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Trendlyne Marketwatch
24 Aug 2022
Market closes higher, Dreamfolks Services’ IPO gets bids for 2X of total shares on offer

Trendlyne Analysis

Nifty 50 ended marginally higher after gyrating between gains and losses on a volatile day of trade. European stocks followed the global trend and traded lower than Tuesday. Most major Asian indices closed lower, tracking the US indices, which closed flat to lower on Tuesday. The tech-heavy index, NASDAQ 100, closed flat while the Dow Jones closed 0.5% lower. Chinese stocks closed sharply lower amid power shortage concerns in some regions in China and fears of a hawkish commentary by US Federal Reserve Chairman Jerome Powell at the Jackson Hole symposium to be held later this week. Brent crude oil futures traded higher after rising over 3.7% on Tuesday as Saudi Arabia warned that OPEC could cut output to address the recent fall in crude oil prices.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, despite the benchmark index closing flat. Nifty Media and Nifty Realty closed higher than Tuesday. Nifty IT, which lost about 1.8% in the previous session, extended its losses and closed in the red.

Nifty 50 closed at 17,607.55 (30.1, 0.2%), BSE Sensex closed at 59,085.43 (54.1, 0.1%) while the broader Nifty 500 closed at 15138.15 (47.7, 0.3%)

Market breadth is in the green. Of the 1,904 stocks traded today, 1,192 were on the uptrend, and 642 went down.

  • RBL Bank sees a long build-up in its August 25 future series as its open interest rises 13% with put to call ratio of 0.9.

  • TVS Motor to buy a 48.27% stake worth Rs 86.4 crore in Nkars Mobility Millennial Solutions, which is engaged in trading and distributing pre-owned two-wheelers. The company believes this acquisition will aid in growing its pre-owned two-wheeler business.

  • Shipping companies like Great Eastern Shipping Co, Mazagon Dock Shipbuilders, Shipping Corp of India, among others, are rising in trade as crude tanker prices rise to a two-year high and also due to increase in demand for tankers.

  • HDFC Bank, Infosys, and ICICI Bank are amongst the top analyst picks with strong buy calls according to Trendlyne’s Forecaster’s consensus estimates.

  • More than 21 lakh shares of Bank of Baroda exchange hands at a price of Rs 122 per share in a block deal, according to reports.

  • Dreamfolks Services’ Rs 562-crore IPO gets bids for 2X of the available 94.8 lakh shares on offer on the first day of bidding. The retail investor quota gets bids for 7.9X of the available 17.2 lakh shares on offer. The IPO is entirely an offer for sale for Rs 562 crore.

  • Asahi India Glass and Uflex hit their all-time highs of Rs 622.5 and Rs 742.9, respectively. Both stocks are rising for four consecutive sessions.

  • BEML falls ahead of its board meeting today to decide a record date for the eligible shareholders for issuance of BEML Land Assets shares. The decision is for the issuance of 1:1 shares by BEML Land Assets as part of its demerger scheme. The demerger of BEML Land Assets is part of the strategic disinvestment of BEML undertaken by the Centre.

  • ICICI Securities maintains its 'Buy' rating on GlaxoSmithKline Pharmaceuticals with a target price of Rs 1,456. This indicates a downside of 0.4%. The brokerage believes that the company's exposure only to domestic formulations, strong balance sheet and strong brand equity bode well for the stock. However, it also expects the acute therapies to grow at a moderate pace in the coming quarters. It estimates the company's revenue to grow at a CAGR of 4.2% over FY22-24.

  • IDBI Bank is rising as reports suggest that the Centre is considering selling at least a 51% stake in the bank. The Centre held a 45.5% stake directly, and another 49.2% stake through Life Insurance Corp of India (LIC) as of June 2022. The Centre and LIC will try to gauge buyer interest from the end of September.

  • Brokerage firm Bernstein India says the duopoly in India's food delivery market is now shifting in favour of Zomato. Zomato's market share expanded to 55% in the food delivery business, through its stronger execution. The brokerage expects Zomato to break even by Q1FY24.

  • Photographic Products, Consulting Services, and Paper & Paper Products industries rise by more than 3% in trade today.

  • Kumar Mangalam Birla, Chairman at Hindalco Industries says that the company will invest $8 billion in India and in its US arm Novelis, over the next five years, as part of its capital expenditure plan.

  • Axis Direct maintains its ‘Buy’ rating on JK Cement with a target price of Rs 3,020. This indicates an upside of 13%. The brokerage remains positive on the company’s prospects given its increasing production capacity, deeper market reach and improving product mix amid rising demand for cement. It expects the company’s revenue to grow at a CAGR of 15% over FY22-24.

  • Aurobindo Pharma is rising as its wholly-owned subsidiary Eugia Pharma gets USFDA's approval to manufacture and sell Medroxyprogesterone Acetate Injectable Suspension USP. The drug is used for female reproductive health and is likely to come out by Q3FY23. This product has a market size of approx $62 million.

  • Realty stocks like DLF, Macrotech Developers, Godrej Properties, Oberoi Realty and Phoenix Mills are rising in trade. All constituents of the broader Nifty Realty index are also trading in the green.

  • IndusInd Bank is rising in trade as Jefferies reiterates its ‘Buy’ rating and raises the target price to Rs 1,330 from Rs 1,250.The brokerage says that there is improvement in retail deposit and asset & liability management. It also says that the bank had sufficient buffer though NPAs fell.

  • Adani Enterprises arm AMG Media buys stake in Vishvapradhan Commercial (VCPL) for Rs 113.7 crore. VCPL held warrants convertible into shares of NDTV's promoter entity RRPR Holding in lieu of a loan given in 2009. After the acquisition of VCPL by AMG Media, the warrants were converted into shares of VCPL, giving AMG Media control of NDTV's promoter RRPR Holding which holds a 29.2% stake in the media company. This triggered an open offer to NDTV's public shareholders, the price for which is set at Rs 294 per share. NDTV's shares hit the upper circuit in early trade.

  • Maruti Suzuki is falling as it recalls 166 Dzire Tour S vehicles manufactured during August 6-16. The manufacturer believes there is a possible defect in the airbag control unit. The vehicles are recalled to replace these units.

  • Dreamfolks Services raises Rs 253 crore from investors by selling 7.7 lakh equity shares at Rs 326 per share. Investors include Societe Generale, BNP Paribas Arbitrage, Saint Capital Fund, Segantii India Mauritius, Kuber India Fund, Smallcap World Fund, Quant Mutual Fund, and Aditya Birla Sun Life Mutual Fund, among others.

  • Chennai Petroleum’s board approves a joint venture (JV) with Indian Oil and other seed equity investors. The JV will build a 9 million metric tonne per annum refinery project at Cauvery River Basin in Nagapattinam district for approx. Rs 31,850 crore. The board also approves an equity investment of Rs 2,570 crore towards the project.

Riding High:

Largecap and midcap gainers today include Varun Beverages Ltd. (1,030.90, 6.99%), ABB India Ltd. (3,060.45, 6.71%) and Bandhan Bank Ltd. (295.75, 5.59%).

Downers:

Largecap and midcap losers today include Adani Power Ltd. (390.40, -4.99%), Zomato Ltd. (62.20, -3.49%) and Lupin Ltd. (677.60, -2.57%).

Volume Rockets

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

Top high volume gainers on BSE included RBL Bank Ltd. (121.75, 16.95%), Rashtriya Chemicals & Fertilizers Ltd. (97.05, 7.95%) and Greaves Cotton Ltd. (178.90, 7.13%).

Top high volume loser on BSE was Swan Energy Ltd. (208.05, -2.16%).

Jyothy Labs Ltd. (190.50, 5.60%) was trading at 12.2 times of weekly average. Asahi India Glass Ltd. (623.20, 6.67%) and Responsive Industries Ltd. (140.85, 5.03%) were trading with volumes 7.9 and 7.0 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

17 stocks made 52-week highs, while 1 stock hit its 52-week lows.

Stocks touching their year highs included - Adani Transmission Ltd. (3,700.40, 2.73%), Bharat Electronics Ltd. (294.05, -1.47%) and Deepak Fertilisers & Petrochemicals Corporation Ltd. (954.40, -2.32%).

Stock making new 52 weeks lows included - Sanofi India Ltd. (6,236.05, -0.56%).

21 stocks climbed above their 200 day SMA including Hindustan Copper Ltd. (116.90, 2.19%) and HFCL Ltd. (73.35, 1.95%). 4 stocks slipped below their 200 SMA including Suzlon Energy Ltd. (8.75, -2.23%) and HDFC Asset Management Company Ltd. (2,114.20, -2.05%).

 
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