These stocks have touched record high in weak market
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updated on 4 Oct 2016
Escorts, LIC Housing Finance, Steel Strips Wheels(SSWL), Hindustan Zinc, Indian Oil Corporation (IOC) and Havells India are among the 33 stocks from the BSE midcap and smallcap indices that have hit their respective record highs after 2% rally in the broader markets today.
Balkrishna Industries, Ceat, MRF and Goodyear India from tyre, TVS Motor Company and Maruti Suzuki India from automobiles, Ajanta Pharma, Hikal, Jubilant Life Sciences and Vivimed Labs from pharmaceuticals and Dalmia Bharat, Orient Cement and Sagar Cements from cement sector too touch their lifetime highs on the BSE.
At 01:32 pm, the S&P BSE Midcap and S&P BSE Smallcap indices were up 2% each, as compared to 1.1% rise in the benchmark S&P BSE Sensex.
SSWL has surged 8% to Rs 627 on the BSE after the company reported 11% year on year (YoY) growth in total wheel rim sales of 12.08 lacs in September against 10.91 lacs in the same month last year.
The tractor and passenger segment did extremely good and are expected to tread the same path in 3rd quarter of 2016-17, SSWL said in a statement.
The passenger vehicle (PV) segment growth held steady into high double digit and good festive demand and is expected to remain strong going into this year. The single source products of the company are doing very good and will help increase the market share in PV segment, it added.
Escorts soared 8% to Rs 406 on expectation of strong tractor sales for the month of September. In past one-month, the stock outperformed the market by gaining 23% against 0.81% fall in the benchmark index, after the company reported 55% YoY growth in its domestic tractor sales to 3,722 units for the month of August.
Hindustan Zinc surged 13% to Rs 263 on back of an over-fold jump in trading volumes. The company with Rs 109,583 crore market capitalization at 01:48 pm, entered into the elite league of corporate entities with a market value of over Rs 1 lakh crore.
Zinc outlook is expected to remain firm on declining mine supply, with an estimated 1-1.2MT of mines/smelters comprising Glencore, Century and Lisheen mines going off stream. Major Chinese zinc smelters had also announced cuts of 0.5MT of zinc production in CY15 reducing the refined metal supply. Silver prices also have improved 38% YoY which would aid Hindustan Zinc's profitability,” analyst at Antique Stock Broking said in metals sector update.
The following is the list of stocks that touched all time high