Nifty Ends FY17 At Record High
Asian shares gained as China’s factory output rose to almost 5 year high.
Market Wrap
Closing Bell
Indian shares closed little changed after a last hour rally in index heavyweight Reliance Industries’ stock and gains in energy producers offset losses in financials and select automakers.
The S&P BSE Sensex fell 0.1 percent to 29,613 while the NSE Nifty was flat at 9,173 – bang on its all-time high closing. The market breadth was skewed in favour of the buyers at 2:1.
KKR Said To Woo State Funds On Deal For $12 Billion Tower Firm
A consortium led by KKR & Co. has approached sovereign funds about joining a potential deal to take over Indus Tower Ltd., which could value India’s largest wireless infrastructure company at more than $12 billion, people with knowledge of the matter told Bloomberg.
Stock Alert: Reliance Industries
- Reliance Industries jumps as much as 5.3 percent to Rs 1,337, highest intraday level since May 2008
- Trading volume at 14 percent of stock's 20-day average
- Stock trades at 14.1 times estimated forward earnings per share: Bloomberg data
L&T Set For First Quarterly Gain Since June
Shares of construction and engineering firm were set to snap two quarter losing streak after it gained nearly 17 percent for three month period ending March 31, 2017.
Larsen and Toubro gained as much as 1.6 percent today, to its highest since August 1, 2016.
L&T Performance In Numbers
- +30% YTD
- Outperforms S&P BSE Capital Goods Index (+20% YTD)
- +7.5% in March versus 2.9% advance in Sensex
- Stock 3.5% below the Bloomberg consensus one-year target price
- Secures nearly Rs 18,049 crore worth of new orders in March
- V-Guard Industries (+50% YTD) best performer on the S&P BSE Capital Goods index
