,917 at 01:23 pm.
hit a new high of Rs 1,125, up 3%, extending its past two days 9% gain on the BSE. In past three months, the stock of graphite electrode manufacturer rallied 50% against 7.7% rise in the Sensex.
The company posted a stellar set of numbers by positing consolidated net profit of Rs 9,557 million in June quarter (Q1FY19) against Rs 300 million in Q1FY18. Strong demand for graphite electrodes from the EAF steelmaking route amid supply constraints has led to a sharp increase in graphite electrodes prices, thereby resulting in healthy profitability.
too up 3% at Rs 291 on the BSE. The company had posted strong a 32% year on year (yoy) growth in Q1FY19 sales to Rs 27.7 billion on robust growth in automotive and industrial segments. Automotive replacement growth was strong in Q1, with the momentum likely to continue ahead. The company reported 11% yoy jumped in net profit at Rs 2.1 billion said it is focussing on cost control and technology upgradation as strategies to improve the bottom-line.
Berger Paints has surged 5% to Rs 330, surpassed its previous high of Rs 325 recorded on July 25, 2018 on the BSE in intra-day trade. The trading volumes on the counter more than doubled with a combined 2.63 million equity shares changed hands on the BSE and NSE.
Berger Paints had reported 19.5% yoy growth in consolidated net profit at Rs 1.35 billion in Q1FY19, on back of 20.7% rise in operational income. The company expects decorative paint segment expected to show improved growth going forward on the back of normal monsoon and reduction in GST rate.
hit a new high of Rs 951, up 2%, trading higher for the third straight day after the company reported a better-than-expected 63% surge in June-quarter profit at Rs 12.21 billion, on back of robust sales. Revenue from operations grew over nine per cent to Rs 135.20 billion.
“Looking ahead, we expect M&M
to sustain ongoing positive momentum on the back of government’s strong rural thrust and expectation of normal monsoon. As M&M’s key product portfolio continues to be rural-focused, it would continue enjoy the benefit of improving rural economy, in our view,” analyst at Reliance Securities said in result update.
Expecting meaningful improvement in rural demand, strong product pipeline and attractive valuation, we reiterate our “BUY” recommendation on the stock with a revised SOTP-based target price of Rs 1,035 (from Rs1015 earlier), it added.