Produced by: Aseem Thapliyal
The domestic equity market was trading higher in the afternoon session today. Sensex gained 87 points to 75,505 and Nifty rose 31 pts to 22,998.
V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services said, “The outperformance of the Hang Seng had led to ‘sell India, buy China’ trade during the last one month. It appears that this trade is over and that’s why FIIs have again turned buyers in India. What makes this rally healthy is the fact that it is being led by fairly valued large caps with the overvalued broader market taking a backseat. The trend of outperformance of large caps is likely to continue."
Shares of RVNL hit a record high of Rs 381 on Friday. Market cap of the PSU rose to Rs 77,802 crore. Total 34.49 lakh shares of the firm changed hands amounting to a turnover of Rs 128.60 crore on BSE.
Shares of Finolex Cables hit their record high in early deals today after the firm reported a 6.3% rise in Q4 profit. Net profit climbed to Rs 186.1 crore in the last quarter against Rs 175 crore in the fourth quarter of FY23. Finolex Cables stock opened higher at Rs 1165 on BSE. It rose 18.97% to a record high of Rs 1361.95. Market cap of the multibagger stock stood at Rs 20,398 crore.
Shares of Cochin Shipyard rose 7.38 per cent to a record high of Rs 2,034 today. The company is scheduled to come up with its fourth-quarter (Q4 FY24) results later in the day. Market cap of the firm rose to Rs 52,443 crore.
Shares of Metro Brands rose over 3 per cent during the trading session on Friday even as the footwear company reported a mixed set of numbers in the March 2024 quarter. Share of Metro Brands surged more than 4.04 per cent to Rs 1,159.95, commanding a total market capitalization of more than Rs 31,500 crore. The scrip had settled at Rs 1,114.85 in the previous trading session on Thursday.
Shares of Bharat Dynamics Ltd (BDL) traded ex-stock split on Friday. The stock rose 17.30 per cent to hit an adjusted one-year high price of Rs 1,650. Turnover came at Rs 61.44 crore, commanding a market capitalisation (m-cap) of Rs 57,183.75 crore.
Shares of Vodafone Idea gained over 6% in early deals after global brokerage UBS upgraded the stock to 'Buy' from 'Neutral'. UBS revised its target price to Rs 18 from Rs 13.10 earlier. The telecom stock rose 6.64%. Market cap of the firm rose to Rs 99,525 crore. Total 1443.24 lakh shares of the firm changed hands amounting to a turnover of Rs 212.27 crore on BSE.
Shares of Suzlon Energy fell 2% to Rs 47.25 against the previous close of Rs 48.25 ahead of the firm's Q4 earnings set to be announced today. Market cap of the firm fell to Rs 64,890 crore. Total 35.28 lakh shares of the firm changed hands amounting to a turnover of Rs 17 crore.
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