Sensex, Nifty Buck Asia Slump As BJP Seen Winning Key State Election
Indian equity benchmarks rose for second day in a row after exit polls indicated that Bhartiya Janata Party (BJP) will be winning state elections in Gujarat and Himachal Pradesh in a boost to Narendra Modi-led National Democratic Alliance government.
The S&P BSE Sensex rose 0.65 percent or 216 points to 33,463 and the NSE Nifty 50 Index advanced 0.79 percent or 81 points to 10,333. For the week, Nifty and Sensex gained 0.6 percent each.
All sector gauges barring the S&P BSE Telecom Index ended higher led by the S&P BSE Realty Index's 1.96 percent gain.
Eveready Industries Gains On Multiple Order Wins
Shares of the Kolkata-based electronic products maker rose as much as 2.5 percent to Rs 435 after it received order for supply of ceiling fans from ministry of power worth Rs 22 crore. It also won an order from Kolkata Municipal Corporation for supply of LED lights worth Rs 1.71 crore, Eveready said in a stock exchange filing.
Tyre Stocks Buzzing In Trade
Shares of the tyre manufacturers were buzzing in trade today.
- JK Tyre rose 8.2 percent
- TVS Srichakra rose 1.6 percent
- Modi Rubber advanced 2.7 percent
- Ceat gained 3.4 percent
- Apollo Tyres rose 3.7 percent
- Balkrishna Industries rose 2.2 percent
- MRF gained 3 percent
Deepak Fertilisers Gains As Tribunal Rejects GAIL India's Rs 357 Crore Claim
Shares of the Pune-based feriliser maker rose as much as 5.15 percent, the most since Dec. 11, to Rs 406.50 after an arbitration tribunal rejected GAIL India's Rs 357 crore claim arising out of a dispute between the two on terms of usage of gas supply.
Fab Four Stocks Of The Day
Renaissance Jewellery: The Mumbai-based jewellery maker was locked in 20 percent upper circuit at record high of Rs 275.45.
- Revenue up 2.5 percent to Rs 272 crore.
- Net profit up 23 percent to Rs 9.6 crore.
- Ebitda up 19 percent to Rs 16.5 crore.
- Margins at 6.1 percent versus 5.2 percent.
Vedanta: The Panaji-based metal maker rose as much as 4.6 percent, the most in four months, to Rs 297.70 after Credit Suisse initiated coverage on the stock with an 'outperform' for target price of Rs 345.
Credit Suisse in a note said:
- Aluminium business is most important for incremental profits.
- Global supply-demand and surging raw material prices bodes well for Aluminium.
- Zinc prices have peaked and despite planned volume growth, Hindustan Zinc is fully valued.
- Much of the ex-HZL upside is purely execution-dependent.
- Vedanta not expensive even after adjusting for Hindustan Zinc.
- Volume projections are below company guidance, and remains risk to rating.
TV Today: The Delhi-based news channel operator rose as much as 5.7 percent, the most since Dec. 7, to Rs 409 after the company approved merger with subsidiary India Today.
JK Tyres: The Delhi-based tyre maker rose as much as 10 percent, the most in nearly three months, to Rs 142 on the back of heavy volumes. Trading volume was eight times its 20-day average.