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2 Nifty Stocks That Jumped More Than 11% Today
It's not too easy to find Nifty stocks that can rally over 10 per cent in a single day. However, the first day of trading for the week began with heavyweight Reliance Industries jumping 11 per cent, while IndiaBulls Housing surged more than 13 per cent in trade. This is phenomenal for any index stock and seldom happens on trading days.
Why Reliance Industries rallied?
Reliance Industries shares rallied more than 11 per cent, following Mukesh Ambani's announcement that Reliance Industries would be debt free in 18-months, following a stake sale to Saudi Aramco.
Most brokerages have upgraded the stock to a buy. Apart from this some interesting developments on retail and digital also led to buying in the stock.
Saudi Aramco will invest in the oil to chemicals business for a 20 per cent stake at $15 billion. This raises the enterprise value of the business to $75 billion.
The company also announced the roll-out of Jio Fibre from Sept 5, which further helped the stock in trade.
Most brokerages including Macquarie, Morgan Stanley and UBS have upgraded the stock.
Indiabulls Housing
IndiaBulls Housing shares have been rallying since Friday, when reports emerged that the promoter of the company is ready to cede management control, should the RBI give permission for the merger of the company with Lakshmi Vilas Bank. This propelled the stock 13 per cent higher on Friday, and another 13 per cent today. Last Thursday the stock had hit a 52-week low of Rs 429 and in two trading sessions it now trades at Rs 563.
Already, the company has received an approval from the CCI for merger with Lakshmi Vilas Bank. This is a stock that is extremely volatile and it is very difficult to understand movement in the stock. Last Thursday, when the Nifty rallied 177 points it barely participated and the next day it jumped a huge 13 per cent.
