Market closes higher, L&T's subsidiary wins EPC contracts worth more than Rs 7,000 crore

Trendlyne Analysis

Markets closed up today. Nifty 50 closed at 18,212.35 (156.6, 0.9%) , BSE Sensex closed at 61,150.04 (533.2, 0.9%) while the broader Nifty 500 closed at 15,667.90 (137.4, 0.9%)

Market breadth is holding steady. Of the 1,848 stocks traded today, 947 showed gains, and 881 showed losses.

Cholamandalam Financial Holdings, Teamlease services, ABB India, and Galaxy Surfactants are trading with higher volumes as compared to Tuesday
HDFC Securities increases Multi Commodity Exchange of India's target price by 26% to Rs 2,150, while also upgrading its rating to ‘Buy’. The brokerages says the fall in futures average daily trading volumes (ADTV) by 6.6% QoQ in Q3FY22 will be offset by higher index and options volumes. Revenues may increase by 4% QoQ and margins may expand 51bps QoQ to 41.1% in Q3FY22
Larsen & Toubro's subsidiary L&T Hydrocarbon Engineering wins two offshore contracts worth more than Rs 7,000 crore on engineering, procurement and construction mode to build new facilities and their intergration with existing ones
Bharat Forge is falling as CLSA India downgrades the stock to ‘Sell’ from ‘Buy’ and cuts the target price by 23.3% to Rs 690. The brokerage anticipates a slowdown in export growth. The company depends on exports of its components to Class 8 trucks to the US and semiconductor shortages are impacting orders of Class 8 trucks.
HDFC Securities maintains a 'BUY' rating on BSE and its subsidiary CDSL. It expects BSE's profit to grow by 116% YoY led by strong traction in its cash and mutual funds segment. It further expects CDSL's profits to grow by 71% YoY led by its transaction and corporate actions segment.
Easy Trip Planners's board of directors approves the issue of bonus shares in the ratio of 1:1, subject to the approval from shareholders.
Mahindra Holidays & Resorts India is trading with more than 10 times its weekly average trading volume. Gujarat Alkalies & Chemicals, Sharda Cropchem, Prestige Estates Projects, and Varroc Engineering India are trading at more than five times their weekly average trading volumes.
DLF rises on the bourses as its West Delhi based luxury residential project ONE Midtown generates sales worth Rs 1,500 crore within a few days of its launch.
RattanIndia Enterprises' board approves Rs 350 crore investment in its wholly-owned subsidiary Cocoblu Retail to enter the e-commerce business. The company will tie-up with several big and small brands to bring them to digital channels
Sunil Singhania buys 46.12 lakh shares or 5.8% stake in Rupa and Company at an average price of Rs 465.5 in multiple bulk deals on Tuesday.
Hindustan Unilever hikes prices of soaps and detergents by 3-20% across brands like Wheel, Rin, Surf Excel, and Lifebuoy. This is the second hike in prices after November 2021 due to high input cost inflation.
HDFC Securities maintains a 'BUY' rating on Larsen & Toubro and Cummins as it expects high government capex to drive the order books of these capital goods companies. It further expects their revenues and earnings to rise 8.7% and 24% QoQ respectively.
Tata Teleservices Maharashtra's board opts for DoT’s telecom relief package of conversion of interest on adjusted gross revenue dues into equity. The net present value of the interest due amounts to Rs 850 crore. After conversion, the Indian government will hold a 9.5% stake in the company. This is subject to a mutual agreement on terms and conditions.

Riding High:

Largecap and midcap gainers today include Adani Power Ltd. (119.40, 10.00%), Vodafone Idea Ltd. (12.80, 8.47%) and Ruchi Soya Industries Ltd. (908.00, 6.35%).

Downers:

Largecap and midcap losers today include Avenue Supermarts Ltd. (4,276.10, -5.08%), Motherson Sumi Systems Ltd. (243.45, -3.18%) and Abbott India Ltd. (17,888.20, -1.55%).

Movers and Shakers

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

Top high volume gainers on BSE included Sheela Foam Ltd. (3,765.45, 14.12%), Sequent Scientific Ltd. (184.05, 12.84%) and GHCL Ltd. (425.45, 11.00%).

Top high volume losers on BSE were Avenue Supermarts Ltd. (4276.10, -5.08%), Brightcom Group Ltd. (180.55, -3.86%) and Solar Industries India Ltd. (2226.00, -2.35%).

Venky's (India) Ltd. (2,858.25, 9.55%) was trading at 15.0 times of weekly average. Gujarat Alkalies & Chemicals Ltd. (721.25, 8.43%) and Mahindra Holidays & Resorts India Ltd. (203.10, 8.12%) were trading with volumes 14.6 and 12.2 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

18 stocks hit their 52-week highs,

Stocks touching their year highs included - Blue Dart Express Ltd. (7,411.05, 5.70%), Chambal Fertilisers & Chemicals Ltd. (453.60, 6.50%) and Deepak Fertilisers & Petrochemicals Corporation Ltd. (486.45, 7.24%).

10 stocks climbed above their 200 day SMA including Venky's (India) Ltd. (2,858.25, 9.55%) and Mahindra Holidays & Resorts India Ltd. (203.10, 8.12%). 5 stocks slipped below their 200 SMA including Mahindra CIE Automotive Ltd. (225.80, -2.17%) and Abbott India Ltd. (17,888.20, -1.55%).