Indian equity benchmarks rose to record highs in early trade today, along side its Asian peers which surged too, being at the brink of their best week in six months.
The S&P BSE Sensex rose as much as 0.61 percent to 34,175, while the NSE Nifty 50 Index rose as much as 0.55 percent to 10,562.
The market breadth was tilted in the favour of buyers. Seventeen of the 19 sector gauges compiled by BSE Ltd. rose, led by the S&P BSE Telecom Index's 2.42 percent gain. On the flipside, the S&P BSE Oil and Gas Index was the worst performer, falling 0.68 percent.
Here Are The Stocks Moving This Afternoon:
Idea: Rises On CLSA Upgrade
Shares of Idea Cellular Ltd. rose as much as 13.73 percent, most in 13 months, to Rs 118.9.
Global brokerage CLSA upgraded the stock to ‘Buy' from ‘Sell' after Idea said that it plans to raise as much as $1 billion and its merger with Vodafone will be completed earlier than scheduled.
The target price was raised to Rs 130 from Rs 77, implying a potential upside of 19.6 percent from yesterday's close.
Reliance Communications: Chinese Lender Revokes Insolvency Plea
Shares of the Anil Ambani led company rose as much as 8.56 percent to Rs 36.15.
A report in Economic Times suggested that China Development Bank plans to withdraw its insolvency filing against the company after receiving some payment.
The stock has been rising for two sessions now. Around seven analysts have this stock on their portfolio, out of which five recommend ‘sell', two recommend ‘hold' and only one analyst has a ‘buy' recommendation.
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GTL Infrastructure: Rises On New Acquisition
Shares of the telecom infrastructure rose as much as 12.14 percent to Rs 7.85.
GTL Infrastructure Ltd. will add 5,000 tenancies in the current and the upcoming fiscal each. The company also informed in its filing that the merger with Chennai Network Infrastructure Ltd. has been completed.
Till now, none of the analysts have this stock on their portfolio.
Indian Overseas Bank: Rises On Plan To Wipe Out Losses Approved
Shares of the Chennai based bank rose as much as 10.2 percent, most in a little over two months, to Rs 25.4.
Indian Overseas Bank has approved the plan to use Rs 7,650 crore from its share premium account to write off losses to the tune of Rs 6,980 crore, as of March 2017, according to the bank's exchange filing.
The bank's stock has been gaining for three consecutive sessions.
Varun Beverages: Rises On Deal With Pepsico
Shares of Varun Beverages Ltd. rose as much as 9.19 percent to Rs 750.4.
The company informed the exchanges that it has entered into a partnership with PepsiCo for Tropicana, Gatorade and Quaker Value-Added Dairy across North and East India.
The company also had 11.7 lakh shares change hands in a block deal, where buyers and sellers were not immediately known.
Tata Motors: Rises As Jaguar Volume Surged
Shares of Tata Motors Ltd. rose as much as 1.49 percent to Rs 436.35.
Jaguar Land Rover announced a growth of 49 percent in volume for the calendar year 2017. Contribution to this exceptional growth came from almost all models- XE , F-PACE, Discovery Sport and Range Rover Evoque being the most popular with customers.
The analyst consensus rating is equivalent to ‘Buy' for this stock, while it trades 13 percent below the Bloomberg consensus one-year target price.
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