22 Sep 2022
22 Sep 2022
22 Sep 2022
22 Sep 2022
22 Sep 2022
22 Sep 2022
22 Sep 2022
Trendlyne Marketwatch
22 Sep 2022
Trendlyne Analysis
Nifty 50 lost over 85 points and closed below the 17,650 mark, on a volatile day of trade. European stocks traded lower than Wednesday's close, taking cues from the global markets. Major Asian indices closed in the red, tracking the US indices, which closed lower on Wednesday. US stocks fell as the Federal Open Market Committee (FOMC) raised the key interest rate by 75 bps to combat multi-decade high inflation. Speaking after the monetary policy decision, US Fed Chairman Jerome Powell said that more aggressive measures were needed to curb inflation. In reaction, the tech-heavy NASDAQ 100 index fell 1.8% while the Dow Jones closed 1.7% lower. Brent crude oil futures hovered around $90 per bbl as high interest rates and a slowing economy hurt crude oil demand.
Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, despite the benchmark index closing in the red. Nifty Bank and Nifty Energy trade lower than Wednesday’s close. Nifty IT closed in the red, taking cues from the NASDAQ 100, which closed lower on Wednesday.
Nifty 50 closed at 17,635.95 (-82.4, -0.5%) , BSE Sensex closed at 59,119.72 (-337.1, -0.6%) while the broader Nifty 500 closed at 15,344.10 (-17.2, -0.1%)
Market breadth is balanced. Of the 1,928 stocks traded today, 938 were on the uptick, and 938 were down.
TVS Motor sees a long build-up in its September 29 future series as its open interest rises 7.1% with put to call ratio of 0.77.
IDBI Capital upgrades its rating on Trent to ‘Hold’ from ‘Sell’ with a target price of Rs 1,446. The brokerage is no longer pessimistic about the company’s prospects as its average bill value improves compared to its peers along with Zudio’s rapidly increasing store count. The brokerage expects the firm’s revenue to grow at a CAGR of 41.1% over FY22-24.
Fortis Healthcare is falling as the Supreme Court orders the continuation of a stay on IHH Healthcare's open offer for the company, according to reports. The court ordered a forensic audit of the share sale in Fortis Healthcare in 2018 and refuses to allow the open offer from Malaysia’s IHH Healthcare to proceed.
Varun Beverages and Page Industries hit their all-time highs of Rs 1,173.2 and Rs 52,736, respectively. Both stocks rise for three consecutive sessions.
ICICI Securities maintains ‘Buy’ on Patanjali Foods with a target price of Rs 1,750. It expects the company to scale up its edible oil business, and expects operating margins to improve from consolidation of food business, backward integration in the palm plantation business and entry into new foods categories and high-margin segments like nutraceuticals.
- Reliance Industries’ arm Reliance Retail plans to launch a new clothing and accessories brand store chain, according to reports.
#ETReports | Reliance Retail is planning to launch a new clothing and accessories brand store chain to compete directly with Zara and H&M in India #RelianceRetail@ZARA@hmindia#StocksToWatchpic.twitter.com/heTxVYhEQd
— ET NOW (@ETNOWlive) September 22, 2022 Infosys falls and touches a 52-week low of Rs 1,360 per share. The stock fell almost 14%, the most in the Nifty IT index over the last 30 days.
GMM Pfaudler is rising as it receives approval from the Government of the UK to acquire the balance 46% stake in GMM International. The company shows up on a screener which lists stocks with annual net profit increasing over the last two years.
Suzlon Energy rises after it announces a board meeting on Sunday to consider and approve the terms and conditions of the rights issue. It will also determine the price of the equity shares in the meeting.
Kirloskar Oil Engines is rising as the company announces the acquisition of its remaining stake in La-Gajjar Machineries (LGM). The company acquired a 76% stake in LGM in 2017. LGM is now a wholly owned subsidiary of Kirloskar Oil Engines
Hardware Technology & Equipment, Realty, and Telecommunications Equipmentsectors fall by more than 4% over the past week.
ICICI Securities is optimistic about the future growth prospects of Krishna Institute of Medical Sciences as its initiates coverage on the stock with a ‘Buy’ rating. It has set a target price of Rs 1,565, implying an upside of 15.7%. The brokerage is positive on the company’s prospects given its strong brand recall, expansion into newer markers, strategic capital allocation and healthy margins. It expects the firm’s revenue to grow at a CAGR of 26.7% over FY22-24.
Bank of Baroda, SpiceJet, andFortis Healthcaretrade below their third support or S3 level as markets trade lower.
Aptus Value Housing Finance rises in trade after Citi Group initiates coverage on the stock with a ‘Buy’ rating and a target price of Rs 425. This implies an upside of 43%. According to the brokerage, the company’s pricing strategy and cost structure helped to deliver a ROA of 7.4% during FY22. It also expects 29% annual growth in assets under management, over FY23-26.
Aptus Value Housing Finance rallied 8% to a high of Rs 321.35 on the BSE in intraday trade, even as the broader markets remained under pressure. #StockMarket#MarketsWithBS#StocksInFocushttps://t.co/p1Vqc7m4dL
— Business Standard (@bsindia) September 22, 2022ICICI Securities is optimistic about the future growth prospects of Krishna Institute of Medical Sciences as its initiates coverage on the stock with a ‘Buy’ rating. It has set a target price of Rs 1,565, implying an upside of 15.7%. The brokerage is positive on the company’s prospects given its strong brand recall, expansion into newer markers, strategic capital allocation and healthy margins. It expects the firm’s revenue to grow at a CAGR of 26.7% over FY22-24.
SpiceJet is falling as the Directorate General of Civil Aviation (DGCA) extends the airline's suspension date on operating at 50% capacity to October 29. The airline also sent 80 pilots on leave without pay. In spite of this, it has announced a 20% hike in salary for the pilots, according to reports
Energy stocks like Power Grid Corp of India, GAIL (India), Bharat Petroleum Corp, and Oil and Natural Gas Corp are falling in trade. All the constituents of the broader Nifty Energy index are also trading in the red.
- The Indian rupee trades at a record low of 80.5, after opening at 80.28 against the US dollar today. This comes after the US Federal Reserve raises its interest rate by 75 bps during the FOMC held on Wednesday.
#Rupee Check | Rupee opens at record low of 80.28/$ vs Wednesday’s close of 79.98/$#RupeeVsDollar#USDINRpic.twitter.com/3eYKTjzt7L
— CNBC-TV18 (@CNBCTV18Live) September 22, 2022 Triveni Engineering and Industries, promoter of Triveni Turbines sells its entire stake of 21.8% (7.06 crore shares) worth Rs 1,608.5 crore in a bulk deal. In another deal, Rati Sawhney, promoter of Triveni Turbines buys a 10% stake (3.2 crore shares) for Rs 740.3 crore. Some shares of Triveni Turbines were also picked up by the Government of Singapore, Abu Dhabi Investment, Nomura Trust, and Plutus Wealth, among others.
Ashoka Buildcon is rising as it bags an order worth Rs 258.1 crore from South Western Railway for the construction of a new broad-gauge railway line. The project will be completed within 24 months. The company also shows up on the screener which lists stocks with improving cash flow and high durability.
Centre approves Rs 19,500 crore production-linked incentive (PLI) scheme in the field of solar PV modules. This scheme is expected to help in the manufacturing of highly efficient solar PV modules in India and reduce imports of renewable energy.
Future Enterprises defaults on payment of interest on non-convertible debentures amounting to Rs 15.7 crore, according to reports. The gross principal amount defaulted on till now, is around Rs 327 crore. The company shows up on screeners with a high promoter pledge and declining book value for the last two years.
Riding High:
Largecap and midcap gainers today include Varun Beverages Ltd. (1,170.50, 4.10%), Page Industries Ltd. (53,012.55, 3.66%) and 3M India Ltd. (23,828.25, 3.66%).
Downers:
Largecap and midcap losers today include Sona BLW Precision Forgings Ltd. (479.15, -3.77%), Power Grid Corporation of India Ltd. (220.10, -3.06%) and Max Healthcare Institute Ltd. (426.80, -2.46%).
Crowd Puller Stocks
12 stocks in BSE 500 are trading on high volumes today.
Top high volume gainers on BSE included Suzlon Energy Ltd. (9.60, 12.28%), KPIT Technologies Ltd. (664.95, 10.92%) and Borosil Renewables Ltd. (609.70, 5.07%).
Top high volume losers on BSE were Fortis Healthcare Ltd. (265.55, -14.71%), Sona BLW Precision Forgings Ltd. (479.15, -3.77%) and Spicejet Ltd. (40.35, -3.58%).
Anupam Rasayan India Ltd. (783.55, 4.00%) was trading at 17.5 times of weekly average. Aditya Birla Sun Life AMC Ltd. (474.85, 1.02%) and Suven Pharmaceuticals Ltd. (449.00, -2.43%) were trading with volumes 11.3 and 3.9 times weekly average respectively on BSE at the time of posting this article.
BSE 500: highs, lows and moving averages
10 stocks made 52 week highs, while 11 stocks were underachievers and hit their 52 week lows.
Stocks touching their year highs included - ITC Ltd. (345.05, 1.20%), Lakshmi Machine Works Ltd. (13,209.25, 2.91%) and Maruti Suzuki India Ltd. (9,401.85, 1.66%).
Stocks making new 52 weeks lows included - Biocon Ltd. (289.50, 0.05%) and Finolex Industries Ltd. (144.75, -2.33%).
15 stocks climbed above their 200 day SMA including Suzlon Energy Ltd. (9.60, 12.28%) and Computer Age Management Services Ltd. (2,567.90, 5.21%). 17 stocks slipped below their 200 SMA including Fortis Healthcare Ltd. (265.55, -14.71%) and Redington Ltd. (145.20, -2.12%).
21 Sep 2022
Airlines are seeing a return in passenger volumes - but it’s far from its peak. Although air passenger traffic is up 67.4% YoY in August, rising to 7.7 crore passengers, it is yet to reach the pre-pandemic levels of 14 crore passengers in 2019.
With monthly airlines data out for the month of August, we take a look at how the industry has fared since restrictions were lifted.
After the government allowed international flights to resume in March, air passenger traffic rose for two consecutive months till May. Interglobe Aviation (Indigo)’s passenger volume took a hit in June and July, before rising 2.1% MoM to 58.3 lakh in August. Despite this rise, the airline’s overall market share fell 120 bps to 57.5%.
Vistara’s number of passengers carried fell almost 3% MoM to 9.8 lakh in August. However it has overtaken Go First in terms of market share, which rose to 9.7% in August.
Go First is in a spot of bother after being overtaken by Vistara for the No. 2 spot. Its total passengers carried rose 8.8% in August, which puts the airline in the third spot in market share at 8.6%, behind Indigo and Vistara. Go First is struggling against the competition - in July it had sunk to fourth in terms of market share, temporarily falling behind Air India.
A hike in export duty on aviation turbine fuel (ATF) to Rs 9 per litre from Rs 2 per litre might pose a problem for all airlines. Unlike other sectors, where price hikes are taken to offset the rise in input costs, aviation companies cannot increase fares indiscriminately. Supply delays in FY22 and early FY23 have also affected plane availability in the airline industry. Indigo CEO Ronojoy Dutta said that the airline has been struggling with capacity issues, but remains confident that its capacity will grow 13% higher than pre-covid levels over FY23.
Trendlyne Marketwatch
21 Sep 2022
Trendlyne Analysis
Nifty 50 closed in the red, with the volatility index, India VIX, rising significantly. European indices traded in the red, taking cues from the global markets as Russian President Vladimir Putin announces partial mobilization of the country's two million-strong military reserve. Major Asian indices closed in the red, tracking the US indices, which closed lower on Tuesday. US stocks fell as investors braced for another 75 bps interest rate hike from the US Federal Reserve later in the day. The tech-heavy NASDAQ 100 fell 0.9% while the Dow Jones closed over 1% lower. Brent crude oil futures traded higher after falling 0.8% on Tuesday as traders look ahead to the interest rate hike decision by the US Fed.
Nifty Midcap 100 and Nifty Smallcap 100 closed in the red, following the benchmark index. Nifty Metal and Nifty Energy closed lower than Tuesday’s levels. Nifty IT closed in the red, taking cues from the NASDAQ 100, which closed lower on Tuesday.
Nifty 50closed at 17,715.90 (-100.4, -0.6%), BSE Sensexclosed at 59,456.78 (-263.0, -0.4%) while the broader Nifty 500closed at 15,356.80 (-113.6, -0.7%)
Market breadth is highly negative. Of the 1,928 stocks traded today, 535 were on the uptrend, and 1,349 went down.
Stocks like Tata Steel Long Products, India Cements, PNB Housing Finance, and Adani Enterprisesare in the overboughtzone, according to the Money Flow Index or MFI.
Axis Securities reiterates its 'Hold' rating on Ambuja Cements with a target price of Rs 570. This indicates an upside of almost 1%. With the company's acquisition by Adani Group, the brokerage expects aggressive capacity expansion from the new management. It estimates the company's net profit to grow at a CAGR of 9.8% over FY22-24.
SP Apparels is rising as its board of directors approves the proposal to buyback 6 lakh shares (2.3% stake) for Rs 585 per share. The company sets October 7 as the record date.
Sona BLW Precision Forgingsand Indian Energy Exchangehit their 52-week lows of Rs 498.7 and Rs 150, respectively. Both stocks fall for five consecutive sessions.
Spicejet is falling as the company sends 80 pilots on leave without pay to rationalise costs, according to reports.
- The Asian Development Bank lowers India’s FY23 GDP growth forecast to 7% from its earlier estimate of 7.2%. This comes after an increase in inflation and tightening of monetary policy.
The Asian Development Bank lowered its growth forecast for India for 2022-23 to 7% from 7.2% estimated in July, given higher-than-expected inflation and monetary tightening.
— Mint (@livemint) September 21, 2022
(@dilasha & @MattooShashank report) https://t.co/Fwg8tgAmPJ Commercial Services & Supplies, Cement and Construction, and Utilitiessectors fall more than 1.5% in trade today.
- According to CRISIL, gross non-performing assets of Indian banks could drop by 90 bps YoY to 5% by March 2023.
Gross non-performing assets of banks-- a key indicator of asset quality--is expected to improve 90 basis points (bps) year-on-year (y-o-y) to about 5% this fiscal.https://t.co/EylTHeFOSj
— Mint (@livemint) September 21, 2022 Gateway Distriparks rises after it announces acquisition of land near Dhanakya, Jaipur to begin the construction of a rail-linked inland container depot. The cost of this project is around Rs 77 crore.
ICICI Securities maintains its ‘Buy’ rating on Multi Commodity Exchange of India with a target price of Rs 1,700. This implies an upside of 38.7%. The brokerage expects the company’s rising options average daily trading volume and new product launches to improve profitability in the coming quarters. It anticipates the company’s revenue to grow at a CAGR of 15.8% over FY22-24.
Power stocks like Adani Green Energy, Power Grid Corp of India, NTPC, Adani Power and Tata Power Co are falling in trade. All constituents of the broader BSE Power are also trading in the red.
Indian rupee depreciates 8 paise to 79.82 against the US dollar in early trade today, ahead of the US Federal Reserve's FOMC's decision on interest rates today.
Ahead of the US Fed rate hike, the rupee value faltered by 8 paise to 79.82 against the US dollar in opening trade on Wednesday.
— Mint (@livemint) September 21, 2022
The local currency also faced the heat of firm crude oil prices and a strong dollar in the overseas market.https://t.co/vYXG9YvxouITI board to meet on September 28 to consider and approve allotment of shares to the Centre. It plans to use the funds as part of a revival package and for capex.
Reserve Bank of India removes Central Bank of India from the prompt corrective action framework after five years. The stock rose 12% in intra-day trade and touches a six-month high of Rs 23.4 after the announcement. It also shows up on a screener of stocks gaining more than 20% in the past month.
KPIT Technologies is rising as it is set to acquire four Technica group companies. It will be acquiring them for a fixed consideration of 80 million euros (Rs 635.2 crore), and a maximum variable payment of 30 million euros (Rs 238.2 crore). The four companies are Technica Engineering Germany, Technica Electronics Barcelona, Technica Engineering Spain and Technical Engineering USA.
KEC International secures new orders worth Rs 1,123 crore across various business segments like railways, transmission & distribution, infrastructure, and cables. The company also shows up on a screener which lists companies with zero promoter pledges.
ACC and Ambuja Cements' promoter entities--Endeavour Trade and Xcent Trade and Investments--pledge their entire stake in the two companies to fund Adani Group's acquisition of Holcim's stake. The pledged shares will be used to raise debt from Deutsche Bank to fund Adani Group's acquisition of ACC and Ambuja Cements.
NBCC is rising as its total business secured for the month of August jumps 7.4X YoY to Rs 274.8 crore. The company also shows up on a screener with annual profits improving for the past two years.
Jefferies maintains its ‘Buy’ rating on State Bank of India and raises the target price to Rs 700 from Rs 630. The brokerage expects better credit growth for the bank.
#BrokerageRadar | @Jefferies on SBI: Maintain Buy; Target upped at Rs 700/sh #StockMarket#StocksToWatch@TheOfficialSBIpic.twitter.com/deuGOcH4h6
— ET NOW (@ETNOWlive) September 21, 2022Hero MotoCorp and Hindustan Petroleum Corp ink a pact to set up charging infrastructure for two-wheeled electric vehicles across the country.
Mahindra & Mahindra, promoter of Swaraj Engines (SEL) plans to buy Kirloskar Industries’ 17% (21 lakh shares) stake in SEL. Kirloskar Industries is also a promoter of SEL and the transaction will be carried out through inter-se transfer amongst promoters through an off-market transaction. The deal is estimated to be worth Rs 296 crore.
Riding High:
Largecap and midcap gainers today include Patanjali Foods Ltd. (1,466.50, 4.94%), Britannia Industries Ltd. (3,765.65, 3.15%) and YES Bank Ltd. (16.90, 3.05%).
Downers:
Largecap and midcap losers today include ACC Ltd. (2,531.20, -7.13%), Ambuja Cements Ltd. (541.35, -5.75%) and Shree Cements Ltd. (22,023.95, -5.24%).
Movers and Shakers
13 stocks in BSE 500 are trading on high volumes today.
Top high volume gainers on BSE included Central Bank of India (21.70, 6.63%), Sterling and Wilson Renewable Energy Ltd. (320.50, 5.74%) and RHI Magnesita India Ltd. (688.95, 5.45%).
Top high volume losers on BSE were Gland Pharma Ltd. (2,166.05, -2.95%) and Mahanagar Gas Ltd. (856.90, -1.40%).
Aarti Drugs Ltd. (474.65, 3.11%) was trading at 7.9 times of weekly average. Adani Wilmar Ltd. (781.80, 1.58%) and Triveni Turbine Ltd. (231.40, 1.07%) were trading with volumes 5.1 and 4.9 times weekly average respectively on BSE at the time of posting this article.
BSE 500: highs, lows and moving averages
19 stocks made 52-week highs, while 4 stocks hit their 52-week lows.
Stocks touching their year highs included - AIA Engineering Ltd. (2,623.40, -2.09%), Bharti Airtel Ltd. (780.20, -1.51%) and Cipla Ltd. (1,070.40, -2.00%).
Stocks making new 52 weeks lows included - Sanofi India Ltd. (5,977.50, -0.46%) and Indian Energy Exchange Ltd. (151.10, -1.40%).
19 stocks climbed above their 200 day SMA including Krishna Institute of Medical Sciences Ltd. (1,351.90, 5.21%) and eClerx Services Ltd. (1,523.10, 5.12%). 18 stocks slipped below their 200 SMA including Shree Cements Ltd. (22,023.95, -5.24%) and Birla Corporation Ltd. (1,075.50, -3.96%).