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ACC, Bajaj Auto, Tata Motors, YES Bank hit 52-week high


A broker laughs while speaking to a colleague, as they trade on their computer terminals at a stock brokerage firm in Mumbai

A broker laughs while speaking to a colleague, as they trade on their computer terminals at a stock brokerage firm in Mumbai


  ACC, Bajaj Auto, Tata Motors and YES Bank are among three companies from the Nifty 50 index that touched their respective 52-week highs in intra-day trade today on the National Stock Exchange (NSE).

Tata Motors and YES Bank ended higher by 3% each, while, ACC and Bajaj Auto closed less than 1% each, as compared to 0.81% rise in the Nifty 50 index.

YES Bank has moved higher to its record high of Rs 1,111 on the NSE, after Nomura maintained a ‘buy’ rating on the stock with revised target price of Rs 1,300 from its earlier target of Rs 1,125.

According to Nomura, YES Bank’s credit costs at around 60 basis points (bps) in FY15/16 and almost no impact from the RBI’s asset quality review highlight its superior underwriting, driven by better collateral structuring.

"The bank believes that around 70% of its exposure to stressed groups is well collateralised and we will continue to see examples of those exits even in FY17. This provides comfort that credit costs for Yes Bank will stay within the guided range," Nomura said in a report.

Tata Motors ended 3% higher at Rs 488, rallied 28% in past one-month, as compared to 7% rise in the benchmark index.

The brokerage firm Prabhudas Lilladher maintains "buy" rating on the stock with a target price of Rs 503.

“Jaguar Land Rover (JLR's) product launches in FY16 have materialised into good volumes and we expect FY17 would reap the benefits from these launches,” Prabhudas Lilladher said in a report.

Over FY17-18, four new products have been planned by JLR, of which, the new Discovery and new Range Rover appear most interesting. India operations would witness positives from the improved M&H CV demand and recovery from lows of LCV demand. However, we believe that the car portfolio is likely to be an underperformer.

Near-term concerns also arise from the possibility of Brexit and its possible adverse implications for JLR, although the exact quantum cannot be gauged by the company, added report.

Meanwhile, Dalmia Bharat, Escorts, JK Lakshmi Cement, JSW Holdings, KPR Mills, Petronet LNG and Shree Cement are among Nifty 500 stocks that hit their respective 52-week highs on the NSE in intra-day trade.

COMPANY LATEST 52 WK HIGH PREV HIGH PREV DATE ACC 1571.6 1579.7 1576.85 21-Jun-16 BAJAJ AUTO 2652 2666 2659.15 03-Jun-16 DALMIA BHAR. 1091.8 1100 1098 17-Jun-16 ESCORTS 204.35 214 210.4 22-Jun-16 JK LAKSHMI CEM. 384.85 394.8 394.8 21-Jun-16 JSW HOLDINGS 1292.95 1336 1151.95 22-Jun-16 K P R MILL LTD 982.9 997.75 988.9 31-May-16 PETRONET LNG 287.4 292.7 292.2 22-Jun-16 SHREE CEMENT 14442.1 14525 14269.95 22-Jun-16 TATA MOTORS 487.95 489.9 486.2 21-Jun-16 YES BANK 1110.8 1115 1085.35 07-Jun-16