Despite the weakness shown by the benchmark indices, over 50 stocks from the BSE500 index bucked the trend and hit fresh all-time high in last five sessions. They included ITD Cementation and Exide Industries, which hit all-time high of Rs 180 and Rs 234 on April 12.
On the subdued performance of the benchmark indices, Vijay Singhania, Founder-Director of Trade Smart Online, said: “Across the globe, investors had many reasons to worry, including the rising geopolitical tension and the situation on the Korean Peninsula. Investor sentiment also turned cautious following a statement from US President Donald Trump that the dollar was getting too strong.”
Among other winners, Gujarat Gas, L&T Finance Holding, Muthoot Finance, Fortis Healthcare, IGL, Petronet LNG, Gayatri Projects, PNB Housing Finance, Sun TV, DCB Bank and Mahanagar Gas hit fresh all-time high in last few sessions.
Private sector DCB Bank on Monday reported a 24.3 per cent drop in net profit at Rs 53 crore for the fourth quarter ended March 31. It had reported net profit of Rs 70 crore for the January-March quarter of 2015-16.
Brokerage firm Motilal Oswal has a ‘neutral’ view on DCB Bank. “We expect loan growth (25 per cent CAGR) to be double the system loan growth rate. Strong branch expansion would keep near-term CIR elevated at around 60 per cent. Return ratios are likely to remain muted in the near term, with RoA at around 1 per cent and RoE at 11-13 per cent. Valuations at 2/15.4 times FY19E BV/EPS leave limited upside and largely factor in strong growth.”
Yet, oil market companies IndianOil (IOC) and Bharat Petroleum Corporation (BPCL) hit new all-time high on April 18 and April 13, respectively.
Shares of the oil retailers hogged limelight after they announced plans to go for daily review of petrol and diesel prices from May 1 in sync with international rates much like what happens in most advanced markets. Brokerage ICICI Securities has a ‘buy’ rating on IOC and ‘hold’ rating on BPCL.
Multiplex operator PVR hit the sky at Rs 1,598 on April 17. Global brokerage UBS has maintained a ‘buy’ rating on PVR and raised the target price to Rs 1,850 from Rs 1,500 earlier.
“We are impressed by management’s focus and specific initiatives to realise upside from both F&B segment and number of screens. The near-term outlook from the…