YES Bank, Axis Bank, Asian Paints hit 52-week highs

YES Bank, Axis Bank, Asian Paints, LIC Housing Finance and Dewan Housing Finance Corporation are among 30 stocks from the BSE500 and Nifty500 indices, which hit their 52-week highs on Friday.

YES Bank ended 3% higher at Rs 1,291 on the BSE on reports that the stock's weightage on the MSCI Global Standard Indexes was raised to 1.7% from 0.46% earlier. The increase could translate into additional buying of $224 million.

The private sector lender was included in MSCI Global Standard Indexes, one of the leading research-based indices, as per their May 2016 Semi-Annual Index Review, published on May 16, 2016, with an original weightage of 0.46%.

Axis Bank closed 4% higher at Rs 591, after hitting a high of Rs 593 on the BSE in intra-day trade. Axis Bank and payments company Suvidhaa Infoserv, on Thursday launched 'Nano Credit' to offer pre-approved, instant and unsecured loans for the urban low-income segment.

Shares of housing finance companies are in focus with LIC Housing Finance, Dewan Housing Finance Corporation, Can Fin Homes and Gruh Finance trading at their respective 52-week highs on the BSE.

According to Angel Broking, India is expected to witness a robust housing finance growth going forward as the mortgage penetration in India remains at very low levels at 9% to GDP as compared to the developed countries where it is in the range of 60-100%.

“DHFL’s nearly 70% of the bank borrowings are due for maturity over the next three years and swapping a part of that with non-convertible debentures (NCDs), where it has around 100 basis points cost benefit, will help DHFL in maintaining its net interest margin (NIM) at around 2.9%,” said Angel Broking in August top picks report.

Sundram Fasteners up 6% to Rs 235 extended its 16% gain in past four trading sessions after reported a robust June quarter earnings. The company's net profit nearly doubled to Rs 75.55 crore for the quarter ended June 30, 2016 (Q1FY17), on the back of strong operational performance.

TVS Group Company engaged in auto parts & equipment business had profit of Rs 38.51 crore during the same period in the previous year.

Yes Bank

Axis Bank