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The Baseline
30 Jun 2022
Chart of the Week: HDFC Bank’s credit card business gains ground over peers

With credit demand bouncing back in India, there is hope that consumer sentiment will turn positive. There is fierce competition among players as people have resumed eating out, shopping and traveling. This has led credit card spends to reach Rs 1.14 lakh crore at the end of May 2022 as increased incentives from banks boosted customer spends.

ICICI Bank was slightly ahead of SBI Cards in transaction market share at the end of May 2022. HDFC Bank maintained a steady lead over everyone else, with a 27.7% market share in the same month. HDFC Bank processed a total of Rs 31.75 thousand crore, up 113% YoY and 8% MoM. ICICI Bank’s total transaction on credit cards also rose over the past few months. At the end of January, the bank had processed Rs 18.8 thousand crore, and this rose 16% to Rs 21.9 thousand crore at the end of May 2022. Despite the rise in transactions, ICICI Bank saw a decrease in market share from 21.4% to 19.2% in the same time period.

While HDFC Bank and ICICI Bank are ahead in transactions, their market share in "credit cards issued" is down,Axis Bank has gained ground here in the past few months. At the end of December 2021, HDFC Bank and ICICI Bank had 162.7 lakh (22.9% market share) and 127.7 lakh credit cards issued (19.27% market share), respectively. This fell to 149.1 lakh (22.4% market share) and 107.2 lakh (17.35% market share), respectively at the end of May 2022. 

 The rise in transactions for HDFC Bank and ICICI Bank despite the market share decline indicates the differences in customer profile between banks. While banks issue as many cards as they can, eventually the real win is about having customers that make the most number of transactions. Right now HDFC Bank gets the cream, in terms of transaction value.

 
Trendlyne Marketwatch
Trendlyne Marketwatch
29 Jun 2022
Market closes lower, Tata Motors partners with Japanese chipmaker Renesas Electronics

Trendlyne Analysis

Nifty 50 closed in the red with the volatility index, Nifty VIX rising above 22%. Indian indices snapped their four-day winning streak amid weak global cues. European indices followed the global trend and traded lower than Tuesday’s levels. Major Asian indices closed lower, tracking the US indices, which fell sharply on Tuesday. US stocks declined after the US consumer confidence index fell for second straight month and to the lowest level since February 2021. The tech-heavy NASDAQ 100 fell over 3% while the S&P 500 closed 2% lower. Crude oil eased after rising for three consecutive days. Tight crude oil supply due to the geopolitical crisis, and fears of slow economic growth remain the key levers affecting the crude oil price.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the red, following the benchmark index. Nifty FMCGand Nifty Bank closed lower than Tuesday’s levels. Nifty Media, which opened in the red, closed flat. Nifty IT closed in the red, tracking the NASDAQ 100, which fell over 3% on Tuesday.

Nifty 50closed at 15,799.10 (-51.1, -0.3%), BSE Sensexclosed at 53,026.97 (-150.5, -0.3%) while the broader Nifty 500closed at 13,417.85 (-46.4, -0.3%)

Market breadth is in the red. Of the 1,872 stocks traded today, 746 were on the uptrend, and 1,070 went down.

  • Poly Medicure, Sundaram Finance, NHPC, and TCNS Clothing Co. are trading with higher volumes as compared to Tuesday.

  • Bharti Airtel sees a long build-up in its Jun 30 future series as its open interest rises 4.7% with put to call ratio of 0.68.

  • Ultratech Cement rises in a weak market after Nirmal Bang maintains a ‘Buy’ on the stock with no change in the target price of Rs 6,772. However, the brokerage expects the company's earnings in H1FY22 to face pressure because of high pet coke prices and weak realizations.

  • GAIL (India) rises as the public enterprise selection board picks Sandeep Kumar Gupta as the new Chairman of the company. Sandeep Kumar Gupta is currently the Director of Finance at Indian Oil Corp and will replace Manoj Jain, Chairman of GAIL who is scheduled to retire on August 31.

  • NMDC falls after shareholders and creditors approve the demerger of Nagarnar Steel Plant as said by the company’s CMD, Sumit Deb. NMDC is building a 3 million tonne per annum steel plant at Nagarnar at a cost of Rs 23,140 crore.

  • Energy stocks like Reliance Industries, Adani Transmission, Adani Green Energy, Oil and Natural Gas Corp, and Power Grid Corp of India, among others, are rising in trade. The broader sectoral index Nifty Energy is also trading in the green.

  • Bernstein maintains a 'Buy' call on Reliance Industries and raises target price to Rs 3,360 from Rs 2,830, according to reports. The brokerage says that the tariff hikes may drive strong Jio results and that e-commerce acceleration across categories will lift retail segment.

  • Orient Bell rises in intra-day trading after Crisil upgrades its rating on the bank facilities for the company to Crisil A/Stable/Crisil A1 from Crisil A-/Stable/Crisil A2+. The rating agency believes the company has a comfortable financial risk profile. It also expects revenue to grow by 10-12% CAGR over the medium term given the demand from the real estate sector remains healthy.

  • J B Chemicals & Pharmaceuticals is trading with more than seven times its weekly average trading volume. MTAR Technologies, Jamna Auto Industries, Alembic Pharmaceuticals, and Au Small Finance Bank are trading at more than four times their weekly average trading volumes.

  • SIS's board approves buyback of up to Rs 80 crore of fully paid-up equity shares of the company having a face value of Rs 5 per share. 

  • Tata Motors is rising in trade after it announces a strategic partnership with the Japanese chipmaker Renesas Electronics Corp. The companies will collaborate to develop next-generation automotive electronics, to accelerate the growth of electric and connected vehicles.

  • The Maharashtra government signs a memorandum of understanding withAdani Green Energyto generate 11,000 MW of green power over the next five years, according to reports. This is expected to entail an investment of Rs 60,000 crore over the next five years.

  • IDBI Capital maintains its ‘Buy’ rating on Mahindra & Mahindra with a target price of Rs 1,643, indicating an upside of 52%. The brokerage believes the newly launched ‘Scorpio N’ will boost volume growth for the company going forward. It expects the company’s sales volume growth to continue on competitive pricing and new product launches. The brokerage estimates the company’s revenue to grow at a 22.3% CAGR over FY22-24

  • AU Small Finance Bank falls more than 5% in trade today after Credit Suisse initiates coverage on the stock with an ‘underperform’ rating, according to reports. The brokerage set a target price of Rs 510 for the stock. It expects slippages to remain high from the restructured loan book and credit costs to rise in the SME segment.

  • Bank stocks like HDFC Bank, ICICI Bank, State Bank of India, Kotak Mahindra Bank, Axis Bank, among others, are falling in trade. The broader sectoral index Nifty Bank is also trading in the red.

  • Biocon hits a 52-week low of Rs 309 after the Central Bureau of Investigation (CBI) challenged the local court to gain custody of the people involved in the Central Drugs Standard Control Organisation bribery case. CBI arrested L Praveen Kumar of Biocon Biologics, an Associate Vice President, and joint drug controller Eswara Reddy, for demanding a bribe of Rs 9 lakh to waive off Phase-3 trial of ‘Insulin Apart Injection’.

  • Godawari Power & Ispat acquires a 78.96% stake in Alok Ferro Alloys for a total cash consideration of Rs 127 crore. The company acquires 37.8 lakh shares of Alok Ferro Alloys at a fair market value of Rs 336 per share.

  • Indian rupee falls to a new record low by 11 paise (0.14%) to Rs 78.88 against the dollar in early trade today.

  • Jammu and Kashmir Bank is rising after approving the raising of equity share capital of Rs 500 crore in one or more tranches. The plans to raise capital by way of rights issue or preferential allotment or follow-on public offer or any other approved method.

  • Route Mobile’s board approves a buyback of 7.05 lakh equity shares worth Rs 120 crore through the open market route. The buyback comprises 1.12% of the total paid-up share capital at a price of Rs 1,700 per share. The promoters and promoter group entities will not participate in the buyback.

  • Reliance Industries’ subsidiary Reliance Jio Infocomm’s board approves the appointment of Akash Ambani as Chairman as Mukesh Ambani steps down, according to reports. Akash Ambani was the Chief Strategy Officer at Reliance Jio before taking over as Chairman.

Riding High:

Largecap and midcap gainers today include Adani Transmission Ltd. (2,347.90, 8.53%), Bosch Ltd. (15,523.00, 5.91%) and Oil India Ltd. (261.60, 4.79%).

Downers:

Largecap and midcap losers today include Zomato Ltd. (57.30, -4.98%), NHPC Ltd. (30.95, -4.77%) and Max Financial Services Ltd. (777.85, -4.62%).

Movers and Shakers

26 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Aavas Financiers Ltd. (2,077.90, 7.34%), Bosch Ltd. (15,523.00, 5.91%) and Abbott India Ltd. (18,992.80, 4.72%).

Top high volume losers on BSE were Johnson Controls-Hitachi Air Conditioning India Ltd. (1,506.10, -4.68%), Au Small Finance Bank Ltd. (596.05, -4.27%) and Indian Energy Exchange Ltd. (161.30, -3.50%).

ZF Commercial Vehicle Control Systems India Ltd. (7,434.65, 1.25%) was trading at 17.4 times of weekly average. J B Chemicals & Pharmaceuticals Ltd. (1,556.45, -0.77%) and Alembic Pharmaceuticals Ltd. (739.05, 0.12%) were trading with volumes 8.2 and 6.8 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

4 stocks made 52-week highs, while 9 stocks tanked below their 52-week lows.

Stocks touching their year highs included - Blue Dart Express Ltd. (7,802.40, 3.15%), Phoenix Mills Ltd. (1,209.35, 1.68%) and TVS Motor Company Ltd. (833.35, 1.60%).

Stocks making new 52 weeks lows included - Bajaj Finserv Ltd. (11,109.75, -2.24%) and Biocon Ltd. (310.20, -1.82%).

7 stocks climbed above their 200 day SMA including Abbott India Ltd. (18,992.80, 4.72%) and Trent Ltd. (1,109.25, 3.84%). 8 stocks slipped below their 200 SMA including Au Small Finance Bank Ltd. (596.05, -4.27%) and SKF India Ltd. (3,473.95, -2.05%).

 
Trendlyne Marketwatch
Trendlyne Marketwatch
28 Jun 2022
Market closes flat, Edelweiss Capital initiates coverage on Medplus Health Services

Trendlyne Analysis

Nifty 50 erased its losses and closed flat on a volatile day of trade. Indian indices extended their winning streak to four days. European stocks traded higher, taking cues from the Asian indices, which closed in the green. Asian shares rose after China eased some Covid restrictions.

The US indices closed in the red on a volatile day of trade on Monday. The tech-heavy index, NASDAQ 100, fell 0.8% while the Dow Jones fell marginally by 0.2%. However, US indices futures traded in the green. Crude oil rises as the Group of Seven or G-7 countries plan to tighten Russia’s finances with new sanctions that include a plan to cap the price of Russian oil.

Nifty Midcap 100 closed in the green, following the benchmark index. Nifty FMCG and Nifty Realty closed higher than Monday’s levels. Nifty Auto, which opened in the red, closed sharply higher. Nifty IT closed in the green, tracking the NASDAQ 100 futures, which traded in the green.

Nifty 50closed at 15,850.20 (18.2, 0.1%), BSE Sensexclosed at 53,177.45 (16.2, 0.0%) while the broader Nifty 500closed at 13,464.25 (19.7, 0.2%)

Market breadth is in the green. Of the 1,873 stocks traded today, 977 were in the positive territory and 852 were negative.

  • Tube Investments of India, Galaxy Surfactants, Cholamandalam Financial Holdings, and Ajanta Pharmaare trading with higher volumesas compared to Monday.

  • Mahindra & Mahindra sees a long build-up in its Jun 30 future series as its open interest rises 7.3% with a put to call ratio of 0.83.

  • Hindustan Aeronautics' board approves a final dividend of Rs 10 per equity share for FY22, subject to the approval of the members of the company. The company has not declared the record date yet.

  • Stocks like Laxmi Organic Industries, IDBI Bank, Hindustan Zinc, Symphony, and Indian Railway Finance Corporation are in the oversold zone according to the technical indicator relative strength index or RSI.

  • Chambal Fertilisers & Chemicals and IDBI Bank hit their 52-week lows of Rs 268.2 and Rs 31.2, respectively. While Chambal Fertilisers & Chemicals falls for two days, IDBI Bank trades lower for six consecutive days.

  • Paint stocks like Asian Paints, Berger Paints and Kansai Nerolac Paints, among others, fall in trade as the crude oil prices rise.

  • Medplus Health Services rises as Edelweiss Capital initiates coverage of the company with 'BUY' rating, according to reports. The brokerage believes that Medplus offers industry-leading growth in pharmacy retailing due to profitable unit economics, integrated supply chain, attractive pricing and neighbourhood approach. Edelweiss forecasts revenue CAGR of 26% over FY22-25E and rise in ROCE to 23% from 18%. The target price is Rs 905 (an upside of 21%).

  • Asian Paints beats Berger Paints in YoY revenue growth, ROE, and mutual fund holding but lags in YoY profit growth, PE ratio, price to book ratio, and broker average target upside.

  • Tata Motors will hike the prices of its commercial vehicle products from July 1. The price hike will be in the range of 1.5%-2.5% across commercial vehicles to make up for rise in input costs.

  • CLSA initiates coverage on Campus Activewear with a ‘buy’ rating and a target price of Rs 370. The brokerage believes that backward integration of business and an expanding omnichannel network puts the company on a strong foot in the sports and athleisure footwear market. The brokerage expects the revenue for the company to grow by 3X and operating profit by 4X over FY22-25.

  • Brigade Enterprises is trading with more than eight times its weekly average trading volume. Medplus Health Services, Sundaram Financem, Network 18 Media & Investments, and Endurance Technologiesare trading at more than three times their weekly average trading volumes.

  • Oil and Gas stocks like Reliance Industries, Adani Total Gas, Oil And Natural Gas Corp, Bharat Petroleum Corp, GAIL (India), and Petronet LNG are rising in trade amid the rise in crude oil prices. The broader sectoral index BSE Oil & Gas is also trading in the green.

  • Indiabulls Real Estate falls as the National Anti-profiteering Authority finds the builder guilty of profiteering. Based on a case filed by a homebuyer that the builder has not passed on ITC benefits worth Rs. 6.46 crore to homebuyers in the Sierra-Vizag project situated in Vishakhapatnam.

  • Vedanta to raise Rs 4,809 crore from Life Insurance Corp via 10-year bonds as offshore borrowing gets costlier, according to reports. Vedanta will also raise Rs 2,000 crore via 18-month papers.

  • ICICI Securities maintains its ‘Buy’ rating on Balkrishna Industries with a target price of Rs 2,587, indicating an upside of 21.4%. The brokerage is positive on the company’s prospects due to its production expansion plans, plant modernisation projects and cost-saving measures. It expects the company’s revenue to grow at a 18.2% CAGR over FY22-24.

  • Mahindra and Mahindra rises to a new all time high of Rs 1,121.45 as Emkay Global reiterates 'BUY' rating, according to reports. The brokerage believes that improvement in chip supplies and the company's large order book will raise volume by 3% each for FY23 and FY24. The target price is raised to Rs 1,250 (an upside of 11.93%).

  • Societe Generale sells 46.8 lakh shares (0.77% stake) of Dhani Services at an average price of Rs 29.55 in a bulk deal on Monday. The total transaction amounts to Rs 13.8 crore.

  • Brigade Enterprises rises in trade after the company inks a Joint Development Agreement to develop a large residential township of around 2.1 million sq ft in Chennai. The project is situated in Perumbakkam.The company expects a revenue realisation of Rs 1,500 crore in five years and is targeting a revenue of Rs 6,000 crore over five years  from the Chennai residential business.

  • Glenmark Pharmaceuticals’ subsidiary acquires abbreviated new drug applications or ANDAs for four over-the-counter (OTC) drugs in the US from Wockhardt. With this, the company enters the US OTC market.

  • Moody’s upgrades its outlook on Tata Steel to ‘positive’ from ‘stable’, as the rating agency believes the company delivered a robust performance on the operating front in Q4FY22. It also expects the company to reduce its debt by $1 billion in FY23.

  • Indian rupee falls to a record low by 22 paise (0.28%) to Rs 78.57 against the dollar in early trade today.

  • Cipla announces buying of additional stake in digital tech company GoApptiv Private for Rs 26 crore. On completion of the deal, Cipla’s total stake in the company will go up to 22.02% on a fully diluted basis. The company’s previous investment in GoApptiv in June 2020 helped in expansion of Cipla’s channel reach across lower tier towns in India.

Riding High:

Largecap and midcap gainers today include Tube Investments of India Ltd. (1,753.80, 7.41%), Oil India Ltd. (249.65, 6.92%) and 3M India Ltd. (22,013.05, 5.64%).

Downers:

Largecap and midcap losers today include Zomato Ltd. (60.30, -8.43%), Astral Ltd. (1,632.55, -3.76%) and Titan Company Ltd. (1,968.05, -3.54%).

Crowd Puller Stocks

19 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Mahindra CIE Automotive Ltd. (241.90, 8.11%), Network 18 Media & Investments Ltd. (67.80, 7.88%) and Prince Pipes & Fittings Ltd. (614.30, 5.57%).

Top high volume losers on BSE were Indian Energy Exchange Ltd. (167.15, -4.43%), Wockhardt Ltd. (212.65, -4.02%) and Astral Ltd. (1,632.55, -3.76%).

Brigade Enterprises Ltd. (446.85, 1.20%) was trading at 10.5 times of weekly average. Medplus Health Services Ltd. (764.45, 2.19%) and ZF Commercial Vehicle Control Systems India Ltd. (7,342.85, 0.60%) were trading with volumes 7.9 and 5.6 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

4 stocks hit their 52-week highs, while 5 stocks tanked below their 52-week lows.

Stocks touching their year highs included - Blue Dart Express Ltd. (7,563.85, 3.59%), Mahindra & Mahindra Ltd. (1,112.00, 2.71%) and Phoenix Mills Ltd. (1,189.35, 4.85%).

Stocks making new 52 weeks lows included - Chambal Fertilisers & Chemicals Ltd. (269.95, -5.21%) and Johnson Controls-Hitachi Air Conditioning India Ltd. (1,580.00, -2.30%).

5 stocks climbed above their 200 day SMA including Tube Investments of India Ltd. (1,753.80, 7.41%) and SKF India Ltd. (3,546.65, 3.23%). 4 stocks slipped below their 200 SMA including Tata Teleservices (Maharashtra) Ltd. (124.30, -3.12%) and Minda Industries Ltd. (928.60, -0.96%).

 
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The Baseline
27 Jun 2022
Five stocks with the highest dividend yields
By Suhas Reddy

With the stock market witnessing huge amounts of volatility over the past few weeks, many stocks lost a lot of their value. In these unpredictable times, investors have been picking high dividend yield stocks. Here we take a look at stocks with the highest dividend yields over the past three years. Not surprisingly, many of them are government-owned.  

  1. Bharat Petroleum Corp: This state-run oil-marketing company has one of the highest dividend yields in the past three years among the Nifty 500. Its three-year average dividend yield stands at 12.3%. The company increased its dividend payout in FY22. Over the last three years, it has declared eight dividends and in the past 12 months, declared six dividends. Its one-year dividend yield is 22.1%, which is higher mainly due to the special dividend of Rs 35 that got added to the final dividend of Rs 23, taking the total to Rs 58 per share. 

In FY22 the company declared four dividends worth Rs 68 per share, and in FY21 two dividends worth Rs 21 per share. In FY20 it declared two dividends worth Rs 24.5 per share. Overall, in three financial years the company declared dividends worth Rs 113.5 per share. However, the company’s stock fell 8.1% in the same period. Being a public sector company, Bharat Petro is required to pay a minimum annual dividend of 30% of net profit or 5% of net worth, whichever is higher subject to the maximum dividend permissible under law.   

  1. Power Finance Corp: This state-run NBFC’s three-year average dividend yield stands at 10.2%, and during the same time period it declared seven dividends worth Rs 31.5 per share. The company increased its dividend payout in FY22. The frequency of dividend pay-outs rose in the last 12 months, as it declared five dividends amounting to Rs 14 per share. 

In FY22, Power Finance declared four dividends amounting to Rs 12.75 per share, while in FY21, the company declared one dividend worth Rs 8 per share and one dividend worth Rs 9.5 per share the year before. Despite a rise in dividend payouts the stock is down 5.9% over the past three financial years. 

  1. REC: This infrastructure public sector NBFC’s three-year average dividend yield stands at 9.7%. During FY22, the company declared four dividends worth Rs 12.2 per share, increasing its dividend payout in FY22. In FY21 the company declared two dividends worth Rs 11 per share and one dividend worth Rs 11 per share during FY20. The company has maintained a consistent dividend payout over the past three years. However, the stock fell 15.2% over that period. The company’s net profit in the last two years rose significantly, up 20.1% and 71.1% YoY respectively in FY22 and FY21. 

  2. NMDC: This state-owned miner’s three-year average dividend yield stands at 8.8% and it declared four dividends totaling Rs 27.8 per share between FY 20-22. The company has been increasing its dividend payout annually over the past three financial years. During FY22, it declared two dividends amounting to Rs 14.7 per share,  and one dividend worth Rs 7.76 per share in FY21, In FY20 it declared just one dividend worth Rs 5.29 per share. While the company’s stock was volatile during FY 20-22, as a whole its stock rose 51.1% during the same period. Its annual net profit in FY22 rose 49.4% YoY to Rs 9,379.6 crore and in FY21 it rose 75.7% YoY to Rs 6,277 crore. 

  3. Indian Oil Corp: This oil marketing company’s three-year average dividend yield stands at 8.1% and over the same period it declared seven dividends amounting to Rs 26.25 per share. The company’s dividend payout has been increasing annually over the past three financial years. In FY22, the company declared three dividends totaling Rs 10.5 per share, another two dividends worth Rs 10.5 per share in FY21 and  two dividends worth Rs 5.3 per share in FY20. However, during these three years the stock fell an overall 26.1%. The company turned profitable on an annual basis in FY21, after incurring a loss in FY20 and FY19. 

 
Trendlyne Marketwatch
Trendlyne Marketwatch
27 Jun 2022
Market closes higher, Bajaj Auto's board approves a buyback worth Rs 2,500 crore

Trendlyne Analysis

Nifty 50 closed in the green with the volatility index, Nifty VIX, rising above 21%. Indian indices closed higher amid positive global cues and extended their winning streak to three days. European stocks followed the global trend and traded higher than Friday’s levels. Major Asian indices closed in the green, tracking the US indices, which closed sharply higher on Friday. The NASDAQ 100 rose 3.5% while the S&P 500 closed 3.1% higher. However, investors continue to monitor elevated inflation levels and the impact of aggressive rate hikes on global economic growth. Crude oil falls marginally as concerns over economic slowdown outweigh restricted Russian oil supplies amid sanctions over the Ukraine crisis.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, following the benchmark index. Nifty Pharma and Nifty Auto closed higher than Friday’s levels. Nifty IT closed in the green, tracking the tech-focused NASDAQ 100, which closed sharply higher on Friday.

Nifty 50closed at 15,832.05 (132.8, 0.9%), BSE Sensexclosed at 53,161.28 (433.3, 0.8%) while the broader Nifty 500closed at 13,444.55 (122.1, 0.9%)

Market breadth is ticking up strongly. Of the 1,903 stocks traded today, 1,391 showed gains, and 465 showed losses.

  • Brightcom Group, Kansai Nerolac Paints, Krishna Institute of Medical Sciences, and Sudarshan Chemical Industriesare trading with higher volumesas compared to Friday.

  • Bajaj Finance sees a long build-up in its Jun 30 future series as its open interest rises 1.9% with put to call ratio of 0.59.

  • BofA Securities initiates coverage on Delhivery with a ‘buy’ rating and a target price of Rs 630, according to reports. The brokerage believes the company is on track for breakeven of EBITDA and free cash flow. It expects revenue to grow by 40-43% for FY23-26 and parcel volumes to increase at 33% CAGR.

  • Stocks like Muthoot Finance, Gujarat State Petronet, Tata Steel, IDBI Bank, and Hindalco Industries are in the oversold zone according to the technical indicator relative strength index or RSI.

  • Power stocks like Adani Green Energy, Power Grid Corp of India, NTPC, Adani Power, Tata Power Co, among others, are rising in trade. The broader sectoral index BSE Power is also trading in the green.

  • Bajaj Auto's board of directors approve a buyback of share worth up to Rs 2,500 crore through the open market route. The price for the buyback is set at Rs 4,600. The promoters and promoter group entities will not participate in the buyback.

  • Dish TV is rising after its shareholders vote against re-appointing Jawahar Goel (also a promoter of Dish TV) as Managing Director of the company on Friday.

  • SIS is trading with more than 13 times its weekly average trading volume. Jyothy Labs, Tube Investments, Vaibhav Global, and Brightcom Group of India are trading at more than five times their weekly average trading volumes.

  • Dr. Reddy's Laboratories is rising as the company plans to buy Eton Pharmaceuticals' branded and generic injectable products for an upfront payment of Rs 39.1 crore. The deal also involves contingent payments of Rs 352 crore. The portfolio includes new drug applications of biorphen and reziprez injections with nine separate combinations of strength and presentations and one first-to-file approved abbreviated new drug application for cysteine hydrochloride for the US.

  • ICICI Securities maintains its ‘Buy’ rating on Whirlpool of India with a target price of Rs 2,000, indicating an upside of 31.7%. The brokerage remains positive on the company’s business model given its strong brand, steady launch of premium products, and established competitive advantages. It expects the company’s revenue to grow at a 17.5% CAGR over FY22-24.

  • Hikal is rising as the Bombay High Court orders Mahrashtra's Pollution Control Board to allow manufacturing activities to restart at its Taloja unit.

  • Metal stocks like JSW Steel, Tata Steel, Hindustan Zinc, Vedanta, and Hindalco Industries, among others, are rising in trade. The broader sectoral index Nifty metal is also trading in the green.

  • Adani Enterprises' arm Kutch Copper to set up a greenfield copper refinery project to produce 1 million tonnes per annum, in two phases. Kutch Copper signed financing documents with a lenders' consortium led by the State Bank of India. The consortium of banks sanctioned the agreement for raising Rs 6,071 crore through debt for Phase 1 of the project.

  • GHCL is rising in trade after announcing that it inaugurated a new spinning unit in Madurai, Tamil Nadu on Friday. The new unit is equipped with 39,600 ring spindles and has a production capacity of 23 tonnes per day.

  • Hindustan Copper rises after announcing it considers raising funds by issuing equity shares on Saturday. It plans to issue 9.69 crore equity shares through the qualified institutional placement method with a face value of Rs 5 per share in one or more tranches.

  • Zomato's board approves the acquisition of Blinkit, an online food delivery platform, for Rs 4,447.5 crore by offering 62.9 crore shares in the company. Shareholders of Blinkit will roughly get a 6.9% stake in Zomato.

  • All IT stocks are trading in the green. Stocks like HCL Technologies, Tech Mahindra, Larsen & Toubro Infotech, MindTree, Mphasis, and Coforge are up by more than 3%. The broader sectoral index Nifty IT is also rising in trade.

  • Welspun Corp secures various orders across the oil & gas and water sector of nearly 47,000 million tonnes worth Rs 600 crore. The orders secured will be executed from India and USA. The order also includes the manufacture and supply of 19,700 million tonnes of pipes and 180 bends for the transportation of gas for a pipeline project in Australia. The orders from India will be executed from Welspun Corp’s Anjar plant in H2FY22.

  • Ratings agency S&P retains its ‘stable’ outlook with a ‘BBB-‘ long-term rating on ICICI Bank as it expects the bank to sustain its improvement in asset quality. The rating agency expects the bank's asset quality to improve despite an uneven economic recovery in India.

  • Reliance Industries is in talks with global banks to raise $8 billion to buy the British Pharma chain, Boots, according to reports. It is planning to raise money from banks like Barclays Bank, Deutsche Bank AG, HSBC, and Standard Chartered. After the acquisition, it plans to merge the assets of Boots with Reliance Retail and get the combined entity under Reliance Retail Ventures.

Riding High:

Largecap and midcap gainers today include One97 Communications Ltd. (701.35, 8.22%), Persistent Systems Ltd. (3,457.05, 6.01%) and JSW Energy Ltd. (218.30, 4.65%).

Downers:

Largecap and midcap losers today include Zomato Ltd. (65.85, -6.60%), Star Health and Allied Insurance Company Ltd. (515.05, -3.41%) and HDFC Asset Management Company Ltd. (1,757.95, -3.20%).

Volume Rockets

27 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Carborundum Universal Ltd. (751.50, 10.41%), One97 Communications Ltd. (701.35, 8.22%) and City Union Bank Ltd. (137.25, 7.77%).

Top high volume losers on BSE were Zomato Ltd. (65.85, -6.60%), Brightcom Group Ltd. (33.10, -4.89%) and HDFC Asset Management Company Ltd. (1,757.95, -3.20%).

SIS Ltd. (452.30, 0.88%) was trading at 15.6 times of weekly average. Hikal Ltd. (263.90, 5.39%) and Jyothy Labs Ltd. (157.15, 2.24%) were trading with volumes 8.3 and 7.8 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

1 stock made 52-week highs, while 2 stocks were underachievers and hit their 52-week lows.

Stock touching their year highs included - Mahindra & Mahindra Ltd. (1,082.70, 0.99%).

Stocks making new 52 weeks lows included - V Mart Retail Ltd. (2,457.35, -1.01%) and Star Health and Allied Insurance Company Ltd. (515.05, -3.41%).

18 stocks climbed above their 200 day SMA including Tata Teleservices (Maharashtra) Ltd. (128.30, 5.42%) and Uflex Ltd. (594.95, 4.86%).

 
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The Baseline created a screener Internet Platforms
27 Jun 2022
 
Trendlyne Marketwatch
Trendlyne Marketwatch
24 Jun 2022
Market closes higher, ICICI Securities maintains its ‘Buy’ rating on HDFC Bank

Trendlyne Analysis

Nifty 50 closed in the green with the volatility index Nifty VIX falling below 21%. Indian indices extended their gains from Thursday amid positive global cues. European indices followed the global trend and traded higher. Major Asian indices closed in the green, tracking the US indices, which closed higher on Thursday. US stocks rose amid falling bond yields as investors continue to assess the impact of high inflation levels and aggressive rate hikes on the global economy. The NASDAQ 100 rose 1.5% while S&P 500 closed 1% higher on Thursday. Crude oil trades sideways amid concerns over slow economic growth as a result of aggressive rate hikes by the central banks.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, following the benchmark index. Nifty Metal and Nifty Media closed higher than Thursday’s levels. Nifty IT closed in the red, despite the NASDAQ 100 closing 1.5% higher on Thursday.

Markets closed up today. Nifty 50 closed at 15,699.25 (142.6, 0.9%) , BSE Sensex closed at 52,727.98 (462.3, 0.9%) while the broader Nifty 500 closed at 13,322.50 (143.7, 1.1%)

Market breadth is highly positive. Of the 1,881 stocks traded today, 1,489 were gainers and 349 were losers.

  • Go Fashion (India), IIFL Wealth Management, Galaxy Surfactants, and Emami are trading with higher volumes as compared to Thursday.

  • Infosys sees a short build-up in its Jun 30 future series as its open interest rises 5.3% with put to call ratio of 0.41.

  • Stocks like Just Dial, Ircon International, Rallis India, CESC, and Muthoot Finance are in the oversold zone according to the technical indicator relative strength index or RSI.

  • Strides Pharma surges in trade as its subsidiary Biolexis and Akston Biosciences announce positive results from their Phase 2/3 clinical trials in India for the covid-19 vaccine.

  • Suven Life Sciences is rising in trade as its board approves raising up to Rs 400 crore by issuing equity shares on rights basis.

  • ICICI Bank rises as Jeffries reiterates 'BUY' rating, according to reports. The brokerage believes that the lender has one of the best risk-reward ratios and expects ICICI Bank to gain from rise in bank credit growth and the ramp-up of SME vertical. The target price is unchanged at Rs 1,070 (an upside of 50.6%).

  • Public sector banking stocks like State Bank of India, Bank of Baroda, Canara Bank, Punjab National Bank, and Indian Overseas Bank, among others, are rising in trade. The broader sectoral index Nifty PSU Bank is also trading in the green.

  • Vodafone Idea is rising as reports suggest that the Centre will convert its interest liabilities of Rs 16,133 crore on its AGR dues into equity. Once this goes through, the Centre will hold a stake of 33% and become the single largest shareholder after the promoters.

  • Mahindra & Mahindra hits a new all-time high of Rs 1,066.75. The stock has outperformed Nifty500 by 16.67% over the last month.

  • Hindustan Unilever is rising in trade as the company’s chairman Nitin Paranjpe announces that it will continue to hike the prices of its products. The company cites rising costs for the price hikes.

  • PI Industries rises as Prabhudas Lilladher reiterates a 'BUY' rating on the company. The brokerage is confident of the company achieving a growth guidance of 18-20% by FY23 and a revenue CAGR of 18% over FY22-24E. The target price is unchanged at Rs 3,340 (an upside of 34.4%).

  • Solara Active Pharma Sciences is trading with more than 11 times its weekly average trading volume. Kansai Nerolac Paints, Varroc Engineering, Route Mobile, and Indo Count Industries are trading at more than three times their weekly average trading volumes.

  • ICICI Securities maintains its ‘Buy’ rating on HDFC Bank with a target price of Rs 1,955 indicating an upside of 47%. The brokerage remains positive on the company’s prospects given its plans to double its network by opening 1,500-2,000 branches per year in the next 3-5 years. It expects the company’s profit to grow at a CAGR of 20.1% over FY22-24.

  • IT stocks like MindTree, Larsen & Toubro Infotech, Coforge, MphasiS, Infosys, Tech Mahindra, among others, are falling in trade. This is despite Accenture's positive results for its March-May quarter where it beat estimates to post revenues of $16.16 billion. The broader sectoral index Nifty IT is also trading in the red.

  • ICICI Securities maintains its ‘Buy’ rating on Dr. Reddy’s Laboratories with a target price of Rs 4,925, indicating an upside of 15.2%. The brokerage expects growth momentum in the branded generics business in India & Europe and new product launches in the US to drive revenue growth for the company. It also believes the stock’s current valuation is attractive and expects revenue to grow at a 10.3% CAGR over FY22-24.

  • Greaves Cotton rises as its subsidiary, Greaves Electric Mobility, raises Rs 1,170.81 crore from Abdul Latif Jameel International. This fundraise is through a preferential allotment of 68.5 lakh shares for a 35.8% stake in the subsidiary.

  • Media stocks like Zee Entertainment Enterprises, Sun TV Network, PVR, Saregama India, Network 18 Media & Investments, TV 18 Broadcast, among others, are rising in trade. The broader sectoral index Nifty Media is also trading in the green.

  • Indian rupee rises 12 paise to 78.20 against the US dollar in early trade today.

  • DCM Shriram rises as its board of directors approves to invest Rs 65 crore for a minimum 26% stake in a special purpose vehicle (SPV). The SPV will be created for setting up a wind-solar hybrid renewable power project. It will also invest Rs 57.1 crore to manufacture potassium sulphate (K2So4) with a capacity of 4,600 tonnes per annum at Hariyawan (Uttar Pradesh) Sugar facility to derive value from by-products.

  • ONGC is rising in trade after its wholly-owned subsidiary and overseas arm ONGC Videsh, announces that it has made an oil discovery in a recently drilled well in Llanos Basin, Colombia

  • Hero MotoCorp will hike prices of its motorcyle and scooters by up to Rs 3,000 from July 1. This price hike is to offset rising costs affecting the larger automotive industry.

Riding High:

Largecap and midcap gainers today include Tube Investments of India Ltd. (1,588.65, 4.85%), Adani Power Ltd. (264.45, 4.69%) and Crompton Greaves Consumer Electricals Ltd. (344.30, 4.43%).

Downers:

Largecap and midcap losers today include Star Health and Allied Insurance Company Ltd. (533.25, -5.20%), Persistent Systems Ltd. (3,261.05, -3.16%) and MindTree Ltd. (2,831.90, -2.88%).

Crowd Puller Stocks

16 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included MMTC Ltd. (39.85, 16.69%), KIOCL Ltd. (192.40, 10.10%) and Minda Corporation Ltd. (184.60, 9.85%).

Top high volume losers on BSE were Great Eastern Shipping Company Ltd. (370.30, -1.32%) and Thermax Ltd. (1,966.90, -1.10%).

Kansai Nerolac Paints Ltd. (373.20, 1.06%) was trading at 13.2 times of weekly average. Akzo Nobel India Ltd. (1,780.90, 0.33%) and Varroc Engineering Ltd. (310.70, 5.70%) were trading with volumes 11.9 and 11.0 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

1 stock took off, crossing 52 week highs, while 4 stocks hit their 52 week lows.

Stock touching their year highs included - Mahindra & Mahindra Ltd. (1,072.05, 4.32%).

Stocks making new 52 weeks lows included - Gujarat State Petronet Ltd. (214.90, 1.42%) and Hindustan Zinc Ltd. (246.55, -1.52%).

17 stocks climbed above their 200 day SMA including Minda Corporation Ltd. (184.60, 9.85%) and Mahindra CIE Automotive Ltd. (221.05, 5.16%). 1 stock slipped below their 200 SMA including NHPC Ltd. (31.05, 0.98%).

 
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The Baseline
24 Jun 2022
Five Interesting Stocks Today
  1. Vinati Organics: This chemical manufacturer company’s stock rose 3.2% intraday on Thursday after the company announced capex plans of Rs 580 crore. Out of this, Rs 300 crore is set aside to expand the manufacturing capacity of 2-acrylamindo 2-methylpropane sulfonic acid (ATBS) from 40,000 metric tonnes to 60,000 metric tonnes. This will be funded through internal accruals and is expected to be commissioned by December 2023. The remaining part of the Rs 580 crore capex (Rs 280 crore) is planned to be invested in Vinati Organics’ arm Veeral Organics for the manufacturing of products like Guaiacol and Iso Amylene. These products are used in polymerization inhibitors, flavors, fragrances, pharmaceuticals, and pesticides.

The ATBS segment contributed 40% of the total revenues in FY22 and Vinati Organics has a market share of 80% in this segment. With this expansion, it looks to further increase the market share in this space. In Q4FY22, the chemical manufacturer posted its highest-ever revenue of Rs 501 crore on the back of strong demand in the ATBS segment. Its five-year revenue CAGR till FY22 was 21% at the end of FY22. This helped the company enter this screener that lists companies with good financials, high returns, and high return on equity. In addition, mutual funds also increased their holdings in the past month. 

  1. FSN E-Commerce Ventures (Nykaa): This e-commerce company held an investor and analyst day on Thursday where it outlined its future. Its stock rose 5.6% on Thursday with its average delivery volumes this week rising above its monthly average.

During the investor and analyst discussions, Nykaa emphasized its plan to diversify its product mix. Women’s products contributed 100% of its gross merchandise value (GMV) in FY20 whereas, in FY22, it constitutes 76% with men’s products GMV rising 17%. In addition, Nykaa is focusing on an omnichannel strategy and expanding its physical store footprint. The company’s physical store count now stands at 105 across 49 cities in FY22 against 34 across 21 cities in FY19. Physical stores’ GMV share also increased from 4.5% of GMV in FY19  to 6.6% in FY22. The management believes that there’s a big opportunity in this segment and plans to expand both footprint and store concentration within cities. The company is also increasing its warehouse capacity -  in FY22, its warehouse capacity rose 40% YoY to 8.2 lakh square feet, enabling the average order to delivery time to reduce to 2.8 days against 3.5 days in FY21. 

Despite a consistent YoY quarterly revenue growth in the past four quarters, a slowdown in key discretionary categories due to elevated inflation levels can impact Nykaa in the short term. 

  1. Chambal Fertilisers & Chemicals: This fertiliser company’s promoter entities’ pledged shares are rising over the past 4-6 weeks. Zuari Industries (earlier Zuari Global), Simon India and Master Exchange & Finance pledged shares equal to 3.35% stake in the company after April 28. All of these pledges are for loans taken by these promoter entities for investments in other KK Birla Group companies. This comes after the company’s stock hit a lifetime high of Rs 516 on April 19 before the Indian markets entered the current downtrend. 

On April 20, lenders released the pledge on around 0.08% of shares held in the company by Zuari Industries. But as the company’s stock lost nearly 46% of its value over the past 6-9 weeks, the four promoter group entities started pledging more shares to lenders as collateral for the loans they raised. This brings the proportion of promoters’ pledged shares out of the total shares of the company to 14.75%. Out of the promoters’ shareholding of 60.46%, the pledged proportion of their shareholding is now at 24.4%, up from 18.86% at the end of March 2022.

  1. InterGlobe Aviation: This airline’s market share in the domestic market rose in May by 261 bps to 57.9% YoY, and the number of passengers carried rose nearly 6X to 69.9 lakh passengers. This exponential rise is mainly due to a lower base in May last year when travel restrictions were in place. On an MoM basis, the airline saw a 9% rise in the number of passengers carried, but its market share fell by 42 bps. The airline’s passenger load factor rose by 230 bps MoM and by 29.8 percentage points YoY to 81% in May. The company saw demand for air travel rise despite an increase in ticket prices.

Although demand for air travel is growing, elevated aviation turbine fuel (ATF) costs will continue to hurt the company’s margins. The company’s margins will be under pressure in Q1FY23 as well, due to rising fuel costs and the depreciating rupee according to Prabhudas Lilladher. In Q4FY22, the company’s total debt rose 23.5% YoY to Rs 36,877.8 crore and shows up on this screener for companies that have high-interest payments compared to earnings on a yearly basis.

In FY23, the management expects that capacity deployment could grow by 55- 60%,  largely led by an increase in operations. Over the long term, the management expects demand to grow on the back of a recovery in domestic and international travel, an increase in cargo volumes, and a reduction in commodity costs.

  1. Vedanta: This mining company’s stock fell 12% in intraday trade on Monday after the company put on sale its arm Sterlite Copper’s plant in Tamil Nadu. It invited expression of interest (EoI) for its Tuticorin-based smelter, which has been shut since mid-2018 following a Tamil Nadu government order. After facing several legal and political hurdles in trying to reopen the smelting plant the company has decided to sell. The smelter accounted for 40% of India’s copper output before it was shut over alleged violations of environmental norms. 

Although the company’s stock has had a rough time in the market over the past month, the street still has a positive outlook on it. The stock shows up in a screener with companies that have a high analyst rating with at least a 20% upside. Going forward, Vedanta announced a capex of $2 billion for FY23, primarily focusing on the vertical integration of its aluminium business.

Trendlyne's analysts identify stocks that are seeing interesting price movement, analyst calls, or new developments. These are not buy recommendations.

 
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The Baseline
24 Jun 2022

When Indian consumers get a price shock while buying the humble tomato, which is now going at Rs. 100 per kg in some cities, at least they are not alone. Prices have shot up across many parts of the world, with few exceptions. India was one of the few countries where inflation fell in May compared to April - the Indian government has intervened in some areas like oil, with excise duty cuts in May, and in steel.

China has been an exception with a very low inflation rate  - the lack of a pandemic stimulus and continued lockdowns may have resulted in the country's muted May inflation rate of 2.1%. 

Elsewhere, like the US, UK and EU, inflation is still rising, forcing central banks to get much more aggressive with interest rate hikes. Interest rate increases take some time for their effects to be felt, but in the meantime global prices of key commodities like crude oil, edible oil and wheat have fallen, giving analysts hope that inflation rates will fall back to earth.  

 
Trendlyne Marketwatch
Trendlyne Marketwatch
23 Jun 2022
Markets close higher, InterGlobe Aviation’s market share in May rises 261 bps YoY to 57.9%

Trendlyne Analysis

Nifty 50 closed in the green with the Indian volatility index Nifty VIX, falling below 21%. European indices traded in the red amid mixed global cues. However, most major Asian indices closed higher, despite the US indices closing lower on Wednesday. The US indices gave up their intraday gains and closed lower after the US Federal Reserve Chairman Jerome Powell acknowledged the possibility of a recession due to a series of aggressive rate hikes. Crude oil extends losses amid slow global economic growth concerns induced by rate hikes by the central banks.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, following the benchmark index. Nifty Bank and Nifty FMCG closed higher than Wednesday’s levels. Nifty IT closed higher, following NASDAQ futures, which is trading in the green.

Markets closed up today. Nifty 50 closed at 15,556.65 (143.4, 0.9%) , BSE Sensex closed at 52,265.72 (443.2, 0.9%) while the broader Nifty 500 closed at 13,178.80 (131.1, 1%)

Market breadth is ticking up strongly. Of the 1,875 stocks traded today, 1,230 were gainers and 590 were losers.

  • 3M India, Mahindra Logistics, Sundram Fasteners, and Aditya Birla Sun Life AMC are trading with higher volumes as compared to Wednesday.

  • Nazara Technologies rises as JM Financial initiates coverage with a ‘Hold’ rating and a target price of Rs 1,070, indicating an upside of 6.9%. The brokerage is positive on the company’s prospects given its robust presence across eSports, gamified learning, and simulation. It expects the company’s revenue to grow at a CAGR of 32% over FY22-25.

  • Maruti Suzuki India sees a long build-up in its Jun 30 future series as its open interest rises 10.4% with put to call ratio of 1.12.

  • Stocks like Indian Oil Corporation, CESC,Tech Mahindra, Vakrangee, and Star Health and Allied Insurance Company are in the oversold zone according to the technical indicator relative strength index or RSI.

  • Route Mobile rises after it hit a new 52-week low during trade today after the company announces it will consider a proposal for buyback of shares on Tuesday.

  • ICICI Securities maintains a ‘Buy’ rating on Indian Hotels Co with a target price of Rs 284, indicating an upside of 32.7%. The brokerage remains positive on the company’s strategy of increasing the number of hotels in its portfolio, increasing revenue from management contracts and new brands, and implementing cost-saving measures. It expects the company’s revenue to grow at a 12.5% CAGR over FY22-24.

  • Devyani International and Sapphire Foods India rise as Kotak Institutional Equities initiates coverage on the companies with 'ADD' and 'BUY' ratings, respectively, according to reports. The brokerage believes a potential resurgence of Yum franchisees in India due to a rise in ordering-in, sharper execution and plans to address under-penetration will help the businesses grow. This could result in revenue CAGR of 18% and 17% for Devyani and Sapphire, respectively. The brokerage set a target price of Rs 151 for Devyani International (an upside of 2.9%) and Rs 1,425 for Sapphire Foods India (an upside of 40.25%).

  • BSE Consumer Discretionary Goods and Services index constituents like Asian Paints, DLF, FSN E-Commerce Ventures, Berger Paints (India), and Zomato, among others, are rising in trade today. BSE Consumer Discretionary Goods and Services index is also trading in the green.

  • Vinati Organics rises in trade after it plans to expand capacity with a capex of Rs 580 crore to be commissioned by December 2023. This includes a capex of Rs 300 crore towards expanding ATBS capacity from 40,000 MT to 60,000 MT and a Rs 280 crore investment in arm Veeral Organics.

  • Muthoot Finance and Route Mobile hit their 52-week lows of Rs 980.1 and Rs 1060.6, respectively. Both stocks are trading lower for three consecutive sessions.

  • InterGlobe Aviation’s total passengers carried in May rises 6X YoY to 69.9 lakhs and its market share rises 261 bps YoY to 57.9%. The number of passengers carried by airlines in May rises nearly 5X to 1.2 crore.

  • Triveni Turbine is trading with more than 22 times its weekly average trading volume. IRB Infrastructure Developers, CreditAccess Grameen, Glenmark Pharmaceuticals, and Sheela Foam are trading at more than three times their weekly average trading volumes.

  • Larsen & Toubro rises as the company's hydrocarbon division wins contracts of three offshore packages from an overseas client. The company classifies the contract as 'large' which means that the order value is in the range of Rs 2,500-5,000 crore.

  • Sun TV Network falls to a new 52-week low of Rs 402.55. Stock falls 10% in the last two sessions.

  • Indian rupee appreciates 9 paise to 78.23 against the US dollar in early trade today. The rupee fell 19 paise to a new all-time low of 78.32 on Wednesday.

  • Quess Corp is rising in trade as Allsec Technologies is set to merge with the company in an all-stock deal. Allsec Technologies is valued at an enterprise value of Rs 16.2 crore. Public shareholders of Allsec Technologies will be issued equity shares of Quess Corp in the ratio of 74:100. The transaction is at arm's length basis.

  • Spandana Sphoorty rises as it resolves all differences with the promoter and former Managing Director Padmaja Gangireddy. This includes a reconciliation of all historical matters. Gangireddy resigned from her position as Managing Director following which certain disputes arose between her and the board of directors of the company.

  • IRB Infrastructure is rising in trade as it receives Rs 308 crore, which is 75% of the total arbitration award of Rs 419 crore from the National Highway Authority of India. IRB Pathankot Amritsar Toll Road, a special purpose vehicle of the company, receives the award over a dispute in payment related to the Pathankot-Amritsar project.

  • Glenmark Pharmaceuticals is falling as the US FDA issues six observations after inspecting its formulation facility at Baddi. The inspection took place from June 13-22

  • Auto stocks like MRF, Bosch, Maruti Suzuki, Baja Auto, Eicher Motors, Hero MotoCorp, TVS Motor Co, among others, are rising in trade. The broader sectoral index Nifty Auto is also trading in the green.

  • Vodafone Idea is set to raise funds worth Rs 436.2 crore from Euro Pacific Securities, a Vodafone Group entity and promoter of the company. The board approved issuing 42.7 crore equity shares at Rs 10.2 per share or 42.7 crore warrants convertible to equity shares at an issue price of Rs 10.2 per share. This is the company’s second fund raise in two months.

Riding High:

Largecap and midcap gainers today include Maruti Suzuki India Ltd. (8,271.00, 6.27%), Hero MotoCorp Ltd. (2,674.10, 5.93%) and Eicher Motors Ltd. (2,819.05, 5.87%).

Downers:

Largecap and midcap losers today include Star Health and Allied Insurance Company Ltd. (562.50, -5.75%), Reliance Industries Ltd. (2,464.95, -1.62%) and InterGlobe Aviation Ltd. (1,621.50, -1.54%).

Volume Shockers

13 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Responsive Industries Ltd. (128.65, 16.80%), Chemplast Sanmar Ltd. (452.20, 14.79%) and KEC International Ltd. (412.95, 10.87%).

Triveni Turbine Ltd. (158.90, 5.06%) was trading at 34.7 times of weekly average. IRB Infrastructure Developers Ltd. (199.30, 7.12%) and Route Mobile Ltd. (1,193.65, 8.51%) were trading with volumes 9.4 and 7.6 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

21 stocks were underachievers and hit their 52 week lows.

Stocks making new 52 weeks lows included - Axis Bank Ltd. (629.35, 0.41%) and Chambal Fertilisers & Chemicals Ltd. (280.40, 1.10%).

11 stocks climbed above their 200 day SMA including Hero MotoCorp Ltd. (2,674.10, 5.93%) and NOCIL Ltd. (248.75, 4.47%). 6 stocks slipped below their 200 SMA including Gujarat State Fertilizer & Chemicals Ltd. (133.20, -2.63%) and Power Grid Corporation of India Ltd. (208.55, -1.00%).