D-Mart, Varun Beverages, Radico Khaitan, Edelweiss Financial hit new highs

Shares of Avenue Supermarts that runs the D-Mart retail stores, Radico Khaitan, Varun Beverages, Edelweiss Financial Services, Biocon, Hexaware Technologies, Kotak Mahindra Bank and MM Forgings were among 13 stocks from the S&P BSE 500 and Smallcap index that hit new high on the BSE in otherwise range-bound market.
Berger Paints, JMC Projects, GMM Pfaudler, Take Solutions and Pidilite Industries, too, hit their respective all-time highs on the BSE in intra-day trade today. On comparison, the S&P BSE Sensex was trading 0.41% lower at 35,021 points at 01:55 pm.

Radico Khaitan rallied 9% to Rs 479 on the BSE. Thus far in the month of May, the stock surged 14% after the company reported a more than doubled net profit at Rs 342 million in March 2018 quarter. It had profit of Rs 166 million in the same quarter last fiscal.

MM Forgings surged 10% to Rs 1,292, extending its previous day’s 4% gain on the BSE after the board of directors of the company recommended issue of bonus shares in the ratio of 1:1 i.e. one bonus equity share for every one share held on the record date.

Hexaware Technologies hit a new high of Rs 459, up 6% on the BSE, gaining 19% post March quarter results on May 4, 2018. The company reported a better than expected 11% sequential growth in its consolidated net profit at Rs 1.34 billion in March quarter (Q1CY18). Revenue grew 4.4% at Rs 10.49 billion over the previous quarter.

Analysts on an average had expected profit of Rs 1.29 billion on revenue of Rs 10.37 billion from the information technology company. On CC (constant currency) terms revenue growth was 3.3% at $161.2 million against analyst estimate of 2.5% during the quarter.