My Newsfeed

Trendlyne Marketwatch
Trendlyne Marketwatch
06 Mar 2024
Market closes higher, J Kumar Infraprojects wins an order worth Rs 912.3 crore
By Trendlyne Analysis

Nifty 50 closed at 22,484.40 (128.1, 0.6%) , BSE Sensex closed at 74,085.99 (408.9, 0.6%) while the broader Nifty 500 closed at 20,386.50 (4.5, 0.0%). Of the 2063 stocks traded today, 312 were gainers and 1739 were losers.

Indian indices rose from the day’s low and closed in the green. The volatility index, Nifty VIX, dropped by 0.5% and closed at 14.3 points. NLC India’s arm, NLC India Green Energy, bags an order from Gujarat Urja Vikas Nigam (GUVNL) to supply 600 MW of solar power at Khavda Solar Park, Gujarat.

Nifty Smallcap 100 and Nifty Midcap 100 closed lower, with the benchmark index closing in the green. Nifty IT and Nifty Bank closed higher than Tuesday’s closing level. According to Trendlyne’s sector dashboard, telecom services emerged as the top-performing sector of the day, with a rise of over 1%. 

Most European indices trade in the green. US indices futures trade higher, indicating a positive start. Chinese stocks reacted negatively after China set the GDP growth rate for 2024 at 5%, the same as the previous year.

  • Mahanagar Gas sees a short buildup in its March 28 future series as its open interest rises 102.8% with a put-call ratio of 0.5.

  • NLC India’s arm, NLC India Green Energy, bags an order from Gujarat Urja Vikas Nigam (GUVNL) to supply 600 MW of solar power at Khavda Solar Park, Gujarat.

  • KPI Green Energy is rising as it bags an order to execute 9.4 MW of solar power projects. The company will undertake 5 MW of the total capacity, while the remaining will be executed by its subsidiary, KPIG Energia.

  • Heavy Electrical Equipment, Cars & Utility Vehicles, Oil Equipment & Services, and Educationindustries surge by more than 10% over the past month.

  • Gopal Snacks' Rs 650 lakh IPO gets bids for 0.6X the available 1.2 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 0.9X the available 59.4 lakh shares on offer.

  • J G Chemicals' Rs 251.2 crore IPO gets bids for 6.4X the available 81.7 lakh shares on offer on the second day of bidding. The retail investor quota gets bids for 8.3X the available 41.2 lakh shares on offer.

  • R K Swamy's Rs 423.6 crore IPO gets bids for 25.9X the available 82.3 lakh shares on offer on the third day of bidding. The retail investor quota gets bids for 34X the available 14.5 lakh shares on offer.

  • The Indian rupee outperforms its emerging market peers in the first two months of the year. Analysts expect India's inclusion in JP Morgan's EM Bond Index to boost inflows, leading to a modest appreciation of the rupee in the near term.

  • Realty stocks like Swan Energy, Macrotech Developers, Sobha and Brigade Enterprises fall more than 4% in trade. All constituents of the broader Nifty Realty index are also trading in the red, causing it to plunge more than 2%.

  • Indiabulls Real Estate falls sharply as Maharashtra Industrial Development Corp (MIDC) orders the company's subsidiary, Indiabulls Industrial Infrastructure, to vacate its 512.1-acre land parcel in Nashik.

  • Force Motors is falling as its February wholesales rise only slightly by 0.2% to 2,461 units. Domestic wholesales increase 5.8% YoY, while exports fall 57%.

  • Citi keeps its 'Buy' rating on UltraTech Cement, setting a target price of Rs 11,700. Despite observing a demand slowdown, the brokerage forecasts about 8-9% growth in FY25, even with elections in the first half. It also notes that, with producers aiming to increase market share, there's an indication from management about potential price softening.

  • Lake District Holdings sells a 7.4% stake (58.4 lakh shares) in Aavas Financiers for approximately Rs 800 crore in a bulk deal on Tuesday. Partners Group also offloads a 5.3% stake, while SBI Mutual Fund and Amansa Holdings pick up around 8% and 3% stakes in the company.

  • Centum Electronics is rising as it bags an order worth Rs 187 crore from the Defense Research and Development Organisation (DRDO) to set up space-based EW payloads. The order is expected to be executed in the next 16 months.

  • J Kumar Infraprojects wins an order worth Rs 912.3 crore to develop a coastal road at Ulwe, Navi Mumbai.

  • Fairfax India Holdings Corp will invest up to $200 million in liquidity support to IIFL Finance. The RBI has directed the company to stop gold loan activities, leading to liquidity concerns among investors and lenders.

  • Ajmera Realty & Infra India secures credit worth Rs 500 crore from Standard Chartered Bank and ICICI Bank to execute Ajmera Manhattan, a residential project in Wadala.

  • Media stocks like Sun TV Network, Zee Entertainment Enterprises, PVR Inox, Network18 Media & Investment and Saregama India are falling in trade. The broader Nifty Media index also falls more than 2%.

  • Gopal Snacks raises Rs 194 crore from anchor investors ahead of its IPO by allotting 48.4 lakh shares at Rs 401 each. Investors include BNP Paribas Funds, Copthall Mauritius Investment, BofA Securities, Quant Mutual Fund, and Optimix Wholesale Global Emerging Markets Share Trust.

  • Zomato falls over 2% as 19 crore shares (2.2% equity), amounting to Rs 3,112 crore, reportedly change hands in a block deal. Antfin Singapore Holdings is likely the seller in this deal.

  • JSW Energy's step-down subsidiary, JSW Renew Energy Five, signs a battery energy storage purchase agreement (BESPA) with Solar Energy Corp of India to supply 250 MW/500 MWh of battery energy storage systems. The firm is tasked with delivering the agreed power capacity within the next 18 months.

  • Mahanagar Gas falls as it reportedly cuts CNG price in Mumbai by 3.3% to Rs 73.5 per kg.

  • Samvardhana Motherson International is falling following a reported block deal involving a 4.7% stake. Promoter Sumitomo Wiring is likely the seller.

  • JM Financial plunges as the Reserve Bank of India (RBI) directs the company to immediately stop financing against shares and debentures. The order also prohibits the sanctioning and disbursing of loans against the initial public offering (IPO) of shares and against subscriptions to debentures.

Riding High:

Largecap and midcap gainers today include Pidilite Industries Ltd. (2831.55, 4.9%), ICICI Prudential Life Insurance Company Ltd. (576.85, 4.2%) and Max Healthcare Institute Ltd. (759.50, 4.1%).

Downers:

Largecap and midcap losers today include Solar Industries India Ltd. (7218.30, -7.0%), Indraprastha Gas Ltd. (430.10, -6.2%) and Aditya Birla Capital Ltd. (180.95, -5.8%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Tata Chemicals Ltd. (1178.45, 11.0%), Pidilite Industries Ltd. (2831.55, 4.9%) and Natco Pharma Ltd. (1020.20, 3.8%).

Top high volume losers on BSE were IIFL Finance Ltd. (382.20, -20%), Mahanagar Gas Ltd. (1329.60, -15.1%) and Capri Global Capital Ltd. (248.40, -14.1%).

JM Financial Ltd. (85.50, -10.4%) was trading at 34.4 times of weekly average. Samvardhana Motherson International Ltd. (120.85, -3.7%) and Prism Johnson Ltd. (170.05, -0.2%) were trading with volumes 20.0 and 18.6 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

20 stocks hit their 52 week highs, while 9 stocks were underachievers and hit their 52 week lows.

Stocks touching their year highs included - Bajaj Auto Ltd. (8605.80, 3.0%), Bank of Baroda (282.55, 1.6%) and Bosch Ltd. (30110.55, 0.2%).

Stocks making new 52 weeks lows included - Atul Ltd. (6029.35, -0.6%) and Timken India Ltd. (2633.35, -0.6%).

6 stocks climbed above their 200 day SMA including Tata Chemicals Ltd. (1178.45, 11.0%) and 3M India Ltd. (30323.70, 0.7%). 31 stocks slipped below their 200 SMA including IIFL Finance Ltd. (382.20, -20%) and JM Financial Ltd. (85.50, -10.4%).

 
Trendlyne Marketwatch US
Trendlyne Marketwatch US
06 Mar 2024

Markets closed down today . Dow Jones was trading at 38476.02 (-12.0, 0.0%) , S&P 500 was trading at 5060.43 (-0.5, 0.0%) while the broader US Tech Composite was trading at 15895.72 (-0.8, 0%)

Riding High:

Largecap and midcap gainers today include BYTE Acquisition Corp - Ordinary Shares - Class A (4.96, 200.6%), Airship AI Holdings Inc - Ordinary Shares - Class A (4.91, 197.6%) and Biocept Inc (0.07, 133.3%).

Downers:

Largecap and midcap losers today include Thunder Bridge Capital Partners III Inc - Ordinary Shares - Class A (0, -100%), Khosla Ventures Acquisition Co - Ordinary Shares - Class A (0, -100%) and Churchill Capital Corp VI - Ordinary Shares - Class A (0, -100%).

IXIX-CFD: highs, lows and moving averages

49 stocks outperformed, hitting 52 week highs, Stocks touching their year highs included - Dover Corp. (166.45, -0.8%), NRG Energy Inc. (60.33, 4.6%), Raymond James Financial, Inc. (120.73, -0.1%) and General Electric Co. (156.85, -2.6%).

14 stocks climbed above their 200 day SMA including Hewlett Packard Enterprise Co (17.81, 3.9%) and Lamb Weston Holdings Inc (103.47, 1.2%).

14 stocks slipped below their 200 SMA including Skyworks Solutions, Inc. (99.73, -4.9%) and Oracle Corp. (110.39, -3.2%).

157 stocks are currently overbought in RSI including Hewlett Packard Enterprise Co (17.81, 3.9%), Lamb Weston Holdings Inc (103.47, 1.2%) and Molson Coors Beverage Company - Ordinary Shares - Class B (62.88, 0.9%).

129 stocks are currently oversold in RSI including Skyworks Solutions, Inc. (99.73, -4.9%) and Oracle Corp. (110.39, -3.2%).

 
Trendlyne Marketwatch
Trendlyne Marketwatch
05 Mar 2024
Market closes lower, Power Mech Projects bags two orders worth Rs 658.6 crore
By Trendlyne Analysis

Nifty 50 closed at 22,356.30 (-49.3, -0.2%), BSE Sensex closed at 73,677.13 (-195.2, -0.3%) while the broader Nifty 500 closed at 20,382 (-50.1, -0.2%). Market breadth is highly negative. Of the 2,065 stocks traded today, 582 were gainers and 1,457 were losers.

Indian indices recovered from their day lows but still closed in the red. The Indian volatility index, Nifty VIX, fell 3.6% and closed at 14.4 points. India’s Services PMI declines to 60.6 in February from 61.8 in January due to a slowdown in new orders and output. This marks the 31st consecutive month the PMI has stayed above the 50 mark, indicating an expansion in the sector.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the red, taking cues from the benchmark index. Nifty Bank and Nifty Energy closed higher than their Monday close. According to Trendlyne’s sector dashboard, Telecom Services emerged as the top-performing sector of the day, with a rise of 2.1%.

Major Asian indices closed lower, with the Hong Kong’s Hang Seng index closing deep in the red. European indices trade lower amid weak global cues. US index futures trade in the red, indicating a negative start to the trading session. Brent crude oil futures traded in the red after closing 0.75 lower on Monday.

  • Money flow index (MFI) indicates that stocks like Tata Investment Corp, Godfrey Phillips India, Tata Communications and Intellect Design Arena are in the overbought zone.

  • ICICI Direct retains its 'Buy' rating on Union Bank of India with a target price of Rs 180 per share. This indicates a potential upside of 15.2%. The brokerage is optimistic about the bank's net profit growth, driven by recovery from the stressed pool and treasury gains. It expects the company's net profit to grow at a CAGR of 33.7% over FY23-26.

  • IT stocks like Persistent Systems, Mphasis, Coforge and Infosys are falling in trade. The broader sectoral index, Nifty IT, is also trading in the red.

  • Power Mech Projects bags a Rs 541.6 crore order from the Madhya Pradesh Water Resources Department for the construction of the Upper Burhner Project Dam and a pressurised pipe irrigation network. The company also wins a Rs 117 crore order from Gujarat Mineral Development Corporation for the overhaul of the Akrimota Thermal Power Station.

  • India is in talks with countries like Namibia, Guyana, and Suriname to source crude oil in response to the OPEC+ production cuts. OPEC+ has announced voluntary crude supply reductions through the end of June.

  • J G Chemicals' Rs 81.7 lakh IPO gets bids for 2.5X the available 82.3 lakh shares on offer on the first day of bidding. The retail investor quota gets bids for 3.6X the available 41.2 lakh shares on offer.

  • R K Swamy's Rs 423.6 crore IPO gets bids for 6.0X the available 82.3 lakh shares on offer on the second day of bidding. The retail investor quota gets bids for 18.3X the available 14.5 lakh shares on offer.

  • Strides Pharma Science is rising as its arm Strides Pharma Global Pte, Singapore, receives US FDA approval for Gabapentin Tablets, 600 mg and 800 mg, used to treat partial seizures and neuropathic pain. The tablet has estimated annual sales of $140 million.

  • Bajaj Auto rises as MD Rajiv Bajaj announces the upcoming launch of the world's first CNG bike in Q1FY25, ahead of schedule. He notes significant emissions reductions with the CNG prototype: nearly 90% in non-methane hydrocarbons, 50% in CO2, and 75% in carbon monoxide.

  • JSW Energy's promoters acquire 164.5 crore equity shares in the company via open market operations.

  • Fireside Ventures Investment Fund trims its stake in Honasa Consumer to 5.5% from 7.6%, selling in two tranches over the past two months.

  • Shoppers Stop is rising as it partners with Ace Turtle to expand the company's khaki brand, Dockers.

  • SpiceJet rises over 2% as it settles a Rs 93 crore dispute with Cross Ocean Partners. After this settlement, SpiceJet will acquire additional assets, including an airframe and an engine. The company expects to strengthen its operational capabilities with this step.

  • PSU bank stocks like Central Bank of India, UCO Bank, Indian Overseas Bank and Union Bank of India are rising in trade. The broader sectoral index, Nifty PSU Bank, is also trading in the green.

  • Infibeam Avenues rises following RBI’s final approval for a Payment Aggregator Licence. The company can now operate as an online payment aggregator to provide digital payment services to merchants across the country.

  • NBCC (India)'s arm HSCC wins a Rs 92 crore work order from Post Graduate Institute of Medical Education And Research for the construction of an extension block for the advanced eye centre and DDTC.

  • India’s Services PMI declines to 60.6 in February from 61.8 in January due to a slowdown in new orders and output. This marks the 31st consecutive month the PMI has stayed above the 50 mark, indicating an expansion in the sector.

  • IIFL Finance plunges to its 20% lower circuit as the Reserve Bank of India (RBI) directs it to stop sanctioning or disbursing gold loans, and cease their assigning, securitising, or selling. However, the company can continue servicing its existing gold loan portfolio through the usual collection and recovery processes.

  • Exicom Tele-Systems’ shares debut on the bourses at an 86.6% premium to the issue price of Rs 142. The Rs 446.1 crore IPO has received bids for 129.5 times the total shares on offer.

  • Platinum Industries’ shares debut on the bourses at a 31.6% premium to the issue price of Rs 171. The Rs 235.3 crore IPO has received bids for 99 times the total shares on offer.

  • UBS maintains its 'Neutral' rating on Siemens and hikes the target price to Rs 5,000. The brokerage expects the company to continue receiving large project orders in the medium term. It is also optimistic about its transmission segment. The brokerage notes that the company is moving towards capacity expansion.

  • Virtuous Tradecorp, promoter of Jindal Stainless, buys a 0.8% stake in the company on Monday. It now holds 7.4% of the company.

  • Krishna Institute of Medical Sciences (KIMS) is rising as it signs agreements to lease a land parcel for 99 years and to purchase a building in Thane for a new hospital. The hospital is expected to have 300 beds, with an investment of Rs 500 crore for the project.

  • Tata Motors rises sharply as its board of directors approves the demerger of its passenger and commercial vehicle segments into two separate entities.

  • Macrotech Developers is rising as its board of directors approves the issue of equity shares worth Rs 3,300 crore through a qualified institutional placement (QIP). The board has set a floor price of Rs 1,129.5 per share.

  • Nifty 50 was trading at 22,357.20 (-48.4, -0.2%), BSE Sensex was trading at 73,755.53 (-116.8, -0.2%) while the broader Nifty 500 was trading at 20,412 (-20.1, -0.1%)

  • Market breadth is in the green. Of the 1,813 stocks traded today, 924 were in the positive territory and 835 were negative.

Riding High:

Largecap and midcap gainers today include Indian Overseas Bank (69.25, 9.7%), UCO Bank (60.30, 7.5%) and Solar Industries India Ltd. (7,760.15, 6.5%).

Downers:

Largecap and midcap losers today include Bajaj Finserv Ltd. (1,550.50, -4.3%), Bajaj Finance Ltd. (6,324.25, -4.2%) and PB Fintech Ltd. (1,061.70, -4.0%).

Movers and Shakers

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

Top high volume gainers on BSE included Capri Global Capital Ltd. (289.25, 20%), Indian Overseas Bank (69.25, 9.7%) and Balaji Amines Ltd. (2,393.90, 9.0%).

Top high volume losers on BSE were Aavas Financiers Ltd. (1,358.10, -5.1%), Bajaj Finserv Ltd. (1,550.50, -4.3%) and KPIT Technologies Ltd. (1,493.35, -3.4%).

CSB Bank Ltd. (369.20, 5.8%) was trading at 26.0 times of weekly average. Muthoot Finance Ltd. (1,362.40, 1.8%) and Tata Chemicals Ltd. (1,061.30, 5.8%) were trading with volumes 12.0 and 12.0 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

37 stocks overperformed with 52 week highs, while 4 stocks tanked below their 52 week lows.

Stocks touching their year highs included - Ambuja Cements Ltd. (613.10, -0.7%), Astral Ltd. (2,106.75, 0.5%) and Bharat Electronics Ltd. (210.75, 0.6%).

Stocks making new 52 weeks lows included - Timken India Ltd. (2,649.25, -1.9%) and KRBL Ltd. (302.60, -1.6%).

9 stocks climbed above their 200 day SMA including Balaji Amines Ltd. (2,393.90, 9.0%) and Tata Chemicals Ltd. (1,061.30, 5.8%). 20 stocks slipped below their 200 SMA including IIFL Finance Ltd. (477.75, -20.0%) and Piramal Enterprises Ltd. (924.60, -4.4%).

 
logo
The Baseline
05 Mar 2024
5 stocks to buy from analysts this week
By Satyam Kumar

1. UNO Minda:

Geojit BNP Paribas maintains its ‘Buy’ call on this auto parts manufacturer with a target price of Rs 792, indicating an upside of 24.7%. Analyst Saji John says that Q3FY24 revenue exceeded expectations, fuelled by growth across all segments. Revenue has grown by 20.9% YoY, while profit increased by 19.4% YoY to Rs 193.5 crore. 

John says, “Despite near-term challenges from reduced volumes and macroeconomic headwinds, we believe the stability in commodity prices and chip supplies augurs well for the company.” He points out that the company is in the process of expansion of its existing product portfolio from lighting, acoustics etc to areas like seating, and adding new product lines. The annual order value from EV OEM is Rs.3,292 crore.   

The analyst points out that UNO Minda’s product diversification and the success of new products enhance its visibility. He forecasts a revenue growth of 17% CAGR over FY24-26, considering the expected stability in demand, diversification efforts, and an increase in content per vehicle.

2. Kalpataru Projects International:

Sharekhan maintains a ‘Buy’ rating on this construction and engineering company with a target price of Rs 1,140, indicating an upside of 14%. Analysts at Sharekhan say, “Kalpataru Projects’ robust order book and tender pipeline, merger synergies, and easing cost headwinds should improve performance.”

The analysts are upbeat as Kalpataru’s current order book stands at an all-time high of Rs 51,753 crore. The management also expects an order inflow of over Rs 6,000 crore during Q4FY24. Saudi Aramco has reportedly issued a letter of intent for about 16 engineering, procurement and construction packages worth $10 billion for the expansion of its Master Gas System. The analysts are optimistic about the company’s chances of securing the lowest bid for three of these packages. 

The company’s entry into new projects such as underground tunneling and construction of data centers, airports, and industrial plants is likely to help growth momentum. The analysts forecast net sales to grow at a CAGR of 11.8% over FY24-26.

3. Pitti Engineering:

KR Choksey maintains a ‘Buy’ rating on this small-cap electrical equipment manufacturer with a target price of Rs 1,027. This indicates an upside of 30.6%. In Q3FY24, the company’s revenue rose by 24.2% YoY to Rs 296.9 crore, while its net profit increased 9.8% YoY. However, the EBITDA margin fell 130 bps YoY to 15%. Analyst Unnati Jadhav believes that moderation in profitability was due to staffing ahead of capex deployment. 

Jadhav highlights the 25.4% QoQ growth in the company's order book to Rs 898 crore due to new orders from sectors such as rail, wind energy, and power. She says, “Increasing exposure to high growth sectors could propel future prospects.”

Jadhav is upbeat about the ongoing capex of Rs 120 crore, with Rs 85 crore already spent in the past nine months. She expects the company’s merger with Pitti Rail to boost margins, driven by a 19% volume expansion. Jadhav forecasts a revenue CAGR of 13.8% and a net profit CAGR of 36.5% over FY24-26.

4. Aurobindo Pharma:

Axis Direct recommends a ‘Buy’ call on this pharma company with a target price of Rs 1,185, indicating an upside of 10%. In Q3FY24, the company reported a 90.6% YoY growth in profit to Rs 936.3 crore, beating the brokerage’s estimate by 12.6%, Its revenue also increased by 15.6% in the same period. Analyst Neeraj Chadawar and his team attribute this growth to stable demand and new product launches. They say, “Aurobindo's diverse range of approved products has enabled it to effectively manage price erosion, maintaining a neutral impact overall.”

Going forward, the analysts are optimistic about the potential of the new China plant and Vizag plant to boost injectable supplies in the Europe market, contributing to mid-teen margin improvements. They are also positive about the growth from generic injectables Eugia, which currently brings in $520 million, and the launch of Pen-G API, expected to add $100-150 million in external sales in FY25-26).

On the back of changes in the product mix and a decrease in raw material costs, the analysts estimate the EBITDA to be in the range of 18% to 20% from FY24 to FY26.

5. Union Bank of India:

ICICI Direct assigns a ‘Buy’ call on this bank, with a target price of Rs 180. This indicates an upside of 15.4%. Analyst Vishal Narnolia says, “Union Bank of India has delivered steady growth during 9MFY24, with gains spread across all segments.” He expects an improved balance sheet, capital adequacy, and healthy liabilities to support the bank’s business expansion efforts and digital enhancement plans.

Narnolia predicts stable margins at 2.9-3% in FY24-26, driven by healthy CASA at 34.4% of deposits, repricing of deposits, and recent capital raising. He believes that the moderation in slippages and healthy coverage at 92.5% will keep credit costs low, which should gradually improve the return on assets (RoA) to 1-1.1% in FY24-26. The bank’s management is optimistic about further declines in non-performing assets (NPAs).

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

(You can find all analyst picks here)

 
Trendlyne Marketwatch
Trendlyne Marketwatch
04 Mar 2024
Market closes higher, MOIL's manganese ore production rises by 15% YoY to 1.5 lakh tonnes in February 2024
By Trendlyne Analysis

Nifty 50 closed at 22,405.60 (27.2, 0.1%), BSE Sensex closed at 73,872.29 (66.1, 0.1%) while the broader Nifty 500 closed at 20,432.05 (10.7, 0.1%). Market breadth is highly negative. Of the 2,095 stocks traded today, 612 showed gains, and 1,453 showed losses.

Indian indices maintained the gains from the afternoon session and closed in the green. The volatility index, Nifty VIX, dropped by 0.5% and closed at 14.9 points. According to the Vahan website, India’s electric two-wheeler sales in February increased by 24% YoY to 81,963 units. Ola maintained the highest market share for the month with 41.1% share, followed by TVS Motors at 17.7%.

Nifty Smallcap 100 closed in the red, while Nifty Midcap 100 closed higher following the benchmark index. Nifty Energy and Nifty Infra closed higher than Friday’s closing level. According to Trendlyne’s sector dashboard, oil & gas emerged as the top-performing sector of the day, with a rise of over 1.4%. 

Most European indices trade flat except for England’s FTSE 100 index trading lower. US indices futures trade lower, indicating a negative start. Japan’s capital expenditure increased by 16.4% in Q4 2023. This would upgrade the GDP growth to positive against the provisional data indicating GDP contraction in Q4 2023.

  • Relative strength index (RSI) indicates that stocks like Tata Investment Corp, Data Patterns (India), Siemens and Havells India are in the overbought zone.

  • PSE stocks like Bharat Heavy Electricals, Oil India, Steel Authority of India (SAIL) and GAIL (India) are rising in trade. The broader sectoral index, Nifty PSE, is also trading in the green.

  • MOIL surges as its manganese ore production rises by 15% YoY to 1.5 lakh tonnes in February 2024. This helps its sales to increase by 18% YoY to 1.6 lakh tonnes during the month.

  • CLSA downgrades its rating on JSW Steel and Tata Steel to ‘Sell’ and maintains its ‘Underperform’ rating on Jindal Steel & Power. The brokerage anticipates the profit pool to shift towards miners from steel mills as capacity expansion ramps up. It adds that the sharp pick-up in furnace-based steel capacity over three years will lead to a decline in margins.

  • HG Infra Engineering rises as it wins an order worth Rs 447.1 crore from the South Central Railway. According to the contract, the company will be responsible for the doubling of tracks between Karanjgaon and Aurangabad stations. The contact will also include electrification and signalling work.

  • R K Swamy's Rs 423.6 crore IPO gets bids for 1.2X the available 82.3 lakh shares on offer on the first day of bidding. The retail investor quota gets bids for 4.9X the available 14.5 lakh shares on offer.

  • Mukka Proteins' Rs 224 crore IPO gets bids for 68.3X the available 5.6 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 41.5X the available 2.8 crore shares on offer.

  • Power stocks like NTPC, Power Grid Corp, Tata Power, and ABB India are rising in trade. The broader sectoral index, BSE Power, is also trading in the green.

  • Pradeep Kumar Das, Chairman & MD of Indian Renewable Energy Development Agency (IREDA), says the company aims for 25% growth, with NIMs expected to stay around the current 3% level. He also sets a target for ROA at 2.5%.

  • Ami Organics rises sharply as it secures two process patents from the Government of India, valid for the next 20 years.

  • APIS Growth sells a 1.7% stake (99.6 lakh shares) in Star Health and Allied Insurance Co for approximately Rs 550.8 crore, in a block deal on Friday. Meanwhile, ICICI Prudential Mutual Fund picks up a 1.2% stake in the company.

  • Allcargo Logistics' Chief Executive Officer Sandeep Anand retires, effective February 29.

  • Shashank Srivastava, CEO of Maruti Suzuki India, reports a market share increase due to a rise in SUV market share. Overall market share was at 43% in February. He notes a 12.2% growth in exports on a cumulative basis and expects to cross 2.7 lakh exports by March end. He adds that both retail sales and wholesales have experienced double-digit growth.

  • Godrej Properties rises sharply as it signs agreements to develop a 62-acre township in Bengaluru, with an estimated booking value of Rs 5,000 crore.

  • Welspun Corp is rising as its subsidiary, Sintex Advance Plastics, plans to set up a plastic pipes and water storage tank manufacturing facility in Madhya Pradesh at Rs 400 crore. The project is expected to be completed in the next six quarters.

  • Biocon is rising as its arm, Biocon Biologics, inks a pact with Bayer Inc. and Regeneron Pharmaceuticals to introduce Yesafili, a biosimilar to Eylea (Aflibercept) injection used to treat diabetic eye disease. The company has set the launch date as July 1, 2025.

  • Bharat Heavy Electricals (BHEL) rises more than 13% as reports suggest that 40.7 lakh shares (0.1% equity), amounting to Rs 105.6 crore, change hands in multiple large deals.

  • NTPC is rising as its board of directors approves a Rs 17,195.3 crore investment for the development of two 800 MW power plants at Singrauli Super Thermal Power Project.

  • Adani Ports & Special Economic Zone's cargo volumes rise 33% YoY to 35.4 million metric tonnes in February 2024.

  • One97 Communications signs an agreement with Yes Bank to transfer its merchant accounts, according to reports. The company also faces a Rs 5.5 crore penalty from the Financial Intelligence Unit of India for not meeting obligations under the Prevention of Money Laundering Act, 2002.

  • Moody's raises India's CY24 GDP growth forecast to 6.8% from 6.1%. The firm predicts that the country will remain the fastest-expanding economy among G20 nations. Moody's also forecasts a 6.4% GDP growth for India in 2025.

  • R K Swamy raises Rs 187.2 crore from anchor investors ahead of its IPO by allotting 65 lakh shares at Rs 288 each. Investors include Societe Generale, Copthall Mauritius Investment, Goldman Sachs, JM Financial Mutual Fund, and Pinebridge Global Funds.

  • SJVN is rising as its subsidiary, SJVN Green Energy, emerges as the lowest bidder in a Gujarat Urja Vikas Nigam auction, securing a project to set up a solar park in Gujarat at Rs 2.7 per unit. The company will develop a 200 MW solar plant with a capex of Rs 1,100 crore.

  • Dr. Lal Pathlabs' Chief Executive Officer Bharath U resigns on Sunday to pursue an external assignment. His resignation will take effect from May 20, 2024.

  • Torrent Power is rising as it receives a letter of award (LoA) for two orders worth Rs 3,140 crore from NTPC Vidyut Vyapar Nigam and Railway Energy Management. The orders involve setting up grid-connected renewable energy power projects and supplying 770 MW of gas-based power.

  • Nifty 50 was trading at 22,424.60 (46.2, 0.2%), BSE Sensex was trading at 73,903.09 (96.9, 0.1%) while the broader Nifty 500 was trading at 20,447.85 (26.5, 0.1%).

  • Market breadth is in the green. Of the 1,883 stocks traded today, 999 were in the positive territory and 815 were negative.

Riding High:

Largecap and midcap gainers today include Bharat Heavy Electricals Ltd. (264.55, 12.1%), Solar Industries India Ltd. (7,288.40, 6.4%) and Oil India Ltd. (624.90, 5.4%).

Downers:

Largecap and midcap losers today include Gujarat Fluorochemicals Ltd. (3,491.05, -5.0%), Gland Pharma Ltd. (1,707.95, -4.8%) and 3M India Ltd. (30,656, -3.7%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Bharat Heavy Electricals Ltd. (264.55, 12.1%), Solar Industries India Ltd. (7,288.40, 6.4%) and KEI Industries Ltd. (3,420.40, 6.4%).

Top high volume losers on BSE were Fortis Healthcare Ltd. (385.40, -4.3%), Century Plyboards (India) Ltd. (696.80, -2.8%) and Ajanta Pharma Ltd. (2,083.85, -2.6%).

Graphite India Ltd. (631.15, 3.6%) was trading at 5.2 times of weekly average. Indian Energy Exchange Ltd. (153.55, 1.3%) and Hitachi Energy India Ltd. (6,160, 0.5%) were trading with volumes 4.9 and 4.3 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

40 stocks made 52 week highs, while 2 stocks hit their 52 week lows.

Stocks touching their year highs included - Adani Ports & Special Economic Zone Ltd. (1,342.60, 0.3%), Ambuja Cements Ltd. (617.15, -0.1%) and Bharat Electronics Ltd. (209.60, 1.4%).

Stocks making new 52 weeks lows included - KRBL Ltd. (307.60, -2.6%) and RHI Magnesita India Ltd. (569.35, -1.5%).

7 stocks climbed above their 200 day SMA including Piramal Enterprises Ltd. (966.85, 3.4%) and Indraprastha Gas Ltd. (446.60, 2.7%). 8 stocks slipped below their 200 SMA including Chemplast Sanmar Ltd. (463.45, -4.3%) and Shoppers Stop Ltd. (716.55, -2.9%).