Reliance Industries, HPCL, Edelweiss Financial hit new highs

STOCK MARKET - Reliance Industries (RIL), Hindustan Petroleum Corporation (HPCL), Edelweiss Financial Services, Motherson Sumi Systems, Magma Fincorp and Caplin Point Laboratories are among nine stocks from the S&P BSE 500 index that hit their respective new highs on BSE in intra-day trade on Thursday. The benchmark S&P BSE Sensex, on the other hand,  was down 0.4% or 129 points at 32,344 at 12:03 pm.

RIL hits a new high of Rs 1,645, up 1% on BSE in intra-day trade, extending its 6.5% gain in past two weeks. The company had posted strong operational performance in June quarter and recommended a bonus shares in the ratio of 1:1 i.e. one bonus share for every held by shareholder.

The gross refining margins (GRMs) at $ 11.9/bbl were highest since Q2FY09 and petrochemical segment EBIT margins of 16.5% were highest since Q2 FY10. With a backdrop of such strong performance along with scale up new projects in the core businesses and tremendous value creation potential of its telecom business, analysts at IIFL Wealth Management maintain ‘buy’ rating with upward revision in estimates and target price of Rs 2,000.

Edelweiss Financial Services moved higher to its record high of Rs 224, up 4%, extending its Wednesday’s 5% surge on BSE, after the company reported 41% year-on-year (YoY) jump in net profit at Rs 196 crore in June quarter (Q1FY18). It had profit of Rs 140 crore in the same quarter year ago.

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