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Trendlyne Marketwatch
02 Jul 2024
Market closes flat, Adani Ports' cargo volumes rise 12% YoY to 37 million metric tonnes in June
By Trendlyne Analysis

Nifty 50 closed at 24,123.85 (-18.1, -0.1%), BSE Sensex closed at 79,441.45 (-34.7, 0.0%) while the broader Nifty 500 closed at 22,677.80 (-49.8, -0.2%). Market breadth is holding steady. Of the 2,184 stocks traded today, 1,096 were in the positive territory and 1073 were negative.

Indian indices pared their gains from the afternoon session and closed flat. The volatility index, Nifty VIX, fell by 1.4% and closed at 13.6 points. Kotak Mahindra Bank fell following allegations by Hindenburg that the Securities and Exchange Board of India's (SEBI) omission of the bank or its board member in their report may be an attempt to protect powerful Indian businessmen from scrutiny.

Nifty Midcap 100 and Nifty Smallcap 100 closed lower, following the benchmark index. According to Trendlyne’s sector dashboard, Media emerged as the top-performing sector of the day, with a rise of 1.4%.

Most European indices traded in the red, while the Asian indices closed mixed. US index futures traded lower, indicating a cautious start to the trading session. Euro-zone inflation slowed down in June with consumer prices rising 2.5% YoY, down from 2.6% YoY in May.

  • Relative strength index (RSI) indicates that stocks like Cholamandalam Financial Holdings, Craftsman Automation, Mahanagar Gas, and Persistent Systems are in the overbought zone.

  • Sanofi India, Union Bank of India, Adani Total Gas, and Ujjivan Small Finance Bankunderperform their respective industries by more than 10% in the past month.

  • Adani Ports & Special Economic Zone's cargo volumes rise 12% YoY to 37 million metric tonnes in June. The rise is due to a growth in containers (33% YoY) and liquids & gas (8% YoY).

  • Nomura turns bullish on the Indian IT sector. The brokerage upgrades Wipro, Infosys, and HCL Technologies to 'Buy' and TCS to 'Neutral '. It expects a mixed operating performance from its selected stocks. Nomura expects strong revenue growth of +2.5% QoQ for Infosys and -2% QoQ for HCL Tech in Q1FY25.

  • IRB Infrastructure Trust surges to its 52-week high as it reportedly secures an arbitration award of Rs 1,720 crore for a highway project against the National Highways Authority of India (NHAI).

  • Puravankara rises as it purchases the owner’s share of land in the Botanico and Capella projects in Bangalore for Rs 251 crore. The potential gross development value for these projects is Rs 484 crore.

  • PSU bank stocks like Bank of Baroda, Bank of India, Indian Bank and State Bank of India are falling in trade. All constituents of the broader Nifty PSU Bank index are also trading in the red, causing it to plunge almost 2%.

  • Larsen & Toubro rises as it reportedly secures orders worth $4 billion (approx. Rs 35,000 crore) from Saudi Aramco for expansion projects.

  • Kotak Mahindra Bank falls following allegations by Hindenburg that the Securities and Exchange Board of India's (SEBI) omission of the bank or its board member in their report may be an attempt to protect powerful Indian businessmen from scrutiny. This development comes after Hindenburg received a show-cause notice from SEBI for alleged violations related to bets placed on the Adani Group.

  • Zomato surges to its all-time high of Rs 209.8 per share as Morgan Stanley retains its 'Overweight' rating on the stock with a higher target price of Rs 235 per share. This indicates a potential upside of 14%. The brokerage believes the company's market leadership in food delivery, strong execution in the growing quick commerce business, and a healthy balance sheet will help in medium to long-term growth.

  • ISMT surges as it completes Phase 1 installation of a 35 MW DC capacity solar plant worth Rs 138 crore in Maharashtra.

  • Large trades in the Indian stock markets reach a new high, driven by promoters selling stakes amid soaring benchmark indices. Data from the Prime Database shows that bulk and block deals in June totaled Rs 1.01 lakh crore, a substantial MoM increase from Rs 35,779 crore. Promoters have offloaded shares worth Rs 91,879 crore in the first half of the year.

  • Pennar Industries surges to its all-time high of Rs 191.7 per share as it plans to set up a 36,000 MT pre-engineered building (PEB) manufacturing plant in Uttar Pradesh. The company expects the plant to be operational in Q2CY25.

  • IOL Chemicals and Pharmaceuticals surges as it secures approval from China's drug regulatory authority, NMPA, for its cholesterol drug, Fenofibrate. This enables the company to export Fenofibrate to the Chinese market.

  • Welspun Specialty Solutions wins a Rs 117.2 crore order from Bharat Heavy Electricals to supply seamless stainless steel boiler tubes for a thermal power project.

  • NMDC is falling as its total sales decline 9% YoY to 3.7 million tonnes (MT) in June as its production drops 3.2% YoY to 3.4 MT.

  • Centre raises the windfall tax on locally produced petroleum crude oil to Rs 6,000 per tonne from Rs 3,250 earlier. Meanwhile, the tax on diesel and aviation turbine fuel (ATF) remains ‘Nil’.

  • Gandhar Oil Refinery rises sharply as it bags a three-year contract worth $45 million (approx. Rs 375 crore) from Abu Dhabi National Oil Co for Distribution (ADNOC Distribution). The contract is to supply 30 million litres per annum of refined oil to ADNOC.

  • Plutus Wealth Management sells a 2.2% stake (71 lakh shares) in Religare Enterprises, worth Rs 169.7 crore, in a bulk deal on Monday. Meanwhile, Societe Generale picks a 1.5% stake in the company.

  • Allied Blenders & Distillers’ shares debut on the bourses at a 13.9% premium to the issue price of Rs 281. The Rs 1,500 crore IPO has received bids for 23.6 times the total shares on offer.

  • Rakesh Sharma, Executive Director at Bajaj Auto, says Q1 performance aligns with expectations. He notes healthy sales in April, followed by flat sales in the following months. Sharma projects domestic retail growth of 6-8% in Q2FY25.

  • Patanjali Foods surges to its all-time high of Rs 1,764.4 per share as it acquires Patanjali Ayurved's non-foods business (hair care, skin care, dental care, and home care) for Rs 1,100 crore.

  • Eicher Motors' Royal Enfield wholesales fall 7.6% YoY to 86,723 units in June. Its domestic wholesales decrease by 5% YoY, and exports drop 27% YoY.

  • DCX Systems rises as it wins a purchase order worth Rs 1,250 crore from Larsen & Toubro to manufacture and supply electronic modules.

  • Godrej Properties sells more than 2,000 homes worth over Rs 3,150 crore on the launch of its project, Godrej Woodscapes, in Bengaluru.

  • Nifty 50 was trading at 24,203.60 (61.7, 0.3%), BSE Sensex was trading at 79,653.88 (177.7, 0.2%) while the broader Nifty 500 was trading at 22,784.85 (57.3, 0.3%).

  • Market breadth is highly positive. Of the 1,967 stocks traded today, 1,517 showed gains, and 414 showed losses.

Riding High:

Largecap and midcap gainers today include Solar Industries India Ltd. (11,019.10, 9.1%), Godrej Properties Ltd. (3,301.10, 4.4%) and Samvardhana Motherson International Ltd. (202.96, 3.2%).

Downers:

Largecap and midcap losers today include Max Healthcare Institute Ltd. (913.10, -4.5%), Vodafone Idea Ltd. (17.02, -3.4%) and Shriram Finance Ltd. (2,824.90, -3.4%).

Volume Shockers

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

Top high volume gainers on BSE included TV18 Broadcast Ltd. (45.55, 9.7%), Solar Industries India Ltd. (11,019.10, 9.1%) and Godrej Agrovet Ltd. (811.50, 8.1%).

Top high volume losers on BSE were Angel One Ltd. (2,353.25, -8.7%), Patanjali Foods Ltd. (1,660.95, -2.3%) and Chalet Hotels Ltd. (849, -1.4%).

Sumitomo Chemical India Ltd. (512.60, 7.1%) was trading at 11.8 times of weekly average. Network18 Media & Investments Ltd. (87.67, 6.7%) and Firstsource Solutions Ltd. (226.40, 5.8%) were trading with volumes 8.7 and 6.6 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

45 stocks hit their 52 week highs,

Stocks touching their year highs included - 3M India Ltd. (38,908.70, 2.8%), ACC Ltd. (2,772.25, 0.8%) and Ambuja Cements Ltd. (692.35, -0.4%).

17 stocks climbed above their 200 day SMA including Jyothy Labs Ltd. (477.25, 5.8%) and Hatsun Agro Products Ltd. (1,111.35, 5.6%). 7 stocks slipped below their 200 SMA including IDFC Ltd. (116.99, -2.6%) and Kotak Mahindra Bank Ltd. (1,769.60, -2.1%).

 
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Trendlyne Marketwatch
01 Jul 2024
Market closes higher, Maruti Suzuki's wholesales rise 12.4% YoY to 1.8 lakh units in June
By Trendlyne Analysis

Nifty 50 closed at 24,141.95 (131.4, 0.6%), BSE Sensex closed at 79,476.19 (443.5, 0.6%) while the broader Nifty 500 closed at 22,727.60 (167.9, 0.7%). Market breadth is overwhelmingly positive. Of the 2,208 stocks traded today, 1,586 were in the positive territory and 605 were negative.

Indian indices extended their gains from the afternoon session and closed in the green. The volatility index, Nifty VIX, rose by 0.2% and closed at 13.8 points. Cochin Shipyard closed higher after it bagged a Rs 1,100 crore order from Wilson ASA, Norway, to develop dry cargo vessels.

Nifty Midcap 100 and Nifty Smallcap 100 closed higher, following the benchmark index. According to Trendlyne’s sector dashboard, Media emerged as the top-performing sector of the day, with a rise of 2.9%.

Most European indices traded in the green, while the Asian indices closed flat or higher. US index futures traded mixed, indicating a cautious start to the trading session. Boeing announced the acquisition of Spirit AeroSystems in an all-stock deal worth $4.7 billion. Brent crude futures traded in the green after falling 0.6% on a volatile day on Friday.

  • Mahanagar Gas sees a long buildup in its July 25 future series as its open interest rises 40.5% with a put-call ratio of 0.7.

  • Wockhardt's surges more than 19% after its investigational antibiotic, Zaynich, treats a cancer patient in the United States with chronic thigh infection caused by pseudomonas bacteria.

  • Rane Holdings rises sharply as its board approves the acquisition of the remaining 91.3 lakh shares (51% stake) in joint venture company, Rane NSK Steering Systems (RNSS), from JV partner NSK Japan for Rs 45 crore. This makes RNSS a wholly-owned subsidiary of Rane Holdings.

  • Maruti Suzuki India's wholesales rise 12.4% YoY to 1.8 lakh units in June. It’s domestic wholesales increase by 6.1% YoY, while exports grow by 57%.

  • According to Kotak Institutional Equities, the pace of promoters selling stakes in their companies has accelerated in the first half of 2024, totaling $10.5 billion across 37 companies listed on the NSE500.

  • Motilal Oswal keeps its 'Buy' rating on Kalpataru Projects with a higher target price of Rs 1,385 per share. This indicates a potential upside of 20.3%. The brokerage believes the company's merger with JMC Projects will help to enter large and complex projects. It expects the company's revenue to grow at a CAGR of 16.7% over FY25-26.

  • Morgan Stanley reportedly retains its 'Overweight' rating on Reliance Industries with a target price of Rs 3,046 per share. The brokerage expects the company's market capitalisation to grow by $60-100 billion, driven by investments in new energy, retail expansion to take market share from the unorganised sector, and repurposing existing energy projects.

  • Mahindra & Mahindra's wholesales rise 11% YoY to 69,397 units in June. Passenger vehicle wholesales increase 23% YoY, however commercial vehicle sales fall 2% YoY.

  • Reports suggest that 24 lakh shares (3.14% equity) of Nazara Technologies, amounting to Rs 210 crore, have changed hands in a large trade.

  • Larsen & Toubro's hydrocarbon business secures an order worth Rs 1,000-2,500 crore from ONGC for the engineering, procurement, construction, installation, and commissioning (EPCIC) of 129 km of subsea pipelines and associated modification works across ONGC’s offshore fields on India’s west coast.

  • Alembic Pharmaceuticals is rising as it receives approval from the US FDA for its Bosutinib tablets. The tablets, used to treat a certain type of leukemia, have an estimated annual sales of $275 million in the US.

  • Godrej Properties rises sharply as it announces the development of an 11-acre land parcel in Pune and a 7-acre parcel in Bengaluru. The Pune project will include Group Housing and High Street Retail, while Bengaluru will feature a high-end residential project with a combined revenue potential of nearly Rs 3,000 crore.

  • Kotak Institutional Equities initiates coverage on J B Chemicals & Pharmaceuticals with a 'Buy' rating and a target price of Rs 2,025. The brokerage believes the stock will trade at a premium compared to its competitors, helped by a strong market share in its core brands and robust contract manufacturing capabilities. It also highlights the company has limited exposure to the US, EU, and other regulated markets.  

  • Cochin Shipyard rises as it wins a Rs 1,100 crore order from Wilson ASA, Norway, to develop TDW dry cargo vessels.

  • GTI Alpha sells a 4.7% stake (1 crore shares) in Samhi Hotels, worth approx Rs 192.7 crore, in a block deal on Friday. Meanwhile, Morgan Stanley Asia Singapore, ICICI Prudential Mutual Fund, and Abu Dhabi Investment Authority pick 1.4%, 1%, and 0.5% stakes, respectively, in the company.

  • Escorts Kubota's total wholesales fall 2.6% YoY to 9,593 units in June, due to a 59.7% YoY decrease in exports. The company's domestic wholesales increase marginally.

  • NMDC lowers iron ore lump and fine prices by 7% and 9% to Rs 5,950 and Rs 5,110 per tonne, respectively. The industry anticipated a larger cut of Rs 700-800 per tonne, compared to Rs 500 per tonne.

  • Transformers & Rectifiers (India) rises sharply as it bags three orders worth Rs 148.5 crore from NCC, Power Grid Corp, and Adani Energy Solutions to supply transformers and class reactors.

  • Asian Paints plans to expand its capacity to 60,000 kilo liter (KL) from 30,000 KL at its Mysuru manufacturing plant with an estimated capex of Rs 1,305 crore.

  • Garden Reach Shipbuilders & Engineers surges as it wins an order worth $21 million from Bangladesh's Ministry of Defence to construct and deliver an advanced ocean-going tug.

  • India’s manufacturing PMI rises to 58.3 in June, compared to 57.5 in May, driven by improved business conditions and increased hiring.

  • Vodafone Idea is falling as it hikes its prepaid and postpaid plan rates by 10-21%, effective July 4.

  • Nextwave Communications, promoter of HFCL, sells a 1.4% stake in the company for approx Rs 215.2 crore in a bulk deal on Friday.

  • Rashmi Chowdhary, promoter of Titagarh Rail Systems, sells a 2% stake in the company in a block deal on Friday.

  • Bharat Electronics rises as it bags a contract worth Rs 3,127 crore from Armoured Vehicles Nigam to supply and install sighting and fire control systems (FCS) to upgrade tanks for the Indian Army. The company has also bagged orders worth Rs 481 crore for meteorological equipment.

  • Nifty 50 was trading at 24,012.30 (1.7, 0.0%), BSE Sensex was trading at 79,034.05 (1.3, 0%) while the broader Nifty 500 was trading at 22,581.10 (21.4, 0.1%).

  • Market breadth is surging up. Of the 1,975 stocks traded today, 1,419 showed gains, and 511 showed losses.

Riding High:

Largecap and midcap gainers today include PB Fintech Ltd. (1,517.15, 8.6%), JSW Infrastructure Ltd. (353.20, 7.6%) and Patanjali Foods Ltd. (1,699.35, 6.8%).

Downers:

Largecap and midcap losers today include Torrent Power Ltd. (1,456.45, -2.8%), Schaeffler India Ltd. (4,610.25, -2.8%) and NTPC Ltd. (369.75, -2.3%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Cholamandalam Financial Holdings Ltd. (1,609.30, 10.7%), Mahanagar Gas Ltd. (1,746.80, 9.4%) and Home First Finance Company India Ltd. (1,126.30, 8.8%).

Emami Ltd. (721.10, 4.6%) was trading at 19.7 times of weekly average. Vaibhav Global Ltd. (331.75, 7.5%) and J B Chemicals & Pharmaceuticals Ltd. (1,792.80, 2.2%) were trading with volumes 10.3 and 7.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

43 stocks made 52 week highs,

Stocks touching their year highs included - ACC Ltd. (2,749.60, 5.0%), Ambuja Cements Ltd. (695, 3.7%) and Bayer Cropscience Ltd. (6,693.70, -0.3%).

19 stocks climbed above their 200 day SMA including Alembic Pharmaceuticals Ltd. (923.50, 5.4%) and Jyothy Labs Ltd. (451.20, 4.5%). 4 stocks slipped below their 200 SMA including Bata India Ltd. (1,499, -1.0%) and IndusInd Bank Ltd. (1,456.90, -0.5%).

 
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The Baseline
28 Jun 2024
Five Interesting Stocks Today - June 28, 2024

1. Indian Renewable Energy Development Agency (IREDA):

This financial institution rose by 7.3% over the past week after its Rs 1,500 crore bond issue was oversubscribed 2.7X. In April this year, the company was granted “Navratna” status by the Department of Public Enterprises (DPE). 

IREDA delivered a good result in FY24 –  the company’s net profit increased by 44.8% YoY to Rs 1,252.2 crore on the back of falling expenses, while its revenue increased by 42.9% YoY. The stock shows up in a screener for stocks with consistent high returns over five years in Nifty500.

IREDA is India’s largest renewable energy financing NBFC. In FY24, the company’s assets under management (AUM) stood at Rs 58,775 crore. During its recent annual general meeting (AGM), the Chairman and Managing Director PK Das noted that the company's net worth was Rs 8,559 crore, with strong growth. The total loans sanctioned rose by 14.6% YoY to Rs 37,354 crore, and disbursements rose by 15.9% to  Rs 25,089 crore in FY24. The management is targeting an AUM of Rs 3.5 lakh crore by FY30 to attain “Maharatna” status.

India’s power demand has been increasing steadily, and is expected to grow at a CAGR of 4.8% in FY25-27 with peak demand touching 277 GW in FY27. Renewable sources currently contribute ~40% (172 GW) of India's installed power generation capacity of 428 GW. Analysts note that the government’s FY30 target of 500 GW in renewable energy power generation needs an investment of over Rs 24 trillion, creating a vast opportunity for IREDA.

ICICI Direct has a “Buy” rating on IREDA with a target price of Rs 250. The brokerage remains positive on long term growth prospects, which it expects will drive long term growth in AUM. The brokerage notes that, given the firm’s focus on financing the renewable energy sector, business growth is expected to remain healthy at ~25-30% CAGR, with market share expected at ~29% in FY25-30.

2. Manappuram Finance:

This non-banking finance company surged to a new 52-week high of Rs 214 on Thursday and rose 7.8% in the past week. This rise came after CLSA reiterated its bullish stance on the firm’s gold loan business, which has seen strong traction since March after the central bank barredIIFL Finance from disbursing gold loans. Manappuram as a result, is benefiting from the acquisition of new customers being turned away by its competitors.

MD and CEO, V.P. Nandakumar says, “Demand for gold loans has surged this year, driven by middle-income groups requiring funds post-pandemic.” He highlights that the average ticket size is around Rs 73,000 and the average life of the loan is three months. The customers are mostly from the upper middle class and lower middle class.

Manappuram has been diversifying into non-gold segments to mitigate the cyclicality of gold loans. This strategy has contributed to a consolidated AUM growth of 19% YoY in FY24. However, net NPA worsened, rising by 40 bps to 1.3% during the same period, primarily due to collection issues in its microfinance business in Punjab and Rajasthan, states that have seen rural distress in the past year.

In April this year, Manappuram’s subsidiary Asirvad Micro Finance got SEBI approval to raise funds through an IPO. The company plans to raise Rs 1,500 crore via a fresh issue of equity shares and has no offer-for-sale component. Nandakumar expects the IPO to open in the next few months.

Axis Securities maintains a ‘Buy’ call on Manappuram Finance as it expects no impact of RBI regulations on its gold loan disbursals. The brokerage expects the company to deliver AUM and net interest income growth at a CAGR of 19% and 17% respectively in FY25-26.

3. PI Industries:

This agrochemicals company rose by 1.2% on Thursday after announcing the acquisition of UK-listed Plant Health Care Plc (PHC) for around £32.8 million (approx. Rs 341.7 crore). The acquisition will be funded from previous QIP proceeds. The transaction is set to be finalised by Q2FY25. PI Industries features in a screener of stocks near their 52-week highs.

PHC is an agriculture company with subsidiaries in the US, Brazil, and several other countries. It is known for its experience in protein/peptide technology within the agricultural biological space. Agricultural biologicals are a form of crop protection made from natural materials. With this acquisition, PI Industries can use PHC’s technology to manufacture biological products in India and strengthen the biologicals portfolio. 

PI has seen steady growth in biologicals, with an existing portfolio of eight products and more in the development pipeline. In FY24, revenue from biologicals rose around 29% YoY. During the year, the company’s revenue rose 18.1% YoY to Rs 7,665.8 crore, while net profit was up 36.8% YoY to Rs 1,681.5 crore. 

PI’s domestic business was muted due to a delayed and erratic monsoon. However, the IMD and Skymet have forecast normal monsoons for this year, and the management is optimistic about a healthy Q1FY25 performance.

Over the past year, the agrochem firm’s share price has declined by 1%, compared to the industry’s 14.5% growth. FY24 has been a tough year for agrochemical companies as they faced challenges from declining input prices, destocking, and higher China supplies. However, ICICI Securities sees green shoots in the industry. Agrochemical inventory has fallen below normal, and the underlying demand remains steady. US agrochemical companies have been focusing on outsourcing, which benefits Indian specialty chemical companies like PI Industries, as it derives 78% of revenue from exports. 

Analysts are bullish on the company considering the growth opportunities. Jefferies believes the acquisition of PHC is attractive based on new product traction, providing PI Industries with an annual revenue potential of $75 million. The brokerage has a ‘Buy’ call with a target price of Rs 4,750 per share. The company is in the PE Buy Zone indicating that its currently trading below its historical PE.

4. LIC Housing Finance:

This housing finance company rose by 7.7% in the past week to hit its all-time high of Rs 809.9 on Friday after the government's announcement of three crore additional houses under Pradhan Mantri Awas Yojana. MD and CEO Tribhuwan Adhikari expects this initiative to create new market opportunities for the firm. The company plans to disburse Rs 75,000 crore in housing loans this year.

In FY24, LIC Housing Finance focused on profitability and is now transitioning towards growth. It reported a 15% YoY increase in individual home loan disbursements in Q4FY24, marking a turnaround from previous declines. In FY24, the firm’s net profit increased by 64.6% YoY to Rs 4,759.2 crore, due to better cost management and reduced NPAs, while revenue rose by 20% to Rs 27,277.8 crore.

The company is aiming for double-digit growth in FY25 by focusing on tech enhancements. It anticipates stable asset quality and expects earnings to improve, driven by increased home loan demand and lower credit costs. Recovery from a Rs 4,000 crore written-off pool bolstered by a positive real estate cycle, is pivotal for future growth. Adhikari says, "We expect NIMs to comfortably remain in the 2.7-2.9% range, with delivery closer to the higher end, thanks to a higher interest rate regime and our operational efficiency."

Sharekhan maintains a 'Buy' rating on the stock with a target price of Rs 850. The brokerage believes the firm will benefit from the real estate sector's growth and rising per capita income. It expects NII and PAT to grow at 5.5% and 5% CAGR respectively over FY25-26.

5. Dr. Reddy's Laboratories:

This pharma company rose by 7.2% in the past week after its Switzerland-based arm, Dr. Reddy’s Laboratories SA, inked an agreement with Haleon to acquire Nicotinell and related brands. The firm will pay  £458 million (Rs 4,832 crore) upfront and an additional performance-based cash paymentof up to £42 million (Rs 443 crore)  in CY25 and CY26. The product portfolio being acquired has an annual sales of approx Rs 2,290 crore.

Dr. Reddy’s Laboratories has been investing in areas like novel molecules, consumer healthcare, and digital therapeutics. This acquisition will enable the company to gain access to a global over-the-counter medicine (OTC) anchor brand, and has the potential to build a global consumer healthcare OTC business.

In FY24, the company’s net profit grew 23.8% YoY to Rs 5,577.9 crore while its revenue grew 12.4% YoY.It also beat Trendlyne Forecaster’s net profit estimate by 2.1%. The growth was primarily driven by increased global generics revenue, especially in North America and emerging markets.

Going forward, the company plans to spend 8.5-9% of FY25 revenues on research and development (R&D), of which 20% will be allocated to biosimilars, 60% to small molecules, and 20% to either API or other initiatives. Speaking about guidance, Chief Executive Officer Erez Israeli says, “We expect EBITDA and ROCE to be around 25% in the long term with double-digit revenue growth.”

Management optimism notwithstanding, KR Choksey downgraded Dr. Reddy's Laboratories to ‘Reduce’ from ‘Hold’ rating as it anticipates an increase in expenses on R&D, marketing, and promotions in FY25 due to key Dr. Reddy products in the US like gRevlimid, going off patent. The brokerage also notes that the stock is trading at higher levels than anticipated. However, the stock is in the PE Buy Zone, which means that its trading below its historical averages The company appears in a screener for stocks with increasing shareholding by mutual funds in the past month.

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

 
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Trendlyne Marketwatch
28 Jun 2024
Market closes flat, Polycab India's promoter reportedly sells shares worth to Rs 2,716.5 crore
By Trendlyne Analysis

Nifty 50 closed at 24,010.60 (-33.9, -0.1%), BSE Sensex closed at 79,032.73 (-210.5, -0.3%) while the broader Nifty 500 closed at 22,559.70 (22.3, 0.1%). Market breadth is in the green. Of the 2,147 stocks traded today, 1,131 were in the positive territory and 995 were negative.

Indian indices pared their gains during the last hour of the trading session and closed marginally lower. The Indian volatility index, Nifty VIX, fell 2.5% and closed at 13.8 points. JPMorgan Chase added India’s government bonds to its emerging markets index, starting today, opening up a $1.3 trillion market to a broader range of investors.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, outperforming the benchmark index. Nifty Energy and Nifty Pharma closed higher than their Thursday close. According to Trendlyne’s Sector dashboard, Hardware Technology & Equipment emerged as the best-performing sector of the day, with a rise of 2.6%.

Major Asian indices closed flat or higher. European indices traded in the green, except for France’s CAC 40 trading lower. US index futures traded flat or higher, indicating a positive start to the trading session. Nike’s shares fell nearly 15% in the pre-market after the sportswear group warned that sales would decline in the current quarter. Brent crude oil futures traded in the green for a third straight trading session.

  • Relative strength index (RSI) indicates that stocks like Samvardhana Motherson International, Craftsman Automation, Whirlpool of India, and India Cements are in the overbought zone.

  • Healthcare Global Enterprises plans to acquire a 51% stake in Vizag Hospital upfront for Rs 207.6 crore. It will further acquire the remaining 49% stake in multiple tranches.

  • ICIC Direct retains its 'Buy' call on Sansera Engineering with an upgraded target price of Rs 1,570 per share. This indicates a potential upside of 21.2%. The brokerage remains positive on the stock due to its strong order book and healthy return on capital employed (RoCE). It expects the company's revenue to grow at a CAGR of 15.1% over FY25-26.

  • Brigade Enterprises rises sharply as it launches 'Brigade Insignia' in Yelahanka, Bengaluru. The residential project offers 3, 4, and 5 BHK apartments, with a revenue potential of Rs 1,100 crore.

  • Delhi Court grants relief to Samir Modi, Executive Director of Godfrey Phillips India in a dispute against his mother Bina Modi, the Chairperson, over the distribution of the late KK Modi’s Rs 11,000 crore inheritance. The court directs both parties to maintain a 'Status Quo and restricts the discontinuation of the retail chain, 24Seven.

  • Polycab India falls as 40.5 lakh shares (2.7% stake), amounting to Rs 2,716.5 crore, reportedly change hands in a block deal. The company's promoters are the likely sellers in the transaction.

  • Vraj Iron & Steel's Rs 171 crore IPO gets bids for 63.4X the available 61.5 lakh shares on offer on the third day of bidding. The retail investor quota gets bids for 40.8X the available 30.7 lakh shares on offer.

  • Foreign institutional investors invest Rs 6,636.3 crore in the equity market over the past week, according to Trendlyne's FII dashboard. Index options witness the highest inflow of Rs 71,179.6 crore from FIIs.

  • Praveen Jaipuriar, CEO of CCL Products, notes the increase in coffee prices in the past few months, and expects higher revenue growth. He highlights the robust demand for Indian coffee in overseas markets. Jaipuriar expects volume growth of around 12-13% in FY25, similar to the previous year.

  • Alembic Pharmaceuticals gets US FDA approval for its Doxycycline Capsules, used to treat inflammatory lesions of rosacea in adult patients. The capsules have an estimated annual sales of $ 123 million in the US.

  • The EU court upholds a fine totaling Rs 125.6 crore (14 million euros) against IPCA Laboratories' subsidiaries, Unichem Laboratories, and Niche Generics for a patent dispute settlement agreement.

  • KPI Green rises sharply as it secures a final sanction letter for Rs 686 crore credit facilities to develop a large-scale solar photovoltaic power project in Kutch to generate 200 MWAC of electricity.

  • Reports suggest that 1.2 crore shares (0.5% equity) of HCL Technologies, amounting to Rs 1,788.3 crore, have changed hands in the pre-market session.

  • Nazara Technologies' step-down subsidiary, NODWIN Gaming International, enters an agreement to acquire an additional 86.5% stake in Freaks 4U Gaming for Rs 271 crore.

  • Stanley Lifestyles’ shares debut on the bourses at a 34.1% premium to the issue price of Rs 369. The Rs 418 crore IPO has received bids for 97 times the total shares on offer.

  • Krishna Institute of Medical Sciences' board approves the proposal for the sub-division of one equity share of the company into five equity shares.

  • JPMorgan Chase adds India’s government bonds to its emerging markets index, starting today, opening up a $1.3 trillion market to a broader range of investors. Global funds have infused around $11 billion into index-eligible bonds since JPMorgan’s announcement in September 2023. The US bank expects an inflow of $20-25 billion over the next ten months, raising foreign ownership to 4.4% from the current 2.5%.

  • JSW Infrastructure rises as it inks an agreement to acquire a 70.4% stake in Navkar Corp for approx Rs 1,012.7 crore. This acquisition enables the company to foray into logistics and other value-added services.

  • RBL Bank rises as its board of directors approves a fundraising of Rs 6,500 crore. The company plans to raise Rs 3,500 crore through a qualified institutional placement (QIP) or other modes, while the remaining Rs 3,000 crore via the issuance of debt instruments.

  • Bharti Airtel surges to its all-time high of Rs 1,536.3 per share as it hikes its prepaid and postpaid plan rates by 10-20% and 11-21%, respectively.

  • Emcure Pharmaceuticals sets the price band for its IPO at Rs 960-1,008 per share. The issue, valued at Rs 1,951 crore, consists of a fresh issue worth Rs 800 crore and an offer for sale of around Rs 1,151 crore. The issue opens on July 3.

  • Radhakishan Damani sells an 11.3% stake in India Cements for approx Rs 931.2 crore in a bulk deal on Thursday.

  • Ashish Kacholia buys a 1.1% stake in SG Mart for approx Rs 40 crore in a bulk deal on Thursday.

  • Au Small Finance Bank rises sharply as its board of directors approves a fundraising of Rs 11,000 crore. The company plans to raise Rs 5,000 crore through a qualified institutional placement or other modes, while the remaining Rs 6,000 crore via the issuance of debt instruments.

  • Bharat Heavy Electricals rises sharply as it reportedly bags an order worth Rs 13,300 crore from Damodar Valley Corp (DVC) to set up two 800 MW thermal power plants in Jharkhand. This will take DVC's total thermal capacity to 8,140 MW by 2030.

  • Nifty 50 was trading at 24,113.50 (69, 0.3%), BSE Sensex was trading at 79,397.67 (154.5, 0.2%) while the broader Nifty 500 was trading at 22,620.85 (83.5, 0.4%).

  • Market breadth is highly positive. Of the 1,897 stocks traded today, 1,489 were on the uptrend, and 376 went down.

Riding High:

Largecap and midcap gainers today include Star Health and Allied Insurance Company Ltd. (558.65, 5.7%), Persistent Systems Ltd. (4,241.45, 5.2%) and Patanjali Foods Ltd. (1,591.40, 5.1%).

Downers:

Largecap and midcap losers today include Samvardhana Motherson International Ltd. (190.31, -4.2%), Avenue Supermarts Ltd. (4,716.75, -3.7%) and Polycab India Ltd. (6,739.50, -3.6%).

Volume Shockers

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

Top high volume gainers on BSE included Cholamandalam Financial Holdings Ltd. (1,453.50, 13%), Ceat Ltd. (2,821.85, 8.6%) and Praj Industries Ltd. (728.65, 7.4%).

Top high volume losers on BSE were Polycab India Ltd. (6,739.50, -3.6%), Sobha Ltd. (1,956.65, -2.8%) and Carborundum Universal Ltd. (1,685, -0.8%).

Mahanagar Gas Ltd. (1,596.90, 6.2%) was trading at 7.0 times of weekly average. Star Health and Allied Insurance Company Ltd. (558.65, 5.7%) and Bata India Ltd. (1,513.75, 5.0%) were trading with volumes 6.2 and 6.0 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

38 stocks took off, crossing 52 week highs,

Stocks touching their year highs included - Aegis Logistics Ltd. (872.85, 2.2%), Bharti Airtel Ltd. (1,444.05, -2.2%) and Indus Towers Ltd. (375.30, 2.8%).

14 stocks climbed above their 200 day SMA including Gujarat Narmada Valley Fertilizers & Chemicals Ltd. (710.50, 5.7%) and Bata India Ltd. (1,513.75, 5.0%). 7 stocks slipped below their 200 SMA including IndusInd Bank Ltd. (1,464.50, -2.6%) and Procter & Gamble Hygiene & Healthcare Ltd. (16,601, -1.3%).

 
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Trendlyne Marketwatch
27 Jun 2024
Market closes higher, UltraTech Cement to acquire a 23% stake in India Cements
By Trendlyne Analysis

Nifty 50 closed at 24,044.50 (175.7, 0.7%), BSE Sensex closed at 79,243.18 (568.9, 0.7%) while the broader Nifty 500 closed at 22,537.40 (100.6, 0.5%). Market breadth is moving down. Of the 2,149 stocks traded today, 648 showed gains, and 1,485 showed losses.

Indian indices continued to gain in the last hour of trading and closed higher, with the Sensex crossing 79,000 for the first time in its history, another record high. UltraTech Cement was the biggest Nifty50 gainer after it announced a plan to acquire a 23% stake in India Cements.

The Indian volatility index Nifty VIX rose by 0.71% and closed at 14.15 points. Nifty Smallcap 100 and Nifty Midcap 100 trended in opposite directions, with the smallcap index closing lower, while the midcap index closed higher. According to Trendlyne’s Sector dashboard, forest material and software services were the best performers of the day.

Major Asian indices closed in the red, except for the Taiwan Weighted and Indian indices. US index futures are trading lower. Brent crude oil futures are up. Goldman Sachs says that this month's net selling by hedge funds in the US tech sector is the largest on record since 2017.

  • Money flow index (MFI) indicates that stocks like Samvardhana Motherson International, Craftsman Automation, Cera Sanitaryware, and Raymond are in the overbought zone.

  • Kalpataru Projects International's board of directors approves prepayment of non-convertible debentures (NCDs) worth Rs 198 crore on or before July 20.

  • JSW Energy's arm, JSW Neo Energy, through its subsidiaries, signs a power purchase agreement (PPA) for wind and solar projects with a total capacity of 1,325 MW. This includes 1,025 MW with Solar Energy Corp of India (SECI) and 300 MW with Gujarat Urja Vikas Nigam.

  • Gartner predicts a robust outlook for IT spending in banking and investment services globally, particularly beneficial for the Indian IT industry. The firm forecasts a 9.7% rise in IT spending to $716 billion in 2024, up from $658 billion in 2023. It believes the surge in worldwide demand offers significant opportunity for the Indian IT sector, which has been navigating through macroeconomic challenges.

  • SJVN's wholly owned subsidiary, SJVN Green Energy, signs a Memorandum of Understanding (MoU) with AM Green Ammonia to supply renewable energy (RE) to AM Green's plants in Andhra Pradesh.

  • Vraj Iron & Steel's Rs 171 crore IPO gets bids for 10.8X the available 61.5 lakh shares on offer on the second day of bidding. The retail investor quota gets bids for 13.9X the available 30.7 lakh shares on offer.

  • Allied Blenders & Distillers' Rs 1,500 crore IPO gets bids for 7.4X the available 3.9 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 3.2X the available 2 crore shares on offer.

  • Yes Bank reportedly fires 500 employees across various verticals as part of its cost-cutting plans and shift towards digital banking instead of manual processes. The bank is the first sector player to initiate layoffs in many years, while all other private players are hiring.

  • Ramky Infrastructure rises sharply as it bags two orders worth Rs 131.2 crore from PowerGrid Energy Services for loss reduction work under the results-linked distribution sector scheme (RDSS) in Leh District.

  • Rail Vikas Nigam's joint venture with Kerala Rail Development Corp wins an order worth Rs 156.5 crore from the Southern Railway to provide automatic signalling on the Ernakulam-Vallattol Nagar section of Thiruvananthapuram division.

  • Reliance Industries' telecom arm Jio expands its 1,800 MHz band by acquiring 5 MHz paired spectrum in Bihar for Rs 420.2 crore and 9.4 MHz paired spectrum in West Bengal for Rs 553.4 crore. It secures the spectrum for 20 years.

  • Nifty 50 breaches the 24,000 mark for the first time and hits a record high of 24,015.3 today. The BSE Sensex crosses the 79,000 mark and reaches its all-time high of 79,186.9.

  • Waaree Renewable Technologies secures a letter of award (LOA) for the engineering, procurement, and construction of a solar power project with a 1-megawatt peak (MWp) capacity valued at Rs 4.1 crore.

  • PI Industries rises sharply as it acquires Plant Health Care Plc for £32.8 million (approx. Rs 341.7 crore) to set up a portfolio of integrated solutions for sustainable agriculture. The consideration for the acquisition will be funded from previous QIP proceeds.

  • Bharti Airtel acquires 97 MHz spectrum in 900 MHz, 1800 MHz, and 2100MHz frequency bands for Rs 6,857 crore through the 5G spectrum auction. It secures the spectrum for 20 years.

  • The National Council of Applied Economic Research (NCAER) forecasts India's FY25 GDP growth at 7.5%, exceeding the RBI's 7.2% projection, driven by strong economic activity. Poonam Gupta, Director General of NCAER, sees a robust first-quarter performance backed by solid investment strategies and stable macroeconomic conditions. However, she remains cautious about challenges like rising food prices.

  • Rashmi Chowdhary, promoter of Titagarh Rail Systems, sells a 2% stake (26.9 lakh shares) worth approx. Rs 435.7 crore in a block deal on Wednesday. Meanwhile, BlackRock Global Funds and BNP Paribas Financial Markets pick up 1.6% and 0.4% stakes respectively, in the company.

  • The Reserve Bank of India approves the appointment of R Balaji as Managing Director and Chief Executive Officer of PTC India Financial Services, effective June 26.

  • KEC International surges to its all-time high of Rs 950 per share as its transmission & distribution (T&D) business bags multiple orders worth Rs 1,025 crore in India and overseas markets.

  • Reports suggest that 1.7 crore shares of CSB Bank, amounting to Rs 595 crore, have changed hands in a block deal. FIH Mauritius is a likely seller in the transaction.

  • Affle Holdings, promoter of Affle (India), sells a 1.8% stake in the company on Wednesday. It now holds a 40.8% stake.

  • ITD Cementation India surges to its all-time high of Rs 534.8 per share as it bags a marine contract worth Rs 1,082 crore to construct the third berth and additional work at the Dahej LNG Terminal in Gujarat.

  • UltraTech Cement rises as it announces plans to acquire a 23% stake in India Cements at a price of up to Rs 267 per share. The acquisition is worth approx Rs 1,885 crore.

  • Dr Reddy's Laboratories' Switzerland subsidiary, Dr Reddy's Laboratories SA, acquires Haleon Group's Northstar Switzerland SARL for GBP 500 million (approx. Rs 5,274 crore). This acquisition gives Dr Reddy's access to Haleon’s global portfolio of consumer healthcare brands in the nicotine replacement therapy (NRT) category outside of the United States.

  • Nifty 50 was trading at 23,841.50 (-27.3, -0.1%), BSE Sensex was trading at 78,758.67 (84.4, 0.1%) while the broader Nifty 500 was trading at 22,460.10 (23.3, 0.1%).

  • Market breadth is highly positive. Of the 1,922 stocks traded today, 1,298 were gainers and 578 were losers.

Riding High:

Largecap and midcap gainers today include Macrotech Developers Ltd. (1,538.50, 7.2%), UltraTech Cement Ltd. (11,716.70, 5.2%) and Procter & Gamble Hygiene & Healthcare Ltd. (16,817.35, 4.9%).

Downers:

Largecap and midcap losers today include Punjab National Bank (119.20, -4.2%), Indian Hotels Company Ltd. (624.40, -3.9%) and Au Small Finance Bank Ltd. (666.10, -3.8%).

Volume Shockers

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

Top high volume gainers on BSE included Route Mobile Ltd. (1,879.55, 14.3%), India Cements Ltd. (293.23, 11.7%) and Mazagon Dock Shipbuilders Ltd. (4,416.35, 8.2%).

Top high volume losers on BSE were Archean Chemical Industries Ltd. (657.60, -4.9%), Punjab National Bank (119.20, -4.2%) and Godrej Consumer Products Ltd. (1,362, -3.7%).

Whirlpool of India Ltd. (1,984.35, 8.0%) was trading at 17.1 times of weekly average. CSB Bank Ltd. (365.65, 2.7%) and Suven Pharmaceuticals Ltd. (787.35, 8.0%) were trading with volumes 9.8 and 9.7 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

41 stocks overperformed with 52 week highs,

Stocks touching their year highs included - Axis Bank Ltd. (1,288.95, 0.3%), Bayer Cropscience Ltd. (6,653.90, 1.7%) and Bharti Airtel Ltd. (1,475.80, 1.1%).

8 stocks climbed above their 200 day SMA including India Cements Ltd. (293.23, 11.7%) and Eureka Forbes Ltd. (485.50, 6.0%). 11 stocks slipped below their 200 SMA including Au Small Finance Bank Ltd. (666.10, -3.8%) and APL Apollo Tubes Ltd. (1,539.10, -3.5%).

 
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The Baseline
26 Jun 2024
Chart of the Week: Startups that took sharp valuation cuts in the past year
By Satyam Kumar

As central banks worldwide raised interest rates to counter inflation, money became more expensive, and the cost of borrowing reached all-time highs. As funds became more expensive, many startup companies faced valuation cuts in the past year.  

Warren Buffett likes to say that “Only when the tide goes out do you discover who’s been swimming naked.” The funding winter for startups – an extended period of reduced funding capital – has tested these companies’ operations, and their ability to build a successful business. According to ICICI Direct, Indian startups in the year 2021 received a total funding of $38 billion. The funding dried up in 2023, and startups received only $11.3 billion. 

Recently, Go Digit General Insurance, an insurance firm backed by Virat Kohli, debuted on the exchanges at a 5.2% premium over its issue price. However, the IPO with a valuation of $3.5 billion, is at a 25% discount compared to its previous round, when it raised $54.5 million at a $4 billion valuation. At a pre-IPO media briefing in Mumbai, Digit chairman Kamesh Goyal said that the price band was based on assessments by investment bankers, adding that the company was leaving value on the table for public investors. Since its listing, the company's valuation has risen by 24.4% and now stands at $3.5 billion.

In this week’s Chart of the Week, we examine Indian startups that took valuation cuts over the past year in comparison to their peak valuation. Many of these companies raised funds at discounted valuations, known as down rounds. However, some companies like Ola and Gupshup did not raise any funds but rather have been marked down by their investors. For instance, Fidelity, which acquired a stake in chatbot company Gupshup in August 2021 for about $16 million, has marked down its fair value as of June 2023 to a little over $8 million.

Byju’s valuation declines by 99% from its peak valuation of $22 billion in 2021

In June of 2021, Edtech firm Byju’s became India’s most valuable startup with a valuation of $22 billion. The company saw breakneck growth during the pandemic, driven by its digital-first approach. During this period, it also acquired test prep company Aakash Educational Services for $940 million.

However, the good times did not last long as students shifted to offline classes as soon as pandemic-related restrictions cooled off. The company started to lose on most of its online business. In January this year, over the protests of key investors, it raised $200 million via rights issue at a valuation of $225 million saying that “Capital is essential to prevent any further value impairment.”

Just yesterday, Prosus marked down its investment in Byju’s to zero, having held a 9.6% stake before the rights issue. Blackrock also devalued its investment in the company. This came after Byju’s announced plans to raise funds via a second rights issue, further diluting current shareholders' stakes.

Once IPO-bound, Ola, OYO and Pharmeasy are now valued at a discount of around 70%

Bhavish Aggarwal led mobility company Ola raised its last round of $139 million back in December 2021 at a valuation of $7.3 billion. However, in February this year, Vanguard adjusted its investment in Ola’s parent company ANI Technologies downward, to a valuation of $2 billion. This represented the third instance of markdown in the valuation of the firm in the past year.

Recently, Ola Electric, which is a wholly-owned subsidiary of Ola’s parent company ANI Technologies, got SEBI approval to raise Rs 5,550 crore. This issue will comprise a fresh issue and offer for sale of 9.5 crore shares. Proceeds from the fresh issue will help the company repay its debt and expand its EV portfolio.

Meanwhile, budget hotel company OYO shelves its IPO dreams for the second time. The company had initially filed paperwork with SEBI in 2021 for a public listing, at a valuation of $12 billion, but withdrew it and refiled in 2023. The company withdrew its IPO application and now plans to raise private funds for global expansion through the issuance of preference shares at a valuation of $2.5 billion.

Similarly, online pharmacy retailer Pharmeasy also raised $216 million at a valuation of $700 million, which is significantly lower compared to its peak valuation of $5.6 billion. The company needed funds to pay off its debt taken during the acquisition of Thyrocare Technologies.

Meesho, Sharechat, and Udaan raise down rounds to sustain operations

Gupshup, a startup that builds chatbots for customer engagement. It turned unicorn after raising $100 million from Tiger Global in April 2021. The firm also raised $240 million in the same year at a valuation of $1.4 billion and acquired Knowlarity, Active.Ai and Onedirect. However, in July 2023, Fidelity Investments, a major backer of Gupshup, marked down its investments from $16 million to $8 million, valuing the company at $700 million. 

Similarly, Meesho, an online shopping platform, raised $275 million last month at a valuation of $3.9 billion. The company took a valuation cut of around 20% from its peak valuation of $4.9 billion in September 2021. The company has raised around $1.4 billion over 11 financing rounds. Even ShareChat, a vernacular social media firm, raised $49 million in a down round at a 60% discounted valuation of $2 billion. 

B2B e-commerce company Udaan made it to the list of firms that took steep valuation cuts during this funding winter. This Bengaluru-based startup closed a $340 million financing round at 50% discounted valuation of $1.8 billion last year in December by converting debt notes into equity. The round also included a fresh equity infusion. Started by former Flipkart executives Vaibhav Gupta, Amod Malviya and Sujeet Kumar, Udaan has been significantly scaling down operations to cut its burn amid a tightening liquidity market, while also realigning its priorities to focus on profitability

 
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The Baseline
26 Jun 2024
Five stocks to buy from analysts this week - June 25, 2024
By Divyansh Pokharna

1. JK Lakshmi Cement:

Axis Direct recommends a ‘Buy’ rating on this cement and cement products company with a target price of Rs 915, indicating a potential upside of 7.1%. Analyst Neeraj Chadawar notes that the company achieved its highest EBITDA/tonne of Rs 1,080 in Q4FY24, due to initiatives like optimizing its geo-mix, increasing blended cement production and sales, boosting trade sales, promoting premium products and higher renewable energy use.

Chadawar highlights that the company is setting up a grinding unit in Surat with a capacity of 1.35 million tonnes per annum (mtpa), costing Rs 220 crore, which is expected to commence operations between FY25 and FY26. The company also plans to expand its capacity by 4.6 mtpa for cement grinding and 2.3 mtpa for clinker, costing Rs 2,50 crore(USD 65/tonne), commissioned in phases over FY 26-27.

The analyst expects revenue, EBITDA, and PAT to grow at a CAGR of 9%, 22%, and 23% respectively for FY 25-26, driven by JK Lakshmi Cement's strong market presence in North, West, and East India. The business is benefiting from government infrastructure spending and robust real estate demand.

2. L&T Finance:

Sharekhan maintains a ‘Buy’ rating on this holding company stock with a target price of Rs 205, indicating a potential upside of 13.5%. The company’s revenue grew 7.6% YoY to Rs 3,677 crore in Q4FY24, and its net profit rose 10.5% YoY to Rs 553 crore, thanks to improvements in operational efficiency.

L&T Finance Holdings (LTFH) plans to grow by targeting prime customers and expanding its secured retail loans. The company is pushing to increase retail loan disbursements by 25-30%, focusing on sectors like microfinance, two-wheeler loans, home loans, and SME financing. The analyst expects LTFH to strengthen its market position through more cross-selling and expand its corporate agency business to increase fee income.

Sharekhan has confidence in LTFH's ability to handle evolving market conditions and deliver consistent performance in the coming years. It expects the company to benefit from its retail-focused model. This positions the firm favorably to achieve its targeted post-tax consolidated RoA of 2.8-3% by FY26.

3. Elgi Equipments:

ICICI Direct maintains a ‘Buy’ rating on this industrial machinery manufacturer with a target price of Rs 835, indicating a potential upside of 8.1%. In Q4FY24 the company’s net revenue saw single-digit 2.5% YoY growth to Rs 880.5 crore. Analyst Chirag J Shah notes, “FY24 saw muted volume growth due to enterprise resource planning (ERP) implementation issues in the US, and demand concerns in Europe”.

The analyst notes the company’s plans to expand its capacity in the screw compressor segment due to high utilization rates and strong demand in sectors such as mining, construction, and industrials. This expansion involves a capex of Rs 125 crore. Elgi is also expanding its global support centres for spares and parts, requiring another Rs 125 crore investment. These expansions are scheduled to be completed by FY26.

Shah estimates revenue, EBITDA, and PAT to grow at approximately 14.5%, 21%, and 25% CAGR respectively for FY 25-26. He expects margins to recover and ROCE to remain above 23% through FY26, boosted by favorable conditions across the industrial sector.

4. Trent:

Motilal Oswal maintains a ‘Buy’ rating on this department store company with a target price of Rs 5,800, indicating a potential upside of 7.5%. The company’s revenue grew 50% YoY to Rs 12,400 crore in FY24, and its net profit rose 160% YoY to Rs 1,040 crore.

Analyst Tanmay Gupta highlights Trent's strong performance in the apparel segment, particularly through its Zudio and Westside brands. He is optimistic about Trent's active store expansions and increasing market share in the value retail segment. Despite weak demand in tier 2-3 cities and a slow turnaround of Star, Trent outperformed the industry with over 10% like-for-like growth, increasing its market share.

Gupta expects Trent’s successful store performance and healthy store economics to sustain its growth trajectory over the next three to five years. He anticipates the firm to post a revenue CAGR of 36% and an adjusted net profit CAGR of 41.4% over FY25-26.

5. Canara Bank:

BOB Capital maintains a ‘Buy’ rating on this bank, raising its target price to Rs 140, indicating a potential upside of 19.2%. In Q4FY24, the company reported net interest income growth of 11.2% YoY to Rs 9,580.2 crore, with a 4 bps improvement in net interest margin. Analyst Ajit Agrawal attributes this growth to Canara Bank's improved asset quality, controlled slippages, and strategic shift towards retail lending

Agrawal says, “Canara Bank anticipates 9-10% business growth in FY25, focusing on retail lending to maintain a NIM of 2.9-3%.” He is upbeat about the bank's future, citing improved asset quality and a stable cost-to-income ratio of around 47%, which should support further growth. The bank aims to increase its CASA ratio to 35% over the next two years.

The analyst is optimistic as Canara Bank is aiming for a credit/deposit growth of 12%, and expects stable margins. He highlights the bank's aim to reduce GNPA and NNPA to 3.5% and 1.1% in FY25. Agrawal underscores the strategic shift towards higher-yielding retail and SME segments for enhanced profitability and strengthened asset quality.

Note: These recommendations are from various analysts and are not recommendations by Trendlyne.

(You can find all analyst picks here)

 
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Trendlyne Marketwatch
26 Jun 2024
Market closes higher, Vedanta's promoter sells shares amounting to Rs 7,485 crore
By Trendlyne Analysis

Nifty 50 closed at 23,868.80 (147.5, 0.6%), BSE Sensex closed at 78,674.25 (620.7, 0.8%) while the broader Nifty 500 closed at 22,436.80 (66.2, 0.3%). Of the 2,146 stocks traded today, 954 were on the uptick, and 1,160 were down.

Indian indices extended their gains in the afternoon session and closed at their all-time highs. The benchmark Nifty 50 index closed in the green for a third straight trading session. The Indian volatility index, Nifty VIX, fell 1.8% and closed at 14.1 points. Zee Media closed higher after its board approved raising Rs 200 crore in one or more tranches through private placement, qualified institutional placement (QIP), preferential issue or other permissible modes.

Nifty Smallcap 100 closed in the green, while the Nifty Midcap 100 closed in the red. Nifty Energy and Nifty FMCG closed higher than their Tuesday close.  According to Trendlyne’s Sector dashboard, Telecom Services emerged as the best-performing sector of the day, with a rise of 3.2%.

European indices traded flat or higher, taking cues from the Asian indices, which closed in the green. US index futures traded in the green, indicating a positive start to the trading session. American high-end electric truck maker Rivian’s shares surged over 35% in the pre-market trading session after Volkswagen announced a major investment plan in the company.  Brent crude oil futures traded in the green after falling 1.2% on Tuesday.

  • Relative strength index (RSI) indicates that stocks like Samvardhana Motherson International, Craftsman Automation, Mahindra Holidays & Resorts India, and Cera Sanitaryware are in the overbought zone.

  • Motilal Oswal retains its 'Buy' call on ICICI Bank with an upgraded target price of Rs 1,350 per share. This indicates a potential upside of 11.1%. The brokerage believes ICICI Bank delivers best-in-class performance and expects this trend to continue. Its growth prospects, asset quality, and credit-deposit ratio remain strong.

  • Vodafone Idea surges to its 52-week high of Rs 18.5 per share as it reportedly partners with Samsung to utilise the virtual radio access network (vRAN) to expand its 4G and 5G networks.

  • Zee Media Corp rises sharply as its board approves raising Rs 200 crore in one or more tranches through private placement, qualified institutional placement (QIP), preferential issue or other permissible modes.

  • India’s 2024 spectrum auction concludes with the government earning Rs 11,300 crore from airwave sales across various bands. Bharti Airtel emerges as the top bidder, securing spectrum in over six circles to boost its holdings. Analysts predict around 17% of the total spectrum value will be sold, marking the lowest since 2014.

  • Vraj Iron & Steel's Rs 171 crore IPO gets bids for 2X the available 61.5 lakh shares on offer on the first day of bidding. The retail investor quota gets bids for 3.4X the available 30.7 lakh shares on offer.

  • Allied Blenders & Distillers' Rs 1,500 crore IPO gets bids for 1X the available 3.9 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 4.2X the available 2 crore shares on offer.

  • C.E. Info Systems falls sharply as its Chairman and Managing Director, Rakesh Kumar Verma, sells 6.1 lakh shares (1.1% stake) worth Rs 142.6 crore in a block deal at a floor price of Rs 2,332 per share.

  • Bajaj Auto unveils a new manufacturing facility in Manaus, Brazil. The facility features engine & vehicle assembly lines and testing capabilities, with an annual production capacity of 20,000 units operating on a single shift. The company plans to prioritize the sourcing, assembly, and testing of its 'Dominar' models at the plant.

  • Adani Total Gas is rising as it receives regulatory approval from the Petroleum and Natural Gas Regulatory Board (PNGRB) to establish and operate the city gas distribution network in Jalandhar.

  • Cement stocks like India Cements, Orient Cement, Udaipur Cement Works, and Burnpur Cement rise more than 5.7% in trade as the industry sees increasing construction activities and demand for residential complexes. The broader cement industry surges over 2.5% today.

  • ICICI Direct upgrades Tata Motors to 'Buy' with a higher target price of Rs 1,200 per share. This indicates a potential upside of 25%. The brokerage is positive on the stock due to the improvement in margins and deleveraging of the balance sheet. It expects revenue to grow at a CAGR of 7.6% over FY25-26.

  • Foreign institutional investors (FIIs) have offloaded significant equity from the financials, oil & gas, FMCG, IT, and construction sectors during H1CY24. The total outflow from these sectors exceeds Rs 1 lakh crore as per market data.

  • Promoters Ambuja Cements and Ravi Sanghi are set to sell up to a 3.5% stake in Sanghi Industries through an offer for sale (OFS) at a floor price of Rs 90 per share. The OFS will be open today for non-retail investors and tomorrow for retail investors.

  • Nifty 50 hits an all-time high of 23,825.8 today after rising for three consecutive days.

  • Vedanta falls as 17.4 crore shares (4.6% stake), amounting to Rs 7,485 crore, change hands in a block deal. The company's promoters are the likely sellers in the transaction.

  • Jugeshinder Singh, CFO of Adani Enterprises, highlights the company's plans to invest around Rs 1.7 lakh crore ($21 billion) in its airports business over the next 10 years. He says the Navi Mumbai International Airport is set for completion by early next year. Singh adds that the company plans to invest Rs 1.3 lakh crore ($15.6 billion) in FY25 across various sectors, focusing significantly on green energy and airports.

  • Sharda Motor surges to its all-time high of Rs 2,193.1 as 23.7 lakh shares, amounting to Rs 474 crore, reportedly change hands in a block deal. The transaction was executed at an average price of Rs 1,996 per share.

  • Akme Fintrade (India)’s shares debut on the bourses at a 5.8% premium to the issue price of Rs 120. The Rs 132 crore IPO has received bids for 55.1 times the total shares on offer.

  • DEE Development Engineers’ shares debut on the bourses at a 67% premium to the issue price of Rs 203. The Rs 418 crore IPO has received bids for 99.6 times the total shares on offer.

  • Reports suggest that 1.3 crore shares of Hindustan Foods, amounting to approx Rs 638.4 crore have changed hands in a block deal. Westbridge and Sixth Sense are the likely sellers in the transaction.

  • Vishnu Prakash R Punglia rises sharply as it bags an order worth Rs 273.1 crore from the Office of Superintending Engineer U.P. Jal Nigam to survey, engineer, design, and supply all materials for the water supply scheme for the Naini extended area.

  • Goldman Sachs Funds sells a 1% stake in Restaurant Brands Asia for approx Rs 49.9 crore in a bulk deal on Tuesday.

  • Copthall Mauritius Investment buys a 0.8% stake in Jupiter Wagons for approx Rs 213.8 crore in a bulk deal on Tuesday.

  • Borosil is rising as its board of directors approves issuing 47.2 lakh equity shares worth Rs 150 crore through a qualified institutional placement (QIP) at a floor price of Rs 318 per share.

Riding High:

Largecap and midcap gainers today include Vodafone Idea Ltd. (18.02, 4.8%), Reliance Industries Ltd. (3,028.05, 4.1%) and Biocon Ltd. (352.15, 3.8%).

Downers:

Largecap and midcap losers today include NMDC Ltd. (249.25, -3.4%), Macrotech Developers Ltd. (1,434.85, -3.1%) and Vedanta Ltd. (442.10, -2.6%).

Volume Rockets

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

Top high-volume gainers on BSE included India Cements Ltd. (262.62, 14.5%), CESC Ltd. (167.98, 10.9%) and IIFL Finance Ltd. (493.55, 7.3%).

Top high volume losers on BSE were Vedanta Ltd. (442.10, -2.6%) and Honeywell Automation India Ltd. (57,121, -1.4%).

Prince Pipes & Fittings Ltd. (692.60, 3.3%) was trading at 10.7 times of weekly average. JK Lakshmi Cement Ltd. (866.95, 2.0%) and The Ramco Cements Ltd. (865.45, 1.7%) were trading with volumes 7.2 and 7.2 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

34 stocks made 52-week highs,

Stocks touching their year highs included - Amara Raja Energy & Mobility Ltd. (1,669.35, 1.4%), Astral Ltd. (2,406, 0.9%) and Axis Bank Ltd. (1,285.40, 1.1%).

6 stocks climbed above their 200 day SMA including India Cements Ltd. (262.62, 14.5%) and Welspun Corp Ltd. (565.85, 4.5%). 5 stocks slipped below their 200 SMA including Indiabulls Housing Finance Ltd. (170.29, -1.9%) and IndiaMART InterMESH Ltd. (2683.45, -0.7%).

 
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Trendlyne Marketwatch
25 Jun 2024
Market closes higher, Aditya Birla Sun Life AMC reappoints A Balasubramanian as the CEO and MD
By Trendlyne Analysis

Nifty 50 closed at 23,721.30 (183.5, 0.8%), BSE Sensex closed at 78,053.52 (712.4, 0.9%) while the broader Nifty 500 closed at 22,370.65 (81.6, 0.4%). Market breadth is in the red. Of the 2,145 stocks traded today, 920 showed gains, and 1,205 showed losses.

Indian indices continued to gain in the afternoon session and closed higher, with the Sensex crossing 78,000 for the first time in its history, and ICICI Bank's market cap hitting $100 billion as Nifty Bank jumped. The Adani group said it plans to invest around Rs. 1.3 lakh crore in FY25 across its portfolio companies.  

The Indian volatility index Nifty VIX rose by 1.78% and closed at 14.3 points.  Nifty Smallcap 100 and Nifty Midcap 100 closed flat. According to Trendlyne’s Sector dashboard, forest material stocks emerged as the best-performing of the day, with a rise of 1.1%.

Major Asian indices closed in the red, except for the Nikkei and Indian indices. US index futures are trading mixed due to the uncertainty around tech stocks. Brent crude oil futures are trading lower, but oil prices are set for monthly gains amid simmering tensions between Israel and Lebanon.

  • Info Edge (India) sees a long buildup in its June 27 future series as its open interest rises 21.3% with a put-call ratio of 0.8.

  • Aditya Birla Sun Life AMC reappoints A Balasubramanian as the CEO and Managing Director of the company for three years, effective July 25, 2024.

  • Jefferies believes drastic changes in spending patterns are unlikely but adds that the income tax collection rise gives the government some fiscal space for tax cuts. It adds that the upcoming Union Budget will be positive for consumer discretionary and durables, telecom, and retailers. The brokerage expects a reduction in borrowing targets by the government.

  • Intellect Design Arena secures a seven-year partnership deal with Canada's largest community credit union, Vancity, for eMACH.ai composed digital transformation.

  • Allied Blenders & Distillers' Rs 1,500 crore IPO gets bids for 0.3X the available 3.9 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 0.4X the available 2 crore shares on offer.

  • Stanley Lifestyles' Rs 418 crore IPO gets bids for 33.6X the available 1 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 11.6X the available 51.9 lakh shares on offer.

  • BSE Sensex surpasses the 78,000 mark for the first time. The Sensex climbed over 600 points to reach its all-time high of 78,016. Nifty 50 breaches the 23,700 mark and also hits its record high of 23,710.5 today.

  • Muthoot Microfin surges as it receives a corporate agent license from the Insurance Regulatory and Development Authority of India. This license will enable the company to offer tailored insurance plans to its customer base.

  • Swan Energy rises as the board approves the acquisition of the remaining 26.2 crore shares (49% stake) in Triumph Offshore from Indian Farmers Fertiliser Cooperative for Rs 440 crore. With this, Triumph Offshore becomes a wholly-owned subsidiary of Swan Energy.

  • Amara Raja Energy & Mobility surges more than 16% as its subsidiary, Amara Raja Advanced Cell Technologies (ARACT), signs a technical licensing agreement with GIB EnergyX, a subsidiary of Gotion High-Tech. As per the agreement, GIB EnergyX will license Gotion’s Lithium Iron Phosphate (LFP) technology for lithium-ion cells to ARACT.

  • CLSA has a 'Buy' rating on Zomato with a target price of Rs 248. The brokerage believes the stock is growing faster than Swiggy on key parameters. It notes that Swiggy’s gross order value (GOV), including food delivery and quick-commerce, rose 26% YoY in FY24, outpaced by Zomato's 36% YoY GOV growth. However, CLSA highlights risks due to subdued urban consumer sentiment, high competitive intensity, and regulatory strictness.

  • Craftsman Automation surges as it signs a memorandum of understanding (MoU) with Sunbeam Lightweighting Solutions and Kedaara Capital for a potential acquisition of all or part of Sunbeam's business.

  • Alkem Laboratories rises as it receives an establishment inspection report from the US FDA for its manufacturing facility in Baddi, India, with a voluntary action indicated status.

  • Krishna Institute of Medical Sciences rises as its board considers the sub-division/split of its existing shares from one equity share into five equity shares.

  • Umesh Revankar, Executive Vice Chairman of Shriram Finance, projects revenue growth of more than 15% for FY25, and expects more than 20% growth in MSME, PV and gold loans. He highlights the company’s focus on lending to small entrepreneurs.

  • Allied Blenders and Distillers raises Rs 449.1 crore from anchor investors ahead of its IPO by allotting around 1.6 crore shares at Rs 281 each. Investors include Societe Generale, Goldman Sachs, Authum Investment, BNP Paribas, JM Mutual Fund, and Troo Capital.

  • JSW Steel's subsidiary, JSW Steel USA, plans to invest $110 million (approx Rs 918 crore) to upgrade its steel plate mill in Texas. The upgrade will help the company manufacture high-quality monopile steel plates to support the US government's plans to expand offshore wind energy by deploying 30 gigawatts (GW) of offshore wind by 2030.

  • Happiest Minds Technologies falls sharply as its promoter, Ashok Soota, reportedly plans to sell a 6% stake in the company worth Rs 754.7 crore via the open market at a floor price of Rs 826 per share.

  • India is gearing up for its upcoming auction of 10,522.4 MHz of various 5G bands, valued at Rs 96,238.5 crore ($11.53 billion), starting today. The auction consists of eight frequency bands, with participation from telecom giants like Reliance Jio, Bharti Airtel, and Vodafone Idea.

  • Ram Ratna Research & Holdings, promoter of R R Kabel, sells a 0.5% stake in the company for approx Rs 102.3 crore in a bulk deal on Monday.

  • Shashi Kiran Janardhan Shetty, promoter of Allcargo Logistics, sells a 0.7% stake in the company for approx Rs 41.8 crore in a bulk deal on Monday.

  • Kalpataru Projects International secures new orders worth Rs 2,333 crore. These include transmission and distribution projects in India and overseas, developing an industrial plant in the metal industry, and a residential building order in India.

  • Chemplast Sanmar is rising as its board of directors approves raising Rs 1,000 crore by issuing equity shares through preferential allotment, rights issue, private placement, qualified institutional placement (QIP), or other modes.

  • Nifty 50 was trading at 23,594.90 (57.1, 0.2%), BSE Sensex was trading at 77,515.43 (174.4, 0.2%) while the broader Nifty 500 was trading at 22,377.95 (88.9, 0.4%).

  • Market breadth is highly positive. Of the 1,933 stocks traded today, 1,599 were on the uptick, and 310 were down.

Riding High:

Largecap and midcap gainers today include LIC Housing Finance Ltd. (769.85, 4.9%), Patanjali Foods Ltd. (1,528.55, 4.7%) and Shriram Finance Ltd. (2,989.85, 3.7%).

Downers:

Largecap and midcap losers today include Macrotech Developers Ltd. (1,480.30, -4.4%), United Breweries Ltd. (1,996, -4.1%) and Oberoi Realty Ltd. (1,829.30, -4.1%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Amara Raja Energy & Mobility Ltd. (1,646.20, 19.3%), Craftsman Automation Ltd. (5,463.80, 13.1%) and Raymond Ltd. (2,779.40, 6.5%).

Top high volume losers on BSE were Happiest Minds Technologies Ltd. (830.55, -9.5%), Capri Global Capital Ltd. (214.50, -1.0%) and RHI Magnesita India Ltd. (645, -0.8%).

Olectra Greentech Ltd. (1,808.20, 4.0%) was trading at 9.9 times of weekly average. Exide Industries Ltd. (579.65, 1.0%) and Patanjali Foods Ltd. (1,528.55, 4.7%) were trading with volumes 7.1 and 6.8 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

38 stocks overperformed with 52 week highs,

Stocks touching their year highs included - Amara Raja Energy & Mobility Ltd. (1,646.20, 19.3%), Ashok Leyland Ltd. (241.86, 0.7%) and Astral Ltd. (2,385.45, 0.0%).

12 stocks climbed above their 200 day SMA including Welspun Corp Ltd. (541.75, 5.7%) and Westlife Foodworld Ltd. (879.85, 5.0%). 5 stocks slipped below their 200 SMA including Happiest Minds Technologies Ltd. (830.55, -9.5%) and Jyothy Labs Ltd. (419.05, -2.3%).

 
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Trendlyne Marketwatch
24 Jun 2024
Market closes higher, Century Textiles' subsidiary, Birla Estates, acquires a 16.5 acre land parcel in Pune
By Trendlyne Analysis

Nifty 50 closed at 23,537.85 (36.8, 0.2%), BSE Sensex closed at 77,341.08 (131.2, 0.2%) while the broader Nifty 500 closed at 22,289.10 (52.9, 0.2%). Market breadth is balanced. Of the 2,176 stocks traded today, 1,083 were in the positive territory and 1,063 were negative.

Indian indices closed marginally higher after switching between losses and gains on a volatile day of trade. The Indian volatility index, Nifty VIX, rose 6.7% and closed at 14.1 points. Cipla fell sharply and closed in the red after it received Form 483 with six observations from the US FDA after inspecting the company's manufacturing facility in Goa.

Nifty Smallcap 100 closed flat while the Nifty Midcap 100 closed in the green. Nifty FMCG and Nifty Realty closed higher than their Friday close. According to Trendlyne’s sector dashboard, FMCG emerged as the best-performing sector of the day, with a rise of 3.5% in a volatile market.

Major Asian indices closed flat or lower, except for Japan’s Nikkei 225 and India’s BSE Sensex closing in the green. European indices traded higher after opening flat. US index futures traded flat, indicating a cautious start to the trading session. Brent crude oil futures recovered from their day lows but still traded in the red on a volatile day of trade.

  • Money flow index (MFI) indicates that stocks like C.E. Info Systems, Mahindra Holidays & Resorts India, The Fertilisers and Chemicals Travancore, and Whirlpool of India are in the overbought zone.

  • Route Mobile surges as it signs a pact with Billeasy and enables WhatsApp-based ticketing for Nagpur, Pune, Hyderabad, and Delhi Metro, becoming the largest enabler for such services in India.

  • Century Textiles & Industries rises sharply as its subsidiary, Birla Estates, acquires a 16.5 acre land parcel in Pune with a development potential of 32 lakh square feet and expected revenue of Rs 2,500 crore.

  • Oil and Natural Gas Corp (ONGC) seeks partners to revive the Deen Dayal gas field in the Bay of Bengal, which has seen little success despite a $1.2 billion investment over seven years.

  • S&P Global Ratings predicts India's GDP growth rate at 6.8% in FY25 and 6.9% in FY26. The ratings agency projects an average CPI of 4.5% in FY25 and 4.6% in FY26. The firm foresees a slowdown in growth to 6.8% in FY25 due to elevated interest rates and lower fiscal stimulus, which will moderate demand in non-agricultural sectors.

  • Devansh Trademart, promoter of Gujarat Fluorochemicals, sells a 1.2% stake in the company. It now holds a 4.8% stake.

  • Stanley Lifestyles' Rs 418 crore IPO gets bids for 3.6X the available 1 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 4.6X the available 51.9 lakh shares on offer.

  • Westbridge Crossover Fund sells a 1.2% stake (7.3 lakh shares) in IndiaMART InterMESH worth Rs 189.9 crore, in a block deal on Friday. Meanwhile, Morgan Stanley Asia and SBI Mutual Fund pick 0.3% and 0.9% stakes, respectively, in the company.

  • Sivaramkrishnan Ganapathi, Vice Chairman and MD of Gokaldas Exports, highlights the company’s target to achieve double-digit revenue growth in FY25, and expects an EBITDA margin of around 11.5% by FY26. He adds that the firm aims to double its revenue run rate in the next 3-5 years.

  • Fertilizers stocks like The Fertilisers and Chemicals Travancore, National Fertilizers, Rashtriya Chemicals & Fertilizers, and Madras Fertilizers fall more than 5.8% in trade as the GST council recommends exempting the sector from the current 5% GST on rate rationalisation. The broader fertilizers industry declines by over 4.8% today.

  • Larsen & Toubro's power transmission & distribution (PT&D) business receives an order worth Rs 1,000-2,500 crore to set up a 185 MW solar power plant and a 254 MWh battery energy storage system in Kajra, Bihar.

  • Sanghvi Movers receives two work orders worth Rs 180 crore, which include turnkey customised solutions for independent power producers in the renewable energy sector and ground piping work from the hydrocarbons sector.

  • Goldman Sachs initiates a 'Buy' call on TBO Tek with a target price of Rs 1,970. The brokerage notes positive characteristics of the company's business model, which include an asset-light balance sheet, negative working capital, strong FCF generation, and low competition & regulatory risks. It expects strong growth in the firm's India business.

  • Ujjivan Small Finance Bank is falling as it lowers its loan growth outlook by 500 basis points to 20% in FY25 from 25% earlier due to stress in the microfinance lending segment in certain states.

  • CarTrade Tech falls sharply as 71 lakh shares (15.1% stake), amounting to Rs 588.3 crore, change hands in a block deal. Highdell Investment and MacRitchie Investments are the likely sellers in the transaction.

  • Garden Reach Shipbuilders rises sharply as it bags an order worth $54 million (approx. Rs 451.1 crore) from Germany's Carsten Rehder Schiffsmakler and Reederei. The order is to construct and supply four multi-purpose cargo ships with a capacity of 7,500 deadweight tonnage (DWT) each.

  • Venkatraman Narayanan, MD and CFO of Happiest Minds Technologies, reiterates the company’s revenue growth target of 35-40% in FY25. He highlights the firm has set up GenAI as a separate business unit, and expects it to deliver 10-15% of the revenue in the next few years.

  • NBCC (India) wins a Rs 100 crore order from REC for the construction and renovation of the existing REC Institute of Power Management & Training buildings in Hyderabad

  • Mas Financial Services is rising as it raises Rs 500 crore through a qualified institutional placement. Notable investors include Nippon India Mutual Fund, ICICI Prudential Mutual Fund, Bajaj Life Insurance, SBI General Insurance, and Aditya Birla Sun Life Mutual Fund.

  • Cipla is falling as it receives Form 483 with six observations from the US FDA after conducting an inspection at the company's manufacturing facility in Goa.

  • Adani Ports Special Economic Zone (APSEZ) joins the S&P BSE Sensex index during the semi-annual rejig, while Wipro exits from the 30-stock index. Stocks like ICICI Bank, Infosys, and others are expected to observe a rise in their weights in the index. Nuvama projects passive inflows of $259 million alongside the addition of 14.9 million shares.

  • Lupin rises as it receives an establishment inspection report from the US FDA for its manufacturing facility in Somerset, New Jersey, with a voluntary action indicated status.

  • Welspun Specialty Solutions surges more than 10% as it bags an order worth Rs 117 crore from Bharat Heavy Electricals to supply seamless stainless steel boiler tubes for two 660 MW thermal power projects.

  • Mazagon Dock Shipbuilders rises as reports suggest that the company is in talks with the Defence Ministry for the Kalvari submarine deal worth Rs 35,000 crore.

  • Prestige Estates Projects' board of directors approves issuing equity shares or securities worth Rs 5,000 crore through qualified institutional placements (QIP).

  • Nifty 50 was trading at 23,406.15 (-95.0, -0.4%), BSE Sensex was trading at 76,864.47 (-345.4, -0.5%) while the broader Nifty 500 was trading at 22,166.15 (-70.1, -0.3%).

  • Market breadth is in the green. Of the 1,964 stocks traded today, 1,008 were on the uptick, and 912 were down.

Riding High:

Largecap and midcap gainers today include Tube Investments of India Ltd. (4,288.15, 7.7%), Bajaj Holdings & Investment Ltd. (8,724.80, 6.1%) and Astral Ltd. (2,384.40, 4.9%).

Downers:

Largecap and midcap losers today include Container Corporation of India Ltd. (1,049.35, -3.8%), PB Fintech Ltd. (1,285.05, -3.8%) and Union Bank of India (141.49, -3.7%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Bombay Burmah Trading Corporation Ltd. (2,014.40, 19.6%), Route Mobile Ltd. (1,750.05, 14.4%) and Kama Holdings Ltd. (2,969.90, 9.9%).

Top high volume losers on BSE were Ujjivan Small Finance Bank Ltd. (45.83, -5.2%), CreditAccess Grameen Ltd. (1,407.70, -4.4%) and Container Corporation of India Ltd. (1,049.35, -3.8%).

Bajaj Holdings & Investment Ltd. (8,724.80, 6.1%) was trading at 15.2 times of weekly average. Maharashtra Scooters Ltd. (8,950, 7.7%) and KSB Ltd. (4,775, -0.1%) were trading with volumes 12.6 and 8.8 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

38 stocks made 52 week highs,

Stocks touching their year highs included - Astral Ltd. (2,384.40, 4.9%), BASF India Ltd. (5,277.35, 1.6%) and Bombay Burmah Trading Corporation Ltd. (2,014.40, 19.6%).

11 stocks climbed above their 200 day SMA including Route Mobile Ltd. (1,750.05, 14.4%) and Kama Holdings Ltd. (2,969.90, 9.9%). 7 stocks slipped below their 200 SMA including Jyothy Labs Ltd. (429.05, -3.6%) and Vedant Fashions Ltd. (1,092.70, -2.5%).