RIL hit a new high of Rs 1,428, up 2 per cent, ahead of its July-September quarter (Q2FY20) results. The stock surpassed its previous high of Rs 1,418 touched on May 3, 2019. The oil-to-telecom behemoth today Friday hit another milestone as the market capitalisation of the company breached the coveted Rs 9 trillion-mark, a first by any Indian company. READ MORE ABOUT IT HERE
The Mukesh Ambani-led company is slated to release its September quarter results later in the day, where it is expected to report a strong quarter for the July-September period. Analysts expect refining to offset weakness in petrochemicals (petchem) and a lower tax rate benefit for the retail and telecom businesses.
HUL was trading higher for the eight straight day. The counter hit a new high of Rs 2,116 on Friday, gaining 5 per cent during the period. The fast moving consumer goods (FMCG) company reported better-than-expected Q2FY20 results.
HUL’s net profit grew 21 per cent year on year (YoY) at Rs 1,840 crore, while sales revenue rose 6 per cent YoY at Rs 9,708 crore relative to the corresponding quarter of the previous fiscal. EBITDA (earnings before interest, tax, depreciation and amortization) margin, too, expanded 293 bps YoY to 24.8 per cent in Q2FY20. Benign input cost, improved product-mix, cost saving initiatives, lower employee cost and higher operating leverage contributed to better operating performance despite higher advertising expenses. GET Q2 PERFORMANCE HERE
SBI Life Insurance, too, hit a new high of Rs 930. The stock has gained 12 per cent in four days, after the company reported a strong growth of 33.3 per cent YoY and 17.5 per cent YoY in gross written premium (GWP) and new business annualized premium equivalent (APE), respectively in Q2FY20. Renewals registered 33.2 per cent growth YoY.
Manappuram Finance that surged 8 per cent to Rs 155 on Friday extended its previous day’s 6 per cent gain on the NSE. The non-banking housing finance company surpassed its previous high of Rs 145 recorded on September 27, 2019. Analysts expect its assets under management (AUM) growth to gain traction going ahead given the sharp rise in gold prices. The company is in comfortable liquidity position of around 80 per cent assets mature within next three months, reports suggest.