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The Baseline
16 Jan 2024
5 stocks to buy from analysts this week
By Satyam Kumar

1. Ashoka Buildcon:

IDBI Capital maintains a 'Buy' rating on this roads and highways company with a target price of Rs 206, indicating an upside of 30.8%. Analysts Vishal Periwal and Shubham Shelar made a visit to the MOPA Airport (Goa) and reported on the progress of the Rs 670 crore project. This initiative, which includes three flyovers, roadwork, and interchange segments, is expected to be completed ahead of its scheduled date in August 2024.

Ashoka Buildcon is close to finalizing the asset monetization for nine hybrid-annuity model (HAM) projects, with the share purchase agreement expected to be signed by FY24. The analysts believe this monetization, which includes HAM along with BOT (build-operate-transfer) assets, will help reduce the company's consolidated debt of Rs 7,200 crore. However, the monetization of BOT assets is delayed to FY25 as it awaits NOC approval.

Analysts Periwal and Shelar predict a rise in revenue from international projects. They also forecast EBITDA margins will improve from 8% in FY24 to 11% in FY25, with a stable order book of over Rs 14,800 crore.

2. Arvind Fashions:

Nuvama Wealth initiates coverage on this textile company with a ‘Buy’ rating and a target price of Rs 660, implying an upside of 36.1%. Analyst Palash Kawale notes that the firm has exited multiple loss-making brands in recent years, which has resulted in falling debt and a 500 bps increase in operating margins over the past five years. He expects a 12% CAGR growth in revenue over FY24-26, driven by product and store expansion plans.

The firm’s working capital cycle has improved over FY20-23, dropping from 72 days to 43 days. Along with that, a superior retail channel mix and better collections resulted in a fall in debtor days from 74 to 46. Palash Kawale believes that the firm has posted an ROCE of 13% in FY23, owing to the improved working capital cycle. Arvind is aiming for an ROCE of over 20% in the medium term by improving its margins and working capital cycle.

With a focus on its core brands, the firm is expected to benefit from the ongoing trend of premiumization in India. Kawale predicts significant revenue growth from the firm’s USPA, Arrow, Calvin Klein, and Tommy Hilfiger brands. It is projected to generate Rs 2,000 crore in revenue from USPA sales alone in FY24. Currently, sales from USPA form just over 40% of the firm’s total revenue. The analysts say, it aims to scale up these brands further, thanks to their healthy operating cash flows and double-digit margins.

3. Metro Brands:

Motilal Oswal maintains its ‘Buy’ rating on this footwear retailer with a target price of Rs 1,530, implying an upside of 22%. Despite the current muted demand for discretionary products in the country, analysts Aliasgar Shakir, Tanmay Gupta, and Harsh Gokalgandhi remain optimistic and say that “the company has continued to post industry-leading growth, led by steady footprint expansion.”

The analysts note Metro Brands’ robust store economics with 2x revenue productivity compared to its peer, Bata India. They believe that the company’s right store size, diverse product portfolio, and focus on premiumization will contribute to its healthy store economics. They add that with the addition of brands like Fila and Foot Locker, Metro Brands has an opportunity to generate Rs 1,500-2,000 crore in sales in India in the next three to five. 

The analysts expect a 21% and 26% growth in the company’s revenue and EBITDA, respectively, for FY24-26 (except Fila and Foot Locker’s earnings). They also foresee Metro Brands generating operating cash flows of Rs 6,000 crore over the same period to fund its plan to open 250 new stores per year. 

4. JTL Industries:

Axis Direct maintains its ‘Buy’ call on this iron and steel products manufacturer with a target price of Rs 300. This indicates an upside of 22.8%. In Q3FY24, the company’s net profit grew by 48.8% YoY to Rs 30.2 crore, slightly missing the brokerage’s estimates by 6%. However, its revenue increased by 101.9% YoY to Rs 568.3 crore, exceeding the brokerage’s estimate by 5%. 

Analyst Aditya Welekar says JTL Industries’ capacity expansion plan is underway, following its announcement to raise Rs 1,310 crore. This funding will enhance its capacity to 2 million tonnes per annum (MTPA) by the end of FY27. He believes that the fundraising plan, involving Rs 540 crore from the promoters, Rs 270 crore from non-promoters, and Rs 500 crore through a QIP, will spur growth. The capacity is expected to reach 2 MTPA by the end of FY27, with high utilization (around 65%, the industry standard) expected in FY28. The analyst says, “With phase-wise volume expansion in progress, we model revenue and profit CAGR of 42% and 45%, respectively  over FY24-26.” 

5. Tata Consultancy Services (TCS):

Sharekhan maintains its ‘Buy’ call on this IT consulting and software company with a target price of Rs 4,200, indicating an upside of 8.8%. In Q3FY24, the company’s net profit rose marginally by 2% YoY to Rs 11,058 crore, while revenue grew by 4.6% YoY to Rs 61,445 crore. Sharekhan's analysts say, “Q3 earnings were better than our estimates in a seasonally soft quarter, driven by growth in the energy resources and utilities, manufacturing, and life sciences & healthcare verticals.”

The analysts believe that despite a QoQ decline in order wins, the order pipeline remains robust. The management is hopeful of a recovery in FY25, owing to the easing of sector headwinds and expected growth in the BFSI sector in the next quarter. The analysts expect 9% sales and 11.7% profit CAGR over FY24-26. They conclude, “We believe TCS is well-positioned to capitalize on cost optimization and transformational opportunities as sector headwinds recede and witness a strong pick-up in growth momentum given its strong domain capabilities, contextual knowledge and strong execution.” However, revenues from the US have declined for top Indian IT players this quarter including TCS, causing analysts to worry that this could be a longer term trend.

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

(You can find all analyst picks here)

Trendlyne Marketwatch
Trendlyne Marketwatch
16 Jan 2024
Market closes lower, Newgen Software Technologies' net profit grows by 43% YoY to Rs 68.3 crore in Q3FY24
By Trendlyne Analysis

Nifty 50closed at 22,032.30 (-65.2, -0.3%), BSE Sensexclosed at 73,128.77 (-199.2, -0.3%) while the broader Nifty 500closed at 19,827.55 (-58, -0.3%). Market breadth is overwhelmingly negative. Of the 2,027 stocks traded today, 621 were gainers and 1,387 were losers.

Indian indices maintained the losses from the afternoon session and closed in the red, with the Nifty 50closing at 22,032.3. The volatility index, Nifty VIX, dropped by 1.6% and closed at 13.6 points. Federal Bank’s net profit increased by 25.3% YoY to Rs 1,007 crore in Q3FY24. The bank's asset quality improved as its gross and net NPAs contracted by 14 bps and 11 bps YoY.

Nifty Midcap 100 and Nifty Smallcap 100 closed lower following the benchmark index. Nifty Metal and Nifty PSU Bank closed higher than Monday’s closing level. According to Trendlyne’s sector dashboard, telecommunication equipment emerged as the top-performing sector of the day, with a rise of over 8.5%. 

Most European indices trade in the red as the European Central Bank (ECB) is expected to delay rate-cut decisions. ECB policymaker Joachim Nagel stated it is too early to discuss rate cuts with looming inflation.

  • Relative strength index(RSI) indicates that stocks like Indian Railway Finance Corp, MRF, Mangalore Refinery And Petrochemicalsand Gujarat Gasare in the overbought zone.

  • Newgen Software Technologiessurges 5% as its net profit grows by 43% YoY to Rs 68.3 crore in Q3FY24. Revenue rises by 10.4% YoY, owing to gains in the India, EMEA, APAC and USA markets. It appears in a screenerof stocks with the highest recovery from their 52-week lows.

  • CE Info Systems falls as its Q3FY24 net profit declines by 6.9% QoQ to Rs 30.8 crore due to higher employee benefit, marketing and communication expenses. Its revenue rises by 1% QoQ.

  • Federal Bank is falling despite its net profit growing by 25.3% YoY to Rs 1,006.7 crore in Q3FY24. Revenue increases by 29.2% YoY, owing to gains in the treasury, corporate and retail banking segments. The bank's asset quality improves as its gross and net NPAs contract by 14 bps and 11 bps YoY. It appears in a screener of stocks with increasing return on equity over the past two years.

  • The Centre imposes a 50% export duty on molasses, a byproduct of sugarcane, in response to a shortage caused by erratic monsoon rainfall. This levy aims to balance supply and demand, ensuring sufficient domestic availability.

  • Realty stocks like DLF, Oberoi Realty, Prestige Estates Projectsand Macrotech Developerssurge over 2% in trade, leading to a 2% increase in the broader Nifty Realtyindex.

  • Himadri Speciality Chemicals rises as its Q3FY24 net profit grows by 66.9% YoY to Rs 108.8 crore due to lower raw material and inventory expenses. Its revenue increases by 1.4% YoY, helped by the carbon materials & chemicals and power segments.

  • Medi Assist Healthcare Services' Rs 1,171.6 crore IPO gets bids for 0.9X the available 2 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 1.4X the available 98.1 lakh shares on offer.

  • Crude oil prices rise marginally as Middle East tensions escalate and ship tracking data shows more tankers diverting away from the Red Sea in reaction to Houthi attacks. Brent crude oil prices increase by 0.2% to $78.27 per barrel.

  • Capri Global Capital rises over 12% upon receiving a composite corporate agency license from IRDAI to distribute life, general and health insurance products.

  • National Aluminiumrises to an all-time high of Rs 144 as its joint venture with Hindustan Zinc, Khanij Bidesh India (Kabil), signs a deal with Argentina's Camyen for lithium mining. The company appears in a screenerof stocks with strong momentum.

  • BLS Internationalhits a new all-time highof Rs 412.9 as its subsidiary plans to acquire a 100% stake in Turkey-based iDATA for 50 million euros (around Rs 450 crore). iDATA provides visa and consular services to various governments.

  • Maruti Suzuki India announces a 0.45% price hike for its entire model range, effective immediately, in response to mounting cost pressures caused by high commodity prices. The firm's vehicle sales declined by 1.28% YoY to 137,551 in December 2023.

  • KIOCL rises as it resumes production at its iron pellet factory in Mangalore. The company paused operations at this plant in September due to a feedstock shortage.

  • Bank of Maharashtra rises to an all-time high of Rs 52.2 as its net profit improves by 33.6% YoY to Rs 1,035.5 crore. Its net interest income increases by 25.2% YoY. The bank appears in a screener of stocks with growing quarterly net profit and margins.

  • Larsen & Toubro rises as the Railways Strategic Business Group of L&T Construction bags an order worth Rs 10,000-15,000 crore from a Japanese agency to construct 508 km of High-Speed Electrification System Works for the Mumbai-Ahmedabad High-Speed Rail (MAHSR) project.

  • UBS initiates coverage on One97 Communications (Paytm) with a ‘Buy’ rating and target price of Rs 900. The brokerage expects a gradual increase in the company’s EBITDA margin to 20%. It also highlights that EBITDA break-even and growth will lead to a re-rating.
  • PNC Infratech rises to an all-time high of Rs 427.9 as it divests 12 of its road assets with an enterprise value of Rs 9,005.7 crore. The assets are located in Uttar Pradesh, Madhya Pradesh, Karnataka and Rajasthan.

  • Jyoti CNC Automation's shares debut on the bourses at an 11.8% premium to the issue price of Rs 331. The Rs 1,000 crore IPO has received bids for 38.5 times the total shares on offer.

  • Rail Vikas Nigam rises to an all-time high of Rs 231.9 as it bags an order worth Rs 251 crore from Madhya Pradesh Madhya Kshetra Vidyut Vitaran. The order involves the supply, installation, testing and commissioning of an 11 KV line in the next two years.

  • The Centre lowers the windfall tax on locally produced crude oil to Rs 1,700 per tonne from Rs 2,300 earlier. Meanwhile, the export tax on diesel, aviation turbine fuel (ATF), and petrol remains 'Nil'.

  • Kesoram Industries falls as its Q3FY24 net loss expands by 1.8% YoY to Rs 48.9 crore due to higher employee benefits, power & fuel and packing & carriage expenses. Its revenue decreases by 2.9% YoY due to lower sales in the cement segment.

  • Jio Financial Services is falling despite its net profit surging 7.7x YoY to Rs 70.5 crore in Q3FY24. Revenue grows by 238.5% YoY to Rs 134.1 crore during the same quarter. It features in a screener of stocks with declining net cash flow.\

  • Porinju Veliyathbuys a 1% stake in Aurum Proptechin Q3FY24. He now holds a 4.5% stake in the company.

  • Angel Oneplunges more than 10% despite its net profit growing by 14.2% YoY to Rs 260.3 crore in Q3FY24. Revenue improves by 39.6% YoY on the back of higher active clients, average daily turnover and number of orders. It appears in a screenerof stocks with improving cash flow from operations over the past two years.

Riding High:

Largecap and midcap gainers today include Indian Railway Finance Corporation Ltd. (141.85, 9.03%), One97 Communications Ltd. (747.35, 4.64%) and Life Insurance Corporation of India (892.55, 4.42%).

Downers:

Largecap and midcap losers today include Vodafone Idea Ltd. (15.75, -4.55%), FSN E-Commerce Ventures Ltd. (173.10, -3.75%) and Oracle Financial Services Software Ltd. (4,912.90, -3.11%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Capri Global Capital Ltd. (975.80, 20.00%), ITI Ltd. (373.85, 18.57%) and PNB Housing Finance Ltd. (848.00, 6.37%).

Top high volume losers on BSE were Angel One Ltd. (3,329.90, -14.08%), Aavas Financiers Ltd. (1,568.85, -2.74%) and Federal Bank Ltd. (149.70, -2.12%).

Aster DM Healthcare Ltd. (425.15, 6.23%) was trading at 17.3 times of weekly average. JM Financial Ltd. (107.35, 5.92%) and Indigo Paints Ltd. (1,500.80, -0.31%) were trading with volumes 10.5 and 9.0 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

58 stocks took off, crossing 52 week highs,

Stocks touching their year highs included - Apollo Hospitals Enterprise Ltd. (5,905.00, 0.15%), Bank of India (134.55, 2.79%) and Bank of Maharashtra (50.00, -0.79%).

2 stocks climbed above their 200 day SMA including Westlife Foodworld Ltd. (865.45, 2.93%) and Page Industries Ltd. (38,261.25, 1.72%). 5 stocks slipped below their 200 SMA including Orient Electric Ltd. (224.95, -3.54%) and Syngene International Ltd. (717.20, -2.30%).

Trendlyne Marketwatch
Trendlyne Marketwatch
15 Jan 2024
Market closes higher, PCBL's net profit grows by 20.6% YoY to Rs 147.9 crore in Q3FY24
By Trendlyne Analysis

Nifty 50closed at 22,097.45 (202.9, 0.9%), BSE Sensexclosed at 73,327.94 (759.5, 1.1%) while the broader Nifty 500closed at 19,885.55 (140.0, 0.7%). Market breadth is balanced. Of the 2,061 stocks traded today, 1,004 were on the uptrend, and 1,036 went down.

Indian indices extended their gains from the afternoon session and closed in the green, with the Nifty 50and Sensexclosing at all-time highs of 22,097.5 and 73,327.9 respectively. The volatility index, Nifty VIX, rose by 5.3% and closed at 13.8 points. 

Nifty Midcap 100 and Nifty Smallcap 100 closed higher following the benchmark index. Nifty IT and Nifty PSU Bank closed higher than their Friday close. According to Trendlyne’s sector dashboard, Telecom Services emerged as the top-performing sector of the day, with a rise of over 2.2%. 

Most major Asian indices closed in the green, except for China’s FTSE China 50 index closing in the red. However, European indices traded flat or lower amid mixed global cues. US index futures traded flat, indicating a cautious start. Brent crude oil futures traded in the red after closing marginally lower on a volatile day on Friday.

  • Oil And Natural Gas Corp sees a long buildup in its January 25 future series as its open interest rises 26.4% with a put-call ratio of 0.6.

  • Oracle Financial Services, LTIMindtree, and Happiest Minds Technologies rise by 13.9%, 6.3% and 4.5%, respectively, ahead of their Q3FY24 results on Wednesday.

  • NBCC is rising as its subsidiary, HSCC (India), bags an order worth Rs 76.6 crore from the Central Council for Research in Yoga & Naturopathy.

  • Nelco falls despite its Q3FY24 net profit improving by 23% YoY to Rs 6.2 crore due to lower inventory expenses. Its revenue grows by 12.1% YoY. The company appears in a screener of stocks with improving quarterly net profit and margin.

  • PCBL surges to its all-time high of Rs 287.7 as its net profit grows by 20.6% YoY to Rs 147.9 crore in Q3FY24. Revenue rises by 21.5% YoY, helped by an improvement in the carbon black and power segments. It shows up in a screener of affordable stocks with high return on equity (RoE) and momentum.

  • Lexdale International sells a 0.9% stake in FSN E-Commerce Ventures (Nykaa) for approx Rs 495.5 crore in a bulk deal on Friday.

  • Medi Assist Healthcare Services' Rs 1,171.6 crore IPO gets bids for 0.2X the available 2 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 0.4X the available 98.1 lakh shares on offer.

  • Hampton Sky Realty receives all pending approvals to begin the construction of Hampton Narayana Super Speciality Hospital in Chandigarh. The company expects a capex of Rs 200 crore for the project.

  • Zomato falls over 3% as 4.5 crore shares (0.5% equity), amounting to Rs 622 crore, reportedly change hands in a block deal.
  • Titagarh Rail Systems rises as it launches its 25-tonne Bollard pull tug with a wide range of applications for Indian Naval vessels. It appears in a screener of stocks nearing their 52-week high with significant volumes.

  • Avenue Supermarts is rising as its net profit grows by 17.1% YoY to Rs 690.6 crore in Q3FY24. Revenue also increases by 17.3% YoY to Rs 13,572.5 crore in the same period. It features in a screener of stocks where brokers have upgraded their recommendation or target price in the past three months.

  • Lupinrises as it receives US FDA approval for its abbreviated new drug application for Propranolol Hydrochloride capsules. The drug is used for the treatment of hypertension and has a market size of $71 million (approx. Rs 588.4 crore) in the USA.

  • India’s WPI inflation rises to a nine-month high of 0.7% in December, compared to 0.3% in November. This is due to increased prices of food articles, machinery & equipment, other transport equipment & computers, and electronics & optical products.

  • SpiceJet is falling even as the Bombay Stock Exchange approves a Rs 2,242 crore fund infusion by issuing equity shares and warrants convertible into shares on a preferential basis.

  • Man Industries (India) rises to an all-time high of Rs 378.9 as it bags orders worth Rs 400 crore from domestic and international clients. The order involves manufacturing and supply of pipes over the next six months.

  • Just Dial rises to its 52-week high of Rs 949.4 as its net profit grows by 28.2% QoQ to Rs 92 crore in Q3FY24. Its revenue improves by 1.7%, while EBITDA margin expands by 520 bps QoQ owing to reduced employee benefit expenses. The company appears in a screener of stocks with increasing revenue for the past eight quarters.

  • Subir Malhotra, Executive Director & CFO of Capacit'e Infraprojects, says that the company has issued a Rs 200 crore QIP to capitalize on growth opportunities. He highlights the company's target to achieve an order inflow of Rs 2,000 crore in FY24 and a 25% CAGR revenue growth over the next five years.

  • Tata Consumer Products falls despite its board agreeing to acquire a 100% stake in Capital Foods for Rs 7,000 crore in two separate deals. It appears in a screener of stocks with low debt.

  • Porinju Veliyath buys a 1.6% stake in Kerala Ayurveda in Q3FY24. He now holds a 4.8% stake in the company.

  • Wipro rises to a new 52-week high of Rs 529 as its Q3FY24 net profit grows by 1.8% QoQ to Rs 2,694.2 crore due to lower inventory, employee benefit, and sub-contracting & technical fees expenses. However, its revenue falls by 1.4% QoQ on lower income from Europe and Asia-Pacific, Middle-East & Africa (APMEA) regions.

  • HSBC reports India's December CPI inflation at 5.7% YoY and anticipates it to ease in January due to winter disinflation in food prices. The brokerage expects the RBI to keep rates on hold for several months and adds that any rate cuts in mid-2024 will be minimal. HSBC also states that November industrial production has contracted sequentially.

  • Bharat Heavy Electricals is rising as it receives a letter of award worth Rs 15,000 crore for an EPC package for three 800 MW NLC Talabira Thermal Power Projects. The contract includes equipment supply and project commissioning.

  • Ashish Kacholia sells a 1.5% stake in ADF Foods in Q3FY24. He now holds a 1.2% stake in the company.

  • Dolly Khanna cuts stake in Monte Carlo Fashions and Som Distilleries & Breweries to below 1% in Q3FY24. In Q2FY24, she held 1.9% and 1.1% stakes in the companies respectively.

  • HCL Technologiesrises over 3% as its net profit grows by 13.5% QoQ to Rs 4,350 crore in Q3FY24. Revenue also increases by 6.6% QoQ, owing to an improvement in IT & business, engineering & R&D and HCL software services. It appears in a screenerof stocks with increasing net profit and profit margin (QoQ).

Riding High:

Largecap and midcap gainers today include Indian Railway Finance Corporation Ltd. (130.10, 14.73%), Oracle Financial Services Software Ltd. (5,070.55, 8.89%) and Wipro Ltd. (494.60, 6.26%).

Downers:

Largecap and midcap losers today include Zomato Ltd. (133.40, -4.41%), FSN E-Commerce Ventures Ltd. (179.85, -4.13%) and HDFC Life Insurance Company Ltd. (614.45, -3.63%).

Volume Rockets

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

Top high volume gainers on BSE included Indian Railway Finance Corporation Ltd. (130.10, 14.73%), Oracle Financial Services Software Ltd. (5,070.55, 8.89%) and SJVN Ltd. (102.50, 8.87%).

Top high volume losers on BSE were HDFC Life Insurance Company Ltd. (614.45, -3.63%), J B Chemicals & Pharmaceuticals Ltd. (1,657.95, -1.58%) and Supreme Industries Ltd. (4,158.60, -1.38%).

Procter & Gamble Hygiene & Healthcare Ltd. (17,283.50, 0.41%) was trading at 37.0 times of weekly average. Mas Financial Services Ltd. (946.95, 8.36%) and Wipro Ltd. (494.60, 6.26%) were trading with volumes 14.1 and 8.2 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

80 stocks took off, crossing 52 week highs,

Stocks touching their year highs included - Abbott India Ltd. (26,230.00, 1.87%), Alembic Pharmaceuticals Ltd. (943.55, 7.15%) and Apollo Hospitals Enterprise Ltd. (5,896.40, 1.74%).

5 stocks climbed above their 200 day SMA including Privi Speciality Chemicals Ltd. (1,141.00, 3.65%) and Hindustan Unilever Ltd. (2,573.20, 1.15%). 2 stocks slipped below their 200 SMA including HDFC Life Insurance Company Ltd. (614.45, -3.63%) and ICICI Prudential Life Insurance Company Ltd. (522.20, -1.46%).

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The Baseline
13 Jan 2024
9 trends of 2023 that will persist in 2024 | Screener: High and consistent dividend stocks
2023 was a complicated, surprising year - one that saw big shifts both for India, and globally. Some of these changes are likely to continue in 2024, in what promises to be a roller-coaster ride. We take a look at nine major trends that took off last year, and which are likely to define this year as well. 
In this week's Analyticks:
  • The nine trends of 2023 that will persist in 2024
  • Screener: Top dividend stocks - and a high performing dividend basket
Let's take a look at the big nine:

1) India caught the world's attention in 2023, and will continue to be in the spotlight: Every country believes, secretly or not, that their nation should be at the center of things, dictating terms to the world. US Presidents frequently refer to the United States as the "greatest country on earth". On the other hand, Chinese Premier Xi Jinping says that it is China that "should be center stage in the world".

But in 2023, it was India that got more than its usual share of attention. Prime Minister Modi used the G20 to elevate India's economic profile. And as investing in China became both risky and unfashionable, India became an alternative. About 90% of the money that came into China in 2023 has already left. In contrast, foreign portfolio investments to India are at a nine-year high.

India's lucky streak is likely to continue in 2024. "A lot of the money supposed to go to China will now come to India," is how investor Mark Mobius puts it.  Brokerage Jeffries also predicts higher foreign inflows into India in 2024.

2) Nifty Smallcap stocks keep climbing: Analysts complain that the Nifty Smallcap is overvalued and set for a comedown. And yet it keeps going up, and substantially outperformed the Nifty50 in 2023. 
The Nifty Smallcap has already jumped 1.9% in January this year. While foreign investors are preferring larger stocks in the face of the overvaluation in smallcaps, domestic inflows are still going strong. Young retail investors are likely to keep taking bets on high-momentum smallcaps in 2024. 

3) Indian regulators will regulate harder in 2024A fast-growing economy comes with many temptations. The lending sector in particular is susceptible to taking big risks in boom times, and has been growing at breakneck speed in India.

But Indian regulators stepped in, like parents reaching home early to spoil the party, in 2023. Fast-growing lending startups and well-established players got a jolt when the RBI increased the risk weightage for unsecured loans, increasing lending costs. This is impacting companies such as PayTM and CRED - 24% of PayTM's loan value is from personal loans.
On the stock market side of things, SEBI has been busy cracking down on finfluencers, who have over the past few years, grown their followers on platforms like Youtube and Whatsapp through charisma, catchy taglines, and often suspect advice.  SEBI went after the finfluencer Baap of Chart who was known for clickbait-y offers ("Bas 5 Minutes Mein Sureshot Profit"), and promises of guaranteed monthly returns. SEBI asked that the Rs 17.2 crores he got from users via 'misleading ads' be refunded. SEBI's latest consultation paper is an aggressive effort to crack down on such 'unregistered entities'. And there is no doubt that more regulation is coming. 
4) Post-Jhunjunwala, Vijay Kedia has become the investor to watch: After Jhunjhunwala's passing away, the investing crowd had to find a new superstar. Increasingly, it looks like this is Kedia's title to lose. Kedia's investing style is very different from Jhunjhunwala's - he prefers midcap and smallcap companies to established players. His profile has risen in 2023 thanks to the stellar performance of his public portfolio. Bets like Neuland Labs, Elecon and Patel Engineering have been multibagger winners for Kedia. 
5) AI arrived with a bang in 2023, and will surprise us in 2024:  A recent test of AI images showed us how difficult it has become to tell real from fake:
The image survey by Bloomberg found that users were increasingly unable to tell the real photograph from the fake. In the above, the fake one made by AI, is B.
AI has shown an ability to do a variety of tasks, and it will reach us in unexpected ways in 2024. New AI products range from robot cleaners to AI-powered shoes that help you walk faster.  AI will be there in 2024 in good ways (helpful robots) and bad (AI powered scams). 
6) Real-estate and manufacturing-linked sectors are making a comeback: After a long, quiet period in 2021 and 2022, the realty sector came roaring back in 2023.  Manufacturing linked sectors like construction, metals and mining and general industrials are also booming, thanks to the government's aggressive capex. 2024 is likely to continue as a boom year for these segments, although construction may soften post-elections. 
On the downside, the rural sector is one to watch. The El Nino made the weather hotter and more unpredictable in 2023, and this is set to persist till May 2024.  El Nino has already caused bad coffee harvests in Vietnam and a weak soybean crop in Brazil. In India, El Nino especially affects North India, weakening the monsoon in this region and causing droughts. 
7) OPEC's dominance in the oil market is under threat (which is good news for India): OPEC’s one-time nemesis — US shale exports — is making a comeback, threatening the cartel’s control over the oil price.

9) Pandemic-era startups are now fully out of fashion: Remember when Zoom predicted that the office meeting would move permanently online? Or when Byju's saw education going digital?  Zoom Video Communications, whose share price had jumped 400% in 2020, was removed from the Nasdaq100 index in December 2023 after disappointing performance and falling market cap. 

Byju has cut so many costs that employees are complaining that the company's toilets "look worse than government bus stops". Investment giant Prosus has written down the valuation of Byju’s to below $3 billion, a steep drop from the $22 billion valuation the Indian startup hit in 2022.

Instead, good-old fashioned public sector companies are making a comeback, Stocks like REC Limited, Indian Railway Finance, Power Finance Corporation, and Rail Vikas Nigam have been among the top gainers in the Nifty500, helped by the government's aggressive spending in infrastructure and construction.   


Screener: Starfolio - High and consistent dividend yield stocks

Coal India leads in 1-yr dividend yield %

This screener shows stocks with high and consistent dividend yields over one, two and five years. It features the top 10 stocks with the highest dividend yield in the last year. These companies have also outperformed the Nifty 50 in the past year. 

The screener is optimised to show 10 stocks with high 1-year dividend%. Out of the 10 stocks currently available in the screener, nine are from the public sector. Major stocks that appear in the screener are Coal India, Indian Oil Corp, Bharat Petroleum Corp, Oil India, Oil & Natural Gas Corp and Power Grid Corp of India

FY24 has seen an increase in government budgets, contributing to growth in stock prices for these public sector companies. These public companies have to give out a certain percentage of dividends every year, which helps them dominate the screener. According to government guidelines, all public sector companies must give out at least 30% of their net profit or 5% of net worth (whichever is higher) for annual dividends.

This screener also appears in Starfolio’s featured baskets. This basket is great for long-term investors looking for high dividend-paying companies to generate passive income. This particular basket was created on March 10, 2023, with an annual rebalancing frequency. It was first rebalanced on May 2, 2023, with the next scheduled for May 1, 2024. Each stock in the basket holds an equal weight of 10%, with seven being large-cap and three mid-cap. 

Since its creation, the basket has given pretty impressive returns of 118.2% in its portfolio  price (not including dividends) over the past 10 months. The basket outperformed the Nifty 50 index by 93.5% in the same period. The basket also has an average net profit of 671.6% for its companies, and an average revenue growth of 20.2%. 

You can find more screenershere.

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The Baseline
12 Jan 2024
Five Interesting Stocks Today

1. Titan Company:

This gems and jewellery manufacturer rose by 13.6% in the past quarter and 3% on Monday to touch its new 52-week high of Rs 3,776.8. In its Q3 business update, the firm reported a 23% YoY increase in revenue from the domestic jewellery segment, driven by increased volumes and a marginal increase in average selling prices. The jewellery segment accounts for over 85% of the firm’s revenue. Caratlane, a subsidiary of Titan, saw a 31% YoY revenue increase due to high demand in the wedding segment. 

The watches and wearables division also reported a 23% YoY increase in revenue, led by the wearables segment, which achieved a 64% YoY growth. However, revenue from its eye care and fragrances and fashion accessories segments declines by 3% and 9% YoY, respectively. Margins are expected to remain flat in Q4FY24 due to lower studded jewellery sales and higher discounts.

Titan opened 90 new stores in Q3, including stores in the US and Singapore by its subsidiary, Tanishq, bringing its total store count to  2,949 in 2023. Despite a 15% increase in gold prices in 2023, demand for gold remained stable, supported by the wedding season and its status as an inflation hedge. 

According to Sharekhan, market share gains, high traction on e-commerce platforms, and sustained expansion in its retail space will help the firm post consistent growth in the medium to long term. 

2. Angel One

This capital markets stock has risen by 6.5% over three sessions, hitting its all-time high of Rs 3,896 per share following its Q3FY24 business update on January 4. The update showed a 55.5% YoY increase in the company’s overall client base to 1.5 lakh. The stock has risen by 27.4% over the month, appearing in a screener of stocks with improving return on equity (RoE) over the past two years.

The overall client base increased on the back of a 149.1% YoY improvement in gross client acquisition. The company’s average daily turnover (ADTO) in the overall equity and futures & options (FnO) segments grew by 148.5% YoY and 151.3% YoY, respectively. Owing to this, its market shares in these two segments expanded by 529 bps YoY each to 26.8% and 26.9%, during the quarter. Trendlyne’s Forecaster expects a 10.9% YoY increase in the company’s revenue and a 38.5% YoY growth in net profit in Q3FY24.

Motilal Oswal Financial Services maintains its ‘Buy’ rating on the stock post-update with an upgraded target price of Rs 4,100 per share. This implies a potential upside of 8%. The brokerage remains confident in the stock due to the improvement in the number of orders per day and FnO volumes during the quarter. It also expects the recovery in cash volumes to improve the company’s mutual fund book. 

3. FSN E-Commerce Ventures (Nykaa):

This internet and catalogue retail company has risen 10.3% in the past week till Friday following its Q3FY24 business update. It highlighted a 20% YoY growth in net sales value in its beauty and personal care segment during the quarter. As a result, the company features in a screener of companies with prices above their short, medium, and long-term moving averages.

As per the quarterly update, Nykaa’s beauty and personal care (BPC) vertical is expected to report GMV (gross merchandise value) growth of around 24-26% YoY in Q3. In Q2FY24, the beauty segment’s GMV growth was 23% YoY. The company's footprint in the BPC industry is expanding, driven by the growth of its own brands and early success in newer ventures like Superstore By Nykaa.

Meanwhile, the fashion vertical continues the momentum from the previous quarter with around 40% GMV growth. In contrast, according to Nykaa’s management, the broader industry’s growth was muted in Q3 due to lower-than-expected demand during the festive season. Trendlyne’s Forecaster expects the company’s revenue to grow by 21.3% YoY in Q3FY24. 

Post Nykaa’s business update, HSBC Global Research has raised the target price to Rs 250 and maintains its ‘Buy’ rating on the stock. The brokerage says Nykaa is well-positioned to capture long-term value in the beauty and personal care sector, citing its pan-India network, growing portfolio of skin and beauty products, and loyal customer base. 

The stock ranks medium in Trendlyne’s checklist with a score of 39.1%. According to Trendlyne’s Forecaster, Nykaa has a consensus recommendation of ‘Hold’ from 22 analysts, with an average target price of Rs 178 per share. 

4. Lemon Tree Hotels

This hotel firm rose by 2% on January 9 after signing a franchisee agreement for the Lemon Tree Hotel in Meerut, which is expected to be opened in FY25. According to Trendlyne’s Technicals, the company has risen by 13% in the past month, outperforming the hotels, restaurants, and tourism sector by 7.7%. This rise can be attributed to the management's optimistic outlook, citing growing occupancy and average room rates (ARR) due to the demand-supply gap in the premium segment in major metro cities.

The company is set to benefit from changing market dynamics in key areas like NCR and Mumbai due to the opening of mega convention centres like the Jio Convention Centre and Bharat Mandapam. Due to this increased demand and a limited supply growth of 2-6% CAGR for FY24 - 28, these cities are expected to contribute around 24% and 17%, respectively, to the company’s consolidated revenue by FY24. Aurika Mumbai Skycity, an upper upscale hotel by Lemon Tree, will benefit from the rising demand in the luxury segment and could contribute 21% to the company’s revenue by FY26. 

Lemon Tree is shifting towards an asset-light model by increasing its share of managed rooms (franchise model) from the current 39% to 55% by the end of FY27. The firm plans to add 3,354 managed rooms and double its operational rooms to 20,000 by FY27. This expansion in management contracts will likely boost margins and drive growth in the company’s management fees. By FY26, management fees are expected to reach Rs 94.3 crore, showcasing a 38% CAGR.

Motilal Oswal expects the addition of Aurika,  room renovations, and expansion through management contracts to further contribute to the company’s growth. The brokerage maintains a ‘Buy’ rating on the stock.

5. Brigade Enterprises:

This realty company has risen by 5.3% in the past week, reaching its all-time high of Rs 1,000 on Tuesday. The surge followed the signing of two memorandums of understanding (MoU) worth over Rs 3,400 crore with the Government of Tamil Nadu to set up two high-rise residential buildings and high-rise commercial and residential developments. The company also signed a lease agreement with Sidvin Core-Tech India to provide 54,300 square feet of office space in Bengaluru.

Trendlyne Forecaster estimates the company to report a net profit of Rs 91.6 crore in Q3FY24, as against the actual profit of Rs 56.9 crore in Q3FY23. It also estimates  revenue at Rs 1,039.7 crore.

Brigade Enterprises has 3.1 million square feet (mnsft) of ongoing projects available for sale and a launch pipeline of  11.1 mnsft in residential properties. Of that, 6.5 mnsft is expected to be launched in H2FY24, which will drive sales momentum. The company has a total land bank of 479 acres, with a development potential of 54.5 mnsft. By FY27, the management aims for an annual pre-sales of 10 mnsft. The company is also looking at expansion into other cities.

Despite the positive growth, Geojit BNP Paribas assigns a ‘Sell’ rating on the stock, citing moderate growth outlook and premium valuation. The brokerage notes the company’s expensive valuation compared to its peers and Nifty Realty. Brigade Enterprises appears in a screener for stocks with broker downgrades in price or recommendation 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.

Trendlyne Marketwatch
Trendlyne Marketwatch
12 Jan 2024
Sensex closes at an all time high, Cyient signs an MoU with Japan's SkyDrive for urban air mobility systems
By Trendlyne Analysis

Nifty 50closed at 21,894.55 (247.4, 1.1%), BSE Sensexclosed at 72,568.45 (847.3, 1.2%) while the broader Nifty 500closed at 19,745.60 (161.3, 0.8%). Market breadth is neutral. Of the 2,026 stocks traded today, 1,019 were on the uptrend, and 973 went down.

Indian indices extended the gains from the afternoon session and closed in the green, with the Nifty 50and Sensexclosing at an all-time high of 21,894.5 and 72,568.4 respectively. The volatility index, Nifty VIX, rose by 2.6% and closed at 13.1 points. HDFC Life Insurance ’s net profit rose by 15.8% YoY to Rs 365.1 crore in Q3FY24. Revenue grew by 37% YoY owing to an increase in income from premiums and commissions.

Nifty Midcap 100 and Nifty Smallcap 100 closed higher following the benchmark index. Nifty IT and Nifty PSU Bank closed higher than Thursday’s closing level. According to Trendlyne’s sector dashboard, software & services emerged as the top-performing sector of the day, with a rise of over 4.2%. 

Most European indices trade in the green. US indices futures trade flat, indicating a cautious start. The data released by Great Britain’s Office for National Statistics indicated that the manufacturing production in November increased by 0.4% MoM against estimates of 0.3% growth.

  • Money flow index (MFI) indicates that stocks like Network18 Media & Investments, Just Dial, Kalyan Jewellers India and Hitachi Energy India are in the overbought zone.

  • HDFC Life Insurance is falling despite its net profit rising by 15.8% YoY to Rs 365.1 crore in Q3FY24. Revenue grows by 37% YoY, owing to an increase in income from premiums and commissions. The insurance company's gross non-performing assets (NPAs) contract marginally by 3 bps YoY to 0.1%.

  • Cyient rises as it signs a memorandum of understanding with Japan's SkyDrive for the development of urban air mobility (UAM) systems. The UAM market is expected to grow to around $25 billion by 2030.

  • Veranda Learning rises as its unit, Veranda XL Learning Solutions, plans to acquire Tapasya Educational Institutions for Rs 362 crore in various tranches. This acquisition will mark Veranda Learning's entry into the higher education segment.

  • Citi reduces its brent crude oil price projection by $1 to $74 per barrel in 2024 and by $10 to $60 per barrel for 2025. However, it notes that the recent activity in the Red Sea, which is producing additional tension in the Middle East, might lead to a near-term upside in the risk premium.

  • Nifty 50 hits an all-time high of 21,897.1 today. Indices like Nifty IT, BSE Tech, Nifty Realty and Nifty PSU Bank rise more than 2% in today's trading session.

  • GHCL is rising after signing two MoUs worth Rs 3,450 crore to expand its soda ash plant and set up a vacuum salt plant in Gujrat over four years. The firm also plans to mine bentonite and sand in Saurashtra.

  • IT stocks like Infosys, Coforge, Tech Mahindra and Tata Consultancy Services surge more than 4% in trade today. All constituents of the broader Nifty IT index are also trading in the green, reaching its 52-week high of Rs 36,503.3.

  • Prashant Pitti, co-founder of Easy Trip Planners, outlines plans to raise around Rs 1,000 crore within 3-4 months for inorganic growth, with a portion allocated for acquiring non-air related companies. He adds that the company is on track to achieve a profit before tax of Rs 250 crore.

  • Cyient sees three analyst target price upgrades and one recommendation upgrade in the past month. Varun Beverages, Thermax, and Persistent Systems see two analyst target price downgrades over the same period.

  • Sanghi Industriesrises to an all-time high of Rs 142.9 following its independent directors' approval of Ambuja Cements' Rs 818.7 crore acquisition offer as fair.

  • Foreign institutional investors withdraw Rs 133.9 crore from the equity market over the past week, according to Trendlyne's FII dashboard. Index options witness the highest outflow of Rs 1.6 lakh crore from foreign investors. Meanwhile, mutual funds invest the most in debt securities, injecting Rs 1,747.4 crore in the same period.

  • The Society of Indian Automobile Manufacturers (SIAM) reports a 15.2% YoY increase in two-wheeler sales to 12.1 lakh units in December. Passenger vehicle sales rise 4% YoY to around 2.9 lakh units.
  • 5paisa Capital falls over 5% despite a 37% YoY increase in its Q3FY24 net profit to Rs 15.1 crore. The firm reports a 20% YoY rise in revenue, owing to an 80% YoY growth in average daily turnover during the quarter.

  • Life Insurance Corp of India is falling as the Income Tax Department, Mumbai, issues two tax demands for Rs 3,528.7 crore. It plans to appeal before the Commissioner (Appeals), Mumbai, within the stipulated timeline.

  • Bajel Projectsrises as it bags an order worth Rs 487.6 crore from Tata Power. The order involves the supply of plant and installation services for transmission lines.

  • Jefferies maintains its 'Buy' rating on Macrotech Developers with a target price of Rs 120. he firm anticipates enhanced connectivity and real estate demand from the Mumbai Trans Harbor Link inauguration. It notes Lodha's strategically located land bank near Mumbai is poised to benefit from this development.

  • Tata Powertouches a new 52-week high of Rs 361.9 as it signs a memorandum of understanding (MoU) with the Gujarat government to develop 10,000 MW of renewable energy power projects across Gujarat.

  • HG Infra Engineering rises after securing a Rs 716 crore order from Central Railway for the construction of a 49.4 km railway line in Maharashtra.

  • Infosys surges over 5% even as its revenue remains flat at Rs 38,821 crore in Q3FY24, impacted by the retail, communication, hi-tech and lifesciences segments. Its net profit declines by 1.7% QoQ to Rs 6,106 crore. The company appears in a screener of stocks with zero promoter pledge.

  • FSN E-Commerce Ventures (Nykaa) is falling as 2.7 crore shares (0.9% equity), amounting to approximately Rs 516 crore, reportedly change hands in a large trade. 

  • Dolly Khanna cuts her stake in KCP Sugar & Industries Corp to below 1% in Q3FY24. She held a 1.3% stake in Q2FY24.

  • Mohnish Pabrai sells a 2.6% stake in Rain Industries in Q3FY24. He now holds a 4.4% stake in the company.

  • Ashish Kacholia adds Brand Concepts to his portfolio in Q3FY24. He buys a 1.4% stake in the company.

  • Tata Consultancy Servicesis rising despite a 2.5% QoQ dip in net profit to Rs 11,058 crore in Q3FY24. Revenue grows by 1.5% QoQ, driven by gains in the manufacturing, consumer durables, and life sciences & healthcare sectors. The company appears in a screenerfor stocks with increasing revenue over the past eight quarters.

  • Markets opened high. Nifty 50was trading at 21,741.55 (94.4, 0.4%), BSE Sensexwas trading at 72,148.07 (426.9, 0.6%) while the broader Nifty 500was trading at 19,659.75 (75.4, 0.4%).

  • Market breadth is highly positive. Of the 1,828 stocks traded today, 1,343 were on the uptick, and 437 were down.

Riding High:

Largecap and midcap gainers today include Infosys Ltd. (1,612.75, 7.93%), Oracle Financial Services Software Ltd. (4,656.75, 7.62%) and Bank of India (129.10, 6.69%).

Downers:

Largecap and midcap losers today include FSN E-Commerce Ventures Ltd. (187.60, -3.10%), Biocon Ltd. (274.20, -2.80%) and YES Bank Ltd. (24.90, -2.54%).

Volume Rockets

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

Top high volume gainers on BSE included Avanti Feeds Ltd. (545.30, 11.32%), Firstsource Solutions Ltd. (209.90, 10.42%) and Infibeam Avenues Ltd. (26.55, 9.71%).

Top high volume losers on BSE were Metropolis Healthcare Ltd. (1,503.80, -6.34%) and Gillette India Ltd. (6,801.40, -1.80%).

eClerx Services Ltd. (2,732.00, 3.65%) was trading at 12.3 times of weekly average. Shoppers Stop Ltd. (700.10, 1.13%) and Mastek Ltd. (2,867.40, 4.43%) were trading with volumes 9.6 and 8.6 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

71 stocks took off, crossing 52 week highs,

Stocks touching their year highs included - Abbott India Ltd. (25,682.10, 1.35%), Alembic Pharmaceuticals Ltd. (880.55, 5.27%) and Apollo Hospitals Enterprise Ltd. (5,807.45, -1.06%).

7 stocks climbed above their 200 day SMA including Cera Sanitaryware Ltd. (8,015.00, 3.25%) and Jamna Auto Industries Ltd. (114.00, 0.62%). 4 stocks slipped below their 200 SMA including Eureka Forbes Ltd. (490.35, -1.77%) and Syngene International Ltd. (731.90, -1.43%).

Trendlyne Marketwatch
Trendlyne Marketwatch
11 Jan 2024
Market closes flat, Shyam Metalics' monthly sponge iron volumes increase by 200.1% YoY
By Trendlyne Analysis

Nifty 50 closed at 21,647.20 (28.5, 0.1%), BSE Sensex closed at 71,721.18 (63.5, 0.1%) while the broader Nifty 500 closed at 19,584.35 (66.5, 0.3%), of the 2,030 stocks traded today, 1,243 were gainers and 751 were losers.

Indian indices closed flat, with the benchmark Nifty 50 index closing at 21,647.2 points. The Indian volatility index, Nifty VIX, fell 1.5% and closed at 12.8 points. Bank Of India closed 2.4% higher after its global business increased by 9.9% YoY to Rs 12.8 lakh crore and global deposits grew by 8.7% YoY in Q3FY24.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, outperforming the benchmark index. Nifty Energy and Nifty Auto closed higher than their Wednesday close. According to Trendlyne's sector dashboard, Oil & Gas was the top-performing sector of the day as it rose 2.3%.

European indices traded flat or higher amid positive global cues. Major Asian indices closed in the green, except for South Korea’s KOSPI closing flat. US index futures traded higher, indicating a positive start to the trading session. Brent crude oil futures traded in the green after falling 1% on a volatile day on Thursday.

  • Relative strength index (RSI) indicates that stocks like Alok Industries, Gujarat Gas, Olectra Greentech and JBM Auto are in the overbought zone.
  • Mangalore Refinery And Petrochemicals rises 19.2% in trade and reaches a new 52-week high of Rs 161. The company ranks high on Trendlyne’s Checklist, scoring 68.2%. It also features in a screener of companies with strong cash-generating ability from core business.

  • Jindal Saw, Network18 Media & Investment and TV18 Broadcast surge by 9.1%, 44.8% and 23.6%, respectively, ahead of their results on Tuesday.

  • Allied Digital surges to its upper circuit of 20%, as the company is chosen as the master system aggregator (MSA) to integrate CCTV surveillance with the existing ITMS control room for the Ayodhya Smart City Project.

  • HDFC Asset Management is rising as its net profit surges by 32.6% YoY to Rs 489.7 crore in Q3FY24. Its revenue improves by 20% YoY to Rs 671.3 crore during the quarter. It appears in a screener of stocks with increasing revenue for the past two quarters.

  • Vedanta rises as its subsidiary, Cairn Oil & Gas, submits its first plan to start gas production at its onshore rig in Bharuch, Gujarat. The plan involves an initial output of 2,000 barrels of oil equivalent per day.

  • Jyoti CNC Automation's Rs 1,000 crore IPO gets bids for 15.7X the available 1.8 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 21.8X the available 31.6 lakh shares on offer.

  • Auto stocks like Hero MotoCorp, Bajaj Auto, TVS Motor and Eicher Motors are rising in trade. All constituents of the broader Nifty Auto index are also trading in the green, touching its all-time high of Rs 18,817.2.

  • Reports indicate the Centre may reduce import duties on mobile phone components, potentially aiding India's exports and companies like Apple. Current duties on parts like camera modules and chargers are in the range of 2.5-20%, according to the India Cellular and Electronics Association (ICEA).

  • Ajmera Realty & Infra Indiasurges almost 6% to reach its all-time high of Rs 521, as its sales value grows by 98% YoY to Rs 253 crore in Q3FY24. Collections also improve by 30% YoY during the quarter. The company has bagged a redevelopment project in Versova with a gross development value of Rs 360 crore.

  • Unichem Laboratoriesrises to an all-time high of Rs 479 as it receives US FDA approval for its abbreviated new drug application for Doxazosin. The drug is used for the treatment of hypertension.

  • Consumer durables stocks like Voltas, Havells India, Dixon Technologies (India)and Blues Starare rising in trade. All constituents of the broader Nifty Consumer Durablesindex are also trading in the green, touching its all-time high of Rs 32,033.2.

  • Chetan Ahya, Chief Asia Economist at Morgan Stanley, says India will benefit from the fall in commodity prices. He predicts India’s GDP growth at 6.5% in FY25. Ahya also highlights that central banks will face difficulties in easing monetary policy, and expects the US Fed to begin rate cuts in June.

  • Sundram Fasteners rises on reports of a Rs 1,411 crore investment over four years in its Tamil Nadu factories. The funds will be used to expand the capacity for electric vehicle (EV) components.

  • Maruti Suzuki India rises as reports suggest that the company will start exporting EVs to Europe and Japan. The company plans to export battery packs worth Rs 750 crore to both regions.

  • AXISCADES Technologiessurges over 6%, reaching its all-time highof Rs 850, as its board approves a qualified institutional placement (QIP) of shares worth Rs 500 crore. It has set the floor price at Rs 696.7 per share.

  • HSBC Global Research maintains its 'Buy' rating on Zomato with an upgraded target price of Rs 150. The brokerage expects muted performance in 2024 and a moderation in the gross-order value growth of its food delivery business. It also highlights the possibility of a short-term correction.

  • Shyam Metalics and Energyrises to an all-time high of Rs 683.4 as its monthly sponge iron volumes increase by 200.1% YoY to 1.1 lakh tonnes. Its steel volume also improves by 51.1% YoY.

  • Kalyani Steelssurges over 9% to touch its all-time highof Rs 579 as it successfully bids Rs 450 crore for the assets of Kamineni Steel & Power India, including land, buildings, machinery and plants.

  • Bank Of Indiarises as its global business increases by 9.9% YoY to Rs 12.8 lakh crore and global deposit grows by 8.7% YoY in Q3FY24. The bank's domestic deposit also surges by 7.6% YoY. It appears in a screener of stocks nearing their 52-week high with significant volumes.

  • Rajendra V Gogri, Managing Director of Aarti Industries, says the company expects the company to deliver an EBITDA of roughly Rs 950-1,000 crore in FY24, and Rs 1,400-1,600 crore in FY25. He also states that the non-renewal of the EU contract for S Metolachlor will have a 3-4% impact on intermediate volumes.

  • Polycab India plunges to its 15% lower circuit following reports of the Income Tax Department uncovering unaccounted cash sales of Rs 1,000 crore.

  • Dolly Khanna cuts stake in Nitin Spinners to below 1% in Q3FY24. She held a 1.2% stake in Q2FY24.

  • Sunil Singhania sells a 0.6% stake in Ion Exchange (India) in Q3FY24. He now holds a 2.1% stake in the company.

  • SpiceJet rises as it announces in its annual general meeting (AGM) that it will invest Rs 2,250 crore for network expansion. The airlines has rights to Lakshadweep and plans to launch flights to Agatti Island.

Riding High:

Largecap and midcap gainers today include Solar Industries India Ltd. (7,347.05, 6.85%), Shriram Finance Ltd. (2,279.75, 6.03%) and Gujarat Gas Ltd. (541.10, 5.03%).

Downers:

Largecap and midcap losers today include Polycab India Ltd. (3,878.45, -21.04%), Zee Entertainment Enterprises Ltd. (251.15, -3.33%) and Delhivery Ltd. (412.05, -2.40%).

Volume Rockets

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

Top high volume gainers on BSE included Mangalore Refinery And Petrochemicals Ltd. (160.60, 19.67%), Easy Trip Planners Ltd. (51.80, 17.06%) and Engineers India Ltd. (216.40, 9.82%).

Top high volume losers on BSE were Polycab India Ltd. (3,878.45, -21.04%), KEI Industries Ltd. (2,980.95, -5.31%) and Eureka Forbes Ltd. (498.00, -1.17%).

Just Dial Ltd. (880.70, 4.86%) was trading at 20.0 times of weekly average. Ratnamani Metals & Tubes Ltd. (3,392.00, 1.43%) and Jamna Auto Industries Ltd. (113.30, 5.20%) were trading with volumes 13.7 and 11.2 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

71 stocks made 52 week highs,

Stocks touching their year highs included - Abbott India Ltd. (25,330.00, 2.93%), Alembic Pharmaceuticals Ltd. (836.50, 4.54%) and Apollo Hospitals Enterprise Ltd. (5869.90, 1.19%).

11 stocks climbed above their 200 day SMA including Jamna Auto Industries Ltd. (113.30, 5.20%) and Aditya Birla Capital Ltd. (180.55, 4.18%). 4 stocks slipped below their 200 SMA including Polycab India Ltd. (3,878.45, -21.04%) and Hindustan Unilever Ltd. (2,536.20, -1.60%).

Trendlyne Marketwatch
Trendlyne Marketwatch
10 Jan 2024
Market closes higher,  Porinju Veliyath cuts his stake in Singer India to below 1% in Q3FY24
By Trendlyne Analysis

Nifty 50 closed at 21,618.70 (73.9, 0.3%), BSE Sensex closed at 71,668.60 (282.4, 0.4%) while the broader Nifty 500 closed at 19,517.85 (58.3, 0.3%), of the 2,028 stocks traded today, 1,041 were gainers and 963 were losers.

Indian indices recovered from their day lows, with the benchmark Nifty 50 index closing at 21,618.7 points. The Indian volatility index, Nifty VIX, closed at 13 points. Infibeam Avenues closed in the green as it reportedly inks a memorandum of understanding with the Gujarat government to invest Rs 2,000 crore in an artificial intelligence hub.

Nifty Midcap 100 closed higher, while the Nifty Smallcap 100 closed in the red. Nifty Media and Nifty IT closed higher than their Tuesday close. According to Trendlyne's sector dashboard, Media was the top-performing sector of the day as it rose 4.1%.

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 mixed amid weak global cues. US index futures traded flat, indicating a cautious start to the trading session. Brent crude oil futures traded in the red, after rising 1.6% on a volatile day of trade on Tuesday.

  • Zee Entertainment Enterprises sees a long buildup in its January 25 future series as its open interest rises 17.7% with a put-call ratio of 0.8.

  • Easy Trip Planners falls after announcing the launch of a new subsidiary, EaseMyTrip Insurance Brokers. With this launch, the company plans to enter into the insurance market.

  • NBCC (India) rises to an all-time high of Rs 93.6 as it bags an order worth Rs 218 crore from National Institute of Fashion Technology. The order involves the modification of the existing trade facilitation centre on the campus in Varanasi, Uttar Pradesh.

  • Tanla Platformssurges more than 9% as it signs its first commercial agreement with an Indian bank for its anti-phishing platform (ATP), Wisely ATP.

  • The World Bank maintains India's FY25 GDP growth projection at 6.4%, driven by robust domestic demand, increased state infrastructure spending, and strong private-sector credit growth. The growth projection for FY24 stands at 6.3%. However, it expects private consumption growth to slow down due to persistent high food inflation.

  • Edelweiss initiates its coverage on Arvind Fashionswith a 'Buy' rating and target price of Rs 660 per share. This implies a potential upside of 39%. The brokerage believes that the premiumisation drive in India, portfolio extension and expansion into adjacent categories will help revenue growth. It expects the company's revenue to grow at a CAGR of 13.2% over FY22-26.

  • Jyoti CNC Automation's Rs 1,000 crore IPO gets bids for 3.3X the available 1.8 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 10.1X the available 31.6 lakh shares on offer.

  • Shakti Pumps (India)rises as it receives the 10th patent for its surface helical pipe construction. The patent is valid for 20 years from the date of issue. The company appears in a screenerof stocks with strong momentum.

  • According to a poll of economists, India's retail inflation is expected to rise to 5.9% in December from 5.6% in November, mainly due to higher vegetable inflation.

  • Zee Entertainment Enterprisesrises as reports suggest that Sony is still in talks with the company over the merger. The company appears in a screenerof stocks with increasing quarterly profits.

  • Media stocks like Network18 Media & Investment, TV18 Broadcast, Dish TV India and Hathway Cable & Datacom surge more than 4% in trade. The broader Nifty Media index is also trading more than 3% higher.

  • RailTel Corporation receives an order worth Rs 29.5 crore from the Center for Development of Telematics (C-DoT) to install multi-protocol label switching (MPLS)-based VPNs at 26 sites across India.

  • Network18 Media & Investments hits the upper circuit and reaches an all-time high of Rs 119.4. Reports suggest that 1.3 crore shares (1.3% equity), amounting to Rs 155.5 crore, change hands in a large trade.

  • Infibeam Avenues surges as it reportedly inks a memorandum of understanding with the Gujarat government to invest Rs 2,000 crore in an artificial intelligence hub to develop payment technologies and platforms tailored for retailers.

  • Mahindra & Mahindra falls despite partnering with US-based MobilEye to implement artificial intelligence in the driver assistance system of its cars. The company appears in a screener of stocks with improving RoA.

  • One97 Communicationsis rising as it plans to invest Rs 100 crore in Gujarat International Finance Tec-City (GIFT City). The company will provide its AI-driven cross-border remittance and set up a development centre for innovation in the city.

  • BofA Securities upgrades its rating on Bharti Airtel to ‘Neutral’ from ‘Underperform’, and raises the target price to Rs 1,145. The brokerage anticipates a significant tariff hike in the next 12 months, but remains concerned about capex, particularly if fixed wireless access gains traction. It also notes that broadband business will pick up as net adds are improving.

  • Puravankarasurges more than 8% to touch its all-time high of Rs 244.1 as its sales value grows by 56% YoY to Rs 1,241 crore in Q3FY24. Its customer collections improve by 52% YoY to Rs 941 crore, however, its price realisation falls by 2% YoY during the quarter.

  • KIOCLplunges almost 3% as it temporarily suspends operations at its pellet plant in Mangalore due to a lack of iron ore fines.

  • Lupin trades flat despite receiving US FDA approval for Bromfenac ophthalmic solution, a drug used to treat inflammation after cataract surgery. It has a market size of $128 million (approx Rs 1,064.7 crore).

  • UBS downgrades Indraprastha Gas (IGL) to 'Sell' and cuts the target price to Rs 400. The brokerage cites short-term poor volume growth and long-term risks to IGL's core business. It notes that infrastructure expansion and policy support have not yet impacted IGL's CNG volume growth.

  • Porinju Veliyath cuts his stake in Singer India to below 1% in Q3FY24. He held 1% in Q2FY24.

  • Steel Strips Wheels is rising as the National Company Law Tribunal (NCLT) approves the company's plan to acquire AMW Autocomponent (AACL). The company has also invested Rs 138.1 crore in AACL through a mix of equity and intercorporate loans.

  • Ashish Kacholia cuts his stake in SJS Enterprises to below 1% in Q3FY24. He held 3.2% in Q2FY24.

  • Delta Corp falls as its Q3FY24 net profit declines by 59.3% YoY to Rs 34.5 crore due to rising employee benefit and inventory expenses. Its revenue decreases by 15.2% YoY, aided by a downturn in its gaming operations segment.

Riding High:

Largecap and midcap gainers today include Delhivery Ltd. (422.20, 5.96%), GlaxoSmithKline Pharmaceuticals Ltd. (2,201.75, 5.51%) and YES Bank Ltd. (25.50, 5.37%).

Downers:

Largecap and midcap losers today include Sona BLW Precision Forgings Ltd. (614.70, -3.58%), NMDC Ltd. (210.85, -3.06%) and Honeywell Automation India Ltd. (36,815.40, -2.63%).

Movers and Shakers

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

Top high volume gainers on BSE included Cochin Shipyard Ltd. (802.80, 20.00%), Network18 Media & Investments Ltd. (119.40, 20.00%) and AstraZeneca Pharma India Ltd. (6,641.15, 17.49%).

Tanla Platforms Ltd. (1,196.75, 10.16%) was trading at 15.1 times of weekly average. PNC Infratech Ltd. (368.05, 5.94%) and NCC Ltd. (193.25, 9.52%) were trading with volumes 11.9 and 6.4 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

42 stocks hit their 52 week highs,

Stocks touching their year highs included - AIA Engineering Ltd. (3,755.85, 3.58%), Bayer Cropscience Ltd. (5,952.75, 1.97%) and Bharti Airtel Ltd. (1,064.00, -0.05%).

2 stocks climbed above their 200 day SMA including Aegis Logistics Ltd. (355.10, 2.82%) and TTK Prestige Ltd. (754.10, 0.66%). 14 stocks slipped below their 200 SMA including Anupam Rasayan India Ltd. (958.90, -5.84%) and Sumitomo Chemical India Ltd. (408.20, -2.22%).

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The Baseline
10 Jan 2024
By Bhavani Eswar

In 2023, major global equity indices delivered double-digit returns as inflation cooled and central banks signalled likely interest rate cuts in 2024. Developed markets like the US, UK, and Japan, which faced difficult economic conditions in 2022, saw a turnaround. 

The US market had fallen by 19% in 2022, underperforming India’s Nifty 50, which rose by 4.3%. However, 2023 saw a reversal, where developed markets outperformed the broader indices of major emerging markets. However JP Morgan believes that in 2024, “Demand for diversification away from developed countries and GDP growth divergence will make emerging markets attractive.”

We explore the valuation perspective of major emerging market indices after their positive run in 2023.

Even after a rally in 2023, major emerging markets are still trading near or below their historical P/E levels. China is the largest economy in Asia accounting for one-fourth of the MSCI EM index, a benchmark for global fund flows into emerging markets. The market was rattled by public property busts in 2023 that led to the defaults of many prominent developers like Country Garden. Stimulus measures by the Chinese central bank have not had a significant effect on economic recovery, leaving the growth outlook grim. As a result, the Chinese benchmark index, Shanghai Composite (SCI), fell 3% in 2023 and is currently valued at 8.4 times its earnings. 

Countries like China, South Korea, and Brazil are trading below their historical P/E, making their valuations justifiable. Trading at less than 10 times their earnings, China and Brazil could be undervalued by global fund managers.

Mexico’s MEXBOL, on the other hand, delivered strong returns of 18% with a P/E of 12.1 but still trades below its historical average P/E of 15. Similarly, Brazil’s IBOV has delivered high returns in 2023. South Korea’s KOSPI index recorded a 14% rise. The contagious effect of the showdown in China is visible on Hong Kong’s HSI, which dropped by more than 13% in 2023 but is still valued fairly at a P/E of 15, its 10-year average. 

Indian indices valued at a premium, while other major emerging markets fairly valued

India (Sensex) and Taiwan (TWSE) rose 18% and 26%, respectively, in 2023. As a result, India and Taiwan’s benchmark indices are trading above their historical averages. The global chip manufacturing boom has benefitted TWSE, as the index is dominated by tech stocks. It is trading at a premium of over 15%. 

The Indian benchmark has a price-to-earnings ratio of 24, which indicates that it is overvalued compared to the 10-year average P/E of 18.9, implying a 26% premium. High tax collections and huge government spending have helped Indian markets grow, especially the small and mid-caps. The BSEMidcap and BSE Smallcap indices shot up by 44% and 47%, respectively in 2023, taking Indian indices’ valuation above the average. However, India’s Nifty 50 is trading at a 12-month forward P/E of 19, which is slightly lower than its 10-year average of 20.  In contrast, the MSCI EM index, a benchmark index for emerging markets, is trading at 11.2 P/E. 

Emerging markets well positioned to attract global fund flows

Emerging markets come with unique political and economic challenges. As 2024 is expected to bring interest rate cuts around the world, emerging markets are likely to attract huge inflows from developed markets. This year, asset allocators must pay attention not only to economic indicators of countries but also to political stability, especially with many emerging markets like India and Taiwan facing elections in 2024. The result of the US presidential elections in November will also have an impact on global markets. In India, a strong win for the BJP government at the center could be seen positively. The Reserve Bank of India has also kept a steady hand on inflation, another positive sign for global fund managers.

Indian markets are bracing for volatility in this election year, and its premium valuation hinges on strong corporate earnings in Q3FY24. Chris Wood, the global head of equity strategy at Jefferies LLC, says,If the ruling BJP faces a surprise defeat in the parliament elections, as happened in 2004, then I would expect a 25% correction if not more.”

Currently trading at 24x its earnings, India is one of the highly valued major equity markets. Despite this overvaluation, expansionary monetary policies in developed countries will reap the benefits of falling interest rates, lower borrowing costs, and higher economic growth. 

Trendlyne Marketwatch
Trendlyne Marketwatch
09 Jan 2024, 03:45PM
Market closes higher, L&T Construction bags an order worth Rs 1,000-2,000 crore to construct AIIMS in Haryana
By Trendlyne Analysis

Nifty 50 closed at 21,544.85 (31.9, 0.2%), BSE Sensex closed at 71,386.21 (31.0, 0.0%) while the broader Nifty 500 closed at 19,459.55 (41.9, 0.2%), of the 2,042 stocks traded today, 1,107 showed gains, and 902 showed losses.

Indian indices pared gains from the afternoon session and closed in the green, with the benchmark Nifty 50 closing at 21,545 points. The Indian volatility index, Nifty VIX, dropped by 1.5% and closed at 13.3 points. L&T Construction bagged an order worth Rs 1000 crore to Rs 2000 crore from the Ministry of Health and Family Welfare to construct AIIMS at Rewari, Haryana.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green following the benchmark index. Nifty Realty and Nifty Metal closed higher than Monday’s close. According to Trendlyne's sector dashboard, realty was the top-performing sector of the day as it rose 2.3%.

Major European indices trade in the red. US index futures trade lower, indicating a negative start to the trading session. Eurozone’s unemployment rate in November expands to 6.4% against estimates of 6.5%.

  • Money flow index (MFI) indicates that stocks like Trident, Godrej Industries, Alok Industries and Gujarat Gas are in the overbought zone.
  • Kalyan Jewellers India, Ircon International, and Prestige Estate Projects' stock prices increase 217.9%, 209.2% and 186.1% respectively over the past year.

  • Tata Power rises as it signs a memorandum of understanding with the Tamil Nadu government to invest Rs 70,000 crore in the state. With this investment, the company plans to explore options to develop 10,000 MW renewable energy projects in the next seven years.

  • Bharti Airtel is rising as its subsidiary, Airtel Business, plans to power 2 lakh smart meters for Adani Energy Solutions (AESL). The company will provide secure connectivity for AESL's smart meter deployments using Airtel's Internet of Things (IoT) Hub.

  • Polycab India falls sharply as reports suggest that the Income Tax Department has claimed a tax evasion of Rs 200 crore by the company.

  • Jyoti CNC Automation's Rs 1,000 crore IPO gets bids for 1.8X the available 1.8 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 6X the available 31.6 lakh shares on offer.

  • Realty stocks like Godrej Properties, DLF, Oberoi Realty and Brigade Enterprises surge more than 2% in trade. This helps the broader Nifty Realty index to rise more than 2%, touching its 52-week high of Rs 865.

  • Infibeam Avenues rises to a new 52-week high of Rs 24.5 as it reportedly enters into a pact with the Gujarat government to invest Rs 2,000 crore in the state. It appears in a screener of stocks with strong momentum.

  • AU Small Finance Bank is falling as around 13.2 lakh shares (0.2% equity), amounting to Rs 102.6 crore, change hands, according to reports.

  • Capacit'e Infraprojectsrises to an all-time high of Rs 291 as its board approves raising Rs 200 crore through qualified institutional placements. The company has set the floor price at Rs 264.9 per share.

  • L&T Constructionhits an all-time highof Rs 3,593.7 after bagging an order worth Rs 1,000-2,000 crore from the Ministry of Health and Family Welfare to construct AIIMS at Rewari, Haryana.

  • Fino Payments Bank rises following reports of its application for a small finance bank license with the Reserve Bank of India. It appears in a screener of stocks with increasing quarterly revenue.

  • Goldman Sachs predicts robust Q3FY24 earnings for auto OEMs, driven by string two-wheeler and passenger vehicle sales during the festive and wedding seasons. The brokerage has increased its target prices for Bajaj Auto and TVS Motors by 14%.

  • Brigade Enterprises rises over 3% to touch its all-time high of Rs 1,000 after signing two memorandums of understanding (MoUs) worth Rs 3,400 crore with the Tamil Nadu government. The MoUs relate to the development of high-rise commercial and residential buildings.

  • IRB Infrastructure hits a new 52-week high of Rs 46.8 after reporting a 26% YoY increase in toll collections, which stood at Rs 488 crore in December 2023 compared to Rs 388 crore in December 2022.

  • Gensol Engineering rises more than 4% as it signs an MoU with the Gujarat government to invest Rs 2,000 crore in EV manufacturing. The company expects to generate around 1,500 jobs in the region's EV ecosystem. It appears in a screener for stocks with strong momentum.

  • JPMorgan maintains an 'Overweight' rating on Tata Motors with a target price of Rs 925, after JLR wholesales grow 27% YoY to 1,01,043 units in Q3FY24. The brokerage expects continued strong profitability in JLR and India businesses. It adds that the company's model mix remains robust.

  • Caplin Point Laboratories rises to an all-time high of Rs 1,470 as it signs a memorandum of understanding with the Tamil Nadu government to invest Rs 700 crore in the state. The company appears in a screener of stocks with low debt.

  • Jyoti CNC Automation raises Rs 448 crore from anchor investors ahead of its IPO by allotting around 1.4 crore shares at Rs 331 each. Investors include Goldman Sachs, Nomura, Eastspring Investments India Fund, The Master Trust Bank of Japan, HDFC Life Insurance Co, ICICI Prudential Life, Edelweiss Mutual Fund, and Axis Mutual Fund.

  • BEML is rising as it bags an order worth Rs 329.9 crore from the Ministry of Defence to supply mechanical minefield marking equipment.

  • Abhay Baijal, MD of Chambal Fertilisers & Chemicals, highlights the promoters’ participation in a Rs 700 crore buyback which was approved by the company's board on Monday. Baijal notes steady demand for fertilizers and potential long-term impacts on producers due to the ongoing Red Sea issue.

  • Zee Entertainment Enterprises falls sharply amid reports that Sony Entertainment may call off the $10 billion merger over doubts about ZEEL's CEO Punit Goenka leading the merged entity.

  • Vijay Kedia sells a 0.3% stake in Talbros Automotive Components in Q3FY24. He now holds a 1% stake in the company.

  • Ashish Kacholia sells a 0.9% stake in Best Agrolife in Q3FY24. He now holds a 1.4% stake in the company.

  • Bajaj Autois rising as its board of directors approves the buyback of 40 lakh shares (a 1.4% stake) worth Rs 4,000 crore at Rs 10,000 each.

Riding High:

Largecap and midcap gainers today include JSW Energy Ltd. (454.85, 8.44%), FSN E-Commerce Ventures Ltd. (187.50, 5.99%) and Patanjali Foods Ltd. (1,684.40, 5.32%).

Downers:

Largecap and midcap losers today include Polycab India Ltd. (4,867.10, -8.93%), Zee Entertainment Enterprises Ltd. (256.30, -7.86%) and Vodafone Idea Ltd. (16.20, -5.54%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Borosil Renewables Ltd. (508.60, 9.47%), IRB Infrastructure Developers Ltd. (46.00, 9.13%) and JSW Energy Ltd. (454.85, 8.44%).

Top high volume losers on BSE were Polycab India Ltd. (4,867.10, -8.93%), Zee Entertainment Enterprises Ltd. (256.30, -7.86%) and Page Industries Ltd. (36,452.65, -3.29%).

Galaxy Surfactants Ltd. (2,790.00, 1.08%) was trading at 12.4 times of weekly average. Ingersoll-Rand (India) Ltd. (3,100.50, 0.74%) and Minda Corporation Ltd. (388.45, 3.34%) were trading with volumes 10.2 and 6.2 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

56 stocks made 52 week highs,

Stocks touching their year highs included - Adani Ports & Special Economic Zone Ltd. (1,197.10, 2.42%), Apollo Hospitals Enterprise Ltd. (5,800.00, 2.08%) and Bajaj Auto Ltd. (7,093.90, 1.58%).

9 stocks climbed above their 200 day SMA including Easy Trip Planners Ltd. (45.80, 5.65%) and Carborundum Universal Ltd. (1,142.50, 0.97%). 7 stocks slipped below their 200 SMA including SRF Ltd. (2,311.35, -3.52%) and Page Industries Ltd. (36,452.65, -3.29%).