Reliance Shares hit a 52-week high, MCap Crosses USD100 bn

Oil-to-telecom conglomerate, Reliance Industries Limited (RIL) on Thursday reclaimed the USD100-billion Market capitalization (MCap), and its shares hit a 52-week high of Rs 1,091 on its business expansion plan announced at the Annual General Meeting last week ahead of June quarter earnings.

Reliance shares surged for the fifth consecutive session today. The company shares opened at Rs 1,043.15, and touched its 52-week high of Rs 1,091, up 5.27% against its previous closing price on BSE. Following the rise in stock, RIL’s market capitalization (m-cap) touched Rs 688,513.11 crore or Rs. USD 100 billion, aprox.  Similar stock rising action was seen on the NSE also, where the stock opened at Rs 1,044.35, then rose 5.02%to touch a 52-week high of Rs 1,091.

Reliance Industries Chairman, Mukesh Ambani, last week announced plans to launch ultra high speed fixed line broadband services.

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Markets end higher, Top Stocks

The Sensex ended at a 5-month closing high whereas the Nifty posted a near 4-week closing high on strong buying in capital goods, infrastructure, power, and metal stocks. The BSE index edged higher 276.86 points at 35,934.72 on Monday.

Major Sensex gainers were Vedanta, Asian Paints, YES Bank and Sun Pharma, while the top losers were TCS, Hero MotorCorp, HDFC and IndusInd Bank.

The NSE Nifty added 80.25 points, or 0.74 percent, to close the day at 10,852.90, with 38 stocks in the green and 12 stocks in the red. Asian Paints, YES Bank, Dr. Reddy’s and Vedanta stood as the top gainers in the Nifty index.

Share price of IT bellwether TCS concluded 1.34 percent down, ahead of its first quarter results 2019 to be announced Tuesday, 10 July 2018. Shares of TCS hit fresh all-time high after opening marginally higher in the opening bell today.

TCS presently commands a market valuation (MCap) of Rs 7.22 lakh crore on BSE.

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PNB sells stakes worth Rs109 crore in ICRA

India’s second largest PSU bank Punjab National Bank (PNB) has on Thursday sold 3,30,000  shares in the ICRA (Information and Credit Rating Agency of India) for about Rs 108.6 crore, through open market transactions.

The share-holding pattern of ICRA, as on March end, showed that PNB was holding almost 3,40,000 shares, which represents almost 3.43% stake.

Moreover, there is a market focus that PNB may sell its stake in PNB Housing Finance Limited also. As of March end, the bank PNB owns almost 32.96% stake in its subsidiary PNB Housing Finance Limited.

Further, PNB is planning to sell its non-core asset to raise additional capital. The bank’s board has also approved stake sales in the Global Credit Rating Information Services CRISIL and BSE.

On Friday, post lunch hours of trade, shares of Punjab National Bank was trading higher by 3.96 percnet at Rs. 76.15 on BSE. The stock opened at Rs. 73.95 and hit a high and low of Rs. 76.35 and Rs. 73.75 respectively, during the day.

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