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Reliance Industries, NTPC Gain On Brokerage Upgrades
Shares of Reliance Industries Limited (RIL) rose above 2 percent on Friday to an intraday high of Rs 1,569.50 on NSE after HSBC raised its price target for the stock. The brokerage maintained a "buy" call on the stock and raised its target from Rs 1,565 to Rs 1,700.
HSBC said that RIL's operating trends for its telecom and retail segments remain strong and are set to drive its near-term upside potential. It further said that Jio's pans to increase tariffs offer scope for improvement in profitability.
NTPC was among the top gainers on Sensex, rising as much as 3 percent to an intraday high of Rs 119.20 apiece. The surge comes after Morgan Stanley upgraded the stock to "overweight" with a price target of Rs 152 per share (from Rs 146.7 earlier).
It said that the fixed costs under-recovery are reducing for the company and steady commissioning should drive earnings. It added that while impact of regulations is known, potential government stake sale remains an overhang.
Meanwhile, the two main benchmark indexes of the Indian market did not have a positive start. While BSE's Sensex opened 16 points lower at 40,559.17, NSE's Nifty 50 was down by 12.90 points to 11,955.50.
