Shares of three Nifty 50 companies - Reliance Industries (RIL), Tata Consultancy Services (TCS) and Bajaj Finance – hit their respective new highs on the National Stock Exchange (NSE) on Monday, rallied more than 60% each in past one year.
Besides these three companies, Dabur India, Havells India, Indiabulls Ventures, Infibeam Avenues, JSW Steel, Merck, MphasiS, Page Industries, Pfizer, RBL Bank, Sunteck Realty, Torrent Pharmaceuticals and VIP Industries were total 17 stocks from the Nifty 500 index touched new highs today.
All these stocks have outperformed the market by surging more than 40% as compared 18.5% rise in the Nifty 50 index in past one year. Seven out of 17 stocks have become multi-baggers and rallied up to 300%.
RIL was trading higher for the sixth trading days, up 1.4% at Rs 1,296, also its new high on the NSE. Reliance Jio Infocomm, a telecom unit of RIL, has surpassed Vodafone India to become India’s second largest telecom operator by revenue market share, according to a report on financial data released by the Telecom Regulatory Authority of India (Trai) for the second quarter of 2018.
TCS, too, hit a new high of Rs 2,055, up 1%, trading close to its share buyback price of Rs 2,100 per share. The stock had turned ex-date for share buyback on August 14, 2018.
Indiabulls Ventures hit a record high of Rs 805, rallied 40% during past one month. The board of directors of the company at their meeting held on August 14, had approved the proposal of raising funds aggregating up to Rs 80 billion. The company said it raised the funds for meeting their business requirements and to support the future growth of their businesses and to further augment the long-term financial resources of the Company.