Market closes higher Vedant Fashions’ Rs 3,149.2-crore IPO oversubscribed by 2.5X of total shares on offer

Trendlyne Analysis

The Nifty 50 closed in the green after a volatile trading session to snap its three-day losing streak. The Nifty Midcap 100 and Nifty Smallcap 100 traded in the red throughout the day and ended lower than their previous close. Nifty Metal and Nifty Pharma outperformed the benchmark index while Nifty Media and Nifty Energy ended in the red. Nifty IT continued its decline as TCS closed in the red.

Nifty 50 closed at 17,266.75 (53.2, 0.3%) , BSE Sensex closed at 57,808.58 (187.4, 0.3%) while the broader Nifty 500 closed at 14,857.05 (-13.6, -0.1%)

Market breadth is overwhelmingly negative. Of the 1,851 stocks traded today, 437 showed gains, and 1,395 showed losses.

Gillette India, Gland Pharma, GlaxoSmithKline Pharmaceuticals, and Max Healthcare Institute are trading with higher volumes as compared to Monday.
Suven Pharmaceuticals is rising as its profits rise 40.8% YoY to Rs 160 crore and revenues rise 63% to Rs 456 crore. The company continue to focus more on the business of Contract Development and Manufacturing Operations.
HDFC Securities downgrades rating on Radico Khaitan to 'Reduce' and cut its target price by 21% to Rs 950. Even though the company's posted double digit revenue growth in Q3FY22, the brokerage changes its stance owing to Radico's upcoming capex plan. HDFC Sec believes that the capex of Rs 740 crore which will be partially funded by debt will add to the balance sheet risk and affect cash flows post FY24 should the demand be subdued.
Vedant Fashions’ Rs 3,149.2-crore IPO gets bids for 2.5X of the available 3.64 crore shares on offer on the last day of bidding. Retail investors quota of 1.28 crore shares is subscribed around 39%. The IPO is entirely an offer for sale by selling shareholders.
Dilip Buildcon's arm Bangarupalem Gudipala Highways wins order worth Rs 1,060 crore from National Highways Authority of India to construct Bangalore-Chennai expressway of 29 kilometre.
Action Construction Equipment's Q3FY22 net profits fall 11.5% YoY to Rs 27.4 crore despite revenues rising 9% YoY to Rs 441.5 crore. Robust growth in the material handling and construction equipment segments aids the overall revenue growth. However, higher raw material costs (steel, rubber) leads to a profit decline in Q3FY22.
Minda Industries' Q3FY22 net profit slips 6.6% YoY to Rs 101.3 crore despite revenues rising 21.1% YoY to Rs 2,194 crore. Robust growth in the castings and wireless charging segments aid the revenue growth in Q3. Although net profit improves sequentially, it falls on a YoY basis due to higher input costs.
Johnson Controls-Hitachi Air Conditioning India is trading with more than 11 times its weekly average trading volume. SIS, Polyplex Corporation, TVS Motor Company, and Alembic Pharmaceuticals are trading at more than three times their weekly average trading volumes.
CDSL's Q3FY22 net profit jumps 56% YoY to Rs 83.7 crore and revenues rise 76% YoY to Rs 163 crore. The depositary activity segment which is market-linked posted over 60% YoY revenue growth led by record demat account additions of 91 lakh in Q3FY22.
Wockhardt is rising as it gets Drugs Controller General of India's approval to export up to 80 million doses of Sputnik Light and up to 20 million doses of Sputnik V Component I vaccine. The company enters into an agreement with the Russian Direct Investment Fund and Enso Healthcare to manufacture and supply Sputnik V and Sputnik Light Covid-19 vaccines.
Wipro inks a pact with Intel Foundry Services' Accelerator Alliance that supports innovation in chip design and manufacturing. Wipro and Intel will work on creating chip designs and solutions for large companies across sectors. This will help Wipro gain know-how on cutting-edge process and packaging technologies.
Jindal Stainless is falling despite a rise in Q3FY22 net profits by 156.04% to Rs 435.5 crore. Strong product mix, high demand, and increased exports leads to an increase in net profits. The company's total revenue rises 58.1% YoY to Rs 5,682.4 and EBITDA stands at Rs 809.17 crore, up 68.38% YoY.
GlaxoSmithKline Pharmaceuticals (GSK Pharma) is falling as its Q3FY22 profit falls 3.9% YoY to Rs 150.3 cr. Revenues rise marginally by 2.5% to Rs. 826.2 crore as third-wave of the pandemic impacts the company’s non-Covid 19 vaccines business.
TVS Motors Q3FY22 net profit rises 9% YoY to Rs 288 crore with revenues up 5.8% YoY to Rs 5,706 crore. EBITDA margins are up 50 bps to 10% despite raw material cost pressures.

Riding High:

Largecap and midcap gainers today include Bank of Baroda (1,17.95, 4.43%), SRF Ltd. (2,531.30, 3.28%) and Tata Steel Ltd. (1,219.60, 3.09%).

Downers:

Largecap and midcap losers today include Tata Power Company Ltd. (234.85, -6.73%), Sona BLW Precision Forgings Ltd. (625.40, -5.22%) and Adani Green Energy Ltd. (1,928.00, -4.77%).

Movers and Shakers

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

Top high volume gainers on BSE included SIS Ltd. (548.95, 4.37%), Rajesh Exports Ltd. (833.20, 4.13%) and TVS Motor Company Ltd. (656.50, 3.07%).

Top high volume losers on BSE were Poly Medicure Ltd. (764.30, -7.86%), Johnson Controls-Hitachi Air Conditioning India Ltd. (1,791.05, -4.09%) and Saregama India Ltd. (4,051.90, -2.37%).

Relaxo Footwears Ltd. (1,305.45, 0.89%) was trading at 6.2 times of weekly average. Gujarat Alkalies & Chemicals Ltd. (776.40, 2.66%) and Alembic Pharmaceuticals Ltd. (731.50, -0.17%) were trading with volumes 5.6 and 4.2 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

5 stocks made 52-week highs, while 9 stocks tanked below their 52-week lows.

Stocks touching their year highs included - Bank of Baroda (117.95, 4.43%), SIS Ltd. (548.95, 4.37%) and Jindal Stainless Ltd. (211.30, -2.94%).

Stocks making new 52 weeks lows included - Indraprastha Gas Ltd. (392.10, -0.51%) and Kansai Nerolac Paints Ltd. (518.70, -2.93%).

6 stocks climbed above their 200 day SMA including Ratnamani Metals & Tubes Ltd. (2,184.95, 2.94%) and Birla Corporation Ltd. (1,328.10, 0.71%). 33 stocks slipped below their 200 SMA including Radico Khaitan Ltd. (890.40, -6.05%) and Balaji Amines Ltd. (3,222.80, -5.82%).