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Trendlyne Analysis

Nifty 50 closed at 19,386.70 (-57.3, -0.3%), BSE Sensex closed at 65,252.34 (-181.0, -0.3%) while the broader Nifty 500 closed at 16,930.15 (-20.1, -0.1%). Market breadth is neutral. Of the 1,922 stocks traded today, 895 showed gains, and 978 showed losses.

Indian indices pared their gains from the afternoon session and closed in the red, with the Nifty 50 closing at 19,387. The volatility index, Nifty VIX, rose by 0.3% and closed at 11.7 points. GAIL India announces a capex of Rs 30,000 crore over the next three years for pipelines, ongoing petrochemical projects and city gas distribution projects.

Nifty Midcap 100 closed in the green, while Nifty Smallcap 100 closed lower, following the benchmark index. Nifty IT and Nifty FMCG closed higher, compared to Wednesday’s closing levels. According to Trendlyne’s sector dashboard, telecommunications equipment emerged as the top-performing sector of the day, with a rise of over 1.4%.

Most European indices trade in the green. US indices futures trade higher, indicating a positive start. Nasdaq futures rallied 1% after NVIDIA’s profits exceeded consensus estimates and announced a share buyback of $25 billion. NVIDIA’s Frankfurt-listed shares jumped 9% in early trade.

• Coforge sees a long buildup in its August 31 future series as its open interest rises 72% with a put-call ratio of 1.04.

• Swan Energy surges more than 7% in trade today. The stock ranks high on Trendlyne's checklist, with a score of 69.6%, and also appears in the 'Strong Buy' zone. The company features in a screener of stocks with increasing profits for the past three quarters.

• SpiceJet falls as the Delhi High Court orders the company and its promoter Ajay Singh to pay Rs 100 crore by September 10. Additionally, the company has been directed to pay a total of Rs 270 crore plus interest to Kalanithi Maran. The company appears in a screener of stocks with high promoter pledges.

• Aeroflex Industries' Rs 351 crore IPO gets bids for 76.77X the available 2.3 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 30.35X of the available 1.2 crore shares on offer.

• Vishnu Prakash R Punglia's Rs 308.9 crore IPO gets bids for 2.45X the available 2.2 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 3.43X of the available 1.1 crore shares on offer.

• Gujarat Ambuja Exports rises as it receives a no objection certificate (NOC) from the Gujarat Pollution Control Board. The NOC allows the company to set up a greenfield corn wet milling plant with a capacity of 900 tonnes per day (TPD) at Himmatnagar, Gujarat. The company appears in a screener of stocks with strong momentum.

• GMR Airports Infrastructure and Mahindra Holidays & Resorts touch their all-time highs of Rs 66.5 and Rs 397 respectively. The former has risen by 48.9% over the past month, while the latter increased by 9.5%.

• Procter & Gamble Health is falling as its Q1FY24 net profit dips by 27.6% YoY to Rs 29.8 crore, while its revenue increases by 2.6% YoY. The profit fall is attributed to the rise in employee benefit expenses. The company also features in a screener for stocks with no debt.

• GAIL India is rising as it aims for a capex of Rs 30,000 crore in the next three years. This investment will be directed towards pipelines, ongoing petrochemical ventures, and city gas distribution projects. The company also expects to transmit more than 120 MMSCMD of natural gas, with sales of over 100 MMSCMD in FY24.

• ICICI Securities maintains its ‘Sell’ rating on Garden Reach Shipbuilders & Engineers but raises the target price to Rs 440 from Rs 370. This implies a downside of 44.5%. The brokerage believes the stock has limited room for growth as it expects the firm’s revenue to peak in FY25. It also anticipates a decline in net profit after FY25.

• TVS Motor Company rises as it invests a total capex of Rs 250 crore for its newly launched TVS X electric scooter. The company appears in a screener of stocks nearing 52-week high with significant volumes.

• According to RBI Governor Shaktikanta Das, vegetable prices in India are projected to fall from September. This will lead to a moderation in CPI inflation, which reached 7.44% in July, the highest in 15 months.

  #RBI Governor Shaktikanta Das stated that vegetable prices in India are expected to decrease from September, potentially easing the recent surge in retail inflation, which reached 7.44% in July, the highest in 15 months.https://t.co/lglnqIbPhA

  — Mint (@livemint) August 24, 2023

• Zydus Lifesciences gets USFDA nod for its Zinc Sulfate Injection USP in three strengths: 10 mg/10 mL (1 mg/mL), 30 mg/10 mL (3mg/mL), and 25 mg/5 mL (5 mg/mL) pharmacy bulk package vials. This injection is used for adult and pediatric patients as a source of zinc for parenteral nutrition when oral or enteral nutrition is not possible. These vials generated annual sales of Rs 146 crore in the US in June.

• Sugar stocks like Bajaj Hindusthan Sugar, Shree Renuka Sugars, EID Parry (India) and Balrampur Chini Mills are rising as reports suggest that the Centre may ban sugar exports. The broader sugar industry is also trading in the green.

• Suzlon rises as it bags an order to develop a wind power project with a capacity of 31.5MW for Integrum Energy Infrastructure in Maharashtra and Karnataka. The project is expected to be commissioned by May 2024. The company appears in a screener of stocks with strong annual EPS growth.

• Porinju Veliyath sells a 0.7% stake in RPSG Ventures on August 16. He now holds a 2.1% stake in the company.

• Reports suggest that 1.5 crore shares (25.4% equity) of Coforge, amounting to Rs 7,329 crore, change hands through a block deal. HULST BV (Baring), promoter of the company, is the likely seller in this transaction.

  #LargeTrade | 1.54 cr shares (25.4% equity) of Coforge worth Rs 7,329.3 cr change hands in a block deal https://t.co/31af9kYV59pic.twitter.com/5AuUKcLDB6

  — CNBC-TV18 (@CNBCTV18Live) August 24, 2023

• NHPC is rising as it signs a memorandum of understanding (MoU) with Andhra Pradesh Power Generation Corp to implement pumped storage hydropower and renewable energy projects. The MoU also allows the company to form joint ventures to operate and sell power generated at these plants.

• Reliance Industries announces that Qatar Investment Authority will invest Rs 8,278 crore to acquire nearly 1% stake in the firm’s arm, Reliance Retail Ventures, at an equity value of around Rs 8.3 lakh crore. The stock shows up in a screener for companies with net cash flows improving over the past two years.

• Manappuram Finance falls as an 11% stake in the company reportedly changes hands in a block deal today. Details about buyers and sellers remain unknown.

• Bernstein initiates coverage on One97 Communications (Paytm) with an ’Outperform’ rating and a target price of Rs 1,100. The brokerage highlights that the firm is a dominant player in the digital payments space. It expects strong growth in the company’s loan disbursal volumes and market share to improve to around 4%. With margins stabilizing in the payments segment, it anticipates the business to breakeven by FY25.

  Brokerage Radar | Bernstein on PayTM: Initiate Outperform; To be on the right side of the disruption pic.twitter.com/JZNIAUJGxE

  — ET NOW (@ETNOWlive) August 24, 2023

• Vishnu Prakash R Punglia raises Rs 91.8 crore from anchor investors ahead of its IPO by allotting 92.7 lakh shares at Rs 99 each. Investors include Quant Mutual Fund, Max Life Insurance Co, Societe Generale, Kotak Mahindra Life Insurance Co, BNP Paribas Arbitrage and Copthall Mauritius Investment.

• Vascon Engineers rises to an all-time high of Rs 65.7 as it bags an order worth Rs 605.7 crore from Bihar Medical Services & Infrastructure Corp. The order involves the construction of hospital and residential buildings for Lohia Medical College & Hospital, Supaul. The project is expected to be completed in 36 months. The company appears in a screener of stocks with improving RoA.

• Ramkrishna Forgings is rising as it bags a contract worth 17.2 million euros (approximately Rs 156 crore) from a Eurasian client to supply forged and machined transmission and engine components. The agreement is for four years, with an annual contract value of 4.7 million euros.

Riding High:

Largecap and midcap gainers today include Coforge Ltd. (5,390.85, 9.72%), MphasiS Ltd. (2,463.90, 4.66%) and APL Apollo Tubes Ltd. (1,655.60, 4.14%).

Downers:

Largecap and midcap losers today include Jio Financial Services Ltd. (213.45, -4.99%), Max Healthcare Institute Ltd. (563.30, -2.98%) and Bank of India (87.45, -2.35%).

Movers and Shakers

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

Top high volume gainers on BSE included Indiabulls Real Estate Ltd. (69.25, 10.45%), Coforge Ltd. (5,390.85, 9.72%) and GMR Airports Infrastructure Ltd. (64.90, 9.44%).

Top high volume losers on BSE were Procter & Gamble Health Ltd. (5,086.95, -4.80%), Manappuram Finance Ltd. (142.25, -2.64%) and Kalpataru Projects International Ltd. (633.20, -0.35%).

Gujarat Ambuja Exports Ltd. (257.30, 4.87%) was trading at 16.7 times of weekly average. Rallis India Ltd. (229.50, 5.30%) and G R Infraprojects Ltd. (1,269.00, 1.45%) were trading with volumes 16.0 and 7.0 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

53 stocks hit their 52 week highs, while 1 stock tanked below their 52 week lows.

Stocks touching their year highs included - 3M India Ltd. (30,589.95, 1.15%), AIA Engineering Ltd. (3,649.60, 0.20%) and Axis Bank Ltd. (981.35, 0.21%).

Stock making new 52 weeks lows included - Jio Financial Services Ltd. (213.45, -4.99%).

15 stocks climbed above their 200 day SMA including Indiabulls Real Estate Ltd. (69.25, 10.45%) and Gujarat Ambuja Exports Ltd. (257.30, 4.87%). 5 stocks slipped below their 200 SMA including Aptus Value Housing Finance India Ltd. (267.65, -2.00%) and Reliance Industries Ltd. (2,479.80, -1.68%).

Trendlyne Analysis

Nifty 50 closed at 19,444.00 (47.6, 0.3%), BSE Sensex closed at 65,433.30 (213.3, 0.3%) while the broader Nifty 500 closed at 16,950.25 (45, 0.3%). Of the 1,934 stocks traded today, 1,098 were in the positive territory and 779 were negative.

Indian indices maintained their gains from the afternoon session and closed in the green, with the Nifty 50 closing at 19,444. The volatility index, Nifty VIX, dropped by 0.2% and closed at 11.7 points. Jio Financial Services' promoters acquire a 45.8% stake (291 crore shares) in the company under the scheme of arrangement between Reliance Industries and its shareholders.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, following the benchmark index. Nifty Media and Nifty Bank closed higher, compared to Tuesday’s closing levels. According to Trendlyne’s sector dashboard, hardware technology & equipment emerged as the top-performing sector of the day, with a rise of over 5.9%. 

Most European indices trade in the green. US indices futures trade higher, indicating a positive start. The data released by S&P Global indicates that the UK’s composite PMI for August has contracted to 47.9, against the estimates of 50.3. UK’s composite PMI for July stood at 50.8.

• Relative strength index (RSI) indicates that stocks like Apar Industries, Escorts Kubota, REC and BLS International Services are in the overbought zone.

• According to a survey of economists, India’s GDP is expected to grow by 7.8% in Q1FY24, compared to 6.1% in Q4FY23, driven by factors like robust domestic demand and government investments.

  #GDP growth: Indian economy likely grew 7.8% in Q1 FY24, say economists
  
  This GDP growth will be a step up from the 7.2% growth in the previous fiscal year and the 6.1% growth in the preceding March quarter.https://t.co/IM7QipNtP5

  — The Times Of India (@timesofindia) August 23, 2023

• Atul Auto and Hindustan Aeronautics touch their 52-week highs of Rs 453.45 and Rs 4,049.9 respectively. The former has risen 17.9% over the past month, while the latter increased by 3.3%.

• JB Chemical & Pharmaceuticals rises as it receives US FDA approval for its abbreviated new drug application (ANDA) for Doxepin Hydrochloride capsules. The drug is used for the treatment of anxiety, depression and other target symptoms of psychoneurosis. The company appears in a screener of stocks nearing 52-week high.

• Aeroflex Industries' Rs 351 crore IPO gets bids for 21.1X the available 2.3 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 17.78X of the available 1.2 crore shares on offer.

• PSU Banks like UCO Bank, Punjab & Sind Bank, Bank of Maharashtra and Central Bank of India are rising in trade. All constituents of the broader Nifty PSU Bank are also trading in the green.

• Goldman Sachs says that the IT sector’s revenue is expected to grow by 9-10% YoY from FY25, driven by increased demand for IT services and the tailwinds from adopting Generative AI. The brokerage has initiated coverage on LTIMindtree, Infosysand TCS with a ‘Buy’ rating.

  A revival in India’s $245-billion IT sector is only a matter of time as the services outsourcing is essential spending, says #GoldmanSachs.@tds19 reports.https://t.co/qEDACfBH7e

  — BQ Prime (@bqprime) August 23, 2023

• Shriram Properties (SPL) rises as Omega Holdings sells a 2.3% (39,00,000 shares) stake in the company at an average price of Rs 78.4 per share, amounting to Rs 30.6 crore. SPL & ASK Property Fund have announced a joint investment of Rs 206 crore for 100% development rights of a project in Chennai, through SPL's subsidiary Shrivision Elevations. The company appears in a screener of stocks with strong momentum.

• ICICI Direct keeps its ‘Buy’ rating on Mahindra Lifespace Developers with a target price of Rs 650, implying an upside of 22.9%. The brokerage is positive about the firm’s prospects due to its launch pipeline, focus on improving scalability and healthy balance sheet.  It expects the company’s revenue to grow at a CAGR of 42.5% over FY23-25.

• Himadri Speciality Chemicals surges to an all-time high of Rs 190.9 following its partnership with Dalmia Bharat Refractories. This partnership aims to engage in the corporate insolvency resolution process of Birla Tyres. The company appears in a screener of stocks with strong annual EPS growth.

• Joi Financial Services' promoters acquire a 45.8% stake (291 crore shares) in the company under the scheme of arrangement between Reliance Industries and its shareholders. This coincides with the stock's continued plunge for a second consecutive session. The stock is also in danger of being removed from all BSE indices from August 29. However, if it falls for two more consecutive days, the removal will be delayed by another three days. The exclusion comes as the stock hits the lower circuit for two consecutive sessions after an underwhelming listing on Monday.

• Hindalco Industries rises following an announcement during the annual general meeting that the company plans to invest up to Rs 2,000 crore to set up a first-of-its-kind copper and e-waste recycling unit in India. It appears in a screener for stocks with strong momentum.

• VD Nanavaty, the Executive Director (Finance) & CFO of Gujarat State Fertilizers & Chemicals, expects volume growth of 15-120% in its fertilizer segment. He adds that the company will commission a new factory in FY24, followed by three more in the next year, with a capex lineup of Rs 4,000 crore. He highlights that the caprolactam benzene spreads are expected to be in the $800 range.

  #OnCNBCTV18 | Expect caprolactam benzene spreads to be in the $800 range. Govt was liberal on the subsidy front last year, they are reducing subsidies now, says VD Nanavaty of GSFC pic.twitter.com/rkzSPaa7HG

  — CNBC-TV18 (@CNBCTV18Live) August 23, 2023

• Vodafone Idea rises as reports suggest that the company plans to clear approx Rs 2,400 crore dues to the government by September 2023.

• Larsen & Toubro hits a record high as its arm, L&T Construction, wins orders worth Rs 2,500-5,000 crore from the Middle East. The order involves establishing a gas-insulated substation and associated transmission lines in the United Arab Emirates, and setting up two new substations in Dubai and four in Kuwait.

• According to credit rating agency Crisil Ratings, the Indian footwear industry’s revenue is expected to grow by 11% in FY24, driven by higher realisations, with a 4% volume growth. It also anticipates operating margins to expand by 125 bps to 9%, supported by the moderation in raw material prices.

  Footwear industry revenue is striding ~11 per cent ahead this fiscal year on higher realisations with volume up ~4 per cent, said an analysis by CRISIL Ratings (@CRISILLimited ).https://t.co/SVKWEsKoLw

  — Financial Express (@FinancialXpress) August 23, 2023

• Metal stocks like Hindalco Industries, NMDC, APL Apollo Tubes, National Aluminium Co and Tata Steel are rising in trade. All the constituents of the broader sectoral index, BSE Metal, are also trading in the green.

• Reliance Industrial Investments and Holdings, promoter of Reliance Industries, buys a 3.6% stake in the company on Tuesday.

• TVS Supply Chain Solutions’ shares debut on the bourses at a 5.1% premium to the issue price of Rs 197. The Rs 880 crore IPO has received bids for 2.8 times the total shares on offer.

• JP Morgan maintains its 'Neutral' rating on Tata Motors with a target price of Rs 635. The brokerage believes the firm has outperformed its peers in the USA and China but underperformed in Europe. The brokerage says that their product mix remains healthy at over 80%.

  Brokerage Radar | JPMorgan on Tata Motors: Maintain Neutral; JLR outperforms peers in the U.S. and China, underperforms in Europe pic.twitter.com/GPpB41b8w1

  — ET NOW (@ETNOWlive) August 23, 2023

• Linde India rises to an all-time high of Rs 6,165 as it bags an order from the Indian Oil Corporation (IOCL) for 20 years. The order involves the installation, operation and maintenance of an air separation unit. This unit will be responsible for the production and supply of instrument air, plant air and cryogenic nitrogen to the IOCL Panipat Refinery Expansion Project. The company appears in a screener of stocks with improving cash flow from operations.

• Rites is rising as its bags an order worth Rs 65.4 crore from the Railway Board for testing and inspecting rails for the Indian Railways. The stock shows up in a screener for companies with no debt.

• BEML rises to an all-time high of Rs 2,183.7 as it bags an order worth Rs 101 crore from the Ministry of Defense. The order involves the supply of command post vehicles to the army. The company appears in a screener of stocks with improving RoCE.

• The Securities and Exchange Board of India (SEBI) reportedly bars Brightcom Group’s Chairman and CEO, Suresh Kumar Reddy, and its CFO, Narayan Raju, from participating in company boards due to fraud and alleged misrepresentation of financial statements. They are also not allowed to dispose of their shares in Brightcom until further notice.

Riding High:

Largecap and midcap gainers today include One97 Communications Ltd. (904.75, 5.53%), Federal Bank Ltd. (141.70, 4.15%) and Crompton Greaves Consumer Electricals Ltd. (308.90, 3.64%).

Downers:

Largecap and midcap losers today include Adani Transmission Ltd. (890.40, -7.26%), Adani Power Ltd. (322.85, -7.07%) and Adani Enterprises Ltd. (2,530.30, -6.22%).

Movers and Shakers

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

Top high volume gainers on BSE included MMTC Ltd. (43.50, 10.13%), Alok Industries Ltd. (18.45, 8.21%) and Jubilant Ingrevia Ltd. (476.15, 7.68%).

Top high volume losers on BSE were Borosil Renewables Ltd. (430.40, -3.86%), Poly Medicure Ltd. (1,411.35, -1.88%) and Endurance Technologies Ltd. (1,629.70, -0.80%).

CESC Ltd. (83.85, 6.82%) was trading at 13.9 times of weekly average. Hitachi Energy India Ltd. (4,600.00, 3.40%) and Global Health Ltd. (708.40, 2.14%) were trading with volumes 9.9 and 9.5 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

51 stocks took off, crossing 52-week highs, while 1 stock was an underachiever and hit its 52-week low.

Stocks touching their year highs included - 3M India Ltd. (3,0240.00, 2.23%), Bank of Maharashtra (39.65, 3.93%) and Bharat Electronics Ltd. (133.40, 0.08%).

Stock making new 52 weeks lows included - Easy Trip Planners Ltd. (39.05, 4.13%).

18 stocks climbed above their 200 day SMA including Jubilant Ingrevia Ltd. (476.15, 7.68%) and Quess Corp Ltd. (420.80, 4.74%). 1 stock slipped below their 200 SMA including Adani Enterprises Ltd. (2,530.30, -6.22%).

Trendlyne Analysis

Nifty 50 closed at 19396.45 (2.9, 0.0%) , BSE Sensex closed at 65,220.03 (3.9, 0.0%) while the broader Nifty 500 closed at 16,905.25 (53.2, 0.3%). Of the 1,934 stocks traded today, 1,206 were gainers and 664 were losers.

Indian indices closed flat, with the benchmark Nifty 50 index settling just below the 19,400 mark. The Indian volatility index, Nifty VIX, fell below 12 points. Glenmark Pharmaceuticals closed 2% lower after its wholly owned subsidiary in the US signed an antitrust settlement with the Department of Justice (DOJ), Antitrust Division, to resolve all court proceedings involving historical pricing malpractices by former employees.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, outperforming the benchmark index. Nifty Media and Nifty Metal closed higher than Monday’s levels. According to Trendlyne's sector dashboard, Telecommunications Equipment was the top-performing sector of the day.

Major Asian indices closed in the green, except for India’s BSE Sensex, which closed flat. European indices traded in the green. US index futures also traded higher, indicating a positive start to the trading session. However, Brent crude oil futures traded in the red, extending their losses from Monday.

• Money flow index (MFI) indicates that stocks like Solar Industries India, Emami, Shyam Metalics and Energy, and Escorts Kubota are in the overbought zone.

• Birla Cable and Dixon Technologies (India) touch their 52-week highs of Rs 298 and Rs 5,035 respectively. The former has risen 59.5% over the past month, while the latter increased by 17.8%.

• Aeroflex Industries' Rs 351 crore IPO gets bids for 6.72X the available 2.3 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 14.72X of the available 1.2 crore shares on offer.

• Pyramid Technoplast's Rs 153.1 crore IPO gets bids for 18.29X the available 75.6 lakh shares on offer on the third day of bidding. The retail investor quota gets bids for 11.71X of the available 46.1 lakh shares on offer.

• Prabhudas Lilladher lowers its 12-month Nifty 50 target to 20,735 from its earlier estimate of 21,430. The brokerage expects the domestic market to account for political risks as state and Lok Sabha elections approach. It also adds low earnings estimates due to floods and the late festive season as reasons for the target cut.

  The brokerage firm has trimmed the Nifty target primarily because of a cut in earnings and expects markets to consolidate ahead of the 2024 elections.https://t.co/IvCkw4KAVp

  — Mint (@livemint) August 22, 2023

• Newgen Software Technologies surges as it wins an international order worth $9,90,000 for licensing, product implementation, and support services.

• Telecommunication stocks like GTL Infrastructure, Tata Teleservices (Maharashtra), Mahanagar Telephone Nigam, Tata Communications and Railtel Corp of India are rising in trade. Barring Optiemus Infracom, all other constituents of the broader sectoral index, S&P BSE Telecom, are trading in the green.

• Glenmark Pharmaceuticals falls as its wholly owned subsidiary in the US signs an antitrust settlement with the Department of Justice (DOJ), Antitrust Division, to resolve all court proceedings involving historical pricing malpractices by former employees. The company will pay $30 million ( Rs 249 crore) in six instalments to the DOJ. It appears on a screener of stocks with declining quarterly net profit.

• According to reports, one crore shares (33.1% equity) of SJS Enterprises, amounting to Rs 610 crore, have changed hands in a block deal. Evergraph Holdings and Sanders Consulting are likely the sellers in this transaction.

  #SJSEnt Large Trade | 1 cr shares (33.1% equity) of worth ?610 cr change hands at ?605/sh#BlockDealhttps://t.co/3H6SDbVh9kpic.twitter.com/JzOqYg4TM1

  — CNBC-TV18 (@CNBCTV18Live) August 22, 2023

• NBCC (India) surges more than 5% in trade and hits a 52-week high of Rs 51.4 per share. The stock ranks high on Trendlyne's checklist with a score of 77.3%. It is also in the strong buy zone. The company appears in a screener of stocks where analysts have upgraded their recommendations or target prices over the past quarter.

• One97 Communications (Paytm) rises as it plans to invest in artificial intelligence (AI) for the development of an artificial general intelligence software stack. It aims to help financial institutes in identifying possible risks and frauds, while also protecting them from new risks arising out of advances in AI.

• ICICI Securities initiates coverage on IIFL Finance with a ‘Buy’ rating and a target price of Rs 760, implying an upside of 28.8%. The brokerage is optimistic about the company’s growth prospects given its extensive footprint, diverse portfolio and asset-light approach. It expects the firm’s net profit to grow at a CAGR of 27% over FY23-25.

• Lemon Tree Hotels rises to its all-time high of Rs 108.5 per share as it signs two new properties in Bhubaneswar and Kasauli. The Bhubaneswar property is expected to be operational by Q4FY25 and will be managed by Carnation Hotels while the Kasauli property will be operational by Q3FY24 under Lemon Tree Hotels.

• Harsh Dugar, Executive Director of Federal Bank, notes a rise in deposit rates across the banking sector. He highlights strong demand from both rural and urban areas and expects the bank's loan growth to exceed the industry average by 4-5% and reach 18-20%. He adds that the net interest margin could be around 3.3-3.4% in FY24.

  Federal Bank Says
  ????Rural & urban demand has been quite robust
  ????Expect Loan Book to double by 2027, will outgrow industry by 4%-5%
  ????NIM would be at 3.3%-3.4% in FY24@FederalBankLtd#StockMarket#Niftyhttps://t.co/rUZ4taTvqX

  — Nigel D'Souza (@Nigel__DSouza) August 22, 2023

• Tata Motors sees seven analyst target price upgrades and one recommendation upgrade in the past month. UltraTech Cement, Maruti Suzuki, ICICI Bank and Axis Bank see six analyst target price upgrades over the same time period.

• Welspun Enterprises touches its all-time high of Rs 318.7 per share as it completes the acquisition of 50.1% stake in Michigan Engineers for Rs 137.1 crore from Authum Investment & Infrastructure and Sansaar Housing Finance.

• Patel Engineering is rising as it bags an order worth Rs 1,275.3 crore through a joint venture from the Madhya Pradesh government. The order involves the construction and maintenance of infrastructure for drinking water supply and storage. The company’s share in the joint venture is worth Rs 446.4 crore.

• Aeroflex Industries raises Rs 103.7 crore from anchor investors ahead of its IPO by allotting around 96 lakh shares at Rs 108 each. Investors include Nippon Life Insurance, Societe Generale, Bank of India Mutual Fund, Whiteoak Capital Mutual Fund and Winro Commercial India.

• Nomura maintains its ‘Buy’ rating on Bharat Forge with a target price of Rs 1,157. The brokerage believes that the company has the potential to be a major defense exporter, and will witness exponential growth. It anticipates a strong ramp-up in the defense space in FY24-25.

  Brokerage Radar | Nomura on Bharat Forge: Maintain 'Buy'; Defence segment witnessing a sharp ramp-up in FY24-25 pic.twitter.com/YKcGVhieE4

  — ET NOW (@ETNOWlive) August 22, 2023

• Adani Enterprises rises as promoter Kempas Trade & Investment buys a 2.3% stake in the company. It now holds a 69.9% stake.

• Ambuja Cements makes an open offer to acquire a 26% stake in Sanghi Industries for Rs 767.2 crore. The offer opens on September 29 and closes on October 13.

• Brigade Enterprises is rising as it enters into a sale deed to acquire a 6.5-acre land parcel in Chennai to develop a residential project. The company shows up in a screener for stocks with consistently high returns over the past five years.

• Union Bank of India’s board approves the raising of Rs 5,000 crore by issuing equity shares through the qualified institutional placement (QIP) route. The floor price is set at Rs 91.1 per share. The stock shows up in a screener for companies with high TTM EPS growth.

Riding High:

Largecap and midcap gainers today include Adani Power Ltd. (347.40, 6.94%), General Insurance Corporation of India (217.05, 5.59%) and Tata Communications Ltd. (1,782.15, 4.59%).

Downers:

Largecap and midcap losers today include Colgate-Palmolive (India) Ltd. (1,939.75, -2.69%), Union Bank of India (90.00, -1.96%) and Bharat Petroleum Corporation Ltd. (346.90, -1.46%).

Volume Shockers

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

Top high volume gainers on BSE included Bharat Heavy Electricals Ltd. (111.05, 10.00%), Linde India Ltd. (5,765.75, 9.86%) and Tata Teleservices (Maharashtra) Ltd. (82.15, 8.52%).

Top high volume losers on BSE were J B Chemicals & Pharmaceuticals Ltd. (2,650.25, -0.58%), Brigade Enterprises Ltd. (589.40, -0.45%) and Solar Industries India Ltd. (4,359.40, -0.11%).

The New India Assurance Company Ltd. (131.20, 5.93%) was trading at 30.4 times of weekly average. Mahindra Lifespace Developers Ltd. (528.25, 3.51%) and General Insurance Corporation of India (217.05, 5.59%) were trading with volumes 15.9 and 11.9 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

43 stocks made 52 week highs,

Stocks touching their year highs included - Bharat Electronics Ltd. (133.30, 3.13%), Bharat Forge Ltd. (1,006.70, 2.72%) and Bharat Heavy Electricals Ltd. (111.05, 10.00%).

17 stocks climbed above their 200 day SMA including Tata Teleservices (Maharashtra) Ltd. (82.15, 8.52%) and KNR Constructions Ltd. (270.30, 5.79%). 4 stocks slipped below their 200 SMA including Elgi Equipments Ltd. (466.40, -1.83%) and TTK Prestige Ltd. (764.80, -1.37%).

Nifty 50 closed at 19,393.60 (83.5, 0.4%), BSE Sensex closed at 65,216.09 (267.4, 0.4%) while the broader Nifty 500 closed at 16,852.05 (94.4, 0.6%). Market breadth is in the green. Of the 1,973 stocks traded today, 1,135 were on the uptrend, and 776 went down.

Indian indices maintained their gains from the afternoon session and closed in the green, with the Nifty 50 closing at 19,394. The volatility index, Nifty VIX, dropped by 1.5% and closed at 12 points. According to data released by the Telecom Regulatory Authority of India, the telecom industry’s adjusted gross revenue increased by 2.5% to Rs 64,494 crore in the March 2023 quarter.

Nifty Midcap 100 and Nifty Smallcap 100 closed in the green, following the benchmark. Nifty IT and Nifty Bank closed higher, compared to Friday’s closing levels. According to Trendlyne’s sector dashboard, healthcare equipment & supplies emerged as the top-performing sector of the day, with a rise of over 3.8%.

Most European indices trade in the green. US indices futures trade lower, indicating a negative start. German producer price index declines by 1.1%, against the contraction estimates of 0.2%. The numbers indicate cooling inflation in the Eurozone’s dominant manufacturing economy.

• Reliance Industries sees a short buildup in its August 31 future series as its open interest rises 7.3% with a put-call ratio of 0.38.

• The Central Bureau of Investigation (CBI) reportedly closes a case against Adani Enterprises and a former Chairman of the National Cooperative Consumer Federation. The case relates to alleged irregularities in awarding a contract for supplying imported coal to the Andhra Pradesh Power Generation Corp.

• Aeroflex Industries, a diversified flexible flow solutions provider, opens for IPO subscription tomorrow. The price band for the issue is Rs 102-108 per share. The size of the issue is Rs 351 crore, comprising a fresh issue of Rs 162 crore and an offer for sale for Rs 189 crore.

• PB Fintech, RattanIndia Enterprises and Swan Energy witness their operating profit margins improve by 34.8, 30.3 and 27.4 percentage points QoQ respectively in Q1FY24.

• ABB India rises in trade today as it receives an order from Reliance Life Sciences to deploy automation and control solutions for its new biosimilars and plasma proteins manufacturing facilities in Nashik, Maharashtra. It appears in a screener of stocks with strong annual EPS growth.

• Knowledge Marine & Engineering Works is rising as its arm bags four orders from various sand buyers from Bahrain. The orders are worth Rs 342.1 crore in total and involve the supply and sale of dredged marine sand.

• Larsen & Toubro is rising as its hydrocarbon energy business bags an order worth Rs 1,000-2,500 crore from Saipem & Clough JV for the fabrication and supply of process and piperack modules for a 2.3 MMTPA urea plant for Perdaman Chemicals and Fertilisers. The company's heavy engineering business also secures multiple orders for the complete package of Urea Equipment for the same project.

• Antique Broking downgrades its rating on Dr Reddy’s Laboratories to a 'Sell' with an unchanged target price of Rs 4,658. The brokerage cites competition in the company’s base business from H2FY24 and the lack of a launch pipeline with large-value products as reasons for the downgrade. It also adds that the current stock price already accounts for the upcoming opportunities in the US.

  #AntiqueStockBroking downgrades #DrReddys Laboratories to 'sell' rating from 'hold'.
  
  Here is why.@SanghviMonal reports.https://t.co/KaJ1w4CH1S

  — BQ Prime (@bqprime) August 21, 2023

• EIHand Praj Industries touch their all-time highs of Rs 236.9 and Rs 504.8 respectively. The former has risen by 10.6% over the past month, while the latter increased by 18.6%.

• Pyramid Technoplast's Rs 153.1 crore IPO gets bids for 5.84X the available 75.6 lakh shares on offer on the second day of bidding. The retail investor quota gets bids for 6.52X of the available 46.1 lakh shares on offer.

• Khurshed Yazdi Daruvala, promoter of Sterling and Wilson Renewable Energy, sells a 1% stake in the company in a bulk deal on Friday.

• IT stocks like Persistent Systems, Mphasis, L&T Technology Services, Coforge and Wipro are rising in trade. All the constituents of the broader sectoral index, Nifty IT, are trading in the green.

• Robert Sockin, Global Economist at Citi, anticipates higher interest rates to persist for a longer duration in the US.  He also highlights the possibility of one more rate hike from the US Federal Reserve.

  #OnCNBCTV18 | #US eco resilience is convincing markets that rate cut hopes need to be pushed out. Expect one more rate hike from the US Fed. Most of the #inflation in #China is being driven by services, says Robert Sockin of Citi pic.twitter.com/ljhsqv061K

  — CNBC-TV18 (@CNBCTV18Live) August 21, 2023

• Geojit BNP Paribas upgrades rating on CIE Automotive India to ‘Buy’ from ‘Reduce’ and raises the target price to Rs 576 from Rs 376. This implies an upside of 15.7%. The brokerage turns positive about the company’s prospects given its focus on expanding its EV portfolio, increasing business with existing customers and healthy order book.

• Utilities stocks like Adani Power, Adani Transmission and KPI Green Energy rise more than 2% in trade. The broader S&P BSE Utilities index also trades more than 2% higher.

• PNB Housing Finance rises more than 5% in trade as it resolves and fully recovers a large corporate non-performing account of Rs 784 crore (~1.3% of loan asset) through an ARC sale under the Swiss Challenge method. This is in line with the Reserve Bank of India (Transfer of Loan Exposures) Directions, 2021. It appears in ascreener of stocks with strong momentum.

• Amish Shah, Head of India Research at BofA Securities, lists increased earnings growth expectations, a busy political calendar, and erratic monsoons as major risks for the domestic stock markets. He estimates the Nifty 50 to touch 20,500 in 2023. Shah is bullish on sectors like financials, industrials and staples and bearish on IT, utilities and metals sectors.

  Amish Shah, Head of India Research, BofA Securities is bullish on domestic cyclical sectors like financials, industrials, and stapleshttps://t.co/nEkfDH1Hpu

  — Business Today (@business_today) August 21, 2023

• Bharat Forge hits a new all-time high of Rs 987.8 as its arm, Kalyani Strategic Systems, wins two export orders worth 93.9 million euros. The order is for the supply of components and armoured vehicle chassis over 18 months, subject to necessary government approvals.

• Cholamandalam Investment & Finance Company rises in today's trade following the resolution of the dispute between the family branch of the late MV Murugappan and other members of the Murugappa family. The company appears in a screener of stocks with consistently high returns over 5 years.

• Metal stocks like Hindalco Industries, NMDC, Jindal Steel & Power, National Aluminium Co and JSW Steel are rising in trade. Barring APL Apollo Tubes, all the other constituents of the broader sectoral index, BSE Metal, are trading in the green.

• Jio Financial Services lists at Rs 265 on BSE and 262 on NSE today. The stock price has fallen since the listing and is currently trading in the lower circuit.

• CLSA maintains its ‘Outperform’ rating on Titan Co with a target price of Rs 3,270, citing the company's aim to improve its reach through its subsidiary's acquisition. The brokerage adds that the firm is committed to building CaratLane as an integral part of its jewellery business. Titan acquired an additional 27.18% stake in CaratLane for Rs 4,621 crore on August 19, taking its holding to 98.28%.

  Brokerage Radar | CLSA on Titan: Maintain Outperform; Looking to enhance reach through CaratLane#Titan#CaratLane#StockMarketpic.twitter.com/YoIEkbTyjU

  — ET NOW (@ETNOWlive) August 21, 2023

• Malav Ajitbhai Mehta, promoter of Infibeam Avenues, sells a 1.3% stake in the company via market sale.

• Bharat Heavy Electricals wins an order worth approx Rs 4,000 crore from Mahan Energen (an arm of Adani Power) to supply equipment (boiler, turbine, generator) and supervise the erection and commissioning of 2x800 MW power project based on supercritical technology at Bandhaura, Madhya Pradesh.

• Ashish Kacholia sells a 0.6% stake in SJS Enterprises for approx Rs 11.6 crore in a bulk deal on Friday.

• KEC International surges more than 5% as it bags three orders worth Rs 1,007 crore in the Indian and overseas markets. The first order is for designing, engineering, procuring and constructing a multispecialty hospital in India. The second order is for a 380 kV Overhead Transmission line project in the Middle East, and the third involves supplying various types of cables in India and overseas.

Riding High:

Largecap and midcap gainers today include Adani Power Ltd. (324.85, 6.65%), Adani Transmission Ltd. (923.55, 5.92%) and Sona BLW Precision Forgings Ltd. (590.90, 4.24%).

Downers:

Largecap and midcap losers today include Delhivery Ltd. (407.40, -2.98%), Union Bank of India (91.80, -2.86%) and One97 Communications Ltd. (837.95, -2.55%).

Volume Shockers

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

Top high volume gainers on BSE included Tamilnad Mercantile Bank Ltd. (572.30, 18.19%), Trident Ltd. (35.70, 10.19%) and Data Patterns (India) Ltd. (2,364.60, 9.55%).

Top high volume loser on BSE was Jindal Worldwide Ltd. (378.70, -2.17%).

Capri Global Capital Ltd. (760.20, 1.84%) was trading at 10.8 times of weekly average. Nuvoco Vistas Corporation Ltd. (340.10, 2.97%) and PNB Housing Finance Ltd. (657.90, 3.55%) were trading with volumes 9.9 and 7.9 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

32 stocks took off, crossing 52 week highs,

Stocks touching their year highs included - Bharat Forge Ltd. (980.05, 0.96%), Cera Sanitaryware Ltd. (8,570.00, 1.48%) and Emami Ltd. (535.00, 1.21%).

14 stocks climbed above their 200 day SMA including Trident Ltd. (35.70, 10.19%) and KNR Constructions Ltd. (255.50, 4.91%). 9 stocks slipped below their 200 SMA including Elgi Equipments Ltd. (475.10, -2.08%) and Aptus Value Housing Finance India Ltd. (266.60, -1.70%).