Trendlyne Blog: Trendlyne Marketwatch, Latest on stock market and finance in India and the world.

09 Oct 2023

Market closes lower, KPI Green Energy bags three orders for 4.2 MW solar power projects

Trendlyne Analysis

Nifty 50closed at 19,512.35 (-141.2, -0.7%), BSE Sensexclosed at 65,512.39 (-483.2, -0.7%) while the broader Nifty 500closed at 17127.70 (-165.9, -1.0%). Market breadth is moving down. Of the 1,993 stocks traded today, 368 were in the positive territory and 1,594 were negative.

Indian indices closed in the red, with the Nifty Nifty 50 closing at 19,512.4 points. The Indian volatility index, Nifty VIX, rose 10.7% and closed at 11.4 points. Hero MotoCorp closed 2.5% lower after reports of an FIR registered against Pawan Munjal, MD & CEO, by the Vasant Kunj Police station. The FIR relates to a fake invoice case of Rs 5.9 crore registered by Brains Logistics in 2009-10.

Nifty Smallcap 100 and Nifty Midcap 100 closed lower, taking cues from the benchmark index. Nifty Media closed 2.2% lower while Nifty IT closed flat. According to Trendlyne's sector dashboard, Telecommunications Equipment was the top-performing sector of the day as it rose 3.6% in a weak market.

Major European indices recovered from their day lows and traded flat or marginally higher, except for Germany's DAX index trading in the red. Asian indices closed mixed amid weak global cues. US index futures traded lower, indicating a negative start to the trading session. Brent crude oil futures fell from their day highs but still traded 3% higher on fears of crude oil supply disruption from Iran.

Multi Commodity Exchange of India sees a long buildup in its October 26 future series as its open interest rises 19.2% with a put-call ratio of 0.6.
HDFC Bank, Alkem Laboratories and GMM Pfaudler see their mutual fund holdings rise by 2.1%, 1.6% and 1.5% respectively.
CG Power and Industrial Solutions, BSE, and Varun Beverages’ stock prices increase 259.7%, 231.5%, and 211% respectively over the past two years.
Metal & mining stocks like Jindal Stainless, Welspun Corp, Hindustan Copper, APL Apollo Tubes and Steel Authority of India are falling in trade. Barring Hindustan Zinc, all the other constituents of the broader sectoral index, Nifty Metal, are trading in the red.
Vascon Engineers rises to an all-time high of Rs 78.5 as it bags an order worth Rs 262.2 crore from a Government of India enterprise, Bridge and Roof Co India. The project involves the development of the Government Medical College in Kanker, Chhattisgarh. The company appears in a screener of stocks with strong momentum.
KPI Green Energy is rising as it bags three orders for 4.2 MW solar power projects under its captive power producer segment. The projects are expected to be completed in FY24.
NLC India is falling despite bagging an 810 MW grid-connected solar power project from Rajasthan Rajya Vidyut Utpadan Nigam. The stock shows up in a screener for companies with book value per share improving over the past two years.
Adani Ports & Special Economic Zone declines by over 4% due to concerns over the Haifa port in northern Israel. The company assures that it has contingency plans to ensure business continuity. It adds that Hafia contributes only 3% of the total cargo volumes. For FY24, the firm expects Haifa's cargo volumes to be in the range of 10-12 MMT.
Adani Ports is closely monitoring the conflict in Israel and is prepared with a business continuity plan, the company said in a statement on Monday.https://t.co/WEXUTrRNWw
— Business Today (@business_today) October 9, 2023
Hero MotoCorp is falling following reports of an FIR registered against Pawan Munjal, MD & CEO, by the Vasant Kunj Police station. The FIR relates to a fake invoice case of Rs 5.9 crore registered by Brains Logistics in 2009-10.
PSU Banks like Central Bank of India, Bank of Maharashtra, Punjab & Sind Bank, Indian Overseas Bank and Punjab National Bankare falling in trade. The broader sectoral index, Nifty PSU Bank, is also trading in the red.
Shree Renuka Sugarsacquires a 100% stake (5 crore shares) in Anamika Sugar Mills for Rs 235.5 crore to establish its presence in Uttar Pradesh. It appears in a screenerfor stocks in the Nifty 500 with consistent high returns over five years.
Morgan Stanley maintains its ‘Equal-weight’ rating on Titan Co with a target price of Rs 3,190. The brokerage highlights that the company achieved a 20% YoY revenue growth in Q2FY24, despite the general weakness in discretionary demand.
Brokerage Radar | #MorganStanley maintains equal-weight on #Titan with target price of Rs.3,190@MorganStanley @TitanCompanyLtd pic.twitter.com/txdfFOJqCf
— ET NOW (@ETNOWlive) October 9, 2023
Sharekhan maintains its ‘Buy’ rating on The Ramco Cements and raises the target price to Rs 1,130 from Rs 1,010. This implies an upside of 21%. The brokerage is optimistic about the company’s growth prospects on the back of rising sales volumes, focus on premiumisation and improving cost efficiencies.
Metropolis Healthcare rises as its Q2FY24 core business revenue grows by 13% YoY. The company's B2C revenue increases by 15% YoY. The company appears in a screener of stocks with strong momentum.
Global oil prices surge following an attack on Israel by Hamas, raising concerns over possible supply shocks from the region.
R C Bhargava, Chairman of Maruti Suzuki India, announces that the company plans to invest over Rs 50,000 crore by FY31. He adds that a significant portion of this investment, amounting to Rs 45,000 crore, is dedicated to expanding the production capacity to 4 million vehicles annually. Investments will also be utilised to improve the supply chain and to develop the export infrastructure, with an aim to export 7,50,000 vehicles by FY31.
Maruti's Rs 50,000 cr mega expansion by FY31#MarutiSuzuki India's investment plan to include Rs 45,000 crore towards doubling its capacity to 4 mn vehicles per annum, says chairman R C Bhargava@surajeetatbs @Maruti_Corp #Cars https://t.co/ZoHEfeafs9
— Business Standard (@bsindia) October 9, 2023
Som Distilleries & Breweries declines as its board decides not to proceed with the proposed QIP issue due to the limited number of bids received. The company says it will evaluate the viability of raising funds at a suitable time. It appears in a screener for stocks in the 'Sell' zone.
Rail Vikas Nigam is falling despite it bagging an order worth Rs 394.8 crore from Maharashtra Metro Rail Corp. The project involves the design and construction of an elevated metro viaduct and is expected to be completed in 30 months.
Multi Commodity Exchange of India is rising as SEBI's Technical Advisory Committee grants approval for the launch of its commodity derivative platform (CDP).
Prestige Estates Projects hits an all-time high of Rs 700.9 following a 102% YoY increase in Q2FY24 net sales to Rs 7092.6 crore. The group sold 3,659 units during the quarter. The company appears in a screener of stocks with improving book value per share.
Retail sales for the automotive industry rise 20.4% YoY to 18.8 lakh units in September, shows data from the Federation of Automotive Dealers' Association. Two-wheeler retail sales are up 21.7% YoY, while cars increase by 19% YoY. FADA anticipates an upbeat festive season for auto retail and has changed its outlook for the festive season from cautiously optimistic to optimistic.
#AutoSales | Automotive retail in September showcased double-digit YoY growth of 20%, anticipate a vibrant festive season for auto retail: @FADA_India on auto sales pic.twitter.com/ze9NhmXNuk
— CNBC-TV18 (@CNBCTV18Live) October 9, 2023
Dolly Khanna buys a 0.5% stake in Prakash Pipes in Q2FY24. She now holds a 3.2% stake in the company.
Radhakishan Damanisells a 0.3% stake in Andhra Paperin Q2FY24. He now holds a 1% stake in the company.
Mohnish Pabraisells a 1.9% stake in Rain Industriesin Q2FY24. He now holds a 7% stake in the company.
Kaynes Technologyis rising as the company plans to set up a semiconductor OSAT (outsourced semiconductor assembly and testing) and compound semiconductor facility in Telangana. The company has estimated a capex of Rs 2,800 crore for the facility.

Riding High:

Largecap and midcap gainers today include Oil India Ltd. (311.25, 5.24%), Supreme Industries Ltd. (4,000.00, 2.24%) and Hindustan Zinc Ltd. (311.80, 2.05%).

Downers:

Largecap and midcap losers today include Indian Overseas Bank (43.30, -6.38%), Adani Power Ltd. (342.00, -6.12%) and Union Bank of India (99.35, -5.65%).

Movers and Shakers

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

Top high volume gainers on BSE included ITI Ltd. (215.00, 11.98%), Oil India Ltd. (311.25, 5.24%) and Archean Chemical Industries Ltd. (602.25, 2.51%).

Top high volume losers on BSE were Rashtriya Chemicals & Fertilizers Ltd. (120.90, -2.54%) and Elgi Equipments Ltd. (494.00, -0.15%).

United Breweries Ltd. (1,561.40, 0.04%) was trading at 5.8 times of weekly average. Crisil Ltd. (3,917.65, 1.94%) and Metropolis Healthcare Ltd. (1,501.10, 2.04%) were trading with volumes 4.4 and 4.0 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

17 stocks overperformed with 52 week highs, while 4 stocks hit their 52 week lows.

Stocks touching their year highs included - Coromandel International Ltd. (1,162.00, -0.81%), Godrej Industries Ltd. (678.25, -5.68%) and Ipca Laboratories Ltd. (936.10, 0.24%).

Stocks making new 52 weeks lows included - Rajesh Exports Ltd. (478.20, -3.77%) and Adani Total Gas Ltd. (590.30, -2.37%).

16 stocks slipped below their 200 SMA including Petronet LNG Ltd. (223.20, -3.12%) and Sumitomo Chemical India Ltd. (425.10, -3.04%).

Trendlyne Marketwatch

06 Oct 2023

Market closes higher, Valiant Laboratories’ shares debut at a 15.9% premium

Trendylne Analysis

Nifty 50closed at 19,653.50 (107.8, 0.6%), BSE Sensexclosed at 65,995.63 (364.1, 0.6%) while the broader Nifty 500closed at 17,293.60 (97.8, 0.6%). Market breadth is in the green. Of the 1,954 stocks traded today, 1,237 showed gains, and 665 showed losses.

Indian indices extended the gains from the afternoon session and closed in the green, with the Nifty 50 closing at 19,654. The volatility index, Nifty VIX, dropped by 5.9% and closed at 10.3 points. Ujjivan Small Finance Bank's total deposits grew by 43% YoY to Rs 29,134 crore in Q2FY24, while advances rose 27% YoY to Rs 29,134 crore.

Nifty Midcap 100 and Nifty Smallcap 100 closed in the green, following the benchmark index. Nifty Realty and Nifty Pharma closed higher than Thursday’s closing levels. According to Trendlyne’s sector dashboard, realty emerged as the top-performing sector of the day, with a rise of over 2.7%.

Most European indices trade in the green. US indices futures trade higher, indicating a positive start. The data released by the German Federal Statistical Office indicated that German factory orders in August rose 3.9% MoM against the estimates of 1.8%. German factory orders in July contracted by 11.7% MoM.

Money flow index (MFI) indicates that stocks like Suven Pharmaceuticals, Gujarat Ambuja Exports, Suzlon Energy and Tata Investment Corp are in the overbought zone.
Mahindra Holidays & Resorts rises over 7% in trade today. The company ranks high on Trendlyne’s Checklist, scoring 59.1%. It also features in a screener of consistent highest-return stocks over five years.
Bharat Heavy Electricals rises as it wins two arbitration proceedings against Jaiprakash Power Ventures. This led the company to bag contracts for the 660 MW Jaypee Nigrie Thermal Power Project and the 250 MW Bina Thermal Power Plant. The company appears in a screener of stocks with improving RoA.
Dabur India's management expects its revenue to grow in the mid to high single digits in Q2FY24. It also expects net profit to increase proportionally. The company features in a screener of stocks with low debt.
PB Fintech falls as 1.1 crore shares (a 2.5% stake), amounting to Rs 871.2 crore, reportedly change hands in a bulk deal. SoftBank is the likely seller.
Sharekhan maintains its ‘Buy’ rating on Indian Hotels Co with a target price of Rs 492, implying an upside of 16.3%. The brokerage believes the company is well-placed to benefit from the rising demand for travel in FY24, given its focus on expanding through the asset-light model, improving cash flows and strengthening of balance sheet. It expects the firm’s net profit to grow at a CAGR of 27% over FY23-26.
Realty stocks like DLF, Godrej Properties, Sobha, Swan Energy and Brigade Enterprises are rising in trade. Barring Mahindra Lifespace Developers, all the other constituents of the broader sectoral index, Nifty Realty, are trading in the green.
HDFC Securities maintains its ‘Buy’ rating on Navin Fluorine International with a target price of Rs 5,368. This implies an upside of 44.3%. The brokerage believes the firm’s growth momentum is intact despite the resignation of its Managing Director, Radhesh Welling. It expects growth to be driven by long-term contracts, rising contribution from the high-margin business to the sales mix and capacity expansion.
Strides Pharma Science declines as reports suggest that 13.8 lakh shares (1.5% equity), amounting to Rs 69.1 crore, change hands in a large trade.
Strides Pharma Large Trade | 13.75 lk shares (1.5% equity) worth ?69.1 cr change hands at an avg ?502/sh pic.twitter.com/RcHjyZTQtn
— CNBC-TV18 (@CNBCTV18Live) October 6, 2023
Valiant Laboratories’ shares debut on the bourses at a 15.9% premium to the issue price of Rs 140. The Rs 152.5 crore IPO has received bids for 29.8 times the total shares on offer.
Ujjivan Small Finance Bank surges as its total deposits grow by 43% YoY to Rs 29,134 crore in Q2FY24, while advances rise 27% YoY to Rs 29,134 crore.
InterGlobe Aviation (IndiGo Airlines)rises as reports suggest that it will introduce a fuel charge of up to Rs 1,000 to offset the rising cost of aviation fuel. The fuel surcharge applies to both domestic and international routes and will take effect starting today. The company appears in a screenerof stocks with improving cash flow from operations.
HDFC Securities maintains its ‘Buy’ rating on Navin Fluorine Internationalwith a target price of Rs 5,368. This implies an upside of 44.3%. The brokerage believes the firm’s growth momentum is intact despite the resignation of its Managing Director, Radhesh Welling. It expects growth to be driven by long-term contracts, rising contribution from the high-margin business to the sales mix and capacity expansion.
Macquarie has an ‘Outperform’ rating on Jindal Steel & Power, Tata Steel and Hindalco, while it downgrades its rating on JSW Steel to ‘Neutral’. The brokerage believes that robust domestic demand and strong steel prices augur well for the steel companies.
Brokerage Radar | "Steel companies to benefit from strong domestic demand and strength in domestic steel prices," Macquarie notes on metals. @Macquarie pic.twitter.com/KsXB9tov0D
— ET NOW (@ETNOWlive) October 6, 2023
Sun Pharmaceutical Industries rises as it announces the US FDA's acceptance of its new drug, Deuruxolitinib, used to treat adults with moderate to severe alopecia areata. It appears on a screener for stocks with strong annual EPS growth.
Foreign institutional investors sell stocks worth Rs 7,660.6 crore in the equity market over the past week, according to Trendlyne's FII dashboard. Meanwhile, index options witness the highest outflow of Rs 1.3 lakh crore from foreign investors.
Railtel Corp of India rises as it wins a work order worth Rs 68 crore from Jammu Smart City to commission a data centre and disaster recovery centre for the Integrated Command and Control Centre.
The RBI's Monetary Policy Committee (MPC) maintains India's real GDP growth forecast for FY24 at 6.5% while CPI inflation for Q2FY24 has been raised to 6.4%. According to RBI Governor Shaktikanta Das, challenges to the future outlook include geopolitical tensions, potential global economic recession, and irregular monsoon.
As expected, the RBI left the repo rate unchanged at 6.5%. The MPC voted to remain focused on the withdrawal of accommodation by 5 votes to 1. CPI inflation forecast for 2023-24 has been left unchanged at 5.4%.

Here are key takeaways from RBI Governor Shaktikanta Das' speech ????… pic.twitter.com/wiszgMoPUN
— Moneycontrol (@moneycontrolcom) October 6, 2023
KPI Green Energy rises as it bags multiple orders for the development of solar power projects, totalling 12.1 MW from domestic entities. The projects are expected to be completed in FY24 in various tranches. The company appears in a screener of stocks with strong momentum.
Kalyan Jewellers is rising after announcing its Q2FY24 business update, as its revenue increases by 27% YoY, led by robust momentum in footfalls across Indian and Middle Eastern markets. Revenue from its Indian operations climbs 32% YoY due to healthy same-store sales. The stock shows up in a screener for companies with improving RoA over the past two years.
Healthcare stocks like Aurobindo Pharma, Granules India, Alkem Laboratories and Dr Reddy's Laboratories are rising in trade. All constituents of the broader Nifty Healthcare index are also trading in the green.
Adani Wilmar rises as its total standalone sales volumes grow by 11%, aided by growth in the industry essentials and food & FMCG segments. However, there's a 13% dip in standalone sales value due to a decline in the edible oil segment. The company appears in a screener of stocks with improving net cash flow.
RBI decides to keep the policy repo rate unchanged at 6.5% during the Monetary Policy Committee meeting.
#RBIMPC opts for status quo, keeps #reporate unchanged at 6.5 per centhttps://t.co/DArq7oimrE
— Economic Times (@EconomicTimes) October 6, 2023
Lupin is rising as it receives tentative approval from the US FDA for its abbreviated new drug application for tolvaptan tablets. This generic variant of Otsuka Pharmaceutical's Jynarque tablets is used for the prevention of heart failure and hormone imbalance. According to IQVIA, the drug had an estimated annual sales of $287 million in the year ending August 2023.
Dolly Khannabuys a 0.1% stake in Talbros Automotive Componentsin Q2FY24. She now holds a 1.6% stake in the company.
Bajaj Financeis rising as its board of directors approves the issue of shares worth up to Rs 8,800 crore through a qualified institutional placement (QIP).

Riding High:

Largecap and midcap gainers today include Bajaj Finserv Ltd. (1,634.65, 5.97%), General Insurance Corporation of India (225.30, 5.18%) and Godrej Properties Ltd. (1,675.00, 4.73%).

Downers:

Largecap and midcap losers today include Vodafone Idea Ltd. (10.95, -2.23%), CG Power and Industrial Solutions Ltd. (418.75, -1.70%) and Gujarat Fluorochemicals Ltd. (2,845.50, -1.61%).

Movers and Shakers

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

Top high volume gainers on BSE included Godrej Industries Ltd. (719.10, 19.64%), Kalyan Jewellers India Ltd. (258.15, 10.13%) and Mahindra Holidays & Resorts India Ltd. (433.80, 7.64%).

Top high volume losers on BSE were BASF India Ltd. (2,506.75, -1.54%), Alembic Pharmaceuticals Ltd. (772.85, -0.39%) and Rajesh Exports Ltd. (496.95, -0.21%).

Godrej Agrovet Ltd. (515.00, 7.36%) was trading at 15.2 times of weekly average. AstraZeneca Pharma India Ltd. (4,726.10, 4.93%) and Century Plyboards (India) Ltd. (653.40, 0.97%) were trading with volumes 12.8 and 10.4 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

19 stocks overperformed with 52 week highs,

Stocks touching their year highs included - Bajaj Finance Ltd. (8,168.55, 4.05%), DLF Ltd. (548.70, 4.51%) and eClerx Services Ltd. (2,147.85, 6.21%).

6 stocks climbed above their 200 day SMA including PI Industries Ltd. (3,420.70, 1.03%) and Sterlite Technologies Ltd. (159.40, 0.28%). 1 stock slipped below their 200 SMA including BASF India Ltd. (2,506.75, -1.54%).

Trendlyne Marketwatch

05 Oct 2023

Market closes higher, Rites bags order worth $111 million (Rs 924 crore)

Trendlyne Analysis

Nifty 50 closed at 19,545.75 (109.7, 0.6%) , BSE Sensex closed at 65,631.57 (405.5, 0.6%) while the broader Nifty 500 closed at 17,195.80 (72.7, 0.4%), of the 1,952 stocks traded today, 1,203 were on the uptick, and 695 were down.

Indian indices extended the gains from the afternoon session and closed in the green, with the Nifty 50 closing at 19,546. The volatility index, Nifty VIX, dropped by 6.2% and closed at 10.9 points. India’s service PMI in September expanded to 61 against estimates of 59.5. India’s service PMI for August stood at 60.1.

Nifty Midcap 100 closed flat, while Nifty Smallcap 100 closed in the green, following the benchmark index. Nifty Media and Nifty IT closed higher than Wednesday’s closing levels. According to Trendlyne’s sector dashboard, media emerged as the top-performing sector of the day, with a rise of over 2%.

Most European indices trade in the red, except for England’s FTSE 100 trading flat. US indices futures trade lower, indicating a negative start. The data released by the French National Institute of Statistics and Economics indicated that France’s industrial production in August contracted by 0.3% MoM against estimates of a 0.4% decline.

Relative strength index (RSI) indicates that stocks like C.E. Info Systems, Kaynes Technology India, Suzlon Energy and Indian Overseas Bank are in the overbought zone.
NHPC shuts down all its power stations in Sikkim due to flash floods. NHPC's Teesta-V power stations (510 MW) and Teesta-VI HE Project (500 MW), situated in Teesta Basin, are the two affected projects.
Tata Motors is rising as its subsidiary, Tata Motors JLR UK, reports a 27.5% YoY sales growth in September to 8,125 units. The growth is due to the improvement in sales of Land Rover and Jaguar. It appears in a screener of newly affordable stocks with good financials and durability.
Rites is rising as it emerges as the lowest bidder in a tender floated by Bangladesh Railway, with an estimated value of $111 million (Rs 924 crore). The order involves the procurement of 200 broad-gauge passenger carriages for Bangladesh Railway.
Blue Star falls despite acquiring 15.1 crore shares in its subsidiary, Blue Star Climatech though a rights issue of shares at Rs 10 per share, amounting to Rs 151 crore. The company appears in a screener of stocks with low debt.
Cholamandalam Investment & Finance Company falls as it issues shares via qualified institutional placements at Rs 1,180 each, which is at a discount to the floor price of Rs 1,200.5. The company has issued 1.7 crore shares, raising a total of Rs 2,000 crore. It appears in a screener of stocks with high debt.
Morgan Stanley notes Zomato's consistent performance in core business profitability. The firm's recent hike in platform fees has been well-received by its users. The brokerage maintains an 'Outperform' rating on Zomato, with a target price of Rs 125.
ZOMATO +4%
MS Note - Tactical Idea
- Believe share price will outperform in next 60 days
- Co has been surprising on profitability in its core biz
- Increase in platform fees has been well adopted across user base
- Q2 & Q3 results will address concerns around stagnation in MTU… pic.twitter.com/g8jvQY3udl
— Mangalam Maloo (@blitzkreigm) October 5, 2023
Plaza Wires' Rs 71.3 crore IPO gets bids for 161X the available 95 lakh shares on offer on the fourth day of bidding. The retail investor quota gets bids for 374.8X the available 13.2 lakh shares on offer.
Tata Consultancy Services rises after being chosen by the Georgia Department of Labor to replace its cloud-based unemployment insurance system. The company appears in a screener of stocks nearing their 52-week highs with significant volumes.
Healthcare Global Enterprisesacquires SRJ CBCC Cancer hospital in Indore from SRJ Health Care. The company plans to expand the hospital by adding 100 beds and upgrading its cancer diagnostic and treatment facilities. The hospital is expected to be operational in two years.
Hindalco Industries signs an MoU with Odisha Mining Corporation for a Rs 8,000 crore investment, in two phases. This deal ensures a long-term supply of bauxite ore for Hindalco's proposed two-million-tonne alumina refinery and 150-MW captive power plant in Kansariguda, Rayagada district.
BoB Capital Markets maintains its ‘Buy’ rating on Bajaj Financewith a target price of Rs 9,105. This implies an upside of 15.5%. The brokerage believes the firm’s robust assets under management growth, efficient execution and diverse business model will enable it to fend off competition and manage asset quality risks. It expects the company’s net profit to grow at a CAGR of 26.8% over FY23-25.
India’s Services PMI rises to 61 in September from 60.1 in August, driven by favourable demand conditions, new businesses and an increase in output volumes.
India’s September services PMI at 61.0 Vs 60.1 in August.

Read the details here#India #PMI #servicesector #Indianeconomy #August #September https://t.co/cUGZ5Egdyw
— Business Standard (@bsindia) October 5, 2023
Capri Global Holdings sells a 0.5% stake in Indiabulls Housing Finance for approx Rs 42.9 crore in a bulk deal on Wednesday.
Marico is falling as it reports low-single-digit volume growth YoY in Q2FY24 due to weak rural demand. The company’s consolidated revenue has been marginally lower during the quarter, driven by price corrections in its key domestic portfolios.
Sobha is rising as its Q2FY24 sales rise by 48.1% YoY to reach a record high of Rs 1,723.8 crore. Its average price realisation per square foot also grows by 17.4% YoY to Rs 10,223. The stock shows up in a screener for companies with improving cash flow and good durability.
Emkay Global initiates coverage on Indian Hotels Co and Lemon Tree Hotels with a ‘Buy’ rating, and Chalet Hotels with a ‘Hold’. According to the brokerage, demand is expected to remain strong despite limited supply. It also predicts occupancy to remain high.
Brokerage Radar | "Uptrend typically lasts for 5-6 years," Emkay notes on Indian hotels industry.@EmkayGlobal pic.twitter.com/BXzUol9EKs
— ET NOW (@ETNOWlive) October 5, 2023
Nazara Technologies surges more than 5% as its subsidiary, NODWIN Gaming, acquires a 100% stake in PublishME for $2 million (approximately Rs 16.6 crore).
Media stocks like Nazara Technologies, Network 18 Media & Investments, Sun TV Network, TV18 Broadcast and Dish TV India are rising in trade. All the constituents of the broader sectoral index, Nifty Media, are also trading in the green.
Larsen & Toubro secures multiple orders worth Rs 2,500-5,000 crore. The orders involve the construction of a residential township in Bengaluru, a commercial tower in Hyderabad, and a super specialty hospital at the Indian Institute of Technology, Kanpur.
Prashant Pitti, Co-Founder & Executive Director of Easy Trip Planners, says that the festive season and the Cricket World Cup have resulted in a surge in demand, which is 72% higher this year. He also highlights that volumes on routes like Delhi-Ahmedabad have gone up by 89%.
#OnCNBCTV18 | Festive season & #CricketWorldCup2023 have led to unprecedented demand, demand is 72% higher this year, volumes for routes like Delhi-Ahmedabad higher by 89%, says Prashant Pitti, Easy Trip Planners pic.twitter.com/lkFGrx2N87
— CNBC-TV18 (@CNBCTV18Live) October 5, 2023
Exide Industries rises as it acquires 11 crore share, amounting to Rs 340 crore, in its subsidiary Exide Energy Solutions (EESL). EESL plans to use this amount to fund its greenfield projects. The company appears in a screener of stocks with low debt.
Hindustan Aeronautics is rising after announcing that the Indian Air Force intends to procure an additional 97 light combat aircraft (LCA) Tejas fighter jets. This comes after the company completed delivering the first LCA Tejas twin-seater aircraft.
Porinju Veliyath buys a 1% stake in Kerala Ayurveda for approx Rs 1.6 crore in a bulk deal on Wednesday.
Macrotech Developers’ Q2FY24 pre-sales rise 12% YoY to Rs 3,530 crore, its highest-ever quarterly pre-sales. With this, it achieves nearly half of its pre-sales guidance for FY24. Its collections increase by 16% YoY, while its net debt declines 23.5% YoY to Rs 6,730 crore.

Riding High:

Largecap and midcap gainers today include Zomato Ltd. (105.40, 4.62%), One97 Communications Ltd. (895.10, 3.71%) and InterGlobe Aviation Ltd. (2,473.40, 3.71%).

Downers:

Largecap and midcap losers today include Marico Ltd. (542.45, -4.98%), Punjab National Bank (77.10, -3.32%) and Union Bank of India (105.50, -2.72%).

Volume Shockers

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

Top high volume gainers on BSE included Infibeam Avenues Ltd. (19.70, 13.22%), SIS Ltd. (480.15, 9.61%) and eClerx Services Ltd. (2,022.25, 8.91%).

Top high volume losers on BSE were Oberoi Realty Ltd. (1,091.05, -2.68%) and Linde India Ltd. (5,968.30, -0.05%).

Prestige Estates Projects Ltd. (671.30, 7.23%) was trading at 8.7 times of weekly average. Sumitomo Chemical India Ltd. (440.80, 5.43%) and Godrej Industries Ltd. (601.05, 3.06%) were trading with volumes 6.0 and 4.7 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

16 stocks hit their 52 week highs, while 2 stocks were underachievers and hit their 52 week lows.

Stocks touching their year highs included - Balkrishna Industries Ltd. (2,585.25, 2.22%), Coromandel International Ltd. (1,166.10, 1.92%) and eClerx Services Ltd. (2,022.25, 8.91%).

Stocks making new 52 weeks lows included - Navin Fluorine International Ltd. (3,695.60, -3.39%) and Adani Total Gas Ltd. (602.90, -1.28%).

7 stocks climbed above their 200 day SMA including Sumitomo Chemical India Ltd. (440.80, 5.43%) and Bharat Dynamics Ltd. (1,001.65, 2.26%). 4 stocks slipped below their 200 SMA including Godrej Consumer Products Ltd. (976.60, -1.40%) and Dabur India Ltd. (550.75, -0.83%).

Trendlyne Marketwatch

04 Oct 2023

Market closes lower, Plaza Wires' IPO gets bids for 62.6X of available shares

Trendlyne Analysis

Nifty 50closed at 19,436.10 (-92.7, -0.5%), BSE Sensexclosed at 65,226.04 (-286.1, -0.4%) while the broader Nifty 500closed at 17,123.10 (-131.3, -0.8%). Market breadth is highly negative. Of the 1,955 stocks traded today, 535 were in the positive territory and 1,373 were negative.

Indian indices recovered from their day lows but still closed in the red, with the Nifty 50closing at 19,436.1 points. The Indian volatility index, Nifty VIX, fell 1.1% and closed at 11.7 points. Nestle India rose 3% after its board of directors considered a proposal to split its shares, each with a face value of Rs 10. It is also considering a second interim dividend for 2023.

Nifty Smallcap 100 and Nifty Midcap 100 closed lower, following the benchmark index. However, Nifty ITand Nifty FMCG closed higher than their Tuesday’s close. According to Trendlyne's sector dashboard, Commercial Services & Supplies was the top-performing sector of the day as it rose 1.4%.

European indices rebounded and traded higher after opening in the red on a volatile day. However, major Asian indices settled lower than their Tuesday close. US index futures traded flat, indicating a cautious start to the trading session. Brent crude oil futures traded in the red after rising 0.7% on Tuesday.Axis Bank says media reports about the bank planning to raise Rs 10,000 crore via QIP are untrue. The bank adds any fund-raising decision might be taken at the board meeting ahead of the results and the report is purely speculative.

Axis Bank sees a short buildup in its October 26 future series as its open interest rises 26.5% with a put-call ratio of 0.4.
Metal & mining stocks like Vedanta, Jindal Steel & Power, Steel Authority of India, Tata Steel and National Aluminium Co are falling in trade. All constituents of the broader sectoral index, BSE Metal, are also trading in the red.
JPMorgan maintains its ‘Overweight’ rating on HDFC Bank with a target price of Rs 1,900. According to the brokerage, the bank's Q2FY24 earnings are expected to be weak and this weakness will worsen post Q2. It adds that the bank's sequential advances growth momentum has increased to 5% QoQ, and deposits are coming in thick and fast.
Brokerage Radar | JPMorgan on HDFC Bank maintains overweight@jpmorgan @HDFC_Bank pic.twitter.com/xTGadidYsX
— ET NOW (@ETNOWlive) October 4, 2023
Reliance Industries' step-down subsidiary, Reliance Brands Holding UK, signs a joint venture (JV) agreement with Superdry. The purpose of the JV is for Superdry to sell its South Asian IP to Reliance for $48.3 million (approximately Rs 401.7 crore).
Alembic Pharmaceuticals is falling as flash floods disrupt operations at its Sikkim facility. No loss or harm has been caused to any personnel. The stock shows up in a screener for companies in which mutual funds have increased their shareholdings over the past month.
Plaza Wires' Rs 71.3 crore IPO gets bids for 62.6X the available 95 lakh shares on offer on the third day of bidding. The retail investor quota gets bids for 223.8X the available 13.2 lakh shares on offer.
Adani Enterprises is rising as Abu Dhabi-based International Holding Company (IHC) raises its stake in the firm to over 5%. This comes just a week after the UAE-based business sold its entire stake in Adani Green Energy and Adani Energy Solutions.
#MarketsWithBS | Adani Group shares in focus; Adani Enterprises up 5% as IHC hikes stake.#Buzzingstocks #AdaniEnterprises #AdaniGroup #IHC #stocks #markets https://t.co/wOygmMUhFS
— Business Standard (@bsindia) October 4, 2023
HDFC Securities maintains its ‘Buy’ rating on Prestige Estates Projects and raises the target price to Rs 786 from Rs 700. This implies an upside of 27.1%. The brokerage expects sustained demand for housing and office spaces in the long term despite potential rate hikes. It believes the company is well-placed to capitalise on this growing demand, given its robust pre-sales and launch pipeline.
Easy Trip Plannerssigns a memorandum of understanding (MoU) worth RS 250 with the government of Uttarakhand. Under the MoU, the company will make joint marketing campaigns with the state to target the American, European and Asian markets.
Bajaj Finserv falls as its subsidiary, Bajaj Allianz General Insurance Co, receives a show cause cum GST demand notice of Rs 1,010 crore. The notice was served by the Directorate General of GST Intelligence, Pune. The company appears in a screenerof stocks with declining net cash flow.
Suzlon Energy touches a new 52-week high as it releases a pledge on 97.1 crore shares from SBICAP Trustee Co. These shares account for 7.1% of the total equity. It appears in a screener for stocks with strong momentum.
Jitendra Adhia, President of Finance at Atul Auto, projects high single-digit margins for FY24. He expects a run rate exceeding 1,000 units per quarter in H2FY24. Adhia is optimistic about Atul Auto’s sales returning to pre-Covid levels during the festive period.
ATUL AUTO

Targets volume growth in FY24 over FY23

H2 should see >1000 units/qtr run rate

Expect high single digit margins in FY24

Target margin in teens in FY25

https://t.co/iRPiy8SSoq
— Mangalam Maloo (@blitzkreigm) October 3, 2023
Realty stocks like Macrotech Developers, DLF, Oberoi Realty, Mahindra Lifespace Developers and Phoenix Mills are falling in trade. The broader sectoral index, Nifty Realty, is also trading in the red.
Nestle India is rising as its board of directors considers a proposal to split its shares, each with a face value of Rs 10. It is also considering a second interim dividend for 2023. The stock shows up in a screener for companies with zero promoter pledges.
Polyplex Corp rises as promoters plan to sell a 24.3% stake in the company to its investor, AGP Holdco, for Rs 1,188.9 crore.
Pranjul Bhandari, the Chief India Economist at HSBC Securities & Capital Markets (India), says that the current macro environment doesn't favour emerging markets. She notes that the RBI will be cautious about risks. She adds that any change in inflation or growth forecasts by the RBI is not likely.
#OnCNBCTV18 | The macro environment is not very good for emerging markets right now. RBI will be risk-averse currently, don’t expect any change in stance, don’t expect any change in inflation & growth forecast by RBI: @pranjulb of HSBC to CNBC-TV18 pic.twitter.com/5QWLamlzrQ
— CNBC-TV18 (@CNBCTV18Live) October 4, 2023
IDFC First Bank's board of directors approves a floor price of Rs 94.9 per share for its qualified institutional placement worth Rs 3,000 crore.
Bajaj Finance reports a 33% YoY rise in assets under management (AUM) to Rs 2.9 lakh crore in Q2FY24. This growth is driven by an improvement in new loans booked and deposits. The company appears in a screener of stocks where foreign institutional investors have increased their shareholdings.
HDFC Bank's total gross advances (excluding eHDFCL non-individual loans) rise 17.6% YoY to Rs 23,32,800 crore in Q2FY24, while deposits increase by 18.2% YoY to Rs 21,73,000 crore.
Siddharth Vasudevan, Managing Director of Vascon Engineers, forecasts a 20% YoY growth in its order book in FY24. He notes that the company’s current order book stands at Rs 2,400 crore, with government projects accounting for 70-75% of the total. He believes the company’s order book will reach close to Rs 4,000 crore.
#VasconEngineers has given 120% returns in the last six months and is expecting to fulfil 30-35% of its current order book. https://t.co/levhkP1EnE
— BQ Prime (@bqprime) October 4, 2023
Updater Services’ shares debut on the bourses at a 5% discount to the issue price of Rs 300. The Rs 640 crore IPO has received bids for 2.9 times the total shares on offer.
Larsen & Toubro falls despite its power business arm winning an order worth Rs 1,000-2,500 crore from Power Development Corp. The order is for setting up wet flue gas desulphurization systems at the Sagardighi thermal power plant.
Rail Vikas Nigamrises as it bags an order worth Rs 444.3 crore from Himachal Pradesh State Electricity Board. The order involves the development of distribution infrastructure for the north zone of the state. The company appears in a screenerof stocks with strong momentum.
Titagarh Rail Systemsbags a contract worth Rs 857 crore from the Gujarat Metro Rail Corp to design, manufacture, test and commission 72 standard gauge cars for the Surat Metro Rail project phase-1.

Riding High:

Largecap and midcap gainers today include Adani Wilmar Ltd. (352.80, 5.82%), Avenue Supermarts Ltd. (3,872.95, 3.95%) and Adani Enterprises Ltd. (2,464.95, 3.25%).

Downers:

Largecap and midcap losers today include JSW Energy Ltd. (418.90, -5.35%), Macrotech Developers Ltd. (750.10, -4.85%) and Vodafone Idea Ltd. (11.45, -4.58%).

Movers and Shakers

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

Top high volume gainers on BSE included Adani Wilmar Ltd. (352.80, 5.82%), Avenue Supermarts Ltd. (3,872.95, 3.95%) and The Ramco Cements Ltd. (951.60, 3.78%).

Top high volume losers on BSE were Prince Pipes & Fittings Ltd. (679.30, -2.04%) and GlaxoSmithKline Pharmaceuticals Ltd. (1,560.90, -0.60%).

Mangalore Refinery And Petrochemicals Ltd. (97.85, 2.46%) was trading at 11.5 times of weekly average. HEG Ltd. (1,791.25, 3.27%) and Timken India Ltd. (3,088.50, 0.66%) were trading with volumes 10.4 and 7.3 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

16 stocks took off, crossing 52 week highs, while 2 stocks hit their 52 week lows.

Stocks touching their year highs included - Bajaj Finance Ltd. (7,854.05, -1.43%), Bank of India (110.00, -2.48%) and Bank of Maharashtra (48.85, -1.31%).

Stocks making new 52 weeks lows included - V-Mart Retail Ltd. (1,969.05, -1.23%) and Adani Total Gas Ltd. (610.70, -0.01%).

7 stocks climbed above their 200 day SMA including Adani Enterprises Ltd. (2,464.95, 3.25%) and Fine Organic Industries Ltd. (4,908.00, 0.88%). 9 stocks slipped below their 200 SMA including Bharat Dynamics Ltd. (979.50, -4.08%) and Gujarat Fluorochemicals Ltd. (2,845.00, -3.21%).

Trendlyne Marketwatch

03 Oct 2023

Market closes lower, Bajaj Auto's total wholesales decline by 1% YoY in September

Trendlyne Analysis

Nifty 50 closed at 19,528.75 (-109.6, -0.6%), BSE Sensexclosed at 65,512.10 (-316.3, -0.5%) while the broader Nifty 500closed at 17,254.40 (-38.2, -0.2%). Market breadth is balanced. Of the 1,985 stocks traded today, 931 were in the positive territory and 1,000 were negative.

Indian indices closed in the red, with the Nifty 50 closing at 19,528.8 points. The Indian volatility index, Nifty VIX, rose by 3% and settled at 11.8 points. The World Bank projected India’s GDP growth to moderate to 6.3% in FY24 from 7.2% in FY23, citing slower global growth and increasing price pressures. It also projected that the headline inflation will average at 5.9% in FY24.

Nifty Smallcap 100 and Nifty Midcap 100 closed up, despite the benchmark settling in the red. Nifty PSU Bank and Nifty Media closed higher than their Friday close. According to Trendlyne's sector dashboard, Healthcare Equipment & Supplies was the top-performing sector of the day as it rose 2%.

Major European indices traded flat or lower, except for England’s FTSE 100 index trading up. However, all major Asian indices closed in the red. US index futures traded flat, indicating a cautious start to the trading session. Brent crude oil futures traded higher after falling 1.8% on a volatile day on Monday.

Money flow index (MFI) indicates that stocks like Tata Investment Corp, Gujarat Ambuja Exports, ITI and Union Bank of India are in the overbought zone.
Hero MotoCorp is falling despite its total wholesales in September rising by 3.2% YoY to 5.4 lakh units, driven by its motorcycle and scooter sales increasing by 2.9% and 6.3% YoY, respectively. The stock shows up in a screener for companies with high TTM EPS growth.
Metro Brands surges more than 10% to touch its all-time high of Rs 1,293 per share. It ranks high on Trendlyne's checklist with a score of 59.1. Trendlyne's Forecaster expects its revenue to grow by 18.9% YoY in FY24. According to Forecasters, the company has a 'Buy' rating from nine out of 14 analysts.
PSU Banks like Union Bank of India, Bank of Maharashtra, Punjab National Bank, Indian Bank and Bank of India are rising in trade. All the constituents of the broader index, Nifty PSU Bank, are also trading in the green.
HDFC Securities maintains its ‘Reduce’ rating on FSN E-Commerce Ventures (Nykaa) with a target price of Rs 130. This implies a downside of 14.4%. The brokerage cites the firm’s limited monetizing capabilities excluding advertising income for a pessimistic outlook on its prospects.
CLSA upgrades its rating on Vedanta to 'Outperform' but slashes the target price to Rs 230. The brokerage believes that the company's plan to demerge into six different entities won't affect operations. This will allow the parent company to bring in strategic investors and reduce its debt burden.
While global brokerage firm CLSA upgraded #Vedanta to outperform rating, Nuvama upgraded it to hold.https://t.co/QEDvoyvL8W
— ETMarkets (@ETMarkets) October 3, 2023
Plaza Wires' Rs 71.3 crore IPO gets bids for 20.8X the available 95 lakh shares on offer on the second day of bidding. The retail investor quota gets bids for 92.5X the available 13.2 lakh shares on offer.
Valiant Laboratories' Rs 152.5 crore IPO gets bids for 12.4X the available 76.2 lakh shares on offer on the third day of bidding. The retail investor quota gets bids for 9.4X the available 38.1 lakh shares on offer.
Escorts Kubota is falling as its total monthly tractor wholesales in September decrease by 11.2% YoY to 10,871 units, caused by an 11.2% YoY degrowth in domestic wholesales. However, its construction equipment sales improve by 51.8% YoY. The stock shows up in a screener for companies with improving net cash flow over the past two years.
The World Bank anticipates India’s GDP growth to moderate to 6.3% in FY24 from 7.2% in FY23, citing slower global growth, increasing price pressures and weaker base effects. It also projects that the headline inflation will average at 5.9% in FY24.
India’s growth is expected to moderate to 6.3% in FY24 from 7.2% in FY23, and will remain one of the fastest-growing major economies

Headline inflation is expected to average at 5.9% in FY24#WorldBank on #India pic.twitter.com/rb6iU1dFbz
— CNBC-TV18 (@CNBCTV18Live) October 3, 2023
Tata Motors is falling despite its total wholesales in September rising by 2% YoY to 84,381 units. This growth is led by 12% YoY growth in commercial vehicle sales. But its passenger vehicle sales have fallen by 5% YoY. In Q2FY24, total wholesales grew by 2% YoY, driven by 4% YoY growth in commercial vehicle sales.
Man Industries rises to an all-time high of Rs 196.7 as it bags an order worth approx Rs 400 crore from a domestic customer. The order involves the supply of different types of pipes. The company appears in a screener of stocks with improving book value per share.
KPI Green Energyis rising as its captive power producer segment bags orders from Shree Parmeshwar Steel and Vivan Steels to produce solar power projects of 4 MW and 3 MW capacity respectively.
Rajesh Sharma, MD & CEO of Capri Global Capital, expects a positive Q2 and an even more favourable H2 for the company due to branch expansion. The company plans to open 150 new locations in the following months. He sees solid traction in loans and good collection efficiency and adds that the passing on of higher borrowing costs to clients has not dampened demand.
#OnETNOW | "See good traction on ground in loans along with good collection efficiency," Rajesh Sharma, MD & CEO, Capri Global Capital says.@rajeshsharma_48 @CapriGlobalCap pic.twitter.com/pZpSRWAKVH
— ET NOW (@ETNOWlive) October 3, 2023
Manoj Vaibhav Gems N Jewellers’ shares make a flat debut on the bourses at Rs 215. The Rs 270 crore IPO has received bids for 2.3 times the total shares on offer.
Ambadi Enterprises and Murugappa & Sons, promoters of Tube Investments of India, each sell a 1% stake in the company. They now hold a 45.1% stake each in the company.
NMDC rises as it announces iron ore price hike, effective from October 1. The price of both lump ore and fines has been raised by Rs 250 to Rs 5,200 per tonne and Rs 4,460 per tonne, respectively. It appears on a screener for stocks with strong momentum.
India’s manufacturing PMI drops to a 5-month low of 57.5 in September from 58.6 in August due a softer increase in new orders. The PMI reading, however, stays above the 50-mark for the 27th consecutive month, indicating an expansion in manufacturing activity.
India September manufacturing PMI at 57.5, slowest expansion in 5 months#India #PMI #Indianeconomy #manufacturing https://t.co/AFtitSw7o7 pic.twitter.com/AxPYKlnlZ9
— Business Standard (@bsindia) October 3, 2023
Advent International makes changes to the management of Suven Pharmaceuticals after acquiring a 50.1% stake in the company. Advent appoints Vaidheesh Annaswamy, Vetukuri Venkata Naga Kali Vara Prasada Raju and Sudhir Kumar Singh as Executive Chairman, Managing Director (MD) and Chief Executive Officer, respectively. Venkateshwarlu Jasti resigns from the post of MD.
NCC is rising as it announces bagging three new projects worth Rs 4,205.9 crore in September. The stock shows up in a screener for companies with book value per share improving over the past two years.
Bajaj Auto is falling as its total wholesales decline by 1% YoY to 3.9 lakh units in September. The downturn is due to its two-wheeler sales decreasing by 6% YoY. However, its commercial vehicle wholesales improve by 40% YoY, aided by growth in domestic sales.
Indian rupee depreciates 17 paise to Rs 83.21 from the previous close of Rs 83.04 against the US dollar, due to a stronger dollar and a surge in US bond rates, which soared to multi-year highs after the US avoided a possible government shutdown.
Indian #rupee opened 17 paise lower against the US dollar on Tuesday weighed down by a stronger greenback and spike in US treasury yields that rose to fresh multi-year highs after the US averted a partial government shutdown. https://t.co/I0B0UCvjqQ
— Mint (@livemint) October 3, 2023
Maruti Suzuki India's September wholesales rise by 2.8% YoY to 1.8 lakh units. This muted growth is attributed to a decline in wholesales in the mini and passenger cars segments. Its total domestic wholesales and exports increase by 2.5% and 5.2% YoY respectively.
JSW Infrastructure’s shares debut on the bourses at a 20.2% premium to the issue price of Rs 119. The Rs 2,800 crore IPO has received bids for 37.4 times the total shares on offer.
Kalpataru Projects International rises as it bags orders worth Rs 1,016 crore. This includes a power transmission and distribution order worth Rs 552 crore in India and overseas, and a building and factories order worth Rs 464 crore in India. The company appears in a screener of stocks with strong momentum.
Rail Vikas Nigamis rising as it emerges as the lowest bidder, quoting Rs 1,097.7 crore, at an auction held by the Himachal Pradesh State Electricity Board. The auction is for developing electricity distribution infrastructure in the state and is expected to be completed in 24 months.

Riding High:

Largecap and midcap gainers today include Union Bank of India (112.10, 5.46%), Max Healthcare Institute Ltd. (592.80, 4.48%) and Indian Bank (441.30, 4.19%).

Downers:

Largecap and midcap losers today include Oil And Natural Gas Corporation Ltd. (184.60, -3.78%), Gujarat Fluorochemicals Ltd. (2,939.30, -3.63%) and Adani Power Ltd. (366.70, -2.85%).

Volume Rockets

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

Top high volume gainers on BSE included Metro Brands Ltd. (1,265.40, 12.36%), KIOCL Ltd. (329.10, 8.60%) and Mahanagar Gas Ltd. (1,109.10, 7.80%).

Top high volume losers on BSE were Gujarat Fluorochemicals Ltd. (2,939.30, -3.63%), Siemens Ltd. (3,569.65, -2.80%) and Esab India Ltd. (4,951.95, -2.17%).

Kalpataru Projects International Ltd. (649.90, 2.91%) was trading at 31.4 times of weekly average. PNB Housing Finance Ltd. (742.30, 6.94%) and Jyothy Labs Ltd. (368.65, 2.26%) were trading with volumes 18.2 and 11.5 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

30 stocks made 52 week highs, while 1 stock hit their 52 week lows.

Stocks touching their year highs included - Bayer Cropscience Ltd. (5,436.00, 1.79%), Canara Bank (384.45, 2.18%) and Cholamandalam Investment & Finance Company Ltd. (1,253.80, 2.98%).

Stock making new 52 weeks lows included - Adani Total Gas Ltd. (610.75, -0.41%).

13 stocks climbed above their 200 day SMA including Heidelberg Cement India Ltd. (191.65, 7.04%) and Vinati Organics Ltd. (1,878.70, 1.75%). 6 stocks slipped below their 200 SMA including Gujarat Fluorochemicals Ltd. (2,939.30, -3.63%) and Adani Enterprises Ltd. (2,387.25, -1.10%).

Trendlyne Marketwatch

29 Sep 2023

Market closes higher, Plaza Wires' IPO gets bids for 4.7X of the available shares

Trendlyne Analysis

Nifty 50 closed at 19,638.30 (114.8, 0.6%) , BSE Sensex closed at 65,828.41 (320.1, 0.5%) while the broader Nifty 500 closed at 17,292.60 (122.2, 0.7%), of the 1,917 stocks traded today, 1,262 were gainers and 602 were losers.

Indian indices maintained the gains from the afternoon session and closed in the green, with the Nifty 50 closing at 19,638. The volatility index, Nifty VIX, dropped by 10.7% and closed at 11.5 points. Ashok Leyland bags an order for 1,282 fully built buses from the Gujarat State Road Transport Corporation (GSRTC).

Nifty Midcap 100 and Nifty Smallcap 100 closed in the green, following the benchmark index. Nifty PSU Bank and Nifty Healthcare closed higher than Thursday’s closing levels. According to Trendlyne’s sector dashboard, pharmaceuticals & biotechnology emerged as the top-performing sector of the day, with a rise of over 2.6%.

Most European indices trade in the green. US indices futures trade higher indicating a positive start. The data released by Eurostat indicated that the Eurozone CPI inflation for September declined to 4.3% against estimates of 4.5%. The CPI inflation for August stood at 5.2%.

Relative strength index (RSI) indicates that stocks like Tata Investment Corp, Gujarat Ambuja Exports, Multi Commodity Exchange of India and Sunteck Realty are in the overbought zone.
UNO Minda rises as its board approves the acquisition of an additional 26% stake in its subsidiary, Minda Westport Tech. The acquisition amounts to Rs 14.8 crore, post which UNO Minda's stake will increase to 76%. With this acquisition, the firm aims to include hydrogen & natural gas components and kits for the territory of South Asia. The company appears in a screener of stocks with improving RoCE.
Ashok Soota, Chairman of Happiest Minds Technologies, sells a 0.9% stake in the company for approx Rs 115.4 crore in a bulk deal on Thursday.
Sharekhan keeps its ‘Buy’ rating on Balrampur Chini Mills and raises the target price to Rs 495 from Rs 425. This implies an upside of 13.3%. The brokerage believes the rising sugar prices and increasing production of ethanol provide earning visibility for the near term. It expects the firm’s net profit to grow at a CAGR of 48% over FY23-25.
NLC India is rising as it signs a power purchase agreement with Grid Corp of Odisha for 800 MW. The company will also be setting up three 800 MW coal-based thermal power plants in the state. The stock shows up in a screener for companies with book value increasing over the past two years.
Hindustan Zinc surges more than 5% as it authorises the board of directors to evaluate value unlocking measures. Under these measures, the company plans to create separate legal entities to undertake the zinc & lead, silver and recycling businesses of the company.
Telecom equipment, internet & catalogue retail, housing finance and paper & paper products industries rise more than 4% over the past week.
Abu Dhabi-based International Holding Co (IHC) decides to offload its stake in Adani Green Energy and Adani Energy Solutions. This move is part of the company's plans to rebalance its overall portfolio.
Abu Dhabi's IHC to sell stake in two Adani group companies https://t.co/Z2GL95Cqcv pic.twitter.com/uI6cfU2mZ5
— Reuters (@Reuters) September 29, 2023
Plaza Wires' Rs 71.3 crore IPO gets bids for 4.7X of the available 95 lakh shares on offer on the first day of bidding. The retail investor quota gets bids for 26.5X the available 13.2 lakh shares on offer.
Valiant Laboratories' Rs 152.5 crore IPO gets bids for 2.2X of the available 76.2 lakh shares on offer on the second day of bidding. The retail investor quota gets bids for 3.1X the available 38.1 lakh shares on offer.
Federal Bank rises as the Reserve Bank of India (RBI) grants approval to the International Finance Corporation (IFC) for acquiring an aggregate holding of up to 9.7% of the bank's paid-up share capital or voting rights. It appears on a screener for stocks with strong momentum.
Foreign institutional investors sell stocks worth Rs 4,603.4 crore in the equity market over the past week, according to Trendlyne's FII dashboard. Meanwhile, index options witness the highest outflow of Rs 37,660.6 crore from foreign investors.
Phoenix Millsfalls as its subsidiaries, Offbeat Developers, Market City Resources, and others, receive a show cause-cum-demand notice from GST authorities for Rs 9.2 crore. The notice stems from an investigation into tax liability discrepancies in May 2023. The company appears in a screenerof stocks with declining net profit and margins.
According to reports, 10.8 lakh shares (0.14% equity) of IndusInd Bank, amounting to Rs 152.3 crore, change hands in a large trade.
#IndusIndBank has 10.8 lakh shares change hands in a large trade. #BQStocks

Read latest #stockmarket updates: https://t.co/JXRN9KBS4W pic.twitter.com/RAmawnt1wn
— BQ Prime (@bqprime) September 29, 2023
Motilal Oswal initiates coverage on Global Health with a ‘Buy’ rating and a target price of Rs 840, implying an upside of 17.4%. The brokerage is optimistic about the company’s prospects due to its execution capabilities, strong brand recall and growth visibility for the near future. It expects the company’s revenue to grow at a CAGR of 14.1% over FY23-25.
Sterling and Wilson Renewable Energy rises as it receives an order worth Rs 1,535 crore from NTPC REL in Khavda, Gujarat, for a 300 MWac EPC project with a time frame of three years. It appears in a screener for stocks with increasing net profit and profit margin (QoQ).
Godrej Agrovet is rising as it signs a strategic partnership agreement with Sime Darby Plantation Berhad to secure the supply of palm oil seeds and set up a palm oil seed plant in India.
Emami is rising as it acquires a 26% stake in Axiom Ayurveda (which houses the beverages brand AloFrut). With this acquisition, the company will foray into the juice category.
#Emami share price jumped nearly 5% in early trade today after the company announced its foray into the juice category. https://t.co/GOFXefEoRb
— Mint (@livemint) September 29, 2023
Pharmaceutical stocks like Glenmark Pharmaceuticals, Aurobindo Pharma, Dr. Reddy’s Laboratories, Lupin and Torrent Pharmaceuticals are rising in trade. The broader sectoral index, Nifty Pharma, is also trading in the green.
Ashok Leyland rises as it bags an order for 1,282 fully built buses from the Gujarat State Road Transport Corporation (GSRTC). The company appears in a screener of stocks nearing their 52-week highs with significant volumes.
Larsen & Toubro’s heavy civil infrastructure business, L&T Construction, wins an order worth Rs 5,000-7,000 crore from the Mumbai Metropolitan Region Development Authority. The project involves the design and construction of twin road tunnels.
Macquarie forecasts robust revenue growth in the cement industry on the back of solid demand. The brokerage maintains a 'Neutral' rating on ACC with an upgraded target price of Rs 2,128. It gives an 'Outperform' rating to UltraTech Cement and Ambuja Cement, while maintaining a 'Neutral' rating on Shree Cements.
Brokerage Radar | "Solid demand growth bodes well for earnings," Macquarie notes on cement industry.@Macquarie pic.twitter.com/whToFkzSSC
— ET NOW (@ETNOWlive) September 29, 2023
YES Bankacquires 1.8 crore shares of YES Securities at an average price of Rs 55.7 per share, amounting to Rs 100 crore.
Multi Commodity Exchange of India plunges more than 5% as SEBI halts the launch of MCX's Commodity Derivatives Platform due to technical issues.
Tube Investments of India declines more than 2% as 20 lakh shares (1% equity), amounting to Rs 586 crore, reportedly change hands in a large trade.
Tube Investments #LargeTrade | 20 lakh shares (1% equity) worth Rs 586 cr change hands at Rs 2,920/sh pic.twitter.com/FZAALVyDsd
— CNBC-TV18 (@CNBCTV18Live) September 29, 2023
Tamilnad Mercantile Bank's Managing Director and Chief Executive Officer Shri S Krishnan resigns citing personal reasons, with effect from Thursday.
Likhitha Infrastructure is rising as it bags an order worth Rs 156 crore from Bharat Petroleum. The project involves the laying of a pipeline. The stock shows up in a screener for companies with zero promoter pledges.
Saregama India rises as it acquires a 51.8% stake in Pocket Aces for Rs 174 crore. The company plans to acquire another 41% stake over the next 15 months. It appears in a screener of stocks with no debt.
Navin Fluorine International's Managing Director (MD), Radhesh Welling, tenders resignation with effect from December 15, citing personal reasons. Executive Chairman Vishad Mafatlal will lead the operations of the company until the board appoints a new MD.

Riding High:

Largecap and midcap gainers today include Vedanta Ltd. (222.55, 6.82%), Hindalco Industries Ltd. (492.65, 5.53%) and JSW Energy Ltd. (437.40, 5.02%).

Downers:

Largecap and midcap losers today include Tube Investments of India Ltd. (2,988.30, -3.72%), Adani Green Energy Ltd. (987.15, -2.50%) and Adani Enterprises Ltd. (2,413.90, -2.48%).

Volume Rockets

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

Top high volume gainers on BSE included Glenmark Pharmaceuticals Ltd. (855.50, 10.11%), Sun TV Network Ltd. (612.15, 5.58%) and NLC India Ltd. (134.95, 5.35%).

Top high volume losers on BSE were Navin Fluorine International Ltd. (3,766.70, -13.56%), Tube Investments of India Ltd. (2,988.30, -3.72%) and Multi Commodity Exchange of India Ltd. (2,049.70, -2.23%).

Eris Lifesciences Ltd. (876.30, 3.08%) was trading at 32.8 times of weekly average. Emami Ltd. (538.45, 5.02%) and Sheela Foam Ltd. (1,141.65, 0.05%) were trading with volumes 6.3 and 6.2 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

18 stocks made 52 week highs, while 3 stocks hit their 52 week lows.

Stocks touching their year highs included - Aurobindo Pharma Ltd. (914.35, 4.66%), Coal India Ltd. (295.20, 1.72%) and Lupin Ltd. (1,171.25, 3.37%).

Stocks making new 52 weeks lows included - Delta Corp Ltd. (142.70, 1.39%) and Navin Fluorine International Ltd. (3,766.70, -13.56%).

12 stocks climbed above their 200 day SMA including Grindwell Norton Ltd. (2,078.65, 3.80%) and Radico Khaitan Ltd. (1,206.00, 2.77%). 10 stocks slipped below their 200 SMA including Navin Fluorine International Ltd. (3,766.70, -13.56%) and Adani Enterprises Ltd. (2,413.90, -2.48%).

Trendlyne Marketwatch

28 Sep 2023

Market closes lower, Motilal Oswal maintains its ‘Buy’ rating on Kajaria Ceramics

Trendlyne Analysis

Nifty 50closed at 19,523.55 (-192.9, -1.0%), BSE Sensexclosed at 65,508.32 (-610.4, -0.9%) while the broader Nifty 500closed at 17,170.45 (-171.2, -1.0%). Market breadth is in the red. Of the 1,925 stocks traded today, 722 were in the positive territory and 1,153 were negative.

Indian indices fell from their day highs and closed in the red, with the Nifty 50closing at 19,526.6 points. The Indian volatility index, Nifty VIX, rose sharply by 10.7% and closed at 12.8 points. RBI’s data showed India’s current account deficit (CAD) widening QoQ to $9.2 billion in Q1FY24, making up 1.1% of the GDP.

Nifty Smallcap 100 and Nifty Midcap 100 closed down, taking cues from the benchmark index. Nifty Metal and Nifty Media closed over 1% lower than their Wednesday’s close. According to Trendlyne's sector dashboard, Forest Materials was the top-performing sector of the day in a weak market.

Major European indices pared their gains from open and traded in the red. Asian indices closed flat or lower, except for Taiwan’s TSEC 50 Index closing in the green. US index futures traded down, indicating a negative start to the trading session. Brent crude oil futures traded lower after rising 2% on Wednesday.

Money flow index (MFI) indicates that stocks like Tata Investment Corp, Gujarat Ambuja Exports, Varroc Engineering and Apar Industries are in the overbought zone.
KSB is rising as it bags an order worth Rs 55 crore from Nuclear Power Corp of India to supply vertical safety class pumps.
Coforge is falling as it receives an income tax demand of Rs 82.9 crore for FY20, including an interest liability of Rs 25.7 crore. The company shows up in a screener for companies in the 'Sell' zone.
Cholamandalam Investment and Finance Co rises to an all-time high of Rs 1,249.5 following reports of its plan to raise Rs 2,000 crore through qualified institutional placements (QIP). The floor price for the QIP is likely to be Rs 1,160-1,180. The company appears in a screener of stocks with improving RoE.
According to Anarock, home sales in India's top seven cities reached an all-time high of 1,20,280 units from July to September. It notes that the sales have increased by 36.3% compared to 88,230 units sold during the same months in 2022.
Home sales in the top seven cities of India reached an all-time high of 120,280 units between July and September, according to Anarock.

Read this report by @1997_raghav to know the details#homesales #India #realestate #housing @ANAROCK https://t.co/itOx6Jy78W
— Business Standard (@bsindia) September 28, 2023
Valiant Laboratories' Rs 152.5 crore IPO gets bids for 0.7X of the available 76.2 lakh shares on offer on the first day of bidding. The retail investor quota gets bids for 1.3X the available 38.1 lakh shares on offer.
Oberoi Realty is falling despite entering into an agreement to develop a 13,450 square-meter plot in Mumbai. The company shows up in a screener for stocks with book value per share improving over the past two years.
Valiant Laboratories' Rs 152.5 crore IPO gets bids for 0.6X of the available 76.2 lakh shares on offer on the first day of bidding. The retail investor quota gets bids for 1X the available 38.1 lakh shares on offer.
Barbeque-Nation Hospitality falls despite signing a joint agreement with its subsidiary, Red Apple, to acquire a 53.3% stake in Blue Planet Foods for Rs 39,844 per share, totalling for Rs 23.1 crore. With this acquisition, the company plans to expand offerings in its a-la-carte restaurants segment. It appears in a screener of stocks with low debt.
Happiest Minds Technologies declines more than 3% as 15.5 lakh shares (1% equity), amounting to Rs 138 crore, reportedly change hands in a large trade.
#HappiestMindsTechnologies has 13.7 lakh shares change hands in a large trade. #BQStocks

Read latest #stockmarket updates: https://t.co/zeqsAPrXan pic.twitter.com/SUTQLjCu5p
— BQ Prime (@bqprime) September 28, 2023
HDFC Securities keeps its 'Buy' rating on Multi-Commodity Exchange of India (MCX) and raises the target price to Rs 2,400 from Rs 1,780. This implies a 15.7% upside. The brokerage expects the company to grow due to increased trading volumes and new products. It also expects profitability to improve as the company shifts to a new software platform, which will lead to a sharp reduction in software support charges.
CE Info Systemssurges more than 7% to touch its all-time highof Rs 2,108.9 per share. It ranks high on Trendlyne's checklist with a score of 59.1%. However, the company is in the 'Sell' zone. It appears on a screenerof stocks with the biggest price gains since the open.
As per RBI data, India’s current account deficit (CAD) widens QoQ to $9.2 billion in Q1FY24, making up 1.1% of the GDP. It also highlights a YoY decline in net FDI inflow, which now stands at $5.1 billion.
News Alert | Apr-Jun CAD at 1.1% of GDP vs 0.2% of GDP QoQ: RBI pic.twitter.com/qeVNHObWlT
— ET NOW (@ETNOWlive) September 28, 2023
Rane (Madras)rises as it approves setting up an arm in Mexico to manufacture steering and linkage auto components catering to customers in Mexico and North American Region.
Promoters Fortitude Trade & Investment and Emerging Market Investment buy a 1.7% and 0.5% stake, respectively, in Adani Power from September 5 to September 25.
Motilal Oswal maintains its ‘Buy’ rating on Kajaria Ceramicswith a target price of Rs 1,580. This implies an upside of 18.5%. The brokerage believes the company is well-placed to benefit from the real estate upcycle due to its extensive distribution network, higher advertising spending and healthy balance sheet. It expects the company’s net profit to grow at a CAGR of 26% over FY23-26.
Tech stocks like Tech Mahindra, Persistent Systems, LTIMindtree and Infosys are falling in trade. All constituents of the broaderNifty IT index are trading in the red.
Reliance Jio gains 39.1 lakh wireless subscribers in July on a net basis, while Bharti Airtel adds 15.2 lakh. Vodafone Idea's subscribers continue to decline, with a loss of 13.2 lakh users on a net basis.
Vodafone Idea (VIL) continues to lose customers by around 13.22 lakh in July and Bharat Sanchar Nigam Ltd (BSNL) by around 14.01 lakh, the Telecom Regulatory Authority of India (TRAI) said in its monthly data release on Wednesday.https://t.co/tjll4BnyqO
— businessline (@businessline) September 28, 2023
Dixon Technologies rises to its 52-week high of Rs 5,378.8 per share as its subsidiary Padget Electronics enters an agreement with Xiaomi. The agreement is to manufacture Xiaomi mobiles in the company's manufacturing facility in Noida.
Gensol Engineering rises as its EV-focused leasing solutions arm wins an order for over 500 Tata Ace Cargo EVs. The order is valued at Rs 75 crore.
Yatra Online’s shares debut on the bourses at a 10.2% discount to the issue price of Rs 142. The Rs 775 crore IPO has received bids for 1.6 times the total shares on offer.
Ajit Venkataraman, Chief Executive Officer of Finolex Industries, says that demand is strong but rainfall has led to a temporary slowdown. He expects the fittings business to rise by up to 15% and the pipes business to increase by over 10%. He also mentions that the company's non-agricultural segment is outpacing industry growth, expanding at a rate of 15%.
#OnCNBCTV18 | Demand is fairly robust, there has been sluggishness due to rains, which is normal, Fittings biz will grow upwards of 15% and pipes at over 10%, says Ajit Venkataraman of Finolex Industries pic.twitter.com/6HquPRQ0M8
— CNBC-TV18 (@CNBCTV18Live) September 28, 2023
HLE Glasscoat's promoters Nilesh Patel, Himanshu Patel and Harsh Patel sell 1.5%, 1.5% and 0.7% stake in the company respectively in a block deal on Wednesday.
ICICI Lombard General Insurance is falling as the Directorate General of GST Intelligence issues a show cause-cum-demand notice to the company for not paying Rs 1,728.9 crore in taxes.
NBCCrises as it announces the sale of a commercial space in New Delhi's World Trade Centre for Rs 5,716 crore. The area offered for sale is 14.8 lakh square feet and will be sold through an e-auction. The company appears in a screener of stocks nearing their 52-week highs with significant volumes.
PNC Infratech is rising as it submits an eligible dispute to the National Highways Authority of India under the government's Vivad se Vishwas II scheme for Rs 259.1 crore. The company will also receive interest at a rate of 9% per annum on this amount until it receives an acknowledgement from the parties concerned.

Riding High:

Largecap and midcap gainers today include Indian Overseas Bank (46.35, 3.00%), FSN E-Commerce Ventures Ltd. (153.15, 2.72%) and PB Fintech Ltd. (760.00, 2.32%).

Downers:

Largecap and midcap losers today include Berger Paints (India) Ltd. (569.55, -5.66%), Tech Mahindra Ltd. (1.229.50, -4.59%) and Hindustan Zinc Ltd. (297.95, -4.20%).

Volume Rockets

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

Top high volume gainers on BSE included Multi Commodity Exchange of India Ltd. (2,096.55, 8.24%), C.E. Info Systems Ltd. (2,037.70, 7.41%) and Finolex Cables Ltd. (1,195.55, 6.73%).

Top high volume losers on BSE were Hindustan Zinc Ltd. (297.95, -4.20%), Happiest Minds Technologies Ltd. (872.95, -4.15%) and United Breweries Ltd. (1,540.20, -2.40%).

TeamLease Services Ltd. (2,593.80, 0.02%) was trading at 14.1 times of weekly average. Oil India Ltd. (292.25, 1.65%) and Global Health Ltd. (715.10, 2.92%) were trading with volumes 8.1 and 7.4 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

23 stocks made 52 week highs, while 2 stocks were underachievers and hit their 52 week lows.

Stocks touching their year highs included - Cholamandalam Investment & Finance Company Ltd. (1,219.80, 1.79%), Coal India Ltd. (290.20, -0.46%) and Finolex Cables Ltd. (1,195.55, 6.73%).

Stocks making new 52 weeks lows included - Gujarat Gas Ltd. (414.95, -1.41%) and Vedanta Ltd. (208.35, -0.31%).

3 stocks climbed above their 200 day SMA including Crompton Greaves Consumer Electricals Ltd. (305.75, 2.24%) and Avenue Supermarts Ltd. (3,665.00, 0.67%). 19 stocks slipped below their 200 SMA including Happiest Minds Technologies Ltd. (872.95, -4.15%) and Honeywell Automation India Ltd. (39,141.20, -3.42%).

Trendlyne Marketwatch

27 Sep 2023

Market closes higher, JSW Infrastructure's IPO gets bids for 13.3X of the available shares

Trendlyne Analysis

Nifty 50closed at 19,716.45 (51.8, 0.3%), BSE Sensexclosed at 66,118.69 (173.2, 0.3%) while the broader Nifty 500closed at 17,341.60 (64.9, 0.4%). Market breadth is in the green. Of the 1,920 stocks traded today, 1,065 were in the positive territory and 812 were negative.

Indian indices extended the gains from the afternoon session and closed in the green, with the Nifty 50closing at 19,716. The volatility index, Nifty VIX, rose by 3.6% and closed at 11.6 points. According to Jefferies, the forthcoming ICC World Cup is expected to drive up hotel prices and airline fares by 150% and 80%, respectively, in cities hosting matches.

Nifty Midcap 100 closed in the green, while Nifty Smallcap 100 closed flat, following the benchmark index. Nifty PSU Bank and Nifty Healthcare closed higher than Tuesday’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 1.6%.

Most European indices trade in the green, except for England’s FTSE 100 trading flat. US indices futures trade higher as the US Senate voted to begin debate on a bill to secure short-term funding for the government to avert an impending federal shutdown. The Senate bill would keep the government funded till November 17.

Relative strength index (RSI) indicates that stocks like Sundaram Finance, Tata Investment Corp, Apar Industries and Gujarat Ambuja Exports are in the overbought zone.
Manappuram Finance rises as the Kerala High Court directs the Enforcement Directorate to release all documents related to the firm's frozen properties. This is in relation to the money laundering case registered against the company's MD and CEO, V P Nandakumar. The company appears in a screener of stocks with high TTM EPS growth.
HLE Glasscoat rises as DSP Mutual fund acquires a 3.5% stake (24 lakh shares) at an average price of Rs 505 per share, amounting to Rs 121.2 crore.
ICICI Securities downgrades its rating on Strides Pharma Science to ‘Reduce’ from ‘Hold’, citing expensive valuation. However, it raises the target price to Rs 495 from Rs 460, which implies a downside of 5.1%. The brokerage expects the firm’s focus on its contract development and manufacturing organisation (CDMO) business to drive growth.
Vedanta falls over 6% as Moody's Investors Service downgrades its parent company's (Vedanta Resources) senior unsecured bonds to Caa3 from Caa2. The rating agency indicates a high chance of debt restructuring in the coming months.
Shares of Indian conglomerate Vedanta fell to their lowest in over a year on Wednesday after Moody's Investors Service downgraded parent Vedanta Resources' senior unsecured bonds, citing a high risk of debt restructuring in the coming months.https://t.co/99EhcpZeoa
— businessline (@businessline) September 27, 2023
Valiant Laboratories' Rs 152.5 crore IPO gets bids for 0.3X of the available 76.2 lakh shares on offer on the first day of bidding. The retail investor quota gets bids for 0.6X the available 38.1 lakh shares on offer.
Updater Services' Rs 640 crore IPO gets bids for 2.9X of the available 1.2 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 1.4X the available 22.3 lakh shares on offer.
JSW Infrastructure's Rs 2,800 crore IPO gets bids for 37.4X the available 13.6 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 10.3X the available 2.5 crore shares on offer.
Nuvama Institutional Equities expects HDFC Bank, Trent, Power Grid Corpand Shriram Finance, among others, to receive strong inflows following NSE index changes. The semi-annual reshuffling of the index is scheduled for Friday.
#MarketsWithMC | #HDFCBank, #AdaniEnterprises, and #PNB are among the few #stocks likely to receive strong net passive inflows as a result of the upcoming #NSE index changes, including #NiftyBank, #Nifty, Nifty Next 50, and CPSE.

Know more??https://t.co/CuEm8myrtR…
— Moneycontrol (@moneycontrolcom) September 27, 2023
Procter & Gamble Health rises as it closes the production of injections in its Goa plant, planning to outsource the manufacturing. The facility in Goa contributed 8.4% to the company's revenue in FY23. The company appears in a screener of stocks with improving RoCE.
Pharmaceutical and Healthcare stocks like Granules India, Aurobindo Pharma, Laurus Labs, Glenmark Pharmaceuticalsand Lupinare rising in trade. Barring Abbott India, all the other constituents of the broader sectoral index, Nifty Healthcare, are trading in the green.
Apollo Hospitals Enterprises rises as its subsidiary Apollo Multispeciality Hospital acquires a partially built 325-bed hospital for Rs 102 crore in Sonapur, Kolkata. The company appears in a screener of stocks with low debt.
According to a Reuters poll, India's GDP is expected to grow 6.2% in FY24, making it the fastest-growing major economy. A 6.3% growth is projected for FY25.
India’s #GDP is expected to grow 6.2% in the fiscal year ending in March 2024, being the fastest-growing major economy this fiscal year, according to a Reuters poll.https://t.co/UKBG3d9wlX
— Mint (@livemint) September 27, 2023
Prataap Snacks is falling as the GST Authority conducts a search and seizure at the company's manufacturing unit in Bangalore. The company emphasizes that the search did not affect its operations at the manufacturing plant.
BoB Capital Markets maintains its ‘Buy’ rating on Tata Steeland raises the target price to Rs 155 from Rs 145. This implies an upside of 21.5%. The brokerage cites the decarbonisation of the firm’s plant in the UK for raising the target price. It believes this transition can sharpen competitiveness and improve profitability.
Shares of Sai Silks (Kalamandir) debut on the bourses at a 4.1% premium to the issue price of Rs 231. The Rs 1,201 crore IPO has received bids for 4.4 times the total shares on offer.
Morgan Stanley expects robust FY25 revenue growth for IT companies and believes that rising margins and double-digit EPS growth will keep valuations afloat. The brokerage keeps an 'Equal-weight' rating on TCS with an upgraded target price to Rs 3,730. For Infosys and HCL Technologies, it gives an 'Over-weight' rating. Meanwhile, the brokerage maintains its 'Under-weight' rating on Wipro.
Brokerage Radar | @MorganStanley on IT sector; Check out the target prices???? pic.twitter.com/YO0tNXHFvV
— ET NOW (@ETNOWlive) September 27, 2023
Shares of Signatureglobal (India) debut on the bourses at a 15.3% premium to the issue price of Rs 385. The Rs 730 crore IPO has received bids for 11.9 times the total shares on offer.
Aditya Birla Fashion & Retail is rising as it signs a share purchase agreement with TCNS Clothing to acquire an additional 22% stake in the company for Rs 685 crore. This takes the company's holding in TCNS to 51%.
Vaibhav Global falls despite its subsidiary, Shop TJC, entering into a definitive agreement to acquire Mindful Souls for €12 million (approx Rs 105.4 crore). This acquisition enables the company to venture into the subscription-based fashion business. The company appears in a screener of stocks with low debt.
Jasbir Singh, Chairman & CEO of Amber Enterprises India, forecasts Rs 1,000 crore earnings next fiscal year from the new JV between the company's arm ILJIN Electronics (India) and Nexxbase Marketing (the 'Noise' brand). He expects double-digit growth in the wearable and hearable market after FY25. He also states that the use of new capabilities will increase to 60-65%.
#OnCNBCTV18 | With this #JV, expect ?1,000 cr in #revenues by next fiscal. Beyond #FY25, wearable and hearable space can grow in double digits. #FY24 bottomline #improvement will be 25-30%, says Jasbir Singh of Amber Ent pic.twitter.com/q7bmpUbXGr
— CNBC-TV18 (@CNBCTV18Live) September 27, 2023
Valiant Laboratories raises Rs 45.7 crore from anchor investors ahead of its IPO by allotting around 32.7 lakh shares at Rs 140 each. Investors include Leading Light Fund VCC – The Triumph Fund, Saint Capital Fund and Negen Undiscovered Value Fund.
Shree Renuka Sugars is rising as it enters a share purchase agreement with Anamika Sugar Mills to acquire a 100% stake in the company for a cash consideration of Rs 235.5 crore.
Century Textiles & Industriesis rising as its subsidiary, Birla Estates, sells out phase-1 of Birla Trimaya with a total booking value of Rs 500 crore. The company features in a screenerof stocks with improving return on capital employed (RoCE) over the past two years.
REC signs a memorandum of understanding (MoU) with Punjab National Bank to co-finance loans worth Rs 55,000 crore. The loans will be for projects in the power, infrastructure and logistics segments over the next three years.

Riding High:

Largecap and midcap gainers today include Power Finance Corporation Ltd. (249.65, 6.51%), REC Ltd. (284.35, 6.38%) and Schaeffler India Ltd. (3,250.15, 5.84%).

Downers:

Largecap and midcap losers today include Vedanta Ltd. (209.00, -6.70%), Tube Investments of India Ltd. (3,099.40, -2.57%) and Gujarat Gas Ltd. (420.90, -2.57%).

Movers and Shakers

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

Top high volume gainers on BSE included HLE Glasscoat Ltd. (557.80, 9.82%), C.E. Info Systems Ltd. (1,897.05, 6.95%) and Borosil Renewables Ltd. (435.95, 6.12%).

Top high volume losers on BSE were Vedanta Ltd. (209.00, -6.70%) and Eureka Forbes Ltd. (496.95, -0.14%).

Jindal Worldwide Ltd. (389.00, 6.07%) was trading at 7.8 times of weekly average. HFCL Ltd. (75.95, 6.08%) and Great Eastern Shipping Company Ltd. (856.20, 0.60%) were trading with volumes 5.1 and 5.0 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

21 stocks hit their 52 week highs, while 2 stocks were underachievers and hit their 52 week lows.

Stocks touching their year highs included - Coal India Ltd. (291.55, 1.67%), Colgate-Palmolive (India) Ltd. (2,050.40, -0.85%) and Federal Bank Ltd. (150.55, 1.83%).

Stocks making new 52 weeks lows included - Gujarat Gas Ltd. (420.90, -2.57%) and Vedanta Ltd. (209.00, -6.70%).

7 stocks climbed above their 200 day SMA including Radico Khaitan Ltd. (1,200.50, 2.62%) and Godrej Consumer Products Ltd. (999.90, 2.17%). 4 stocks slipped below their 200 SMA including Rallis India Ltd. (209.40, -2.65%) and Bharat Dynamics Ltd. (1,024.60, -0.96%).

Trendlyne Marketwatch

26 Sep 2023

Market closes flat, Poonawalla Fincorp receives approval from the RBI

Trendlyne Analysis

Nifty 50 closed at 19,664.70 (-9.9, -0.1%) , BSE Sensex closed at 65,945.47 (-78.2, -0.1%) while the broader Nifty 500 closed at 17,276.75 (4.2, 0.0%), of the 1,933 stocks traded today, 912 were on the uptrend, and 982 went down.

Indian indices closed flat with the benchmark Nifty 50 index closing at 19,664.7 points. The Indian volatility index, Nifty VIX, rose 2.7% and closed at 11.2 points. GR Infraprojects fell 3.6% after National Highways Logistics Management (NHLML) annulled the bidding process for two projects worth Rs 3,613 crore won by the company.

Nifty Smallcap 100 outperformed the benchmark index and closed in the green, while the Nifty Midcap 100 closed marginally lower. Nifty Metal and Nifty Realty settled higher than their Monday close. According to Trendlyne's sector dashboard, Telecom Services was the top-performing sector of the day as it rose 0.9%.

Major European indices traded in the red, except for England’s FTSE 100 index trading marginally higher. Major Asian indices closed flat or lower. US index futures traded in the red, indicating a negative start to the trading session. Brent crude oil futures extended losses from Monday and traded lower.

Dabur India sees a short buildup in its September 28 future series as its open interest rises 21% with a put-call ratio of 0.4.
Healthcare equipment & supplies, oil & gas and pharmaceuticals & biotechnology sectors fall by more than 2.5% over the past week.
Rail Vikas Nigam is falling despite bagging an order worth Rs 311.2 crore from Central Railway. The project involves the construction of tunnels, bridges and a side-drain retaining wall. The stock shows up in a screener for companies with book value per share improving over the past two years.
P. Radhakrishnan, Whole-time Director & CEO of Kesoram Industries, says the company maintains its FY24 volume target of eight metric tonnes, with an EBITDA of about Rs 650 per tonne. He further highlights that the firm may consider hiking prices by Rs 30-40 per cement bag in South India and Rs 50 per bag in the west in early October of this year.
Kesoram says

Pushing for a price increase
?????30-40/bag in South
?????50/bag in West

Sticking to FY24 Guidance????Volumes of 8mt with EBITDA around ?650/tn#StockMarket https://t.co/2gUeNCRQQM
— Nigel D'Souza (@Nigel__DSouza) September 26, 2023
Updater Services' Rs 640 crore IPO gets bids for 0.2X of the available 1.2 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 0.7X of the available 22.3 lakh shares on offer.
JSW Infrastructure's Rs 2,800 crore IPO gets bids for 2.1X the available 13.6 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 4.5X the available 2.5 crore shares on offer.
Manoj Vaibhav Gems N Jewellers' Rs 270 crore IPO gets bids for 2.3X the available 91.2 lakh shares on offer on the third day of bidding. The retail investor quota gets bids for 1.7X the available 45.8 lakh shares on offer.
Sun Pharma Advanced Research rises as it incorporates a bio-pharmaceutical arm SPARCLIFE Inc. in Delaware, US, for $50,000. The company will engage a team of professionals to coordinate, review and monitor the global clinical trials through various CROs in the US.
Goldman Sachs maintains its ‘Buy’ rating on Larsen & Toubro with an upgraded target price of Rs 2,830. The brokerage expects the company to deliver robust YoY growth in its order inflow, and a double-digit growth in net income in Q2FY24.
Brokerage Radar | Goldman Sachs on L&T: Maintain 'Buy'; Q2 will see strong YoY growth in order-inflow, revenue, and net income (double-digits) pic.twitter.com/tCfpj6pCXK
— ET NOW (@ETNOWlive) September 26, 2023
Suven Pharmaceuticals rises following approval from the Department of Pharmaceuticals, Ministry of Chemicals & Fertilizers, for its acquisition by Berhyanda, Cyprus. Berhyanda is set to acquire a 50.1% shareholding from the company's promoter. The company appears in a screener of stocks nearing their 52-week highs with significant volumes.
IT stocks like Mphasis, Coforge, Tech Mahindra, Persistent Systemsand Infosysare falling in trade. All the constituents on the broader sector index, Nifty IT, are also trading in the red.
Axis Direct keeps its ‘Buy’ rating on Steel Strips Wheels and raises the target price to Rs 325 from Rs 240, implying an upside of 15.7%. The brokerage believes growth will be driven by rising export demand, an increasing share of alloy wheels and an improving balance sheet. It expects the company’s net profit to grow at a 17% CAGR over FY23-26.
Poonawalla Fincorp is rising as it receives approval from the Reserve Bank of India (RBI) to issue co-branded credit cards with IndusInd Bank. This partnership will aid the NBFC to venture into the retail credit segment.
HSBC maintains its 'Buy' rating on Maruti Suzuki India with an upgraded target price of Rs 12,000. The brokerage says that the company's market share has peaked in the short run, but believes that the introduction of more hybrid models could further increase it in the medium term. HSBC also anticipates that the company may not achieve its annualised growth target of 10% within seven years.
#MarutiSuzukiIndia may not be able to meet its 'aggressive' 10% annualised growth target for next seven years, says #HSBC.https://t.co/H8V5TX2Xf9
— BQ Prime (@bqprime) September 26, 2023
Vishnu Prakash R Punglia rises as its Q1FY24 net profit increases by 52.5% YoY to Rs 16.4 crore due to a fall in inventory cost. Revenue also rises by 49.6% YoY. The company appears in a screener of stocks with annual net profits improving for the past two years.
GR Infraprojects is falling as National Highways Logistics Management (NHLML) annuls the bidding process for two projects worth Rs 3,613 crore won by the company. The projects are for the development, operation and maintenance of ropeways in Uttarakhand.
Welspun Corp is rising as its subsidiary, Sintex BAPL, signs a memorandum of understanding (MoU) with the government of Telangana to set up a manufacturing unit in the state. The expected capex of the project is Rs 350 crore, with an initial investment of Rs 50 crore for land and infrastructure in FY24. The manufacturing facility will be used to produce a mix of PVC pipes and fittings.
Eicher Motors is rising as Jefferies maintains its 'Buy' rating but raises the target price to Rs 4,150. According to the brokerage, the company has been impacted by growing competition concerns in 2023, but believes that it is a favourable time to 'Buy' as competitive concerns are easing. It expects the company's EBITDA to increase by 62% over FY23-26.
????? Royal Enfield's parent, Eicher Motors, revs up with a 4.6% surge after Jefferies maintains 'buy' rating and raises price target! ????????

Know More: https://t.co/7PRWSP0vUJ #EicherMotors #StockMarket @royalenfield
— Zee Business (@ZeeBusiness) September 26, 2023
Century Textiles rises as it enters into a joint venture with M S Ramaiah Realty to develop a 52-acre land parcel in North Bangalore under phase-1 of Birla Trimaya. The project is expected to have a revenue potential of Rs 3,000 crore. The company appears in a screener of stocks nearing their 52-week highs with significant volumes.
Wipro sells its 20-year-old building (non-strategic immoveable property) at Chennai’s IT corridor of Sholinganallur to Casagrand Bizpark in a deal worth Rs 266.4 crore.
Metal stocks like JSW Steel, Tata Steel, Hindalco Industries, Jindal Steel & Power, NMDC and National Aluminium Co are rising in trade. All constituents of the broader sectoral index, BSE Metal, are trading in the green.
Voltamp Transformers declines more than 3% as 13 lakh shares (12.9% equity), amounting to Rs 603.5 crore, change hands in a large trade, according to reports.
Voltamp Trans Large Trade | 13 Lk shares (12.9% equity) worth ?603.54 cr change hands at an avg ?4,650/sh pic.twitter.com/bQGDsoAgiq
— CNBC-TV18 (@CNBCTV18Live) September 26, 2023
D B Realty is set to acquire stakes in three hotels, Bamboo Hotel Global Centre, Goan Hotels & Realty and BD & P Hotels for Rs 2,300 crore. These deals are related party transactions and are done at an arm’s length basis. The company believes these acquisitions will enable it to enter into the hospitality sector.
Sheela Foam rises as its board approves raising Rs 1,200 crore by qualified institutional placements. The company will allot 1.1 crore shares at an average price of Rs 1,078 per share. It appears in a screener of stocks with low debt.
Ashish Kacholia sells a 0.6% stake in Delta Corp for approx Rs 21.7 crore in a bulk deal on Monday

Riding High:

Largecap and midcap gainers today include Vodafone Idea Ltd. (12.10, 7.08%), Varun Beverages Ltd. (967.55, 4.49%) and JSW Energy Ltd. (439.90, 4.45%).

Downers:

Largecap and midcap losers today include Shriram Finance Ltd. (1,884.60, -3.13%), 3M India Ltd. (30,952.60, -2.34%) and Union Bank of India (99.70, -2.30%).

Volume Shockers

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

Top high volume gainers on BSE included Cochin Shipyard Ltd. (1,087.75, 10.63%), Deepak Fertilisers & Petrochemicals Corporation Ltd. (653.20, 5.76%) and Uflex Ltd. (468.70, 5.53%).

Top high volume losers on BSE were HLE Glasscoat Ltd. (507.90, -12.80%), AstraZeneca Pharma India Ltd. (4,413.95, -3.90%) and Muthoot Finance Ltd. (1,236.80, -1.94%).

KRBL Ltd. (417.85, 3.75%) was trading at 8.6 times of weekly average. Eureka Forbes Ltd. (496.15, -1.63%) and Great Eastern Shipping Company Ltd. (851.10, 3.44%) were trading with volumes 6.7 and 6.3 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

15 stocks took off, crossing 52 week highs, while 2 stocks tanked below their 52 week lows.

Stocks touching their year highs included - Coal India Ltd. (286.75, -0.45%), Colgate-Palmolive (India) Ltd. (2,067.90, 3.27%) and Great Eastern Shipping Company Ltd. (851.10, 3.44%).

Stocks making new 52 weeks lows included - Delta Corp Ltd. (140.40, -1.68%) and Gujarat Gas Ltd. (432.00, -1.21%).

8 stocks climbed above their 200 day SMA including Uflex Ltd. (468.70, 5.53%) and Bharat Dynamics Ltd. (1,034.50, 4.36%). 3 stocks slipped below their 200 SMA including Adani Enterprises Ltd. (2,457.95, -0.97%) and Avenue Supermarts Ltd. (3,633.60, -0.83%).

Trendlyne Marketwatch

25 Sep 2023

Market closes flat, ICICI Direct maintains its ‘Buy’ rating on PNC Infratech

Trendlyne Analysis

Nifty 50closed at 19,674.55 (0.3, 0%), BSE Sensexclosed at 66,023.69 (14.5, 0.0%) while the broader Nifty 500closed at 17,272.55 (11.8, 0.1%). Market breadth is holding steady. Of the 1,955 stocks traded today, 934 were on the uptick, and 979 were down.

Indian indices pared the gains from the afternoon session and closed flat, with the Nifty 50closing at 19,675. The volatility index, Nifty VIX, rose by 2.2% and closed at 10.9 points. Karnataka Bank approves the raising of Rs 1,500 crore through preferential issue, rights issue, and qualified institutional placements.

Nifty Midcap 100 closed in the green, while Nifty Smallcap 100 closed flat, following the benchmark index. Nifty Bank and Nifty Realty closed higher than Friday’s closing levels. According to Trendlyne’s sector dashboard, coal emerged as the top-performing sector of the day, with a rise of over 1.6%.

Most European indices trade in the red. US indices futures trade lower as US lawmakers are attempting to find a resolution to an ongoing budget stand-off ahead of October 1. The federal government is set to run out of funding for its operations on this date, which would force a shutdown.

Money flow index (MFI) indicates that stocks like Blue Star, KSB, ITI and Gujarat Ambuja Exports are in the overbought zone.
Palm Shelter Estate Development, promoter of Chalet Hotels, buys a 0.2% stake in the company on Friday. It now holds 3.9% of the company.
ICICI Securities maintains its 'Add' rating on Balkrishna Industries with an upgraded target price of Rs 2,669 per share. This indicates a potential upside of 4.9%. The brokerage believes that the revival in tyre exports in the agriculture segment and lower inflation in the US will help the company improve its profitability. It expects the company's revenue to grow at a CAGR of 7.7% over FY22-25.
ICICI Direct maintains its ‘Buy’ rating on PNC Infratech with a target price of Rs 460, implying an upside of 25.5%. The brokerage is optimistic about the firm’s prospects due to its healthy execution ability, stable margin trajectory and robust order book. It’s positive about the company’s asset monetisation plan, as it would free up capital and drive scalability. It expects the firm’s net profit to grow at a CAGR of 14.3% over FY23-25.
The Multi Commodity Exchange of India (MCX) rises over 7% in trade and touches a new 52-week high today. Reports suggest that it is set to introduce a new technology platform, serviced by TCS, from October 1.
#CNBCTV18Exclusive: #MCX set to go live on new tech platform on Oct 1, say sources@sudarshankr https://t.co/K13UD2KjNX
— CNBC-TV18 (@CNBCTV18Live) September 25, 2023
Indian Metals & Ferro Alloys rises to a new 52-week high of Rs 443.5 as its subsidiary, Utkal Coal, receives Rs 20.7 crore in compensation. The payment is part of the total compensation of Rs 416.7 crore for freehold and leasehold land pertaining to the Utkal 'C' coal mines. The company appears in a screener of stocks with low debt.
Updater Services' Rs 640 crore IPO gets bids for 0.1X of the available 1.2 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 0.3X of the available 22.3 lakh shares on offer.
JSW Infrastructure's Rs 2,800 crore IPO gets bids for 0.4X the available 13.6 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 1.4X the available 2.5 crore shares on offer.
The consumer electronics industry anticipates around 18-20% increase in sales during the festive season, which also coincides with the Cricket World Cup. The industry is expected to surpass Rs 70,000 crore sales in FY24, with festive sales contributing around 25-27%.
Appliance and consumer #electronics industry expected to cross Rs 70,000 crore in #sales this year with festive season contributing around 25-27%.https://t.co/A7BMRECQIq
— BQ Prime (@bqprime) September 24, 2023
Manoj Vaibhav Gems N Jewellers' Rs 270 crore IPO gets bids for 0.6X the available 91.2 lakh shares on offer on the second day of bidding. The retail investor quota gets bids for 0.7X the available 45.8 lakh shares on offer.
Religare Enterprisesfalls as Burman Group and others announce an open offer to acquire a 26% stake (9 crore shares) at an average price of Rs 235 per share, amounting to Rs 2,116 crore. After the open offer, Burman Group will own a 53.9% stake in the company. It appears in a screenerof stocks with strong annual EPS growth.
S&P Global Ratings maintains its forecast for India's GDP growth for FY24 at 6%, noting a slowing global economy, the threat of below-normal monsoons, and the delayed effect of rate hikes.
S&P Global Ratings on 25 September retained India's growth forecast for the current fiscal at 6% citing slowing world economy, rising risk of subnormal monsoons and delayed effect of rate hike.https://t.co/Vq15o8FSev
— Mint (@livemint) September 25, 2023
Sugar companies like Shree Renuka Sugars, EID Parry, Balrampur Chinni Mills and Triveni Engineering & Industries are rising. The broader sugar industry is also trading in the green.
Strides Pharma Science rises to a new 52-week high of Rs 539 as its subsidiary, Strides Pharma Global, receives approval from the US FDA for Icosapent Ethyl Capsules in 0.5-gram and 1-gram dosages. The drug is used for the treatment of various cardiovascular conditions and has a market size of $1.3 billion (approx Rs 10,803 crore) in the US. The company appears in a screener of stocks with strong momentum.
Life Insurance Corp of India is falling as it receives a notice from the Additional Commissioner State Tax, demanding payment of goods and service tax worth Rs 290.5 crore. The company plans to file an appeal against the order before the GST Appellate Tribunal.
Karnataka Bank rises as its board approves the raising of Rs 1,500 crore through preferential issues, rights issues, and qualified institutional placements. The bank will issue 3.3 crore shares on a preferential basis at an average price of Rs 239.5, amounting to Rs 800 crore. It appears in a screener of stocks nearing their 52-week highs with significant volumes.
CLSA maintains its 'Buy' rating on Bajaj Finance but raises the target price to Rs 9,500. The brokerage believes that the company's capital-raising efforts will help drive long-term growth and indicate stronger-than-expected medium-term loan growth. It has raised the loan growth forecasts by 2-3 percentage points over the next two years.
Brokerage Radar | CLSA on Bajaj Finance: Maintain 'Buy'; Capital raise after four years; will help fuel long-term growth@Bajaj_Finance @CLSAInsights #BajajFinance pic.twitter.com/EcLE5qPCXt
— ET NOW (@ETNOWlive) September 25, 2023
ICICI Lombard General Insurance Co appoints Sanjeev Mantri as the Managing Director and Chief Executive Officer, with effect from December 1, 2023.
Zen Technologies surges more than 5% as it bags an order worth Rs 227.7 crore from the Ministry of Defence.
Mahindra & Mahindra Financial Services is rising as it completes the acquisition of the remaining 20% stake in its subsidiary, Mahindra Insurance Brokers, for Rs 206 crore.
The Asian Development Bank (ADB) lowers its FY24 GDP forecast for India by 10 bps to 6.4%, citing a slowdown in exports and possible agricultural disruptions due to erratic rainfall patterns.
The Asian Development Bank has reduced its #GDP forecast for India for the fiscal year 2023-2024 by 10 basis points bringing it down from 6.4% to 6.3%.

Read more ??https://t.co/wg5yFNiOm6 #IndianEconomy #Economy
— Moneycontrol (@moneycontrolcom) September 24, 2023
Updater Services raises Rs 288 crore from anchor investors ahead of its IPO by allotting 96 lakh shares at Rs 300 each. Investors include Societe Generale, Citigroup Global, Nomura Singapore, Franklin India, Motilal Oswal and ICICI Prudential Mutual Fund.
JSW Infrastructure raises Rs 1,260 crore from anchor investors ahead of its IPO by allotting around 10.6 crore shares at Rs 119 each. Investors include Morgan Stanley, Government of Singapore, Monetary Authority of Singapore, Goldman Sachs, SBI Mutual Fund, Aditya Birla Sun Life Trustee and Nippon Life India.
Ircon International falls despite bagging an order worth $14.9 million (approx Rs 122 crore) from Sri Lanka Railways. The project involves the design, installation, testing, commissioning, and certification of signalling and telecommunication systems from Maho Junction to Anuradhapura. The company appears in a screenerof stocks with improving net cash flow.
Delta Corp plunges almost 10% to touch its 52-week low of Rs 157.9 per share as the Directorate General of GST Intelligence directs the company to pay a tax liability of Rs 11,139.6 crore.

Riding High:

Largecap and midcap gainers today include Bajaj Finance Ltd. (7,819.85, 4.66%), Trent Ltd. (2,157.05, 4.41%) and Dalmia Bharat Ltd. (2,337.55, 4.09%).

Downers:

Largecap and midcap losers today include Berger Paints (India) Ltd. (611.40, -8.65%), Bank of India (106.55, -2.43%) and APL Apollo Tubes Ltd. (1,542.70, -2.25%).

Movers and Shakers

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

Top high volume gainers on BSE included Indiabulls Real Estate Ltd. (85.65, 9.32%), IRB Infrastructure Developers Ltd. (32.10, 7.72%) and Multi Commodity Exchange of India Ltd. (1,902.30, 6.66%).

Top high volume losers on BSE were Delta Corp Ltd. (142.80, -18.59%), Network18 Media & Investments Ltd. (65.95, -3.09%) and Swan Energy Ltd. (291.45, -2.38%).

Sapphire Foods India Ltd. (1,465.95, -1.21%) was trading at 8.7 times of weekly average. Maharashtra Scooters Ltd. (7,984.80, 5.85%) and Westlife Foodworld Ltd. (982.15, 2.78%) were trading with volumes 7.5 and 5.9 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

16 stocks took off, crossing 52 week highs, while 2 stocks were underachievers and hit their 52 week lows.

Stocks touching their year highs included - Balkrishna Industries Ltd. (2,562.35, 0.59%), Blue Star Ltd. (911.70, 1.95%) and Coal India Ltd. (288.05, 1.66%).

Stocks making new 52 weeks lows included - Delta Corp Ltd. (142.80, -18.59%) and Gujarat Gas Ltd. (437.30, -0.52%).

5 stocks climbed above their 200 day SMA including Aavas Financiers Ltd. (1,707.00, 3.24%) and Heidelberg Cement India Ltd. (179.00, 1.02%). 8 stocks slipped below their 200 SMA including Radico Khaitan Ltd. (1,158.35, -2.03%) and Bharat Dynamics Ltd. (991.25, -1.30%).