Shares of Reliance Industries, Bajaj Finance, United Breweries, Page Industries, Jubilant FoodWorks and Sundram Fasteners from the S&P BSE500 index hit their respective new highs in intra-day trade in otherwise subdued market.
Jubilant FoodWorks was up 2% to Rs 2,765, surpassing its previous high of Rs 2,748 touched on May 28, 2018, ahead of 1:1 bonus issue. The stock has rallied 54% thus far in CY18.
Thus far in the current calendar year 2018 (CY18), all these stocks have outperformed the market by gaining by upto 54%, as compared to 4.6% rise in the S&P BSE Sensex.
Jubilant FoodWorks has fixed Saturday, June 23, 2018 as the record date, for the purpose of determining the list of equity shareholders of the Company, who will be entitled for issue and allotment of bonus equity shares. The stock will turn ex-bonus on Thursday, June 21, 2018.
The theme around favourable demographics, rising disposable income and low per capita beer consumption continues to attract global beer companies in India. From a regulatory perspective, the worst appears to be over with fading of highway ban and stable state excise policies that would create a favourable consumer pricing scenario and assist overall volume growth. In addition to the same, formalisation of the sector (corporation model) would benefit large players like UBL, analyst at ICICI Securities said in result update. The brokerage firm maintains BUY rating on the stock with a revised target price of Rs 1330.
Shares of UPL gained around 3 percent in the morning trade on Friday after Deutsche Bank reiterated its buy call on the stock with a target of Rs 890 apiece.
The stock has lost 3 percent in the past one month, while in the past three days, it has gained over 2 percent. At 11:01 hrs UPL was quoting at Rs 704.00, up Rs 19.30, or 2.82 percent, on the BSE. It touched an intraday high of Rs 705.55 and an intraday low of Rs 686.65.
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