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Trendlyne Analysis

Nifty 50 closed at 19,901.40 (-231.9, -1.2%) , BSE Sensexclosed at 66,800.84 (-796, -1.2%) while the broader Nifty 500 closed at 17,449.35 (-164.3, -0.9%), of the 1,918 stocks traded today, 637 were in the positive territory and 1,244 were negative.

Indian indices extended their losses from the afternoon session and closed in the red, with the Nifty 50 falling 1.2% and settling at 19,901.4 points. The Indian volatility index, Nifty VIX, rose 2.7% and closed at 11.1 points. The Organisation for Economic Cooperation and Development (OECD) raised India’s GDP growth forecast for FY24 to 6.3% from its earlier estimate of 6%.

Nifty Smallcap 100 and Nifty Midcap 100 closed lower, taking cues from the benchmark index. Nifty Infra and Nifty FMCG closed lower than their Thursday close. According to Trendlyne's sector dashboard, Coal was the top-performing sector of the day as it rose 1% in a weak market.

Most European indices traded in the green, except for England’s FTSE 100 trading flat. However, major Asian indices closed in the red. US index futures traded marginally higher as investors awaited the US Fed’s interest rate decision, scheduled to be announced later today. Brent crude oil futures traded in the red after hitting a 10-month high of $95.9 per barrel on Tuesday.

• Money flow index (MFI) indicates that stocks like Indian Overseas Bank, Central Bank of India, UCO Bank and HCL Technologies are in the overbought zone.

• Escorts Kubota rises as its board of directors approves the incorporation of a wholly owned subsidiary as an NBFC. The proposed company will be incorporated with an authorised capital of Rs 700 crore, and the board has approved the infusion of capital up to Rs 200 crore. The company appears in a screener of stocks with no debt.

• G R Infraprojects declines despite its subsidiary, GR Yamuna Bridge Highway, completing a concession agreement with the Ministry of Road Transport and Highways for the construction of a highway (Yamuna Bridge) in Uttar Pradesh, worth Rs 737.2 crore. It appears on a screener for stocks with increasing revenue for three consecutive quarters.

• ABB India is rising as it enters a partnership with SMS Group to supply and install medium voltage motors and drives for ArcelorMittal Nippon Steel's hot strip mill in India.

• Axis Direct upgrades its rating on Tata Steel to ‘Buy’ from ‘Hold’ and raises the target price to Rs 145 from Rs 125. This implies an upside of 12.8%. The brokerage turns positive about the company after the UK Government agreed to grant a 500-million-pound grant for the green transition of Tata Steel's Port Talbot facility. However, it expects the full impact of the transition to be known after negotiations with the employee union conclude.

• Droneacharya Aerial Innovations rises more than 5% as it signs a franchise agreement with Switzerland’s Wollstone Capital SA for $2.7 million (Rs 23 crore). The company plans to set up 30 Remote Pilot Training Organizations (RPTOs) across India. This collaboration's major goal is to increase drone sales, services, and certified training.

  DroneAcharya Aerial Innovations Limited.’s shares jumped after the company finalised a franchise agreement with Switzerland’s Wollstone Capital SA, marking a development in the Indian drone industry. https://t.co/X1PsAkBU1E

  — businessline (@businessline) September 20, 2023

• Sai Silks (Kalamandir)'s Rs 1,201 crore IPO gets bids for 0.1X the available 3.9 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 0.1X the available 2 crore shares on offer.

• Signatureglobal (India)'s Rs 730 crore IPO gets bids for 0.5X the available 1.1 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 0.9X the available 19.9 lakh shares on offer.

• The Organisation for Economic Cooperation and Development (OECD) raises India’s GDP growth forecast for FY24 to 6.3% from the earlier estimate of 6%.  It also revises the inflation projection to 5.3% from 4.8% earlier.

  The Organisation for Economic Cooperation and Development has raised India’s GDP growth projection for FY24 to 6.3%, up from the previous estimate of 6%.@RChitravanshi#GDP#FY24#economicGrowth#OECD#Inflationhttps://t.co/0pVQFuwryP

  — Business Standard (@bsindia) September 20, 2023

• Yatra Online's Rs 775 crore IPO gets bids for 1.6X the available 3.1 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 2.1X the available 56.1 lakh shares on offer.

• Ashok Buildcon is rising as it secures orders worth Rs 645.7 crore from Maharashtra State Electricity Distribution Co. The contracts involve the development of distribution infrastructure under the Revamped Distribution Sector Scheme to carry out energy loss reduction projects.

• IIFL Finance is rising as HSBC initiates coverage with a ‘Buy’ rating and a target price of Rs 790. According to the brokerage, the company has strengthened its business by making strategic changes like enhanced liability management and stronger risk management. It believes that these changes will aid growth and improved earnings over FY23-26E.

  IIFL Finance stock rises over a percent as HSBC initiates coverage of the stock with a buy recommendation and a target price of ?790.https://t.co/CB5Jkgf1Qs

  — Mint (@livemint) September 20, 2023

• Metal stocks like Jindal Stainless, JSW Steel, Vedanta, Jindal Steel & Power and Steel Authority of India are falling in trade. Barring Welspun Corp, all the other constituents of the broader sectoral index, Nifty Metal, are trading in the red.

• ICICI Securities maintains its ‘Buy’ rating on Bharat Heavy Electricals and raises the target price to Rs 150 from Rs 120. This implies an upside of 20.1%. The brokerage believes that the company will be the key beneficiary of the Centre’s renewed focus on thermal capacity addition. It expects the firm’s revenue to grow at a CAGR of 18.3% over FY23-25.

• Caplin Point Laboratories declines in trade despite its subsidiary, Caplin Steriles, receiving final approval from the USFDA for its Norepinephrine Bitartrate Injection USP. This injection recorded US sales of approximately $40 million (Rs 333 crore) for the 12-month period ending June 2023. It appears on ascreener for stocks with high momentum scores.

• SJVN is rising as it signs an MoU with Power Finance Corp for financial assistance to set up renewable energy and thermal power generation projects worth nearly Rs 1.2 lakh crore. The term loan is proposed at 70% of the project cost, which may increase for renewable energy projects based on project requirements.

• Rakesh Sharma, Executive Director at Bajaj Auto, says the auto industry has witnessed an increase in demand since July, and it has been evenly distributed across urban and rural areas. He adds that the demand for exports has improved in Q2. However, Sharma warns that exports are under pressure due to rising inflation rates and currency devaluation, and anticipates a slower recovery in exports.

  #OnETNOW | "Performance of domestic market far superior Vs exports," says Rakesh Sharma, ED, Bajaj Auto pic.twitter.com/tYQpn5Y2cX

  — ET NOW (@ETNOWlive) September 20, 2023

• HDFC Bank is falling as its management expects its non-performing assets (NPAs) to rise and net interest margin (NIM) to contract, owing to the merger with HDFC.

• Tata Motors is rising following its announcement of a 3% price increase for its commercial vehicles, effective from October 1. The company states that the price hike is to offset the residual impact of high input costs in the past few quarters.

• R R Kabel’s shares debut on the bourses at a 14% premium to the issue price of Rs 1,035. The Rs 1,964 crore IPO has received bids for 18.7 times the total shares on offer.

• Reliance Industries declines as reports suggest that 1.9 crore shares (0.3% equity), amounting to Rs 4,512 crore, change hands in a block deal.

  #Reliance#LargeTrade | 1.9 cr shares (0.3% eq) worth ?4,512 cr change hands in block deal window pic.twitter.com/1glY5GPlUo

  — CNBC-TV18 (@CNBCTV18Live) September 20, 2023

• Aurobindo Pharma's subsidiary, APL Healthcare, receives Form 483 from the US FDA with one observation. This comes after the US FDA performed inspections at the company's formulation manufacturing facility in Andhra Pradesh.

• Sai Silks (Kalamandir) raises Rs 360.3 crore from anchor investors ahead of its IPO by allotting 1.6 crore shares at Rs 222 each. Investors include Societe Generale, Citigroup Global Markets Mauritius, BNP Paribas Arbitrage, SBI Mutual Fund, Whiteoak Capital, HDFC Mutual Fund and Mirae Asset India.

• Signatureglobal (India) raises Rs 318.5 crore from anchor investors ahead of its IPO by allotting 82.7 lakh shares at Rs 385 each. Investors include Nomura Trust, Morgan Stanley, Societe Generale, Lion Global Investment Funds, Goldman Sachs, Quant Mutual Fund and Max Life Insurance Co.

• Blue Star rises to an all-time high of Rs 836 as it opens its Rs 1,000 crore qualified institutional placement issue at a floor price of Rs 784.5. The company appears in a screenerof stocks with strong momentum.

• NBCC (India)is rising as it bags an order worth Rs 150 crore from the Khadi & Village Industries Commission. The contract involves designing and building office and residential structures across India.

Riding High:

Largecap and midcap gainers today include Au Small Finance Bank Ltd. (755.45, 3.62%), JSW Energy Ltd. (407.50, 3.44%) and Polycab India Ltd. (5,287.60, 2.97%).

Downers:

Largecap and midcap losers today include Indian Overseas Bank (43.85, -5.50%), HDFC Bank Ltd. (1,563.70, -4.01%) and Max Healthcare Institute Ltd. (554.15, -3.53%).

Movers and Shakers

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

Top high volume gainers on BSE included Blue Star Ltd. (907.30, 13.41%), Varroc Engineering Ltd. (493.90, 4.39%) and Au Small Finance Bank Ltd. (755.45, 3.62%).

Top high volume losers on BSE were Reliance Industries Ltd. (2382.15, -2.23%) and Alembic Pharmaceuticals Ltd. (776.35, -0.89%).

Sheela Foam Ltd. (1,168.65, 1.70%) was trading at 4.6 times of weekly average. Mahindra & Mahindra Financial Services Ltd. (309.50, 2.67%) was trading with volume 4.2 times weekly average on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

21 stocks made 52 week highs, while 1 stock tanked below their 52 week lows.

Stocks touching their year highs included - Alembic Pharmaceuticals Ltd. (776.35, -0.89%), Axis Bank Ltd. (1,027.30, 0.25%) and Balkrishna Industries Ltd. (2,543.00, 0.64%).

Stock making new 52 weeks lows included - Orient Electric Ltd. (215.35, -2.36%).

3 stocks climbed above their 200 day SMA including Sheela Foam Ltd. (1,168.65, 1.70%) and Aavas Financiers Ltd. (1,673.00, 0.54%). 9 stocks slipped below their 200 SMA including SRF Ltd. (2,319.85, -2.06%) and Ambuja Cements Ltd. (428.15, -1.95%).

Trendlyne Analysis

Nifty 50 closed at 20,133.30 (-59.1, -0.3%), BSE Sensex closed at 67,596.84 (-241.8, -0.4%) while the broader Nifty 500 closed at 17.613.60 (-52.2, -0.3%). Market breadth is in the red. Of the 1,959 stocks traded today, 717 were in the positive territory and 1,199 were negative.

Indian indices pared the gains from the afternoon session and closed in the red, with the Nifty 50 closing at 20,133. The volatility index, Nifty VIX, dropped by 0.5% and closed at 10.8 points. RBI in its new circular to banks, has discontinued one-time shifting of securities from held-to-maturity (HTM) to available-for-sale (AFS) category starting from April 2024. This is expected to impact banks' treasury mark-to-market (MTM) gains in FY25 as the interest rates cool.

Nifty Midcap 100 and Nifty Smallcap 100 closed lower, following the benchmark index. Nifty Auto and Nifty PSU Bank closed higher, compared to Wednesday’s closing levels. According to Trendlyne’s sector dashboard, textiles, apparel & accessories emerged as the top-performing sector of the day, with a rise of over 0.9%.

Most European indices trade in the red. US indices futures trade higher, indicating a positive start. Semiconductor stocks declined after market hours as Nordic Semiconductors cut its Q3 revenue guidance and Taiwan Semiconductor Manufacturing asked its suppliers to delay deliveries amid a demand slowdown.

• Relative strength index (RSI) indicates that stocks like ITI, GlaxoSmithKline Pharmaceuticals, Tata Teleservices (Maharashtra) and HCL Technologies are in the overbought zone.

• Brigade Enterprises falls even as its subsidiary, Brigade Tetrarch, purchases a 5-acre land parcel worth Rs 123.5 crore in Bengaluru. The land will be used for a residential project with a revenue potential of Rs 800 crore. The company appears in a screener of stocks with improving RoCE.

• Fine Organic Industries, Titan Company, Tata Investment Corporation, HDFC Life Insurance Company and Bank of Baroda are trading above their third resistance or R3 levels despite the market trading in the red.

• Geojit maintains its ‘Buy’ rating on TTK Prestige and raises the target price to Rs 950 from Rs 857, implying an upside of 20.5%. The brokerage is optimistic about the firm’s long-term prospects, given the rise in middle-income households, improvement in the real estate sector, and declining input costs. Additionally, the firm's strong brand recall is highlighted as a major asset.

• Samhi Hotels' Rs 1,370.1 crore IPO gets bids for 5.3X the available 6.3 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 1.1X the available 1.1 crore shares on offer.

• Zaggle Prepaid Ocean Services' Rs 563.4 crore IPO gets bids for 12.6X the available 1.9 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 5.9X the available 35.6 lakh shares on offer.

• Va Tech Wabag rises as it signs an MoU with Al Jomaih Energy and Water (AEW) at the India-Saudi Investment Forum. The MOU aims to evaluate collaboration and investment in water projects in Saudi Arabia and other Middle Eastern geographies, says Pankaj Malhan, Deputy MD & Group CEO.

  Under the partnership, both WABAG and AEW will cooperate on various aspects, including engineering, procurement, and construction (EPC), project development, and feasibility assessments for potential water projects.https://t.co/s6jiWvina0

  — businessline (@businessline) September 18, 2023

• Yatra Online's Rs 775 crore IPO gets bids for 0.3X the available 3.1 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 1.3X the available 56.1 lakh shares on offer.

• D B Realty rises and touches its 52-week high as it completes raising funds worth Rs 1,544 crore by way of a preferential issue of 25.7 crore convertible warrants. The company also enters into a partnership with Adani Good Homes, Godrej Residency and Prestige Group entities. It appears on a screener for stocks with strong momentum.

• PSU bank stocks like Indian Overseas Bank, UCO Bank, Punjab & Sind Bank and Central Bank of India surge more than 9% in trade. All constituents of the broader Nifty PSU Bank index are also trading in the green.

• According to reports, the Centre is working on a PLI scheme for heavy machinery used in mining and construction. The scheme size may be in the range of Rs 8,000-12,000 crore.

  The Union government is working on a production-linked incentive (#PLI) scheme worth ?12,000 crore for heavy machinery used in mining and construction.
  
  (@narayan_subhash & @riturajbaruah1 report) https://t.co/Z9Nm7SsNPW.

  — Mint (@livemint) September 18, 2023

• Five-Star Business Finance rises as Smallcap World Fund acquires a 1% stake (30.2 lakh shares) in the company. The deal was executed for a total consideration of Rs 211.4 crore. The company appears in a screener of stocks with increasing FII/FPI shareholding.

• Ashapura Minechem rises to its all-time high of Rs 339 per share as its subsidiary, Ashapura Holdings (UAE), signs three contracts. Two are with State Power Investment Corp to supply 24 million tonnes of bauxite from Guinea, and the third is with Tai He Mining to supply 10 million tonnes of iron ore.

• Axis Direct maintains its ‘Buy’ rating on Star Cement with a target price of Rs 185, implying an upside of 14.5%. The brokerage believes the company is well-placed to capitalise on the growing demand for cement in  North and North-East of India. This is due to its rising capacity, strong distribution network in the region, and lower logistical costs owing to its plants' proximity to limestone mines. It expects the firm’s revenue to grow at a CAGR of 23% over FY23-25.

• Joydeep Dutta Roy, Executive Director at Bank of Baroda, anticipates a loan growth of 14-15% YoY for FY24, including over 20% increase in retail loans. He adds that the bank’s net interest margin will be around 3.3% during the same period. He also expects better growth rates during the festive season.

  Bank of Baroda says
  There is uptick in spending from consumers
  
  FY24 Guidance
  ????Credit growth +14-15%, retail will be 20%+
  ????NIMs will be around 3.3%
  ????Targets ?12000cr of recovery/upgrades#StockMarkethttps://t.co/OZIHHUl7JZ

  — Nigel D'Souza (@Nigel__DSouza) September 18, 2023

• Gensol Engineering rises as it acquires a 54.4% stake (58,779 shares) in Scorpius Trackers for Rs 135 crore. This acquisition aims to provide engineering, procurement and construction support to Gensol Engineering's clients. The company appears in ascreener of stocks with strong momentum.

• Jupiter Life Line Hospitals’ shares debut on the bourses at a 32.4% premium to the issue price of Rs 735. The Rs 869.1 crore IPO has received bids for 63.7 times the total shares on offer.

• Hindustan Aeronautics rises as it receives approval for Acceptance of Necessity (AON) from the Defence Acquisition Council (DAC) for the procurement of twelve Su-30MKI aircraft, along with associated equipment and avionics upgrades for Dornier Aircraft. It appears on a screener for stocks with strong momentum.

• Shalabh Saxena, the Managing Director of Spandana Sphoorty, expects AUM to reach Rs 12,000 crore in FY24, with a guidance of Rs 17,000 crore for FY25. He also highlights that the company has selected seven states to focus on increasing market share. The firm targets to expand its customer base to 12-13 lakh in FY24, from 8.8 lakh in FY23.

  #OnCNBCTV18 | By #FY24, #AUM will be at ?12,000 cr. Presented to board #guidance of ?17,000 cr of AUM by #FY25. Expect few PSU Banks to come in and aid lowering cost of funds, says Shalabh Saxena of Spandana Sphoorty pic.twitter.com/te8NvH4gXR

  — CNBC-TV18 (@CNBCTV18Live) September 18, 2023

• Salasar Techno Engineering is rising as it secures an order worth $9.4 million (Rs 78.2 crore) from the Energy Development Corp for the Rwanda Transmission System Reinforcement project. The stock shows up in a screener for companies with zero promoter pledges.

• RattanIndia Power's Managing Director Brijesh Narendra Gupta resigns from the company due to personal reasons, with effect from Friday.

• Capacit’e Infraprojects is rising as it bags a repeat order worth Rs 281 crore from Raymond for its real estate project, Codename Xception, in Thane. The stock shows up in a screener for companies with strong annual EPS growth.

• Motilal Oswal upgrades its rating on Cipla to ’Buy’ and hikes the target price to Rs 1,420. The brokerage believes that the firm's US sales are recovering, and anticipates continued outperformance in the branded generics markets of India and South Africa.

  Brokerage Radar | @MotilalOswalLtd on #Cipla: Upgrade to 'Buy' from Neutral; Expect steady outperformance in branded generics market of India/SA pic.twitter.com/QESiNZB9A5

  — ET NOW (@ETNOWlive) September 18, 2023

• HFCL surges more than 5% as it bags an order worth Rs 1,015 crore from Madhya Pradesh Jal Nigam to provide engineering, procurement and construction services for laying optic fiber cables on important routes to execute multi-village drinking water supply network in the state. The order is expected to be completed in 24 months.

• Indian Oil Corp rises as its board approves additional investment of Rs 903.5 crore in Hindustan Urvarak and Rasayan (HURL). HURL is a joint venture of Indian Oil Corp with NTPC and three other PSUs, incorporated to set up fertilizer plants at Gorakhpur, Sindri and Barauni. The company appears in a screener of stocks nearing a 52-week high with significant volumes.

• Vodafone Idea completes a payment of Rs 1,701 crore to the Department of Telecommunications towards the 2022 Spectrum auction instalment. In a separate exchange filing, the company also stated that the rumours of an acquisition by a US Telecom company are false.

• Bharat Electronics bags two orders worth Rs 3,000 crore from Cochin Shipyard. The first order, valued at Rs 2,118.6 crore, is for supplying sensors, weapon equipment, fire control systems and communication equipment for six next-generation missile vessels (NGMV). The second order worth Rs 886 crore involves upgrading Akash missiles with RF seeker, inertial navigation system, and other equipment.

Riding High:

Largecap and midcap gainers today include Indian Overseas Bank (46.40, 17.47%), IDBI Bank Ltd. (72.55, 4.24%) and Bank of India (109.70, 3.74%).

Downers:

Largecap and midcap losers today include Vodafone Idea Ltd. (10.90, -6.84%), Syngene International Ltd. (800.70, -4.05%) and Indian Railway Finance Corporation Ltd. (76.60, -3.47%).

Volume Shockers

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

Top high volume gainers on BSE included KIOCL Ltd. (314.60, 19.98%), Indian Overseas Bank (46.40, 17.47%) and UCO Bank (46.50, 15.10%).

Tata Investment Corporation Ltd. (2,689.15, 8.87%) was trading at 27.1 times of weekly average. Easy Trip Planners Ltd. (44.70, 11.89%) and Asahi India Glass Ltd. (623.40, 3.81%) were trading with volumes 11.6 and 4.7 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

36 stocks made 52 week highs,

Stocks touching their year highs included - Bajaj Auto Ltd. (5,176.65, 0.90%), Bank of Baroda (217.35, 3.11%) and Bank of India (109.70, 3.74%).

3 stocks climbed above their 200 day SMA including Britannia Industries Ltd. (4,596.20, 1.40%) and Honeywell Automation India Ltd. (39,921.00, -0.22%). 7 stocks slipped below their 200 SMA including Ambuja Cements Ltd. (436.65, -1.89%) and Chambal Fertilisers & Chemicals Ltd. (281.95, -1.64%).

Trendlyne Analysis

Nifty 50 closed at 20,192.35 (89.3, 0.4%), BSE Sensex closed at 67,838.63 (319.6, 0.5%) while the broader Nifty 500 closed at 17665.80 (62.3, 0.4%). Market breadth is horizontal. Of the 1,915 stocks traded today, 967 were on the uptrend, and 909 went down.

Indian indices extended their gains from the afternoon session and closed in the green. The Nifty 50 hit its all-time high of 20,222.5 but closed at 20,192.4 points. The Indian volatility index, Nifty VIX, fell 3.7% and closed at 10.9 points. Ashok Leyland closed in the green as it signed an MoU with the Government of Uttar Pradesh to set up an integrated bus plant to produce electric buses in the state, with an initial investment of Rs 200 crore.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, taking cues from the benchmark index. Nifty Auto and Nifty Bank closed higher than their Thursday close. According to Trendlyne's sector dashboard, Fertilizers was the top-performing sector of the day as it rose 3%.

European stocks traded higher amid positive global cues. Major Asian indices closed up, except for China’s Shanghai SE Composite Index closing in the red. US index futures traded flat, indicating a cautious start to the trading session. Brent crude oil futures recovered from their day’s low and traded flat after rising 2.1% on Thursday.

• Apollo Tyres sees a short buildup in its September 28 future series as its open interest rises 24.7% with a put-call ratio of 0.4.

• Siyaram Silk Mills surges to its 52-week high of Rs 635 per share as its board of directors raises its buyback price to Rs 720 from Rs 650 per share. To compensate for this rise in price, the board has also reduced the maximum number of shares to be bought back to 15 lakh from 16.6 lakh.

• Zydus Lifesciences rises as it receives final approval from the USFDA for its Norelgestromin and Ethinyl Estradiol Transdermal System, which is used to prevent pregnancy. This is the third hormonal transdermal patch to be approved from Zydus’ generics portfolio and has annual sales of $330 million (Rs 2,742.8 crore) in the United States (IQVIA MAT July 2023). It appears in a screener for stocks with strong momentum.

• ICICI Securities maintains its ‘Buy’ rating on Archean Chemical Industries with a target price of Rs 750. This implies an upside of 23%. The brokerage believes that the company is well-placed to benefit from the likely recovery in bromine volume and prices by the end of FY24. It expects the firm’s net profit to grow at a CAGR of 36.6% over FY23-25.

• Sudhir Singh, Cheif Executive Officer of Coforge, sells a 0.3% stake in the company for approx Rs 98.1 crore on Thursday.

• Telecommunications equipment, telecom services and software & services sectors rise the most over the past week by 20.4%, 5% and 2.7% respectively.

• Samhi Hotels' Rs 1,370.1 crore IPO gets bids for 0.1X the available 6.3 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 0.6X the available 1.1 crore shares on offer.

• Zaggle Prepaid Ocean Services' Rs 563.4 crore IPO gets bids for 0.4X the available 1.9 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 1.9X the available 35.6 lakh shares on offer.

• According to reports, TotalEnergies is in talks to invest roughly Rs 581.3 crore in renewable energy projects developed by Adani Green Energy as part of the efforts to grow its portfolio of clean energy projects. The French oil major is already the second largest shareholder in Adani Green Energy, holding a 19.8% stake.

  #TotalEnergies is in talks to invest in renewable energy projects developed by #AdaniGreenEnergy as part of its drive to expand its clean energy projects portfolio.https://t.co/TW4rZCPIll

  — Mint (@livemint) September 15, 2023

• SpiceJet rises as it complies with the Supreme Court's directive, completing a payment of $1.5 million (approximately Rs 12.5 crore) to Credit Suisse. The company appears in a screener for stocks with strong momentum.

• Ashok Leyland is rising as it signs an MoU with the Government of Uttar Pradesh to set up an integrated bus plant to produce electric buses in the state, with an initial investment of Rs 200 crore. The stock shows up in a screener for companies with high TTM EPS growth.

• R R Kabel's Rs 1,964 crore IPO gets bids for 18.7X the available 1.3 crore shares on offer on the Third day of bidding. The retail investor quota gets bids for 2.1X the available 66 lakh shares on offer.

• Dixon Technologies is reportedly set to open a new factory spread over 3 lakh square feet on the outskirts of New Delhi. The firm is expected to invest more than Rs 400 crore in the factory over three years and will largely produce Xiaomi smartphones.

• Oil India plans to invest Rs 25,000 crore in green hydrogen, solar, geothermal energy, 2G ethanol facilities, compressed biogas plants, and carbon capture utilisation & storage (CCUS) by 2040. Ranjit Rath, the company's Chairman and Managing Director, says its subsidiary, Numaligarh Refinery (NRL), has placed an order to switch from grey to green hydrogen, aiming for an annual capacity of 20 kilo tonnes.

  #OilIndia to invest Rs 25,000 crore in #renewableenergy to achieve net zero emissions by 2040.https://t.co/VXv6k9EafJ

  — Business Standard (@bsindia) September 15, 2023

• Foreign institutional investors sell stocks worth Rs 1,254.3 crore in the equity market over the past week, according to Trendlyne's FII dashboard. Meanwhile, index options witness the highest outflow of Rs 46,714.5 crore from foreign investors.

• IT stocks like Coforge, HCL Technologies, Mphasis, Tata Consultancy Services and Wipro are rising in trade. Barring Persistent Systems, all the other constituents of the broader sectoral index, Nifty IT, are trading in the green.

• HDFC Securities maintains its 'Reduce' rating on Hindustan Unilever with a target price of Rs 2,550 per share. This indicates a potential upside of 3.2%. The brokerage believes that the company introducing price cuts to adjust for the falling raw material prices will stunt its growth in profitability in the near-term. It expects the company's revenue to grow at a CAGR of 6.8% over FY23-26.

• Restaurant Brands Asia touches its 52-week high today as 12.5 crore shares (25.4% equity), amounting to Rs 1,494 crore, reportedly change hands in a block deal.

  #MarketsWithMC | Restaurant Brands Asia shares surged 12.5% to a 52-week high of Rs 135.40 after a Rs 1,494 cr block deal. Around 25.4% of the company's equity, or about 12.54 cr shares, changed hands in this substantial transaction. ????????
  
  Here's more ??https://t.co/9gAcMo3Sj8…

  — Moneycontrol (@moneycontrolcom) September 15, 2023

• GMM Pfaudler rises more than 4% as its US subsidiary, GMM Pfaudler US, acquires 100% share capital of MixPro, a US-based company in the business of professional mixing equipment & other industrial applications. The deal is valued at Rs 58 crore. It appears on a screenerfor stocks with high DVM scores.

• Bharat Forge touches its all-time high of Rs 1,148 as Paramount, a UAE-based global aerospace and technology company, announces its collaboration with the firm and its arm, Kalyani Strategic Systems. The partnership aims to produce armoured vehicles in India for its global customers. The company shows up in a screener for stocks with strong momentum.

• Auto stocks like Bajaj Auto, Hero MotoCorp, Tube Investments of India and Tata Motors are rising in trade. All constituents of the broader BSE Auto index are also trading in the green.

• BofA upgrades its rating on Bajaj Auto to 'Buy' and raises the target price to Rs 5,550 from Rs 5,100. The brokerage believes that the company's business segments are well-placed for growth in FY25, with a revenue growth of 14-15% CAGR for FY23-26. It feels that the firm's business strategy is suited to deal with structural and cyclical factors.

  Brokerage Radar | BofA upgrades Bajaj Auto to Buy from Neutral; sees growth well-positioned across segments in FY25.@BankofAmerica@_bajaj_auto_ltdpic.twitter.com/A0bvWzXshD

  — ET NOW (@ETNOWlive) September 15, 2023

• Lemon Tree Hotels rises to its all-time high of Rs 125.5 per share as it signs two properties in Gujarat and Nepal. The Gujarat property in Junagadh, under the Lemon Tree Hotels brand, is expected to be operational in FY25, while the other, named Tigerland Safari, is in Chitwan and will become operational later in FY24.

• Strides Pharma Science rises to a new 52-week high of Rs 522.8 as its subsidiary, Strides Pharma Global, receives tentative approval from the US FDA for Dolutegravir 50mg tablets. The drug is used for antiretroviral therapy in HIV patients and has a market of $ 1,345 million. The company appears in ascreener of stocks with strong momentum.

• According to reports, 30.2 lakh shares of Five-Star Business Finance, amounting to Rs 211 crore, change hands in a block deal.

  Five-Star Finance Large Trade | 30.18 lakh shares worth ?211 cr change hands in block deal window at ?700.15/sh#LargeTrade#BlockDeal#FiveStarFinpic.twitter.com/HjNH0NiXhC

  — CNBC-TV18 (@CNBCTV18Live) September 15, 2023

• Shyam Metalics and Energy's promoters, Subham Buildwell and Narantak Dealcomm, sell a 6.3% stake in the company on Thursday.

• Shakti Pumps (India) receives an order worth Rs 293 crore from Uttar Pradesh's agriculture department for the supply of 10,000 pumps as part of the PM-KUSUM III scheme under component-B.

• Patel Engineering rises as its joint venture bags an order worth Rs 250 crore from Maharashtra Krishna Valley Development Corporation, Pune. The company's share in the order will be Rs 100 crore. The project involves the construction of a pipeline distribution network in Satara. The company appears in a screener of stocks with improving net profit.

• Infosys is rising as it signs a memorandum of understanding (MoU) with a global client to provide business operation services through its platforms and AI services. The client is expected to spend a total of $1.5 billion (approximately Rs 12,461.6 crore) over the next 15 years.

Riding High:

Largecap and midcap gainers today include Vodafone Idea Ltd. (11.70, 7.34%), General Insurance Corporation of India (235.15, 7.11%) and Indian Overseas Bank (39.50, 6.76%).

Downers:

Largecap and midcap losers today include Supreme Industries Ltd. (4,120.15, -4.07%), InterGlobe Aviation Ltd. (2,391.45, -2.97%) and Indian Oil Corporation Ltd. (91.95, -2.85%).

Movers and Shakers

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

Top high volume gainers on BSE included UCO Bank (40.40, 8.75%), Triveni Turbine Ltd. (433.35, 8.69%) and General Insurance Corporation of India (235.15, 7.11%).

Top high volume losers on BSE were Krishna Institute of Medical Sciences Ltd. (2,021.70, -5.53%), ZF Commercial Vehicle Control Systems India Ltd. (15,410.70, -5.46%) and 360 One Wam Ltd. (526.65, -3.83%).

Hatsun Agro Products Ltd. (1,186.45, -0.44%) was trading at 59.1 times of weekly average. Restaurant Brands Asia Ltd. (128.35, 6.69%) and The New India Assurance Company Ltd. (143.20, 6.75%) were trading with volumes 16.4 and 13.5 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

50 stocks overperformed with 52 week highs,

Stocks touching their year highs included - Axis Bank Ltd. (1,027.15, 0.61%), Bajaj Auto Ltd. (5,130.50, 5.90%) and Bank of India (105.75, -1.40%).

6 stocks climbed above their 200 day SMA including Aptus Value Housing Finance India Ltd. (278.45, 3.65%) and Aavas Financiers Ltd. (1,690.00, 1.82%). 2 stocks slipped below their 200 SMA including Britannia Industries Ltd. (4,532.85, -0.91%) and Vinati Organics Ltd. (1,893.10, -0.12%).

Trendlyne Analysis

Nifty 50 closed at 20,103.10 (33.1, 0.2%), BSE Sensex closed at 67,519.00 (52.0, 0.1%) while the broader Nifty 500 closed at 17,603.50 (76.8, 0.4%). Market breadth is ticking up strongly. Of the 1,912 stocks traded today, 1,383 showed gains, and 495 showed losses.

Indian indices rose from the day’s low and closed in the green, with the Nifty 50 closing at 20,103. The volatility index, Nifty VIX, dropped by 4.3% and closed at 11.3 points. Bombay Dyeing and Manufacturing agree to sell a 22-acre land parcel in Worli, Mumbai, for Rs 5,200 crore.

Nifty Midcap 100 and Nifty Smallcap 100 closed sharply higher, following the benchmark index. Nifty Metal and Nifty PSU Bank closed higher, compared to Wednesday’s closing levels. According to Trendlyne’s sector dashboard, metals & mining emerged as the top-performing sector of the day, with a rise of over 1.8%.

Most European indices trade in the green, except for Germany’s DAX and France’s CAC 40, which are trading flat. US indices futures trade higher, indicating a positive start. Brent crude prices touched a 10-month high of $92 per barrel as OPEC’s extension of production cuts till the end of the year is expected to tighten the global oil supply.

• Relative strength index (RSI) indicates that stocks like ITI, Cholamandalam Financial Holdings, GlaxoSmithKline Pharmaceuticals and Sundaram Finance are in the overbought zone.

• ICICI Securities maintains its 'Add' rating on Computer Age Management Services with an upgraded target price of Rs 2,976 per share. This indicates a potential upside of 13.8%. The brokerage remains positive on the company's ability to provide effective digital solutions in the capital market and financial services space. It expects the company's revenue to grow at a CAGR of 9.5% over FY23-25.

• Kirloskar Ferrous Industries rises as the National Company Law Tribunal (NCLT), New Delhi, approves a resolution plan initially approved by the Committee of Creditors of Oliver Engineering (Corporate Debtor), a company engaged in ferrous casting and machining. It appears in a screener for companies with low debt.

• Tata Steel rises to a new 52-week high of Rs 134.2 as reports suggest advancements in negotiations for the Port Talbot Plant transformation project. The deal is valued at 500 million pound (Rs 5,177.9 crore). The company appears in a screener of stocks with strong momentum.

• Zee Entertainment Enterprises is falling as Axis Finance files an appeal before the National Company Law Appellate Tribunal (NCLAT), New Delhi. The appeal challenges an order passed by the National Company Law Tribunal (NCLT), Mumbai, on August 10, which approved the merger of Zee Enterprises, Bangla Entertainment and Culver Max Entertainment (formerly Sony Pictures Network India).

• Zydus Lifesciences sees four analyst target price upgrades and one recommendation upgrade in the past month. Phoenix Mills, NCC, Info Edge (India) and Glenmark Pharmaceuticals see three analyst target price upgrades over the same time period.

• Rajneesh Chopra, Global Head of Va Tech Wabag, is optimistic about the prospects for the water business both in India and overseas. He highlights that strategic alliances with Gulf nations are in the pipeline. He expects that overseas business will account for 50% of the company's revenue. He adds that revenue contributions from the desalination plant in Tamil Nadu will start by H2FY24.

  #OnETNOW | "Outlook for water industry has been good both India and overseas," Rajneesh Chopra, VA Tech Wabag says.@RajneeshChopra2@vatechwabagpic.twitter.com/WG7ypu2mPG

  — ET NOW (@ETNOWlive) September 14, 2023

• Aurionpro Solutions is rising as its transit business unit, Aurionpro Transit Pte, bags a $1.2 million (roughly Rs 10 crore) order for the first phase of a rapid transit bus project in Mexico. The order, to be completed in six months, has been awarded by the Government of the State of Yucatan and involves supplying validators and hardware.

• Samhi Hotels' Rs 1,370.1 crore IPO gets bids for 0.1X the available 6.3 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 0.3X the available 1.1 crore shares on offer.

• Zaggle Prepaid Ocean Services' Rs 563.4 crore IPO gets bids for 0.2X the available 1.9 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 0.9X the available 35.6 lakh shares on offer.

• R R Kabel's Rs 1,964 crore IPO gets bids for 1.4X the available 1.3 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 0.9X the available 66 lakh shares on offer.

• According to Fitch's Global Economic Outlook for September 2023, the Indian economy remains resilient despite a tight monetary policy and sluggish exports. The data suggests that India's growth rate will slacken between July and September.

  #FitchRatings releases Global Economic Outlook for September 2023.
  
  For the latest news and updates, visit: https://t.co/gXeGqKPzihpic.twitter.com/KvlUqfQbzY

  — BQ Prime (@bqprime) September 14, 2023

• Venus Remedies rises as it announces its registration with the Department of Scientific and Industrial Research, Ministry of Science and Technology. This registration allows the company to avail exemption on custom duty. The company appears in a screener of stocks with improving book value per share.

• Oil and gas stocks like Oil & Natural Gas Corp, Petronet LNG, Indian Oil Corp, Indraprastha Gas and Adani Total Gas are rising in trade. All the constituents of the broader sectoral index, BSE Oil & Gas, are also trading in the green.

• Grasim Industries rises to its all-time high of Rs 1,954 per share as the company unveils the name of its new paints business, branded as Birla Opus. The brand is expected to launch in Q4FY24.

• Mahindra Holidays & Resorts India rises as the company signs a memorandum of understanding with the Government of Uttarakhand to establish and develop Club Mahindra Resorts in the region. The company plans to invest Rs 1,000 crore in the venture. It appears in a screener of stocks with strong momentum.

• India’s WPI inflation contracts to -0.5% in August, continuing its negative trend for the fifth consecutive month. This is due to a fall in prices of mineral oils, basic metals, chemical & chemical products, and textiles.

  India's WPI inflation increases slightly to -0.52% in August vs -1.36% in July.#WPI#inflation#Indianeconomyhttps://t.co/CIxxX9hWQS

  — Business Standard (@bsindia) September 14, 2023

• Prabhudas Lilladher maintains its ‘Buy’ rating on Larsen & Toubro and raises the target price to Rs 3,302 from Rs 2,955. This implies an upside of 13.1%. The brokerage believes the company’s long-term prospects are bright on the back of strong tender prospects, improving order conversions and healthy traction in hydrocarbon and renewable energy orders from international markets.

• Metal stocks like NMDC, Hindalco Industries, Welspun Corpand Steel Authority of India (SAIL) are rising in trade. All constituents of the broader Nifty Metal index are trading in the green.

• Prestige Estates Projects aims to launch residential properties of around 18 million square feet (msf) in FY24, with a sales value of over Rs 16,000 crore, says its CEO, Venkat K Narayana. He highlights that the launches will be based in Bengaluru, Hyderabad, Mumbai, Chennai and Kochi.

  #MCRealEstate: The Prestige Group, a Bengaluru-based real estate developer, plans to launch about 18 million square feet (msf) of residential property in FY24 with a sales value of more than Rs 16,000 crore
  
  Read????https://t.co/SqsmRLch02@datsouptik |#RealEstate#Bengaluru

  — Moneycontrol (@moneycontrolcom) September 14, 2023

• Indian Railway Catering & Tourism Corporation rises after signing an MoU with Maharashtra State Road Transport Corporation (MSTRC) to enable MSRTC's online bus booking services via IRCTC's bus booking portal. It appears on a screener for stocks with strong momentum.

• Adani Enterprises' Singapore subsidiary, Adani Global Pte, enters a 50:50 joint venture (JV) with Kowa Holdings Asia Pte for sales and marketing of green ammonia, green hydrogen and its derivatives in Japan, Taiwan and Hawaii.

• Samhi Hotels raises Rs 616.5 crore from anchor investors ahead of its IPO by allotting around 4.9 crore shares at Rs 126 each. Investors include the Government of Singapore, Monetary Authority of Singapore, HSBC Global, CLSA Global Markets, Edelweiss, Nuvama and SBI Mutual Fund.

• DAM Capital initiates coverage on sugar companies like Balrampur Chini Mills, Triveni Engineering, Dalmia Sugar and Dwarikesh Sugar with a ‘Buy’ rating. The brokerage expects El Nino conditions to affect sugar production and domestic sugar prices to remain above Rs 37 per kg.

  #CNBCTV18Market | Believe fast developing El Nino conditions would further hamper sugar production, and will keep domestic sugar prices above ?37/kg. This would benefit UP sugar cos with higher sustainable vol & realisation: DAM CAp on Sugar pic.twitter.com/BgSXTesLmi

  — CNBC-TV18 (@CNBCTV18Live) September 14, 2023

• Suven Pharmaceuticals is rising as reports suggest that the government has approved the acquisition of up to 76.1% shares of the company for Rs 9,589 crore by Berhyanda, a Cyprus-based company. This will take the foreign holding of the company to 90.1%.

• NBCC (India) rises as it bags an order worth Rs 180 crore from Steel Authority of India's Bokaro Steel Plant. The project involves consultancy and project management services for upcoming infrastructural projects. The company appears in a screener of stocks nearing their 52-week highs with significant volumes.

• Zaggle Prepaid Ocean Services raises Rs 253.5 crore from anchor investors ahead of its IPO by allotting 1.5 crore shares at Rs 164 each. Investors include Morgan Stanley Asia (Singapore), Goldman Sachs (Singapore), Societe Generale, Elara India Opportunities Fund, Founders Collective Fund and LIC Mutual Fund.

• Bombay Dyeing and Manufacturing surges by more than 18% to touch its 52-week high of Rs 168.6 per share as its board of directors approves the sale of a 22-acre land parcel in Worli, Mumbai, for Rs 5,200 crore. The proceeds of the sale will be used to repay debt and fund future projects.

Riding High:

Largecap and midcap gainers today include NHPC Ltd. (55.90, 7.71%), Indian Overseas Bank (37.00, 5.71%) and NMDC Ltd. (150.20, 5.63%).

Downers:

Largecap and midcap losers today include Supreme Industries Ltd. (4,280.00, -3.06%), Torrent Pharmaceuticals Ltd. (1,839.70, -1.54%) and ACC Ltd. (2,038.30, -1.20%).

Movers and Shakers

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

Top high volume gainers on BSE included Central Bank of India (44.80, 10.89%), NBCC (India) Ltd. (60.65, 7.73%) and Avanti Feeds Ltd. (457.80, 6.60%).

Top high volume losers on BSE were Piramal Enterprises Ltd. (1,068.70, -0.47%) and TTK Prestige Ltd. (789.50, -0.30%).

Aster DM Healthcare Ltd. (341.45, 2.82%) was trading at 7.3 times of weekly average. Narayana Hrudayalaya Ltd. (1,092.00, 5.49%) and Suven Pharmaceuticals Ltd. (528.75, 2.01%) were trading with volumes 6.6 and 6.2 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 - Axis Bank Ltd. (1,020.90, 0.64%), Bank of Baroda (211.90, 1.56%) and Bank of India (107.25, 3.57%).

9 stocks climbed above their 200 day SMA including EID Parry (India) Ltd. (544.75, 4.86%) and Eureka Forbes Ltd. (520.00, 2.56%). 2 stocks slipped below their 200 SMA including Aptus Value Housing Finance India Ltd. (268.65, -0.81%) and Crompton Greaves Consumer Electricals Ltd. (303.05, -0.69%).

Trendlyne Analysis

Nifty 50 closed at 20,070.00 (76.8, 0.4%), BSE Sensex closed at 67,466.99 (245.9, 0.4%) while the broader Nifty 500 closed at 17,526.75 (66.2, 0.4%), of the 1,917 stocks traded today, 1,250 showed gains, and 630 showed losses.

Indian indices maintained their gains from the afternoon session and closed in the green, with the Nifty 50 closing above the 20,070 mark. The Indian volatility index, Nifty VIX, rose 1.2% and closed at 11.8 points. India’s Index of Industrial Production or IIP grew to a five-month high of 5.7% in July, up from 3.7% in June, led by robust growth in the mining and power sector.

Nifty Smallcap 100 outperformed the benchmark Nifty 50 index and closed 1% higher. Nifty Metal and Nifty Media closed higher than their Tuesday close. According to Trendlyne's sector dashboard, Telecommunications Equipment was the top-performing sector of the day as it rose 9.4%.

Major Asian indices closed flat or lower, except for India’s BSE Sensex, which closed in the green. European indices traded in the red amid mixed global cues. US index futures traded flat, indicating a cautious start to the trading session. Brent crude oil futures extended their gains from Tuesday and traded in the green for a fourth straight trading session.

• Money flow index (MFI) indicates that stocks like ITI, Cholamandalam Financial Holdings, Indian Railway Finance Corp and TVS Motor are in the overbought zone.

• Can Fin Homes is rising as Jefferies reportedly maintains its ‘Buy’ rating on the stock with a target price of Rs 970, implying an upside of 25%. The brokerage believes that the firm is well-placed to benefit from the rising home loan demand. It points out that the company has tightened internal controls following the Ambala branch fraud case.

• Indiabulls Housing Finance rises after 22.5 lakh shares worth Rs 40.8 crore exchange hands in a large block deal.

• Motilal Oswal maintains its ‘Buy’ rating on ICICI Bank with a target price of Rs 1,150, implying an upside of 16%. The brokerage remains positive about the bank’s prospects due to its healthy growth in the retail segment, robust asset quality, strong balance sheet and improving digital capabilities. It expects the company’s net profit to grow at a CAGR of 17.4% over FY23-25.

• Alkem Laboratories, Titan Company, Ajanta Pharma, Bharti Airtel and Glenmark Pharmaceuticals are trading above their third resistance or R3 levels.

• Supreme Industries, VIP Industries, Ashok Leyland, and Campus Activewear witness a decrease in mutual fund holdings in the past month.

• Rail Vikas Nigam's joint venture with MPCC emerges as the lowest bidder in a Rs 245.7 crore auction held by the Vadodara Division of Western Railway. The bid focuses on civil engineering tasks for a gauge conversion project between Nadiad and Petlad.

• UBS maintains its ‘Buy’ rating on MCX but raises the target price to Rs 2,100 citing strong options volume. The brokerage notes that options trading has been robust in India since August, with an average daily value (ADV) of Rs 87,000-89,000 crore.

  Brokerage firm UBS maintains "buy" rating for Multi Commodity Exchange of India (MCX), raising the target price to Rs 2,100 (up from Rs 1,950 per share).
  
  More details here ????https://t.co/Ej3JgIqmkH#UBS#Markets

  — Moneycontrol (@moneycontrolcom) September 13, 2023

• R R Kabel's Rs 1,964 crore IPO gets bids for 0.3X the available 1.3 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 0.4X the available 66 lakh shares on offer.

• Mining companies like Coal India, Vedanta, MOIL, Nalco and NMDC are rising as the government proposes a 25% incentive to exploration agencies under the National Mineral Exploration Trust to promote exploration of essential minerals.

• Coffee Day Enterprises is rising as it reportedly reaches a settlement with IndusInd Bank to withdraw insolvency litigation. This resolution was addressed in the Chennai bench of NCLAT. Meanwhile, IDBI Trusteeship Services has filed a case against the company for an alleged default of Rs 228.5 crore in the Bengaluru bench of NCLAT.

• India’s Index of Industrial Production or IIP grows to a five-month high of 5.7% in July, up from 3.7% in June, led by robust growth in the mining and power sector.

  India’s factory output rose to a five-month high of 5.7% in July, up from 3.7% in June, driven by strong growth in mining and power, official data showed.
  
  (@RhikKundu reports)https://t.co/rBLqUQwAPI

  — Mint (@livemint) September 13, 2023

• PSU Bank stocks like Punjab National Bank, Central Bank of India, Canara Bank and Union Bank of India are rising in trade. All constituents of the broader Nifty PSU Bank index are also trading in the green.

• GMR Power and Urban Infra is rising as its arm, GMR Smart Electricity Distribution, bags a project worth Rs 2,469.7 crore. The order is from Dakshinanchal Vidyut Vitran Nigam to install 25.2 lakh smart meters in the Dakshinanchal area (Agra and Aligarh zone), Uttar Pradesh.

• GE Power India surges as it wins an order worth Rs 25 crore from Vedanta for the combustion modification of a boiler.

• India’s CPI inflation eases to 6.8% in August compared to 7.4% in July, due to a moderation in food and vegetable prices MoM.  Food inflation declined to 9.9% from 11.5% in July. However, the inflation rate remains above RBI’s tolerance limit of 2-6% for the second consecutive month.

  India's retail #inflation remained higher in August, staying above #RBI's target range.https://t.co/IR3k2wiyk7

  — BQ Prime (@bqprime) September 13, 2023

• Tata Power rises as its subsidiary, Tata Power Solar Systems, signs an MoU with Small Industries Development Bank of India (SIDBI) to offer easy financing to MSMEs for solar adoption. Together they are launching The Big Solar Fest, offering customized & innovative financing solutions with zero processing fees for solar loans. It appears in a screener for stocks with strong momentum.

• Realty stocks like DLF, Macrotech Developers, Godrej Properties, Oberoi Realty and Phoenix Mills are falling in trade. The broader sectoral index, Nifty Realty, is also trading in the red.

• ICICI Securities upgrades its rating on NMDC to ‘Buy’ from ‘Add’ and raises the target price to Rs 180 from Rs 130. This implies an upside of 30.9%. The brokerage expects the company's sales volumes and production volumes to see robust growth as its focus returns to the mining business after the steel plant demerger. It expects the firm’s revenue to grow at a CAGR of 15.1% over FY23-25.

• Sanjeev Singhal, the Director of Finance at Mazagon Dock Shipbuilders, expects the company’s revenue to grow by 12-15% in FY24, up from the earlier guidance of 10-12%. He adds that its order book stands at 39,000 crore as of June 30, and believes that order visibility will improve in the next 6-12 months.

  #OnCNBCTV18 | Sanjeev Singhal of Mazagaon Docks tells CNBC-TV18 that co expects 12-15% revenue growth in FY24 compared to 10-12% guided earlier, its order book stands at ?39,000 cr as of June 30
  
  Foresee ?2.5 lakh cr potential from next-generation vessels, he adds pic.twitter.com/XvIm4KydmX

  — CNBC-TV18 (@CNBCTV18Live) September 13, 2023

• R R Kabel raises Rs 585.6 crore from anchor investors ahead of its IPO by allotting around 56.6 lakh shares at Rs 1,035 each. Investors include HSBC Global, Elara India Opportunities Fund, Abu Dhabi Investment Authority, TIMF Holdings, HDFC Mutual Fund, Franklin Mutual Fund and Mirae Asset.

• Setu Securities sells a 0.6% stake (16.1 lakh shares) in Shyam Metalics and Energy for nearly Rs 71 crore in a bulk deal on Tuesday.

• NTPC rises as it concludes the unit 1 (800 MW) trial run for the Telangana Super Thermal Power Project's first stage. This project has a total capacity of 2 X 800 MW. NTPC now has a total installed capacity of 57,838 MW. The company appears in a screener of stocks nearing their 52-week highs with significant volumes.

• KEC International bags orders worth Rs 1,012 crore across its various business segments. These projects include the construction of a data centre, the establishment of a manufacturing facility for an FMCG company, transmission & distribution projects, and the supply of cables

Riding High:

Largecap and midcap gainers today include Punjab National Bank (72.55, 8.53%), Indian Overseas Bank (35.00, 8.19%) and GlaxoSmithKline Pharmaceuticals Ltd. (1,542.50, 5.52%).

Downers:

Largecap and midcap losers today include Max Healthcare Institute Ltd. (582.70, -5.78%), Indian Railway Finance Corporation Ltd. (78.90, -4.71%) and Schaeffler India Ltd. (3,295.70, -4.15%).

Movers and Shakers

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

Top high volume gainers on BSE included Indiabulls Housing Finance Ltd. (188.35, 12.18%), Poly Medicure Ltd. (1,424.75, 6.36%) and Ajanta Pharma Ltd. (1,821.25, 6.15%).

KEC International Ltd. (683.15, 2.69%) was trading at 20.2 times of weekly average. Suven Pharmaceuticals Ltd. (518.35, 0.95%) and Restaurant Brands Asia Ltd. (119.00, 2.45%) were trading with volumes 17.9 and 16.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

24 stocks overperformed with 52 week highs,

Stocks touching their year highs included - Ajanta Pharma Ltd. (1,821.25, 6.15%), Aurobindo Pharma Ltd. (902.50, 3.59%) and Axis Bank Ltd. (1,014.45, 1.35%).

7 stocks climbed above their 200 day SMA including Eureka Forbes Ltd. (505.50, 5.87%) and EID Parry (India) Ltd. (519.50, 2.82%). 18 stocks slipped below their 200 SMA including Honeywell Automation India Ltd. (39,344.65, -1.49%) and Sumitomo Chemical India Ltd. (424.50, -1.22%).

Trendlyne Analysis

Nifty 50 closed at 19,993.20 (-3.2, 0.0%), BSE Sensex closed at 67,221.13 (94.1, 0.1%) while the broader Nifty 500 closed at 17,460.55 (-192.8, -1.1%). Market breadth is highly negative. Of the 1,932 stocks traded today, 162 showed gains, and 1,749 showed losses.

Indian indices pared the gains from the afternoon session and closed flat, with the Nifty 50 closing at 19,993. The volatility index, Nifty VIX, rose by 3% and closed at 11.7 points. Coal India has planned a capex of Rs 24,750 crore for 61 First Mile Connectivity (FMC) projects over the next few years.

Nifty Midcap 100 and Nifty Smallcap 100 closed sharply lower, with the benchmark index closing flat. Nifty IT and Nifty Pharma closed higher, compared to Monday’s closing levels. All other sectoral indices closed in the red. According to Trendlyne’s sector dashboard, software & services emerged as the top-performing sector of the day, with a rise of over 0.6%.

Most European indices trade in the red, except for England’s FTSE 100 and Switzerland’s SMI, which are trading in the green. US indices futures trade lower, indicating a negative start. The data released by the German Federal Statistical Office indicate that Germany’s wholesale price index (WPI) for August has increased by 0.2% MoM, against the estimates of a decline of 0.1%. The WPI for July declined by 0.2% MoM.

• Larsen & Toubro sees a long buildup in its September 28 future series as its open interest rises 18.8% with a put-call ratio of 0.8.

• Consumer Electricals company R R Kabel opens for IPO subscription tomorrow. The price band for the issue is Rs 983-1,035 per share. The size of the issue is Rs 1,964 crore, comprising a fresh issue of Rs 180 crore and an offer for sale for Rs 1,784 crore.

• Realty stocks like Indiabulls Real Estate, Prestige Estates Projects, Sobha, Brigade Enterprises and Oberoi Realty are rising in trade. The broader sectoral index, BSE Realty, is also trading in the red.

• CareEdge Ratings projects GRMs (gross refinery margins) of Indian refinery companies to remain in the range of $9-10 per barrel for the rest of FY24. This is despite increasing crude oil prices and possible constraints in the availability of Russian crude.

  CareEdge ratings: India's refiners are expected to maintain gross refinery margins (GRMs) of $9 to $10 per barrel for the remainder of FY24, despite rising #crudeprices & potential restrictions on the supply of Russian crude.https://t.co/f7bvzZgEGW

  — Mint (@livemint) September 12, 2023

• Axis Direct keeps its ‘Buy’ rating on HG Infra Engineering with a target price of Rs 1,140, implying an upside of 19.5%. The brokerage maintains its favourable outlook toward the firm’s prospects due to its robust order book, strong execution capabilities and focus on diversification. It expects the company’s net profit to grow at a CAGR of 19.7% over FY23-25.

• Transport Minister Nitin Gadkari clarifies that the government is not actively considering any proposal on imposing an additional 10% GST on diesel vehicles.

• Media stocks like Dish TV India, TV18 Broadcast, Hathway Cable & Datacom, Navneet Education and Network18 Media and Investments are falling. The broader sectoral index, Nifty Media, is also trading in the red.

• EMS' Rs 321.3 crore IPO gets bids for 75.3X the available 1.1 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 29.8X the available 54.6 lakh shares on offer.

• Jefferies maintains its ‘Hold’ rating on Havells India but raises the target price to Rs 1,420 as it expects the company to expand its network into tier 3 cities and rural areas. It also highlights Llyod’s healthy sales growth. However, it keeps its recommendation as the current valuation already reflects the positives.

  #MarketsWithMC | #Jefferies has retained a 'Hold' rating on Havells India stock while raising the target price from Rs 1,360 to Rs 1,420, which is still lower than the stock's current price of Rs 1,427.5.
  
  Read more ??https://t.co/Fc5kg4o28T#Havells

  — Moneycontrol (@moneycontrolcom) September 12, 2023

• Coal India plans a capex of Rs 24,750 crore for 61 First Mile Connectivity (FMC) projects over the next few years. The total capacity of the projects is 763.5 MTPA and they will be completed in three phases.

• Ajmera Realty & Infra India declines in trade despite receiving an order worth Rs 330 crore to redevelop four residential societies at Yogi Nagar Borivali West, Mumbai. It appears on a screener of volume shocker stocks.

• Hindalco Industries signs a technology partnership with Italy-based Metra SpA to utilise Metra's aluminium extrusion and fabrication technology to construct high-speed rail coaches in India.

• Indian rupee appreciates 10 paise to 82.93 against the US dollar in early trade today, led by a positive trend in domestic equities and foreign fund inflows.

  The #rupee appreciated by 10 paise to 82.93 against the US dollar in early trade on Tuesday, tracking a positive trend in domestic equities and foreign fund inflows.https://t.co/HQwngWutck

  — businessline (@businessline) September 12, 2023

• Auto stocks like Ashok Leyland, Escorts Kubota, Mahindra & Mahindra and Tata Motors are falling as Transport Minister Nitin Gadkari says he will propose imposing an additional 10% tax on diesel engine vehicles.                            

• SpiceJet is falling as it announces its plan to complete the payment of Rs 100 crore to Kal Airways by paying Rs 22.5 crore today, in addition to the Rs 77.5 crore already paid. The company also acknowledges to pay $1.5 million to Credit Suisse as per a court directive. It has already paid a total of $8 million to Credit Suisse as per consent terms.               

• TVS Supply Chain Solutions is falling as its Q1FY24 net loss widens to Rs 65.3 crore from Rs 1.8 crore in Q1FY23. Its revenue also drops by 12.3% YoY on the back of a 35% YoY decline in the network solutions segment. The stock features in a screener for companies with zero promoter pledge.                                                                                        

• Ramesh Iyer, Vice-Chairman & MD of Mahindra & Mahindra Financial Services, says that growth in H2FY24 will be significantly higher than in H1. He anticipates the growth rate to be in the mid-teens for FY24, with disbursal growth similar to FY23 levels. He adds that the NIM guidance of more than 7% will be maintained in the long-term perspective.

  #OnCNBCTV18 | #Growth in #H2 will be much higher than #H1. Expect growth rate around mid-teens. 45% of our book comes from #Mahindra. Retain #NIM#guidance of more than 7% from long-term perspective, says Ramesh Iyer of Mahindra & Mahindra Financial Services pic.twitter.com/vNAikpgKCK

  — CNBC-TV18 (@CNBCTV18Live) September 12, 2023

• Power Grid Corp receives a Letter of Intent to establish an interstate transmission system project in Rajasthan. The company will build, own and operate a 20-gigawatt interstate transmission project. The stock shows up in a screener for companies with Return on Capital Employed (RoCE) improving over the past two years.

• HDFC Mutual Fund buys a 0.6% stake in KNR Constructions for approx Rs 42.4 crore in a bulk deal on Monday.

• Norges Bank sells a 1.1% stake in Mahanagar Gas for approx Rs 111.8 crore in a bulk deal on Monday.

• UBS maintains its ‘Neutral’ rating on Hindustan Unilever with a target price of Rs 2,860. The brokerage expects the company’s volume recovery to be moderate in the near term and the pace of volume recovery to be impacted by the increasing regional competition.

  Brokerage Radar | UBS on #HUL: Maintain 'Neutral'; Heightened regional competition may impact pace of volume recovery pic.twitter.com/m80SuJcNU0

  — ET NOW (@ETNOWlive) September 12, 2023

• Reliance Industries' subsidiary, Reliance Retail Ventures, announces KKR's plan to invest Rs 2,069.5 crore in the company for a 0.3% stake. This will take KKR's holding in the company to 1.4%.

• Power stocks like NHPC, JSW Energy, Bharat Heavy Electricals and Adani Power fall more than 3% in trade. All constituents of the broader BSE Power index are also trading in the red.

• Larsen & Toubro touches its all-time high of Rs 3,009 per share as its board increases the buyback price to Rs 3,200 from Rs 3,000 per share. The board also reduces the number of shares proposed to be bought back to 3.1 crore (or 2.2% stake) from 3.3 crore.

• Lupin is rising as its board of directors approves a business transfer agreement with its subsidiary, Lupin Manufacturing Solutions, for approximately Rs 800 crore. The agreement involves the transfer of the company's active pharmaceutical ingredients (API) manufacturing plants at Dabhasa and Visakhapatnam, and select R&D operatioins.

Riding High:

Largecap and midcap gainers today include Tata Consultancy Services Ltd. (3,580.80, 2.88%), Larsen & Toubro Ltd. (2,944.10, 1.72%) and Infosys Ltd. (1,501.10, 1.67%).

Downers:

Largecap and midcap losers today include Tube Investments of India Ltd. (3,365.60, -8.82%), REC Ltd. (248.35, -8.17%) and JSW Energy Ltd. (397.15, -7.91%).

Volume Shockers

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

Top high volume gainers on BSE included ITI Ltd. (167.25, 12.02%), Blue Dart Express Ltd. (6,628.05, 3.22%) and J B Chemicals & Pharmaceuticals Ltd. (2,924.10, 2.83%).

Top high volume losers on BSE were NLC India Ltd. (128.00, -9.51%), Indiabulls Housing Finance Ltd. (167.90, -9.12%) and SJVN Ltd. (70.35, -8.40%).

Elgi Equipments Ltd. (498.95, 2.09%) was trading at 23.6 times of weekly average. Quess Corp Ltd. (426.10, -0.23%) and Shyam Metalics and Energy Ltd. (437.90, -2.96%) were trading with volumes 8.3 and 7.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

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

Stocks touching their year highs included - Adani Power Ltd. (386.30, -3.04%), Alembic Pharmaceuticals Ltd. (751.05, -1.80%) and Axis Bank Ltd. (1,000.90, 0.05%).

Stocks making new 52 weeks lows included - Bajaj Electricals Ltd. (1,132.10, -3.24%) and Vedanta Ltd. (231.80, -2.73%).

4 stocks climbed above their 200 day SMA including Blue Dart Express Ltd. (6,628.05, 3.22%) and Honeywell Automation India Ltd. (39,858.20, 1.25%). 20 stocks slipped below their 200 SMA including Sterlite Technologies Ltd. (162.65, -7.40%) and Eureka Forbes Ltd. (479.60, -5.97%).