Market closes higher, Edelweiss maintains a ‘BUY’ rating on Balaji Amines

Trendlyne Analysis

Nifty 50 closed 1% higher with the Indian volatility index, India VIX falling significantly. Most Asian indices closed higher as hopes rise for a negotiated end to the Ukraine conflict. Ukraine proposed adopting a neutral status as a sign of progress in face-to-face negotiations while Russia promised to scale down military operations near Kyiv. However, reports suggest that Russia continues to build up troops in Eastern Ukraine. The US indices closed sharply higher on Tuesday led by the tech-focused NASDAQ 100, which rose 1.68%. European shares trade lower after three days of consecutive gains as investors monitor the outcome of the Russia-Ukraine peace talks.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, following the benchmark index. Nifty Media, which shed 1.2% on Tuesday, surged today to close 2.3% higher. Nifty Metal snaps its nine-day winning streak to close 2.2% lower. Nifty IT closed in the green, tracking the tech-heavy NASDAQ 100.

BSE Sensex closed at 58,683.99 (740.3, 1.3%) while the broader Nifty 500 closed at 14,896.90 (135, 0.9%).

Market breadth is in the green. Of the 1,878 stocks traded today, 1,203 were in the positive territory and 644 were negative.

NHPC, AIA Engineering, KPR Mill, and Indo Count Industries Express are trading with higher volumes as compared to Tuesday.
Veranda Learnings Solutions’ Rs 200-crore IPO gets bids for 1.3X of the available 1.2 crore shares on offer on the second day of bidding. Retail investors quota gets bids for 7X of the available 15.4 lakh shares. The offer comprises entirely of a fresh issue of Rs 200 crore.
Hariom Pipes' Rs 130.1-crore IPO gets bids for 67% of the available 25.5 lakh shares on offer on the first day of bidding. Retail investors quota gets bids for 1.88X of the available 29.75 lakh shares. The offer comprises entirely of a fresh issue of Rs 130.1 crore.
Uma Exports' Rs 60-crore IPO gets bids for 7.7X of the available 92.3 lakh shares on offer on the last day of bidding. Retail investors quota gets bids for 10.1X of the available 63.6 lakh shares. The offer comprises entirely of a fresh issue of Rs 60 crore.
Music label firm Saregama hits the upper circuit after its board of directors approves hiving off its e-commerce distribution, publication and other non-core businesses into a separate entity - Digidrive Distributors. This business involves the sale of its physical products including portable music player Carvaan. It generated revenues of just Rs 17.4 crore in FY21.
Axis Securities initiates coverage on Aptus Value Housing Finance India with a ‘Buy’ rating and a target price of Rs 400, indicating an upside of 27%. The brokerage believes the company is well placed to benefit from the rapidly growing affordable housing market due to its deep penetration in rural South Indian markets, industry-leading profitability, and improving asset quality trends.
Tata Coffee is trading with more than fifteen times its weekly average trading volume. General Insurance Corporation of India, Nesco, Phoenix Mills, and Mastek are trading at more than four times their weekly average trading volumes.
IDBI Bank's board approves the divestment of its stake in National Securities Depository (NSDL) and Ageas Federal Life Insurance Company (AFLI). This willl include the divestment of the bank's stake of up to 11.1% in NSDL through a market-driven process. The stake in AFLI --20 lakh shares--will be sold to Ageas Insurance International NV (Ageas) pursuant to the exercise of a call option by Ageas.
Edelweiss maintains a ‘BUY’ rating on Balaji Amines with a target price of Rs 4,150, indicating an upside of 40.7%. The brokerage has a positive outlook on the company as it increased the production capacity of the propylene glycol and dimethyl carbonate chains. The brokerage expects the company’s revenue to grow at 23.7% over FY22-FY24.
Bharat Electronics signs two contracts worth Rs 3,102 crore with Ministry of Defence, Government of India. The contracts include supply of advanced electronic warfare suite for fighter aircraft and instrumented electronic warfare range for the Indian Air Force.
Oil And Natural Gas Corporation (ONGC) is falling as the Center is set to sell 1.5% of its stake in the company to raise about Rs 3,000 crore. The offer for sale (OFS) opens on March 30-31 with a minimum of 25 % of the shares reserved for mutual funds and insurance companies. The Centre currently owns a 60.41 % stake in ONGC which produces half of India's oil and gas.
Strides Pharma Science's Managing Director and CEO R Ananthanarayanan resign. His resignation will be effective from March 31, 2022.
Tata Consumer Products (TCPL) announces merger of all businesses of Tata Coffee (TCL) with itself as a part of its reorganization plan. TCL’s plantation business will first be de-merged into TCPL’s wholly-owned subsidiary TCPL Beverages & Foods (TBFL). TCPL will issue one equity share for every 22 equity shares of TCL to TCL’s shareholders in accordance with their share entitlement ratio. Following the de-merger, the remaining business of TCL will be merged with TCPL.

Riding High:

Largecap and midcap gainers today include Indian Overseas Bank (18.95, 10.17%), Tata Elxsi Ltd. (8,996.80, 5.19%) and Larsen & Toubro Infotech Ltd. (6,310.35, 4.75%).

Downers:

Largecap and midcap losers today include Oil And Natural Gas Corporation Ltd. (162.00, -5.26%), Procter & Gamble Hygiene & Healthcare Ltd. (14,009.60, -5.05%) and Hindalco Industries Ltd. (599.80, -4.99%).

Volume Shockers

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

Top high volume gainers on BSE included Tata Coffee Ltd. (214.55, 9.32%), Nesco Ltd. (560.80, 8.62%) and EID Parry (India) Ltd. (459.10, 5.52%).

Top high volume losers on BSE were Oil And Natural Gas Corporation Ltd. (162.00, -5.26%), Procter & Gamble Hygiene & Healthcare Ltd. (14,009.60, -5.05%) and Adani Green Energy Ltd. (1,857.15, -3.44%).

Indian Oil Corporation Ltd. (1,17.20, -0.93%) was trading at 10.0 times of weekly average. Mastek Ltd. (3,235.80, 5.11%) and General Insurance Corporation of India (116.45, 4.11%) were trading with volumes 8.1 and 7.9 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

19 stocks hit their 52-week highs, while 11 stocks tanked below their 52-week lows.

Stocks touching their year highs included - Adani Transmission Ltd. (2,377.40, -3.42%), Cummins India Ltd. (1,107.80, -1.32%) and Indian Hotels Company Ltd. (241.25, 0.25%).

Stocks making new 52 weeks lows included - Bajaj Consumer Care Ltd. (149.70, -0.33%) and Castrol India Ltd. (100.00, -0.10%).

30 stocks climbed above their 200 day SMA including Tata Coffee Ltd. (214.55, 9.32%) and EID Parry (India) Ltd. (459.10, 5.52%). 7 stocks slipped below their 200 SMA including Procter & Gamble Hygiene & Healthcare Ltd. (14,009.60, -5.05%) and Motilal Oswal Financial Services Ltd. (880.75, -3.26%).