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Trendlyne Marketwatch
Trendlyne Marketwatch
21 Dec 2023
Market closes higher, Suzlon Energy secures a repeat order with a total capacity of 193.2 MW
By Trendlyne Analysis

Nifty 50 closed at 21,255.05 (104.9, 0.5%), BSE Sensex closed at 70,865.10 (358.8, 0.5%) while the broader Nifty 500 closed at 18,941.80 (162.4, 0.9%), of the 2,005 stocks traded today, 1,575 showed gains, and 401 showed losses.

Indian indices maintained the gains from the afternoon session and closed in the green, with the Nifty 50 closing at 21,255. The volatility index, Nifty VIX, dropped by 4.8% and closed at 13.8 points. Bandhan Bank approves the transfer of its non-performing asset (NPA) portfolio worth Rs 775.6 crore for a binding bid of Rs 280.4 crore from an asset reconstruction company (ARC).

Nifty Smallcap 100 and Nifty Midcap 100 closed sharply higher following the benchmark index. Nifty PSU Bank and Nifty Oil & Gas closed higher than Wednesday’s closing level. According to Trendlyne’s sector dashboard, fertilizers emerged as the top-performing sector of the day, with a rise of over 3.5%.

Most European indices trade in the red. US indices futures trade higher, indicating a positive start. According to the Wall Street Journal, the Biden administration in the US is in discussion to raise tariffs on imported electric vehicles from China.

  • Money flow index (MFI) indicates that stocks like Gujarat Fluorochemicals, Varun Beverages, Voltas and Bharat Dynamics are in the overbought zone.

  • Media stocks like TV18 Broadcast, Dish TV India, Zee Entertainment Enterprises and Nazara Technologies surge more than 3% in trade. The broader Nifty Media index is also trading more than 2% higher.

  • Natco Pharma rises as it is dismissed from an anti-trust lawsuit in the USA regarding its Pomalidomide drug. The company appears in a screener of stocks with improving book value per share.

  • Bhanu Prakash Srivastava, CMD of Bharat Electronics, highlights that the company's order inflow stands at Rs 23,300 crore so far, with additional orders in the pipeline. He adds that the company maintains its FY24 revenue growth and margin guidance of 15% and 21-23%, respectively.

  • Bandhan Bank's board of directors approves the transfer of its non-performing asset (NPA) portfolio worth Rs 775.6 crore, for a binding bid of Rs 280.4 crore from an asset reconstruction company (ARC). The bank will transfer the NPA portfolio with unpaid dues over 180 days to the ARC.

  • Credo Brands Marketing's Rs 549.8 crore IPO gets bids for 20.8X the available 1.4 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 15.8X the available 68.7 lakh shares on offer.

  • RBZ Jewellers' Rs 100 crore IPO gets bids for 11.1X the available 79 lakh shares on offer on the third day of bidding. The retail investor quota gets bids for 20X the available 35 lakh shares on offer.

  • Vidyashankar Krishnan, VC and MD of M M Forgings, says the company has lowered its FY24 revenue guidance to around Rs 1,600-1,620 crore, compared to the earlier Rs 1,700 crore. He attributes it to sluggishness in exports and adds that the margins will be around 18%.

  • Happy Forgings' Rs 1,008.6 crore IPO gets bids for 22.8X the available 83.7 lakh shares on offer on the third day of bidding. The retail investor quota gets bids for 11.9X the available 42.4 lakh shares on offer.

  • State Bank of Indiais rising as it signs a €200 million (approx. Rs 1,823.6 crore) line of credit with the European Investment Bank to support its climate action projects in India.

  • Manali Petrochemicalssurges more than 5% as it resumes entire operations of Plant 2 in Manali, and has also initiated partial operations at Plant 1. The company is working on restoring the other manufacturing units at Plant 1.

  • The RBI predicts healthy growth for India's economy. However, it highlights that sticky inflation is impacting consumer demand and poses risk to growth. It expects inflation to average at 5.4% in FY24

  • UltraTech Cement is rising as it agrees to buy a 26% stake in Clean Max Terra for a consideration of Rs 20.3 crore to meet its green energy needs.

  • Zee Entertainment Enterprises surges more than 4% as Culver Max Entertainment (formerly Sony India) and Bangla Entertainment agree to enter negotiations to discuss the extension of the date required to make the merger effective.

  • Suzlon Energy surges more than 4% as it secures a repeat order to supply and commission 92 wind turbines with a total capacity of 193.2 MW from the KP Group. The order is part of a wind-solar hybrid and State Transmission Utility (STU) tariff-based project aimed at increasing renewable energy capacity in Gujarat.

  • Saurabh Gupta, CFO of Dixon Technologies, anticipates that the mobile segment will drive growth for the company, contributing to 60-65% of its revenues moving forward. He also expects an improvement in its RoCE.

  • Sapphire Foods Mauritius, promoter of Sapphire Foods India, has sold a 5.2% stake in the company. It now holds a 24% stake.

  • Inox India’s shares debut on the bourses at a 43.9% premium to the issue price of Rs 660. The Rs 1,459.3 crore IPO has received bids for 61.3 times the total shares on offer.

  • Tarsons Products rises as it will be acquiring Germany's medical distributor Nerbe for €10 to 15 million (approx Rs 91.1 to 136.7 crore). With this acquisition, the company aims to enhance its presence in Germany. The company appears in a screener of stocks with growing net profit and margins.

  • Ami Organics is falling as reports suggest that 46 lakh shares (12.5% equity), amounting to Rs 475.2 crore, change hands in a large trade.

  • Promoters of Astral, Saumya Polymers and Kairav Chemicals, sell 1.4% and 0.4% stake, respectively, in block deals on Wednesday.

  • Sunil Singhania buys a 6.7% stake in Shriram Pistons & Rings in bulk deals and a 7.9% stake through block deals on Wednesday.

  • Cochin Shipyard rises as it receives an order worth Rs 488.2 crore from the Defence Ministry. The order involves the repair and maintenance of equipment and systems onboard the naval vessel. The company appears in a screener of stocks with improving net cash flow for the past two years.

  • Mazagon Dock Shipbuilders rises as it bags an order worth Rs 1,615 crore from the Ministry of Defence. The order involves the construction of six offshore patrol vessels for the Indian Coast Guard to be completed in the next 5 years.

Riding High:

Largecap and midcap gainers today include Indian Railway Finance Corporation Ltd. (98.85, 6.92%), Indian Railway Catering & Tourism Corporation Ltd. (868.25, 6.51%) and Sona BLW Precision Forgings Ltd. (571.40, 6.21%).

Downers:

Largecap and midcap losers today include Indian Bank (412.85, -3.93%), Supreme Industries Ltd. (4,463.75, -3.75%) and Star Health and Allied Insurance Company Ltd. (512.35, -2.04%).

Volume Rockets

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

Top high volume gainers on BSE included Shyam Metalics and Energy Ltd. (571.90, 9.75%), Metropolis Healthcare Ltd. (1,709.50, 7.25%) and Chemplast Sanmar Ltd. (510.60, 6.39%).

Top high volume losers on BSE were Indian Bank (412.85, -3.93%), IIFL Finance Ltd. (595.15, -3.89%) and Mahindra Holidays & Resorts India Ltd. (359.80, -1.59%).

AstraZeneca Pharma India Ltd. (4,750.00, 2.90%) was trading at 10.6 times of weekly average. Aptus Value Housing Finance India Ltd. (327.80, 1.06%) and SKF India Ltd. (4,699.75, 1.19%) were trading with volumes 5.8 and 5.0 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

8 stocks made 52 week highs,

Stocks touching their year highs included - Aurobindo Pharma Ltd. (1,092.15, 5.75%), Cyient Ltd. (2323.30, 5.53%) and Fortis Healthcare Ltd. (397.85, 1.56%).

10 stocks climbed above their 200 day SMA including Delhivery Ltd. (387.95, 6.19%) and GMM Pfaudler Ltd. (1,609.10, 3.21%). 18 stocks slipped below their 200 SMA including Dabur India Ltd. (530.25, -0.88%) and Jamna Auto Industries Ltd. (105.85, -0.66%).

 
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The Baseline
21 Dec 2023
Chart of the Week: Nifty 50 rises 17.3% in a volatile year, set to close 2023 in the green
By Akshat Singh

As we near the end of 2023, the Indian benchmark index, Nifty 50, is set to close in the green for an eighth straight year. The rise in the benchmark index has accelerated in the past month, arising 7.6% to hit new life-highs. There’s been a shift in mood from the previous year, when most of the global indices were under pressure amid high inflation and recessionary fears. 

In this edition of Chart of the Week, we will be looking at India’s benchmark index, Nifty 50’s performance in 2023. As of December 21, the Nifty 50 is up 17.3% over the year, despite facing global inflation, recessionary risks in the US and Europe and conflicts in Ukraine and the Gaza Strip.

According to the International Monetary Fund (IMF), India is expected to be among the fastest-growing economies in 2024 with a projected growth of 6.3%, thanks to its fast-growing middle class that is driving consumer spending.  

Nifty 50 gets off to a good start in 2023, but Hindenburg report crashes Adani stocks

2023 started well for equity markets, as Federal Reserve Bank of Chicago’s CEO Charles Evans hinted at a slower rate of increase in interest rates. Due to this, the Nifty 50 rose 1.4% on January 9. 

This rise was later offset by the benchmark declining 2.4% during the week ending January 22, due to Hindenburg's short position and explosive report on Adani group stocks. Hindenburg's report accused the group of stock manipulation and accounting fraud. In addition, the SEBI moved to the Supreme Court with regards to the NSE’s co-location scam involving its previous chief Chitra Ramakrishna, which led to a 1.2% fall in the index on January 25. 

On January 27, the Nifty 50 continued to fall by 1.6% due to the US GDP rising by 2.9% QoQ in Q3FY23, lower than the previous quarter's growth of 3.2%. This raised fears of a global recession. 

However, the index recovered with a rise of 1.4% on February 3, as the growth rate of the Indian services sector in December remained above the long-run average (53.5). The positive upturn was linked to good demand conditions. 

The Nifty 50 fell 1.5% on February 22 on fears of the US Federal Reserve hiking its interest rates. The Nifty 50 fell by 2.7% in the week of February 19. The Adani-Hindenburg effect started fading on March 3 with the index rising 1.6%. This can also be attributed to a 5% rally in the Nifty PSU Bank index on the same day, following the central government's 'bad loan initiative'.

Improved sovereign rating limits India’s exposure to the Silicon Valley Bank crisis

The US-based Silicon Valley Bank declared bankruptcy on March 10, leading to a fall of 1.5% in the benchmark on March 13.  The Nifty 50 rose by 1.6% on March 31, after Morgan Stanley upgraded India to ‘Equal-Weight’ citing reduced valuation premiums and a strong economy. 

In the week of June 25, the Nifty 50 rose 2.8%. This rise was due to the Reserve Bank of India pausing its rate hikes and weak production data from China. Various restrictions on Chinese goods by the US and other countries shifted supply chains to India and lowered production for China. The Nifty Bank and Nifty 50 indices hit their respective record highs. 

There continued to be some pressure on the index, however, with Nifty IT falling by 4% due to pessimism and poor earnings by some large-cap IT companies like Infosys (which fell by 8%).

Israel-Hamas conflict raises volatility in markets

The Israel-Hamas conflict intensified on October 7 after which the index fell by 1% and 2.5% in the following weeks of October 15 and 22. The bearish streak was broken by the dovish stance of the US Federal Reserve, as it indicated that its interest rate hike cycle was coming to an end. 

In the week of November 26, the index rose by 2.4%. Master Capital Services attributes the impressive rise in the index to a combination of factors. A more dovish Fed, and the return of Foreign Institutional Investors (FIIs) buying Indian stocks, as well as significant investments by domestic investors, boosted the index. Investors put in Rs 11,139 crores into the cash segment for November.

BJP state wins ahead of general elections drive Nifty 50 to all-time highs

On December 4, the index rose 2.1% as the BJP won three out of four state elections, Rajasthan, Madhya Pradesh, and Chattisgarh. Nuvama Institutional Equities says these results reduce the chance of a change in power at the center. On December 13, the Federal Reserve kept the interest rate constant in its policy meeting. This led to the market rise by 1.2% on December 14. 

As we head into general elections in 2024, Nifty 50 is set to scale new highs. In seven of the previous eight instances of an upcoming Lok Sabha election, the average gain over six months leading up to the election period was 15.3%. It remains to be seen if investors will get lucky this year as well, considering that much of the gains may be baked in, and the indices are already near all-time highs

 
Trendlyne Marketwatch
Trendlyne Marketwatch
20 Dec 2023
Market closes lower, Happy Forgings' IPO gets bids for 6.2X the available 83.7 lakh shares
By Trendlyne Analysis

Nifty 50 closed at 21,150.15 (-303.0, -1.4%), BSE Sensex closed at 70,506.31 (-930.9, -1.3%) while the broader Nifty 500 closed at 18,779.45 (-389.8, -2.0%), of the 2,009 stocks traded today, 160 were on the uptick, and 1,828 were down.

Indian indices fell sharply from their day highs and closed in the red on a volatile day of trade. The benchmark Nifty 50 index fell 303 points and closed at 21,150.2 points. The Indian volatility index, Nifty VIX, rose 4.2% and closed at 14.5 points. Blue Star closed 2.6% lower as Mumbai and Jaipur state tax authorities increased the tax demand to Rs 5.6 crore and Rs 53.6 lakh respectively.

Nifty Midcap 100 and Nifty Smallcap 100 closed deep in the red, underperforming the benchmark index. Nifty Media and Nifty Energy closed sharply lower than their Tuesday close. According to Trendlyne's industry dashboard, Non-alcoholic Beverages was the top-performing industry of the day as it rose 6.7% in a weak market.

Major Asian indices closed higher, except for China’s Shanghai Composite index and India’s BSE Sensex closing in the red. European indices traded flat or higher amid mixed global cues. Brent crude oil futures traded in green after closing 1.7% higher on Tuesday. US index futures traded flat, indicating a cautious start to the trading session.

  • HDFC Asset Managementsees a long buildup in its December 28 future series as its open interest rises 14% with a put-call ratio of 0.3.

  • Blue Staris falling as the Deputy Commissioner of State Tax of Mumbai and Jaipur increase the tax demand to Rs 5.6 crore and Rs 53.6 lakh due to transitional credit and differential tax rate in outward supply.

  • Credo Brands Marketing's Rs 549.8 crore IPO gets bids for 5.1X the available 1.4 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 7.3X the available 68.7 lakh shares on offer.

  • Reliance Jio gains 34.8 lakh wireless subscribers in September on a net basis, while Bharti Airtel adds 13.2 lakh. Vodafone Idea’s subscribers continue to decline, with a loss of 7.4 lakh on a net basis.

  • Happy Forgings' Rs 1,008.6 crore IPO gets bids for 6.2X the available 83.7 lakh shares on offer on the second day of bidding. The retail investor quota gets bids for 6.4X the available 42.4 lakh shares on offer.

  • Motisons Jewellers' Rs 151.1 crore IPO gets bids for 118.6X the available 2.1 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 104.6X the available 1.1 crore shares on offer.

  • Suraj Estate Developers' Rs 400 crore IPO gets bids for 8.1X the available 82.3 lakh shares on offer on the third day of bidding. The retail investor quota gets bids for 7.3X the available 41.2 lakh shares on offer.

  • Kavinder Singh, Managing Director and CEO of Mahindra Holidays & Resorts, says the company will surpass 90% occupancy in December, driven by the holiday season. He also expects 84-85% occupancy in Q3FY24.

  • HDFC Securities maintains its 'Buy' rating on Can Fin Homeswith a downgraded target price of Rs 908 per share, indicating a potential upside of 15.6%. The brokerage believes that the lender's recent investments to widen its sourcing channels will boost net profit growth. It expects the company's profit to grow at a CAGR of 11.9% over FY23-26.

  • Muthoot Microfin's Rs 960 crore IPO gets bids for 7.4X the available 2.4 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 4.1X the available 1.2 crore shares on offer.

  • Nazara Technologiesrises as it plans partnerships with four different Indian gaming studios: Smash Head Studios, Wandermind Labs, Pixcell Play, and ATG Studios. Under these partnerships, Nazara Technologies plans to release 20 games in the next 12 to 18 months, investing between Rs 1 crore and Rs 3 crores per game.

  • Jubilant Foodworksrises as its unit, Jubilant Foodworks Netherlands, launches a cash offer to acquire the remaining 45.3% in Domino's Pizza Eurasia. The acquisition will occur at an average price of 95 pence per share, amounting to €73.4 million (approx. Rs 668.8 crore).

  • One97 Communications (Paytm) is rising as 40.2 lakh shares (1% equity), amounting to approximately Rs 254.3 crore, change hands, according to reports.

  • Satin Creditcare hit its 52-week high of Rs 276 after the board approved the allotment of 1.08 crore shares at Rs 230.7 each to eligible qualified institutional buyers, raising about Rs 250 crore.

  • Embassy Office Parks REIT is falling as reports emerge that Blackstone is planning to sell its entire 23.6% stake in the company for Rs 6,931.5 crore at a floor price of Rs 310 per share in a bulk deal.

  • India Shelter Finance Corp’s shares debut on the bourses at a 14.5% premium to the issue price of Rs 493. The Rs 1,200 crore IPO has received bids for 36.7 times the total shares on offer.

  • Sameer Khetarpal, Managing Director and CEO of Jubilant Foodworks, says the company's like-for-like growth will be around 2-3%, with store addition at 10% annually. He expects the margins to grow by 100-150 bps from present levels in FY24. Khetarpal also highlights that the firm aims to surpass sales of Rs 1,000 crore for Popeyes in the coming 3-4 years.

  • DOMS Industries’ shares debut on the bourses at a 77.2% premium to the issue price of Rs 790. The Rs 1,200 crore IPO has received bids for 93.5 times the total shares on offer.

  • JK Tyre & Industries is rising as it opens its qualified institutional placement to raise Rs 500 crore, with the floor price set at Rs 358.9 per share. The company appears in a screener of stocks with high TTM EPS growth.

  • Oil & gas stocks like Oil India, Mahanagar Gas, Oil & Natural Gas Corp and GAIL are rising in trade. All constituents of the broader Nifty Oil & Gas are also trading in the green, helping it to touch its all-time high of Rs 9,329.3.

  • Goldman Sachs maintains its 'Buy' rating on Container Corp of India with an upgraded target price of Rs 850. The brokerage foresees stable Q3FY24 performance by the company, expecting an 8% growth in volumes. However, it anticipates lower margins during the quarter.

  • Transformers & Rectifiers (India) rises as it bags an order worth Rs 118 crore from Uttar Pradesh Power Transmission Corp (UPPTCL). The order involves the designing, engineering and manufacturing transformers and its accessories.

  • Bharat Petroleum Corp is rising as its board of directors has approved the establishment of a 400 KTPA polypropylene (PP) manufacturing facility at its Kochi refinery. The company expects the facility to be commissioned in the next 46 months with a capex of Rs 5,044 crore.

  • Rail Vikas Nigam rises as it bags an order worth Rs 123 crore in a joint venture with KRDCL. The project involves a significant upgrade of the Varkala Sivagiri Railway Station. The company appears in a screener of stocks with growing net profit and margins.

  • Varun Beverages rose to an all-time high of Rs 1,178 as it is set to acquire South Africa's The Beverage Company and its subsidiaries for Rs 1,320 crore. The company has also signed a Rs 450 crore MoU with the Jharkhand government for the Patratu manufacturing plant.

Riding High:

Largecap and midcap gainers today include Varun Beverages Ltd. (1,253.40, 6.98%), Oil India Ltd. (360.60, 5.62%) and Supreme Industries Ltd. (4637.90, 4.66%).

Downers:

Largecap and midcap losers today include Indian Overseas Bank (42.30, -9.32%), UCO Bank (38.10, -8.85%) and Indus Towers Ltd. (180.65, -8.16%).

Volume Shockers

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

Top high volume gainers on BSE included Varun Beverages Ltd. (1,253.40, 6.98%), Oil India Ltd. (360.60, 5.62%) and Hatsun Agro Products Ltd. (1,123.70, 4.20%).

Top high volume losers on BSE were India Cements Ltd. (248.15, -7.67%), Jindal Worldwide Ltd. (302.30, -5.75%) and ITI Ltd. (282.65, -4.80%).

Grindwell Norton Ltd. (2,160.20, -0.59%) was trading at 20.0 times of weekly average. Symphony Ltd. (877.00, 0.12%) and SIS Ltd. (462.10, -0.84%) were trading with volumes 13.9 and 7.0 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

61 stocks hit their 52 week highs,

Stocks touching their year highs included - Aurobindo Pharma Ltd. (1,032.80, -0.00%), Bajaj Finserv Ltd. (1,680.90, -1.69%) and Bank of Baroda (219.30, -3.01%).

4 stocks climbed above their 200 day SMA including GMM Pfaudler Ltd. (1,559.05, 0.79%) and VST Industries Ltd. (3,355.40, -0.51%). 24 stocks slipped below their 200 SMA including Piramal Enterprises Ltd. (885.35, -7.93%) and G R Infraprojects Ltd. (1,154.85, -6.16%).

 
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The Baseline
19 Dec 2023
Five stocks to buy from analysts this week
By Satyam Kumar

            1. Tata Consumer Products: 

Motilal Oswal maintains a 'Buy' rating on this packaged foods company with a target price of Rs 1,110, indicating an upside of 16.9%. Analysts Sumant Kumar and Meet Jain have a positive outlook, especially with 32% of the company's consolidated revenue originating from the tea business in India.

Kumar and Jain attribute part of the growth in Indian tea exports to increased demand from Russia and the UAE, due to reduced production/exports from Sri Lanka. Despite facing market share loss due to the resurgence of small players in the segment, the company achieved a 3% volume growth from January to September 2023. This growth was driven by consistent domestic demand. To offset this loss, analysts anticipate a 5% volume growth in H2FY24 through the expansion of the distribution network and brand promotion.

The analysts also highlight the company's strategic focus on new ready-to-eat products.  A growing distribution network and an increasingly digital supply chain have enabled a two-pronged growth strategy that they believe will drive future growth. They project revenue and PAT CAGR of 10% and 22% respectively over FY23-26.

2. ITC: 

KR Choksey maintains a 'Buy' rating on this cigarettes and tobacco products company with a target price of Rs 533, indicating an upside of 18%. Analyst Unnati Jadhav holds a positive outlook on the stock. While the cigarette business remains the top contributor to revenue and profitability, the non-cigarette segment has seen robust growth, gradually claiming a larger share of the overall revenue. The non-cigarette business’s share in segment EBITDA has risen from 18.1% in FY18 to 27.3% in FY23, with ROCE doubling from 11.0% in FY18 to 22.0% in FY23.

Jadhav expects the company to benefit from a stable tax environment, which will help combat illicit trade and strengthen market share. She believes the hotel business is poised for strong growth and profitability, thanks to favourable market conditions, efficiency improvements, and expansion plans.

Jadhav expects growth in nicotine, spices, and agri products, driven by ITC’s focus on its agribusiness. She foresees the company's paper & packaging business, which is the only segment currently under pressure due to its cyclic nature, hitting a bottom before showing improvement in the coming quarters.

3. United Spirits:

ICICI Direct maintains a 'Buy' rating on this breweries and distilleries company with a target price of Rs 1,250, indicating an upside of 13.1%. Analyst Harshal Mehta holds a positive outlook, pointing to the company's focus on the premium segment, which accounts for 80% of its volumes.

Mehta expects the company to benefit from India's dominance in the spirits market, where 92% of alcohol consumption is spirits and the remaining share is split between beer and wine, areas where United Spirits has a significant presence. He predicts that the opening of more premium retail shops, especially in metro cities, will boost sales. 

Mehta adds that the firm’s portfolio will reshape strategy in FY23, accelerating revenue growth in the premium segment to compete with global brands like Johnny Walker and Black and White.  The analyst also expects India's drinking population to increase from 33% in 2021 to 39% in 2025.

Harshal Mehta expects the spirits segment overall to grow in higher single digits, driven by these favourable demographics, an expanding middle class, rising disposable incomes, and an increased acceptance of alcoholic beverages in social circles.

4. Star Cement:

HDFC Securities maintains its ‘buy’ rating on this cement products manufacturer with a target price of Rs 190, implying an upside of 5.7%. The firm’s volumes surged by 10% YoY in H1FY24 and are expected to grow at a 19% CAGR between FY23 and FY26, due to rapid expansion plans in the North Eastern region.

The firm’s cement manufacturing plants in Guwahati and Meghalaya will be operational by 2023 and 2024, respectively. This expansion is expected to boost its production capacity to 7.7 million metric tonnes in FY24. Star Cement is also expected to commission a 25MW solar plant for captive use and a concrete block plant in Guwahati in FY25. Due to its established position in the North Eastern region, analysts Rajesh Ravi and Keshav Lahoti foresee the firm becoming the largest seller in the area with robust margin growth. 

The analysts expect the firm to benefit from stabilizing oil prices and increasing share of green energy. Green energy is expected to constitute over 55% of the firm’s total energy consumption by FY26. They predict a cost reduction of Rs 75 per Metric tonne in H2FY24 and Rs 100 per metric tonne in FY25. 

5. Equitas Small Finance Bank:

Axis Direct maintains its ‘buy’ rating on this bank with a target price of Rs 125, implying an upside of 16.8%. Analysts Dnyanada Vaidya, Prathamesh Sawant, and Bhavya Shah, after an interaction with the bank’s management, report that it has retained its guidance of 25%-30% credit growth in FY24. 

The bank is aiming for a 40% YoY growth in deposits for FY24, driven by the attractive pricing of senior citizen deposits, which account for 35%-40% of total deposits. Notably, the bank has increased its deposit rates over its peers, gaining first-mover advantage and a lower churn rate in this segment.

The analysts note that the bank plans to diversify into two new segments – personal loans and credit cards – in FY25 to offer services to both existing and new customers through cross-selling. They believe that the RBI’s increased risk weights will have minimal impact on the banks’ capital ratios, as secured lending constitutes over 80% of total lending. The secured lending is dominated by small business loans and commercial vehicle loans.

The bank is also planning a transition from a small finance bank to a universal bank, subject to RBI approval. This will require higher investment in platform upgradation, which might increase the cost of operations. Despite elevated operating costs and margin pressures, the management remains confident of delivering 2% RoA in FY24.

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

(You can find all analyst picks here)

 
Trendlyne Marketwatch
Trendlyne Marketwatch
19 Dec 2023
Market closes higher, Credo Brands Marketing's IPO gets bids for 1.3X of the available 1.4 crore shares
By Trendlyne Analysis

Nifty 50closed at 21,453.10 (34.5, 0.2%), BSE Sensexclosed at 71,437.19 (122.1, 0.2%) while the broader Nifty 500closed at 19,169.25 (13.7, 0.1%). Market breadth is in the red. Of the 2,002 stocks traded today, 923 were gainers and 1,049 were losers.

Indian indices maintained the gains from the afternoon session and closed in the green, with the Nifty 50closing at 21,453. The volatility index, Nifty VIX, dropped by 0.3% and closed at 13.9 points. IDFC First Bank received the RBI's approval for its amalgamation with IDFC Limited. The agreed share exchange ratio is 155 equity shares of IDFC First Bank for every 100 shares of IDFC Limited.

Nifty Midcap 100 closed in the red, while Nifty Smallcap 100 closed flat and the benchmark index closed higher. Nifty PSU Bank and Nifty Oil &Gas closed higher than Monday’s closing level. According to Trendlyne’s sector dashboard, forest materials emerged as the top-performing sector of the day, with a rise of over 6.4%
. 
Most European indices trade in the green, except for Eurozone’s Euronext 100 and France’s CAC 40 index trading in the red. US indices futures trade higher, indicating a positive start. The data released by Eurostat indicated that the Eurozone’s CPI inflation for November contracted by 0.6% MoM against estimates of a 0.5% decline.

  • Relative strength index (RSI)indicates that stocks like Bharat Dynamics, Steel Authority of India, Adani Ports and Birlasoftare in the overbought zone.

  • LTIMindtreeis falling despite announcing a strategic collaboration with Microsoft to introduce AI powered employee engagement applications. The company features in a screener of companies with zero promoter pledges.

  • Tata Consumer Productsrises to an all-time high of Rs 978 amid reports indicating that the company is a frontrunner for the acquisition of FabIndia-backed Organic India. This acquisition will help Tata Consumer's entry into the health and organic products segment.

  • Credo Brands Marketing's Rs 549.8 crore IPO gets bids for 1.3X the available 1.4 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 2.2X the available 68.7 lakh shares on offer.

  • Happy Forgings' Rs 1,008.6 crore IPO gets bids for 1.5X the available 83.7 lakh shares on offer on the first day of bidding. The retail investor quota gets bids for 2.1X the available 42.4 lakh shares on offer.

  • Motisons Jewellers' Rs 151.1 crore IPO gets bids for 39.4X the available 2.1 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 53.1X the available 1.1 crore shares on offer.

  • Dipali Goenka, Managing Director and CEO of Welspun Living, reports a 3-4% increase in US retail consumption during the holiday season. She adds that H1FY24 has been slow for the company, but anticipates an improvement in the coming quarters. She also highlights the company’s target to keep net debt at Rs 1,000 crore.

  • Suraj Estate Developers' Rs 400 crore IPO gets bids for 1.7X the available 82.3 lakh shares on offer on the second day of bidding. The retail investor quota gets bids for 2.9X the available 41.2 lakh shares on offer.

  • Muthoot Microfin's Rs 960 crore IPO gets bids for 1.9X the available 2.4 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 3.1X the available 1.2 crore shares on offer.

  • Vijaya Diagnostic Centreis rising as it enters a share purchase agreement (SPA) to acquire a 100% stake in P H Diagnostic Centre for Rs 134.6 crore. The company's board also approves to invest Rs 12.8 crore to repay existing debt.

  • IDFC First Bankis rising after receiving the RBI's 'no objection' for its amalgamation with IDFC Limited. The agreed share exchange ratio is 155 equity shares of IDFC First Bank for every 100 shares of IDFC Limited.

  • JP Morgan maintains its ‘Overweight’ rating on Reliance Industries with a target price of Rs 2,810. The brokerage notes a widening gap between the company's standalone and consolidated profit after tax (PAT) due to growth in the telecom and retail segments. It also expects continued EBITDA growth in these segments, even as the company reduces overall capital expenditure.

  • Energy stocks like Adani Energy Solutions, NTPC, Reliance Industriesand Coal Indiaare rising in trade. Barring Tata Power, all constituents of the broader Nifty Energyindex are also trading in the green, helping it to touch its all-time high of Rs 33,037.5.

  • Nestle Indiarises to an all-time high of Rs 25,705 as the company sets January 5 as the record date for its 1:10 stock split. The company appears in a screenerof stocks with high TTM EPS growth.

  • JTL Industries surges by 4% to reach its 52-week high of Rs 252.3 following the announcement of raising Rs 1,310 crore through a preferential issue and qualified institutional placement. The proceeds will be used for capacity expansion in Maharashtra.

  • India Glycolssurges more than 8% as it bags an order worth Rs 1,164 crore to supply 16.5 crore liters of ethanol under the Ethanol Blended Petrol Programme (EBPP).

  • IMF reports that India is set to contribute more than 16% to global growth, attributing this to the country's robust economic expansion. This is due to economic reforms, particularly in sectors like digitisation and infrastructure. IMF projects India’s GDP growth at 6.3% for FY24.

  • IT stocks like L&T Technology Services, Coforge, Persistent Systemsand Wiproare falling in trade. All constituents of the broader Nifty ITindex are also trading in the red.

  • Apollo Tyresrises to an all-time high of Rs 485 as a 3% stake (2.6 crore shares), amounting to Rs 831.9 crore, was reportedly sold through a block deal. The company appears in a screenerof stocks with improving RoE.

  • Sun Pharmahits its 52-week high of Rs 1,267.95 after acquiring a 16.7% stake in Lyndra Therapeutics for $30 million (Rs 249.6 crore). This move will help the firm develop new-age pharmaceutical delivery technologies.

  • Centre lowers the windfall tax on locally produced crude oil to Rs 1,300 per tonne from Rs 5,000 earlier. It also cuts the export tax on diesel to Rs 0.5 per litre, while it remains ‘Nil’ on petrol. However, the tax on aviation turbine fuel (ATF) has been raised to Rs 1 per litre.

  • Devyani International surges more than 5% as it enters the Thailand market by acquiring 274 KFCs for Rs 1,066.1 crore. The company has also invested Rs 340 crore in its Dubai subsidiary, Devyani International DMCC.

  • KPI Green Energyis falling despite its board approving a qualified institutional placement (QIP) of equity shares worth Rs 300 crore. The board has set a floor price of Rs 1,245 per share.

  • PNC Infratechrises as it emerges as the lowest bidder for a Rs 1,174 crore highway project in Madhya Pradesh. The project involves the construction of the Western Bhopal Bypass within two years. The company appears in a screenerof stocks with growing net profit and margins.

  • Kaynes Technologyis rising as its board of directors approves to issue shares worth Rs 1,400 crore through a qualified institutional placement (QIP) at a floor price of Rs 2,449.9 per share. The company has also acquireda 100% stake in Digicom Electronics for $2.5 million (approx. Rs 20.8 crore).

Riding High:

Largecap and midcap gainers today include Indian Railway Finance Corporation Ltd. (100.10, 6.09%), Oil India Ltd. (341.40, 6.02%) and Coal India Ltd. (366.95, 5.55%).

Downers:

Largecap and midcap losers today include Steel Authority of India (SAIL) Ltd. (111.05, -3.81%), Zee Entertainment Enterprises Ltd. (271.70, -3.14%) and Siemens Ltd. (4,019.60, -2.89%).

Volume Shockers

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

Top high volume gainers on BSE included DCM Shriram Ltd. (1,106.80, 10.91%), Orient Electric Ltd. (235.50, 8.10%) and Century Plyboards (India) Ltd. (821.80, 6.91%).

Top high volume loser on BSE was Eureka Forbes Ltd. (526.90, -1.25%).

Aarti Drugs Ltd. (517.60, 5.02%) was trading at 11.0 times of weekly average. Nuvoco Vistas Corporation Ltd. (374.70, 1.09%) and Delta Corp Ltd. (145.75, 2.60%) were trading with volumes 10.2 and 8.6 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

60 stocks overperformed with 52 week highs,

Stocks touching their year highs included - Amara Raja Energy & Mobility Ltd. (781.95, 0.09%), Apollo Tyres Ltd. (455.35, 0.51%) and Bank of Baroda (226.10, 0.80%).

13 stocks climbed above their 200 day SMA including Orient Electric Ltd. (235.50, 8.10%) and Devyani International Ltd. (192.80, 5.33%). 3 stocks slipped below their 200 SMA including VIP Industries Ltd. (612.20, -1.31%) and Mahindra & Mahindra Financial Services Ltd. (279.90, -0.78%).

 
Trendlyne Marketwatch
Trendlyne Marketwatch
18 Dec 2023, 03:54PM
Market closes lower, UCO Bank reportedly recovers Rs 705.3 crore lost in a false credit
By Trendlyne Analysis

Nifty 50closed at 21,418.65 (-38, -0.2%), BSE Sensexclosed at 71,315.09 (-168.7, -0.2%) while the broader Nifty 500closed at 19,155.55 (10.5, 0.1%). Market breadth is in the green. Of the 2,040 stocks traded today, 1,112 showed gains, and 889 showed losses.

Indian indices closed in the red, with the benchmark Nifty 50index closing at 21,418.7 points. The Indian volatility index, Nifty VIX, rose 5.9% and closed at 13.9 points. Siemens hit its all-time high and closed 5.9% higher following its promoters' proposal to demerge the company's energy business into an independent entity.

Nifty Midcap 100 and Nifty Smallcap 100 closed in the green, outperforming the benchmark index. Nifty Pharma and Nifty Media closed higher than their Friday close. According to Trendlyne's sector dashboard, Transportation was the top-performing sector of the day as it rose 1.6%.

Major Asian indices closed flat or lower, amid weak global cues. European indices traded in the red, except for England’s FTSE 100 trading in the green. Brent crude oil futures traded in the red after closing 0.3% higher on a volatile day on Friday. US index futures traded marginally higher, indicating a cautious start to the trading session.

  • Money flow index(MFI) indicates that stocks like Housing & Urban Development Crop, NTPC, Steel Authority of Indiaand City Union Bankare in the overbought zone.

  • SpiceJetrises to a new 52-week high of Rs 64.3 amid reports of its interest, along with Sharjah-based Sky One and Africa's Safrik Investment, in acquiring GoFirst Airlines. The company appears in a screenerof stocks with strong momentum.

  • UCO Bankis rising as it reportedly recovers Rs 705.3 crore of the Rs 820 crore it lost in a false credit. This comes after the bank filed a first incident report (FIR) with the Central Bureau of Investigation (CBI) on November 15.

  • Motisons Jewellers' Rs 151.1 crore IPO gets bids for 9.4X the available 2.1 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 14.7X the available 1.1 crore shares on offer.

  • Suraj Estate Developers' Rs 400 crore IPO gets bids for 0.4X the available 82.3 lakh shares on offer on the first day of bidding. The retail investor quota gets bids for 0.7X the available 41.2 lakh shares on offer.

  • Reports suggest that 22 lakh shares (0.3% equity) of SpiceJet, amounting to approximately Rs 14.1 crore, change hands.

  • Muthoot Microfin's Rs 960 crore IPO gets bids for 0.5X the available 2.4 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 0.8X the available 1.2 crore shares on offer.

  • Inox India's Rs 1,459.3 crore IPO gets bids for 25.3X the available 1.6 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 12.5X the available 77.4 lakh shares on offer.

  • Sandur Manganese and Iron Ores rises by 10% as its board approves the issuance of bonus shares in a 5:1 ratio, increasing authorized capital from Rs 115 crore to Rs 200 crore.

  • Varun Gupta, Whole Time Director at Ashiana Housing, notes the company's realisation per square foot at around Rs 6,000. He projects that pre-sales will hit Rs 500 crore in FY24. Gupta anticipates Q4FY24 to be a strong quarter for the company.

  • Siemensrises to an all-time high of Rs 4,170 following its promoters' proposal to demerge the company's energy business into an independent entity. The company appears in a screener of stocks with improving RoA.

  • Consumer durables stocks like Rajesh Exports, Crompton Greaves Consumer Electricals, VIP Industriesand Voltasare rising in trade. Barring Dixon Technologies, all constituents of the broader BSE Consumer Durablesindex are also trading in the green.

  • Ambuja Cements is rising as it announces a Rs 6,000 crore investment in solar and wind energy projects in Gujarat and Rajasthan. The goal is to achieve a 1000MW capacity and meet 60% of its power requirements from renewable sources by FY26.

  • Sugar stocks like Shree Renuka Sugars, Balrampur Chini Mills, Triveni Engineering & Industries, Dalmia Bharat Sugar and Industries are rising in trade. This comes as the food ministry lifts the ban on using sugarcane juice and B-molasses for ethanol production in the 2023-34 supply year.

  • IRB Infrastructure rises by 6% after receiving a Letter of Award worth Rs 1,683 crore from NHAI for the toll, operation, and transfer of the Gwalior-Jhansi route on NH-44 and the Kota bypass on NH 76.

  • Zee Entertainment Enterprises is falling as it seeks an extension from Culver Max Entertainment (formerly Sony India) and Bangla Entertainment for finalizing their merger agreement.

  • Landmark Cars surges more than 7% as it receives approval from Mercedes-Benz India to set up a workshop in Hyderabad. The company has also received a letter of intent (LoI) from MG Motors to establish a dealership in Ahmedabad. This dealership will be established by Landmark Car's subsidiary, Aeromark Cars.

  • Arul Selvan, President and CFO of Cholamandalam Investment and Finance, says the company targets a loan growth of 25% for FY24. He adds that the non-auto segment will contribute 50% of the loan mix in the coming years, an increase from the current 40%.

  • Mankind Pharmarises as it acquires an additional 1.3% stake in Actimed Therapeutics for £9,99,900 (approx Rs 10.5 crore). This acquisition brings Mankind Pharma's total stake in Actimed to 10.2%. The company appears in a screener of stocks with low debt.

  • Edelweiss Financial Services is trading lower as the company plans to divest up to 20% of its wholly-owned subsidiary, Edelweiss Alternative Asset Management, to raise Rs 1,500-2,000 crore. The proceeds of the divestment will be used for debt reduction and other purposes.

  • Solar Industries is falling as an explosion at its pallet casting facility caused the loss of nine employees' lives. The company says that the incident is under investigation and preventive actions will be taken.

  • HSBC maintains its ‘Hold’ rating on Bajaj Auto, Eicher Motors and Tata Motors, and ‘Buy’ rating on Hero MotoCorp, TVS Motor, Mahindra & Mahindra and Maruti Suzuki. The brokerage notes that increasing commodity prices and a potential demand slowdown pose significant risks to these companies’ earnings and stock prices in 2024.

  • NBCC (India) trades flat despite auctioning 2.2 lakh square feet of commercial inventory in World Trade Centre, Delhi, for Rs 905 crore. The company's total sales of inventory through e-auction stands at Rs 9,656.6 crore.

  • Lupin surges 3% as it receives US FDA approval for its abbreviated new drug application for allopurinol tablets. It is a generic version of Casper Pharma's Zyloprim and has a market size of $88 million in the US for the year ending October 2023, according to IQVIA.

  • Mazagon Dock Shipbuildersrises as it signs individual shipbuilding contracts worth $42 million (approx Rs 348.4 crore) for three vessels. These contracts involve the construction of three 7,500 dead-weight tonnage multipurpose hybrid-powered vessels for a European client.

  • Tata Poweris rising as its step-down subsidiary, Tata Power Solar Systems, secures a Rs 418 crore contract from NTPC to supply 152 MW of domestic content requirement (DCR) solar PV modules.

Riding High:

Largecap and midcap gainers today include Indian Railway Catering & Tourism Corporation Ltd. (879.15, 12.59%), Siemens Ltd. (4,139.25, 5.94%) and Zydus Lifesciences Ltd. (680.60, 5.37%).

Downers:

Largecap and midcap losers today include Union Bank of India (123.10, -4.05%), Godrej Properties Ltd. (1,988.85, -3.08%) and Indian Bank (441.20, -2.80%).

Movers and Shakers

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

Top high volume gainers on BSE included Indian Railway Catering & Tourism Corporation Ltd. (879.15, 12.59%), Bharat Dynamics Ltd. (1,529.25, 9.88%) and TeamLease Services Ltd. (2,925.95, 8.03%).

Top high volume losers on BSE were Archean Chemical Industries Ltd. (611.50, -3.00%), Garware Technical Fibres Ltd. (3,330.55, -0.95%) and TTK Prestige Ltd. (748.20, -0.37%).

Fine Organic Industries Ltd. (4,572.95, 2.32%) was trading at 19.3 times of weekly average. VST Industries Ltd. (3,359.65, 0.98%) and UTI Asset Management Company Ltd. (877.20, 6.20%) were trading with volumes 14.0 and 9.9 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

65 stocks made 52 week highs,

Stocks touching their year highs included - Adani Ports & Special Economic Zone Ltd. (1,094.30, 1.46%), Bajaj Auto Ltd. (6,465.70, 3.04%) and Bank of Baroda (224.30, -0.18%).

9 stocks climbed above their 200 day SMA including Shree Renuka Sugars Ltd. (49.00, 4.70%) and Aarti Drugs Ltd. (492.85, 4.23%). 5 stocks slipped below their 200 SMA including Westlife Foodworld Ltd. (832.05, -2.24%) and VIP Industries Ltd. (620.35, -1.43%).

 
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The Baseline
15 Dec 2023
Five Interesting Stocks Today

1. InterGlobe Aviation (Indigo):

This airline company rose by 1.2% over the past week and 14.6% over the past month, mainly due to a decline in global crude oil prices and increasing demand in domestic passenger air traffic during the festive season. Fuel costs are  40% of total expenses for airline firms. Brent Crude, the global benchmark for crude oil, dropped by more than 3% on December 12 and over 18% from $90 per barrel in September to $73 per barrel in December on concerns of oversupply and low demand. 

With the recent rally in its share price, the firm has now become the sixth-largest airline in the world by market capitalization, surpassing US-based United Airlines. Additionally, the firm, with an order book of 980 aircraft, received approval from IFSC Gift City on Tuesday to set up an aircraft leasing venture. This initiative, with an investment outlay of Rs 11,000 crore over the next five years, will provide operating and financial leasing services.

The management is expanding its international presence through loyalty programs and strategic partnerships like its code-sharing agreement with Turkish Airlines. This allows flights to be operated and marketed by two airlines, streamlining operations. 

According to Motilal Oswal, Indigo plans to increase its fleet size to 350 in FY24, up from 306 in FY23, and add over 10 new destinations. It also expects passenger traffic to rise to 100 million in FY24 from 85 million in FY23. However, analysts predict that the decrease in expenses and the surge in demand for air travel will lead to intense competition in the industry, particularly with Air India’s turnaround and the entry of Akasa Air. This may complicate Indigo’s efforts in expanding its share of the pie.

2. Coforge:  

This software and services company has been in the news as global brokerage agency Jefferies increased its target price by 5.3% to Rs 6,580. Following this report, the company's stock rose by 1.4% on Monday. According to Trendlyne Technicals, the stock touched a 52-week of Rs 6,530 today. Jefferies, after an investor meeting with Coforge’s management, reported a positive outlook for the firm despite current macro challenges.

The management outlined recent deal wins in BFSI (banking, financial services, and insurance) as proof of its resilience in a tough environment. The focus on cost optimization is also expected to improve margins by 150-300 bps over the next three years. However, longer-than-usual furloughs in the third quarter will impact efficiency. Coforge shows up in a screener for stocks with increasing revenue for the past eight quarters.

Its promoter Baring PE sold its entire stake of 26.6% through block deals on August 24. The exit of the promoter will have not much impact as the promoters had little influence on its operations. Coforge plans to increase its revenue to $2 billion through its four new verticals: public sector, healthcare, HiTech and retail.   

Coforge reported deal wins of $331 million in Q2FY24, resulting in a 12-month executable order book of $935 million. The firm has maintained a revenue growth guidance of 13-15% for FY24. Margins are expected to expand by another 50 bps on the back of higher utilisation levels and currency hedging positions.

3. Syrma SGS Technology: 

This electrical equipment/products firm rose by 3.9% on December 6 after incorporating a semiconductor subsidiary, Syrma Semicon. In November 2023, Syrma SGS Technology was one of the participants in Intel’s collaboration with local EMS companies to produce entry-level laptops. According to Trendlyne’s Technicals, the stock has risen by 25.4% in the past month, outperforming the consumer durables sector by 17.9%. 

In Q2FY24, the company’s revenue improved by 52.4% YoY. The auto, consumer, and industrial segments saw significant growth, recording increases of 83.3%, 162.6%, and 27.0% YoY, respectively. However, healthcare, IT, and railways experienced a decline in revenue. The company’s EBITDA margins contracted by 306 bps YoY due to changes in the revenue mix. 

The management expects a decline in revenue from healthcare over the next 1-2 quarters, with a recovery in Q4FY24. It plans a capex growth of 81% YoY to Rs 250 crore in FY24, aiming to expand its Chennai business and rent a space in Noida to meet rising market demand. The firm maintains a 35% revenue growth guidance for both FY24 and FY25.

In Q1, Syrma acquired a 51% stake in Johari Digital Healthcare (JDHL) for Rs 260 crore. With this acquisition now complete, JDHL is expected to generate Rs 100 crore in revenue in H2FY24 and around Rs 250 crore in FY24. 

BOB Capital notes that Syrma is expanding its electronic manufacturing service, targeting the global and domestic markets. The JDHL acquisition helped its entry into medical devices, and it has plans for more acquisitions. However, the brokerage sees margin contractions ahead due to shifts in consumer products and expects challenges in margin recovery until FY25 due to the limited share of original design manufacturer products. It maintains a ‘Hold’ on the stock.

4. Prestige Estates Projects:

This property developer hit its all-time high of Rs 1,231.3 on Thursday, marking a 32.1% increase over the past month. This surge follows the announcement of its new residential project, Prestige Glenbrook, in Bangalore. It has a revenue potential of Rs 550 crore. The development includes 285 apartments, with a developable area of 0.7 million square feet (msf).

Prestige plans to launch 63 msf of residential projects in H2FY24 and FY25. The management expects to clock Rs 20,000 crore in gross sales bookings in FY24 and double annual residential sales bookings to Rs 25,000 crore annually over FY24-26. The developer is also expanding into cities beyond its traditional stronghold of Bangalore. Major upcoming launches in H2FY24 include Pallava Gardens in Chennai (Gross developed value (GDV) of Rs 4,500 crore), Prestige City in Hyderabad (GDV of Rs 7,000 crore), and Ocean Towers and Nautilus in Mumbai (GDV of Rs 15,000 crore).

Prestige registered its highest-ever presales in Q2FY24, with bookings worth Rs 7,090 crore, a 102% YoY increase driven by new launches. Despite strong bookings, the company's net debt level is increasing as it continues to incur annual land/stake buyouts. It plans to invest Rs 5,500 crore in commercial capex in FY24 and Rs 6,600 crore in future commercial capex. Its profit increased 6x YoY and beat Trendlyne Forecaster’s estimate by almost 7x. 

HDFC Securities remains positive on Prestige Estates Projects on the back of a strong launch pipeline and robust collections. The company features in the screener for stocks where brokers have upgraded recommendations or target prices.

5. GMR Airports Infrastructure:

This construction and engineering company has risen by 25.6% in the past week, reaching a new 52-week high of Rs 78.9 on Thursday. This jump comes after GQG Partners and Goldman Sachs Trust II bought a 4.7% stake (28.3 crore shares) in the company for Rs 1,671.5 crore on December 8. Nomura India Investment Fund Mother Fund also picked up a 1% stake (6.25 crore equity shares) in the company. The company makes it to a screener of stocks with prices above short, medium and long-term moving averages. 

GMR’s passenger traffic grew 19% YoY to 98.4 lakh in October. According to  CAPA India,  India is expected to be the third-largest aviation market by 2030. Analysts believe that GMR Airports will likely be a key beneficiary. The increase in passenger traffic and the addition of new domestic and international airports are expected to drive earnings growth for the company.   

On December 9, the company’s arm, GMR Visakhapatnam International Airport, signed a Rs 3,215 crore financing agreement with a consortium of five banks. This funding is earmarked for the partial financing of Bhogapuram International Airport.

Kotak Securities remains cautious due to risks such as debt for projects like the Bhogapuram airport.  However, the brokerage is optimistic about increasing passenger traffic and the company’s capabilities to cater to the rising traffic. It has a ‘Reduce’ rating on the company. 

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
15 Dec 2023
Market closes higher, HDFC Sec maintains its 'Buy' rating on Star Cement
By Trendlyne Analysis

Nifty 50closed at 21,456.65 (274.0, 1.3%), BSE Sensexclosed at 71,483.75 (969.6, 1.4%) while the broader Nifty 500closed at 19,145.05 (171.2, 0.9%). Market breadth is horizontal. Of the 1,983 stocks traded today, 982 showed gains, and 966 showed losses.

Indian indices extended the gains from the afternoon session and closed in the green, with the Nifty 50closing at 21,449. The volatility index, Nifty VIX, rose by 7.8% and closed at 13.3 points. Bharat Electronics received orders worth Rs 4,878 crore from the Indian Army. The orders involved the supply of fuses for various calibers and electronic warfare systems.

Nifty Midcap 100 closed flat, while Nifty Smallcap 100 closed higher, following the benchmark index. Nifty Metal and Nifty IT 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%. 

Most European indices trade in the green, except for England’s FTSE 100 and Switzerland’s SMI trading in the red. US indices futures trade higher, indicating a positive start. Data released by Hamburg Commercial Bank indicated that the Eurozone’s manufacturing PMI for December contracted to 44.2 against estimates of 44.6.

  • Relative strength index (RSI) indicates that stocks like Power Finance Corp, Container Corp of India, Trent and Birlasoft are in the overbought zone.

  • Bharat Electronics rises to an all-time high of Rs 170.2 as it receives orders worth Rs 4,878 crore from the Indian Army. The orders involve the supply of fuses for various calibres and electronic warfare systems. The company appears in a screener of stocks with growing net profit and margins.

  • Titan is rising as its wholly owned subsidiary, Titan North America, announces a strategic investment by acquiring a 10% stake in US-based CueZen for $ 3.5 million (Rs 29 crore) in an all-cash deal.

  • Sunflag Iron rises more than 11% as it receives a letter of intent from the Government of Maharashtra for licensing six iron ore blocks. These blocks, spanning 658 hectares, are located in the Gadchiroli district of the state.

  • India’s merchandise trade deficit narrows to $20.6 billion in November due to higher imports. Merchandise exports stand at $33.9 billion in October, and imports at $54.5 billion.

  • DOMS Industries' Rs 1,200 crore IPO gets bids for 51.3X the available 87.6 lakh shares on offer on the third day of bidding. The retail investor quota gets bids for 62.8X the available 15.9 lakh shares on offer.

  • India Shelter Finance Corp's Rs 1,200 crore IPO gets bids for 16.4X the available 1.8 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 8.4X the available 89.6 lakh shares on offer.

  • Inox India's Rs 1,459.3 crore IPO gets bids for 5.6X the available 1.6 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 6.8X the available 77.4 lakh shares on offer.

  • India’s domestic air traffic grows by 9% YoY in November, with airlines carrying 127 lakh passengers, according to DGCA data. IndiGo’s market share falls by 80 bps to 61.8%, while Air India’s stands at 10.5%

  • Samvardhana Motherson International'sboard of directors approves the acquisition of a 100% stake in Lumen Group for $93 million (approx. Rs 773.7 crore) by its subsidiary, Samvardhana Motherson Automotive Systems Group BV.

  • IT stocks like HCL Technologies, Persistent Systems, Coforgeand Infosyssurge more than 3% in trade. All constituents of the broader Nifty ITindex are also trading in the green, helping it to surge more than 3%.

  • HDFC Securities maintains its 'Buy' rating on Star Cement with a target price of Rs 190 per share. This implies an upside of 5.6%. The brokerage believes that the company's expansion in Northeast India will increase volumes. It expects the company's net profit to grow at a CAGR of 16.7% over FY23-26.

  • Foreign institutional investors invest Rs 12,754.4 crore in the equity market over the past week, according to Trendlyne's FII dashboard. Index options witness the highest outflow of Rs 1.2 lakh crore from foreign investors. Meanwhile, mutual funds invest Rs 1,490.2 crore in the equity market over the same period.

  • Anil Gupta, CMD of KEI Industries, says there is robust demand in the cables segment compared to wires. He adds that the company’s revenue will grow by 18% in FY24, with margins of around 11%.

  • Cipla announces an investment of Rs 42 crore in GoAppitiv, a digital tech company, in exchange for equity and convertible preference shares. This will increase Cipla’s stake to 22.9% in GoAppitiv. Cipla appears in a screener of companies with low debt.

  • J Kumar Infraprojects surges more than 6% to touch its all-time high of Rs 482.9 per share as it bags an order worth Rs 582.7 crore. The order is for the construction and maintenance of a four-lane elevated corridor in Chennai.

  • Starlight Systems and Satguru Infocorp, promoters of Sunteck Realty, sell a 2.1% stake each in the company on Wednesday.

  • Reports suggest that around 22.9 lakh shares (2.3% equity) of PVR INOX, amounting to Rs 401 crore, change hands in a large trade.

  • Infibeam Avenues rises to an all-time high of Rs 24.2 as it acquires a 49% stake in Pirimid Fintech for Rs 25 crore. With this acquisition, the company plans to enter the capital and digital lending market. The company appears in a screener of stocks with strong momentum.

  • Adani Enterprises rises as Israel's Elbit Systems buys a 44% stake in Adani Defence Systems and Technologies' unit Atharva Advanced Systems and Technologies. The subsidiary will assist Elbit Systems in developing and manufacturing various autonomous aerial technologies.

  • Hero MotoCorp is rising as its board approves the acquisition of a 3% stake in Ather Energy for Rs 140 crore from existing shareholders. This increases Hero MotoCorp’s stake from 36.7% to 39.7%.

  • KFin Technologies falls sharply as 3.3 crore shares (20% equity), amounting to Rs 1,650 crore, change hands, according to reports.

  • Sterling and Wilson Renewable Energy surges to its 52-week high of Rs 445.3 per share as it receives a $30.5 million (approximately Rs 254.2 crore) settlement from Jinko Solar.

  • Jupiter Wagons rises as it bags an order worth Rs 1,617 crore from the Ministry of Railways. The order involves manufacturing and supplying 4,000 railway wagons. The company appears in a screener of stocks with improving book value per share.

  • Texmaco Rail and Engineeringrises to an all-time high of Rs 179.9 as it bags an order worth Rs 1,374.4 crore from the Ministry of Railways. The order involves manufacturing and supplying 3,400 railway wagons. The company appears in a screenerof stocks with high TTM EPS growth.

  • Genus Power Infrastructures surges more than 4% as its subsidiary receives a letter of intent (LoI) worth Rs 1,026.3 crore for becoming an advanced metering infrastructure service provider (AMISP). As an AMISP, the company will design an AMI system, including the supply, installation and commissioning of 5 lakh smart prepaid meters.

Riding High:

Largecap and midcap gainers today include HCL Technologies Ltd. (1,491.30, 5.42%), Persistent Systems Ltd. (7,224.85, 5.33%) and Tata Consultancy Services Ltd. (3.861.00, 5.28%).

Downers:

Largecap and midcap losers today include Max Financial Services Ltd. (973.90, -4.36%), Bajaj Holdings & Investment Ltd. (7,969.80, -4.27%) and JSW Energy Ltd. (434.75, -3.60%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included JM Financial Ltd. (101.15, 13.52%), Zensar Technologies Ltd. (593.60, 10.96%) and Jubilant Pharmova Ltd. (509.95, 10.75%).

Top high volume losers on BSE were 360 One Wam Ltd. (669.95, -5.31%), Max Financial Services Ltd. (973.90, -4.36%) and Finolex Industries Ltd. (211.25, -1.05%).

HFCL Ltd. (74.10, 9.37%) was trading at 13.8 times of weekly average. HEG Ltd. (1,818.10, 4.34%) and Deepak Nitrite Ltd. (2,306.35, 1.61%) were trading with volumes 9.0 and 8.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

90 stocks made 52 week highs,

Stocks touching their year highs included - Bajaj Auto Ltd. (6,275.20, -0.94%), Bajaj Finserv Ltd. (1,733.15, 0.13%) and Bank of Baroda (224.70, 2.09%).

6 stocks climbed above their 200 day SMA including Westlife Foodworld Ltd. (851.15, 1.91%) and Procter & Gamble Health Ltd. (5,063.55, 1.64%). 4 stocks slipped below their 200 SMA including Dabur India Ltd. (539.70, -1.42%) and Aarti Drugs Ltd. (472.85, -1.37%).

 
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The Baseline
14 Dec 2023
Modi factor boosts election results and markets | Screener: the outperformers of 2023
By Tejas MD

'It's the economy, stupid': one of the most famous political slogans in recent history was spoken by Bill Clinton, when he successfully ran for the US Presidency. Clinton had an uncanny political instinct for what worked, and knew that most voters when headed to the ballot box, are thinking about their economic future.

So when the BJP rode to victory in three out of four states this month, the voters were telling us something about the economy. And the markets seem all set for a Santa rally after these wins.

What explains the wins for the BJP? Well, let's go back to Clinton's slogan, and underline it.Over 2023, the Nifty 50 has surged by 14.2%, with sectors like fertilizers, telecommunications equipment and general industrials leading the gains over the past year. Tata Motors, Bajaj Auto and NTPC have risen the most in the Nifty 50 during the same period.

India has also been the fastest growing economy worldwide, boosted by positive signals like slowing inflation and falling crude oil prices. So across key state elections, it appears that the voters have placed their trust in the BJP over the opposition.

Markets celebrated the election wins: the Nifty index closed 2.1% higher on December 4, after the results. The rise took the Nifty to record highs on three consecutive days after election results. As we step into 2024, let’s look at where Indian equity markets are headed in an election year.

In this week’s Analyticks,

  • Election results give the market a boost: BJP wins and macro factors fuel stock markets
  • Screener: Stocks that soared in 2023, with high 1-year change % and the highest Forecaster estimates surprise % for revenue and net profit in Q2FY24 

Modi magic wins the Hindi heartland, signalling strong show for BJP in 2024 

The BJP won the Chhattisgarh and Rajasthan elections, seizing the states from the Indian National Congress (INC). It also beat anti-incumbency in Madhya Pradesh to secure a record fifth term. These wins come just six months before the general elections in 2024.

The pro-BJP tilt of the voters in these states is good news for the party ahead of the 2024 elections. The electoral success is also expected to boost India’s appeal to foreign investors, on the argument of political stability. 

Matthew Haupt, a portfolio manager at Wilson Asset Management, said, “The BJP’s victory will likely lead to continued capital inflows into India.” Markets are counting on a 2024 win - Chris Wood, the global head of equity strategy at Jefferies, said that an unexpected BJP defeat could cause a 25% correction in the market.

It's not as if analysts don't have any complaints about the BJP goverment. T N Ninan noted last week that "many Indian businessmen fear the BJP", and are afraid to criticize the governement, in case they send agencies to raid their offices or open an investigation. Overall however compared to Congress, the BJP is seen as better for business and the economy.

Stealing the opposition’s thunder: ‘Modi ki guarantee’ draws voters

The Congress had used what they called a 'guarantee card of promises' to win voters in the Karnataka state elections.  This time, the BJP launched a ‘Modi ki guarantee’ campaign to outshine the Congress party.

The BJP, once called the Brahmin-Bania-Zamindar party for its pro-business stance, has under Modi, focused more on welfare schemes. This was especially effective in Madhya Pradesh, where the BJP promised voters LPG cylinders at Rs 450 (a significant discount from the market price of around Rs 910) and free education to disadvantaged families. It also pledged additional benefits to farmers and the tribal community, at an estimated cost of around Rs 24,000 crore. 

A welfare scheme introduced by the BJP in Madhya Pradesh in June, the Ladli Behna Yojna, provides Rs 1,000 to over one crore women. The party promised to increase this to Rs 3,000 if re-elected. 

PM Modi's campaigning in these states was also a factor. At a 76% approval rating, Modi remains a popular figure, with the highest approval among global leaders, according to a survey by Morning Consult Political Intelligence. 

Ahead of the general elections, the BJP plans to continue focusing on welfare schemes. But rising food inflation could play spoilsport.

BJP’s tenure saw moderate GDP growth. But the future may be brighter

When we pull the curtain back and compare different Indian governments, the BJP's track record is not very shiny. Under BJP rule, India’s GDP growth has averaged 5.7% over the past nine years, below the average growth rate of 6.3% from 2000 to 2013. But this is partly on account of structural changes before Covid-19, and the impact of the pandemic itself. 

Pandemic and structural reforms drag average GDP growth during  BJP tenure

Structural reforms and policy changes, especially the implementation of the real estate Act RERA in 2016 and the GST in 2017, contributed to the growth slowdown. Demonetization also had an effect.

And while the government increased the capex budget significantly in the past nine years, private sector capex investment has been slow to pick up. 

History suggests markets are poised for a pre-election rally

Historically, the Nifty 50goes up in the six months leading to the Lok Sabha election - it has risen in seven out of eight instances. The average gain during this period is 15.3%. The only exception is a 2% fall in 1998 when the BJP was re-elected. 

Indian markets have mostly risen leading up to the general elections

However, the six months after elections are volatile, even if largely positive. The two times markets fell during this period were in 1996 and 1998. 

Of course, past performance doesn’t always predict future results. The ruling party is riding high right now, and led by a popular leader. However, voter mood can quickly shift if prices rise or the economy worsens. The next few months will be an interesting watch. 

Screener: Stocks with high 1-year change % and the highest positive surprise for revenue and net profit

Jindal Saw gains the most in the past year

As we end 2023, let’s take a look at stocks that have surprised analysts positively in revenue estimates while posting gains over the past year. This screener shows stocks with a high 1-year change %, which also have the highest Forecaster estimates surprise % for revenue and net profit in Q2FY24.

The screener is dominated by sectors like realty, general industrials, cement & construction, banking & finance and utilities. Major stocks that appear in the screener are Jindal Saw, Ircon International, Prestige Estate Projects, Cochin Shipyard, Trent, Brigade Enterprises, Oberoi Realty and Oil & Natural Gas Corp.

Jindal Saw has risen the most, by 371.5% over the past year. At the same time, the company surprised Trendlyne Forecaster’s revenue and net profit estimates in Q2FY24 by 30.7% and 42.2% respectively. Its revenue improved by 35.2% YoY to Rs 5,466.1 crore during the quarter, owing to increased sales in the iron & steel segment. 

The screener also consists of three stocks from the realty sector: Prestige Estates Projects, Brigade Enterprises and Oberoi Realty. Prestige Estates rose the most among realty stocks, by 145.1% over the past year, followed by Brigade Enterprises (71.6%) and Oberoi Realty (60.5%). Brigade Enterprises beat Forecaster estimates for revenue and net profit by 40.8% and 49.7% respectively in Q2FY24. Its revenue grew by 54.3% YoY to Rs 1,407.9 crore in Q2FY24 on the back of improvement in the real estate and hospitality sectors.

You can find more popular screenershere.

 
Trendlyne Marketwatch
Trendlyne Marketwatch
14 Dec 2023
Market closes higher, Zydus Lifesciences receives approval from the USFDA for Cyclophosphamide Capsules
By Trendlyne Analysis

Nifty 50 closed at 21,182.70 (256.4, 1.2%), BSE Sensex closed at 70,514.20 (929.6, 1.3%) while the broader Nifty 500 closed at 18,973.85 (222.4, 1.2%), of the 1,981 stocks traded today, 1,006 were on the uptick, and 937 were down.

Indian indices extended their gains from the open and closed in the green, with the Nifty 50 closing at 21,1782.7 points. The Indian volatility index, Nifty VIX, rose 2.1% and closed at 12.3 points. HCL Technologies hit its all time high and closed 3.3% higher after the Department of Transport and Planning, Victoria, Australia, selected the company to automate its concession entitlement process.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, following the benchmark index. Nifty Realty and Nifty IT closed sharply higher than their Wednesday close. According to Trendlyne's sector dashboard, Realty was the top-performing sector of the day as it rose 3.1%.

Major Asian indices closed higher, except for Japan’s Nikkei 225 and China’s Shanghai SE Composite Index closing in the red. European indices traded in the green amid positive global cues. Brent crude oil futures traded in the green after rising 1.8% on a volatile day on Wednesday. US index futures traded in the green, indicating a positive start to the trading session.

  • Steel Authority of India (SAIL) sees a long buildup in its December 28 future series as its open interest rises 26.5% with a put-call ratio of 0.8.

  • Zydus Lifesciences receives final approval from the USFDA for its Cyclophosphamide Capsules USP, 25 mg and 50 mg, which is a chemotherapy medication. The capsule has a market size of approximately $6 million in the US for the year ending October 2023, according to IQVIA.

  • HCL Technologies rises to an all-time high of Rs 1,419.2 as the Department of Transport and Planning, Victoria, Australia, selects the company to automate its concession entitlement process. The company appears in a screener of stocks with growing profits and margins.

  • Shree Cement announces the commissioning of its Nawalgarh integrated production facility in Rajasthan. The plant, built with an investment of Rs 3,500 crore, can produce 3.5 million tonnes of cement annually.

  • Vikas Gupta, Managing Director (Operations) of PG Electroplast, expects the company’s revenue to reach Rs 2,800 crore in FY24, with the RAC (room air-conditioning) segment contributing 50%. He foresees Rs 250-300 crore from the TV business.

  • DOMS Industries' Rs 1,200 crore IPO gets bids for 11.1X the available 87.6 lakh shares on offer on the second day of bidding. The retail investor quota gets bids for 33.4X the available 15.9 lakh shares on offer.

  • India Shelter Finance Corp's Rs 1,200 crore IPO gets bids for 3X the available 1.8 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 3.8X the available 89.6 lakh shares on offer.

  • Inox India's Rs 1,459.3 crore IPO gets bids for 1.3X the available 1.6 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 1.8X the available 77.4 lakh shares on offer.

  • The Asian Development Bank (ADB) raises India’s FY24 GDP growth forecast by 40 bps to 6.7% from the earlier estimate of 6.3%. This revision follows stronger-than-expected Q2 GDP. While ADB anticipates slower agricultural growth in FY24, it predicts robust growth in the industrial sector to offset the impact.

  • The Orissa Minerals Development Co rises to an all-time high of Rs 8,344 as it receives pollution board consent for its Bagiaburu mine. The mine produces 3.6 lakh tonnes of iron ore each year.

  • Steel Authority of India rises to a new 52-week high of Rs 112.2 as 31 lakh shares reportedly change hands in a single block deal. The company appears in a screener of stocks with strong momentum.

  • Gokul Agro Resources rises sharply as it acquires a 25% stake in Indonesia's PT Riya Pasifik Nabati. With this acquisition, the company plans to expand its presence in the palm oil market of Indonesia. It appears in a screener of stocks with improving annual net profits for the past two years.

  • India’s WPI inflation stands at 0.3% in November, marking a positive turn after seven consecutive months of negative trends. This change is due to an increase in prices of food articles, minerals, machinery & equipment, computer and electronics & optical products.

  • Adani Green Energy rises by 5% as it incorporates two new step-down subsidiaries, Adani Renewable Energy Fifty Five and Adani Renewable Energy Fifty One, to generate and supply power through renewable energy sources.

  • Angel One rises as it appoints Hemen Bhatia as the Chief Executive Officer of its asset management business.

  • GMM Pfaudler rises as its promoter, Patel Family, acquires an additional 1% stake through an inter-se transfer at Rs 1,700 per share. The promoter's shareholding in the company now stands at 25.2%.

  • Jewellery retailer RBZ Jewellers sets its IPO price band at Rs 95-100 per share. The issue, valued at Rs 100 crore, is completely a fresh issue. The issue opens on December 19.

  • RBL Bank rises to an all-time high of Rs 285.5 as it acquires an 8.5% stake in Open Network for Digital Commerce (ONDC) for Rs 40 crore. With this investment, the bank plans to develop a public digital infrastructure for the commerce industry. The company appears in a screener of stocks with strong momentum.

  • Paras Defence and Space Technologies surges following its board's approval to establish a subsidiary, Mechtech Thermal, to develop advanced thermal solutions for space and defence industries.

  • PNC Infratech rises as it receives Rs 394.9 crore from the National Highways Authority of India as a one-time settlement towards disputes raised by its arm, PNC Kanpur Highways, under the Vivad Se Vishwas II scheme.

  • Shashank Srivastava, Senior Executive Officer (Marketing & Sales) at Maruti Suzuki, says bookings have been positive for the company. He highlights that its current UV market share stands at 22-23%, with a medium-term target of 35%.

  • IT stocks like Mphasis, Coforge, Persistent Systems and LTIMindtree are rising in trade. The broader sectoral index Nifty IT is also trading in the green.

  • Inox India raises Rs 437.8 crore from anchor investors ahead of its IPO by allotting around 66.3 lakh shares at Rs 660 each. Investors include Goldman Sachs, Nomura Trust, HSBC Global, Abu Dhabi Investment Authority, HDFC Mutual Fund, Canara Robeco Mutual Fund and ICICI Prudential Life.

  • BC Asia Investments sells a 0.8% stake in Axis Bank for approx Rs 2,802 crore in a bulk deal on Wednesday.

  • NBCC (India) rises as it bags an order worth Rs 1,500 crore from National Cooperative Development Corporation. The order involves the construction of 1,469 warehouses and other agri-infrastructure across the country. The company appears in a screener of stocks nearing 52-week high with significant volumes.

Riding High:

Largecap and midcap gainers today include Indian Railway Finance Corporation Ltd. (92.65, 10.96%), Steel Authority of India (SAIL) Ltd. (110.95, 7.46%) and MphasiS Ltd. (2,601.00, 7.23%).

Downers:

Largecap and midcap losers today include Max Financial Services Ltd. (1,018.30, -3.65%), Vedant Fashions Ltd. (1,338.95, -2.71%) and Max Healthcare Institute Ltd. (704.35, -2.57%).

Volume Rockets

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

Top high volume gainers on BSE included Housing and Urban Development Corporation Ltd. (111.35, 11.74%), Indian Railway Finance Corporation Ltd. (92.65, 10.96%) and Steel Authority of India (SAIL) Ltd. (110.95, 7.46%).

Top high volume losers on BSE were Biocon Ltd. (248.05, -0.50%) and Grindwell Norton Ltd. (2,160.25, -0.36%).

Mastek Ltd. (2,576.00, 6.59%) was trading at 24.5 times of weekly average. Castrol India Ltd. (148.25, 7.00%) and V-Mart Retail Ltd. (1,802.00, 2.79%) were trading with volumes 12.3 and 6.8 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

87 stocks took off, crossing 52 week highs,

Stocks touching their year highs included - Adani Ports & Special Economic Zone Ltd. (1,074.70, 1.05%), Bajaj Auto Ltd. (6,334.85, 0.30%) and Bajaj Finserv Ltd. (1,730.95, 2.75%).

9 stocks climbed above their 200 day SMA including Mahindra & Mahindra Financial Services Ltd. (289.35, 6.50%) and Piramal Enterprises Ltd. (942.85, 3.23%). 1 stock slipped below their 200 SMA including Shoppers Stop Ltd. (705.90, -0.61%).