Market closes higher, Latent View's IPO gets bids for 225X the available shares on offer

Trendlyne Analysis

Markets closed up today. Nifty 50 closed at 18,102.75 (229.2, 1.3%) , BSE Sensex closed at 60,686.69 (767, 1.3%) while the broader Nifty 500 closed at 15,579.00 (167.9, 1.1%)

Market breadth is in the red. Of the 1,806 stocks traded today, 799 were on the uptrend, and 950 went down.

Jyothy Labs, Solar Industries India, Westlife Development, and TeamLease Services are trading with higher delivery volumes compared to Thursday.
Astral is rising as its Q2FY22 volume growth of 20% YoY in pipes and 37% YoY growth in adhesives outshines its peers. With rising demand, the management is positive of clocking revenues worth Rs 1,000 crore in FY22.
Galaxy Surfactants's net profit falls 49% YoY to Rs 42 crore despite a 22% YoY revenue growth to Rs 877 crore, as a sharp rise in prices of key inputs like fatty alcohol led to a 35% rise in total expenses to Rs 806 crore.
HDFC Securities maintains a 'Reduce' rating on Petronet LNG on back of fall in volumes of Dahej & Kochi terminals YoY in Q2 driven by high spot LNG prices.The brokerage expects a target price upside of 2%.
Reliance Industries's arm Reliance Retail Ventures buys 100% stake in ‘amante’ brand of MAS Brands, a wholly-owned subsidiary of MAS Holdings. This deal will help the retail business leverage Reliance’s portfolio of fashion and retail brands in Ithe Indian and Sri-Lankan markets.
Latent View Analytics' Rs 600-crore IPO gets bids for over 225 times its available 1.75 crore shares on offer. Retail investors bid for over 100X their quota of 31 lakh shares. The offer comprises of a fresh issue of Rs 474 crore and an offer for sale of Rs 126 crore by selling shareholders.
Axis Securities maintains a ‘buy’ rating on Birla Corporation with a target price upside of 11% as it expects rising demand of cement to drive revenue in the upcoming quarters. Birla Corp’s strategy to increase prices to pass on the effects of rising input costs will further improve volume growth and drive profits.
SBI Mutual Fund sells 8.4 lakh shares of Elgi Equipments in a bulk deal on Thursday. The fund’s stake in the company falls to 5.29% (1.6 crore shares).
Ratnamani Metals & Tubes is trading with more than 35 times its weekly average trading volume. Aavas Financiers, Asahi India Glass, and Alkem Laboratories are trading at more than six times their weekly average trading volumes.
Fino Payments Bank makes a lackluster debut on the bourses and lists at 6% discount to the issue price of Rs 577. The issue was subscribed only 2 times due to its steep valuations and highly competitive industry.
APL Apollo Tubes' promoter Rahul Gupta and another promoter group entity APL Infrastructure together sell 1.8% stake worth Rs 405 crore in the company through a bulk deal on Thursday. This brings down the promoter group stake in the company to 35%.
Indiabulls Housing Finance’s Q2 net profits falls 11% YoY to Rs 286 crore because of a 12% decrease in loan book to Rs 64,062 crore. Net NPAs shrink 10 bps YoY to Rs 1,179 crore in Q2FY22.
Tata Steel's net profit rises more than 7.5 times YoY to Rs 11,918 crore on the back of hot rolled coil steel prices doubling in the last year, and double-digit volume growth.
Zee Entertainment Enterprises’ Q2 net profit soars 3X YoY to Rs 270 crore. The company's advertisement revenues rise 21% YoY to Rs 1,089 crore despite the media sector being hit by the pandemic.
Markets are up today morning. Nifty 50 was trading at 17,979.85 (106.3, 0.6%) , BSE Sensex was trading at 60,272.66 (353.0, 0.6%) while the broader Nifty 500 was trading at 15,496.65 (85.6, 0.6%)
Market breadth is ticking up strongly. Of the 1,722 stocks traded today, 1,175 were on the uptick, and 467 were down.

Riding High:

Largecap and midcap gainers today include InterGlobe Aviation Ltd. (2,306.25, 7.39%), Varun Beverages Ltd. (971.85, 5.45%) and Adani Transmission Ltd. (1,988.35, 5.00%).

Downers:

Largecap and midcap losers today include Endurance Technologies Ltd. (1,816.75, -5.20%), JSW Energy Ltd. (322.60, -3.28%) and Godrej Consumer Products Ltd. (919.60, -3.27%).

Volume Shockers

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

Top high volume gainers on BSE included Sheela Foam Ltd. (3,117.35, 13.95%), IDFC Ltd. (62.90, 9.87%) and Minda Industries Ltd. (936.30, 8.60%).

Top high volume losers on BSE were Solara Active Pharma Sciences Ltd. (1,122.45, -10.11%), Endurance Technologies Ltd. (1,816.75, -5.20%) and FDC Ltd. (306.25, -3.47%).

Ratnamani Metals & Tubes Ltd. (2,240.85, 3.53%) was trading at 42.9 times of weekly average. Alkem Laboratories Ltd. (3,550.20, 0.57%) and Aavas Financiers Ltd. (2,861.30, 3.28%) were trading with volumes 11.5 and 9.4 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

24 stocks made 52 week highs,

Stocks touching their year highs included - ACC Ltd. (2,571.95, 0.54%), Bharat Electronics Ltd. (223.60, 0.13%) and Blue Star Ltd. (1,052.50, -2.42%).

11 stocks climbed above their 200 day SMA including Welspun Corp Ltd. (147.95, 5.79%) and Sanofi India Ltd. (8,290.35, 3.34%). 14 stocks slipped below their 200 SMA including JTEKT India Ltd. (96.25, -3.36%) and Indiabulls Housing Finance Ltd. (230.15, -2.85%).