Trendlyne Marketwatch
Trendlyne Marketwatch
29 Dec 2022, 03:45PM
Market closes higher, JSW Energy acquires 95% stake in Ind-Barath Energy for Rs 1,047.6 crore

Trendlyne Analysis

Indian indices closed in the green with the Nifty 50 closing just below the 18,200 mark. European stocks followed the global trend and traded lower than Wednesday’s levels. Asian indices closed in the red, in line with the US indices, which closed lower on Wednesday. The S&P 500 is set to post its biggest yearly fall since 2008. US stocks fell on Wednesday as investors remain concerned about the possibility of a recession in 2023 due to continued US Fed rate hikes. The tech-heavy Nasdaq 100 index fell over 1.3% while the Dow Jones closed 1.1% lower. Brent crude oil futures traded lower after falling over 1.4% on Wednesday.

Nifty Smallcap 100 closed in the green, following the benchmark index. Nifty Metal and Nifty Bank closed higher than Wednesday’s levels. Nifty IT closed in the green.

Nifty 50 closed at 18,191.00 (68.5, 0.4%), BSE Sensex closed at 61,133.88 (223.6, 0.4%) while the broader Nifty 500 closed at 15,485.20 (52.4, 0.3%)

Market breadth is balanced. Of the 1,943 stocks traded today, 980 were gainers and 896 were losers.

  • Relative strength index (RSI) indicates that The Fertilisers and Chemicals Travancore is in the overbought zone.

  • Sah Polymers, a manufacturer of plastic packaging products, opens for IPO subscription tomorrow. The size of the issue is Rs 66.3 crore, comprising entirely of a fresh issue. The price band is Rs 61-65 per share.

  • Motilal Oswal maintains ‘Buy’ on Axis Bank. Expects the bank’s loans to grow by 14-18%. It also expects an improvement in RoE and opex ratios.

  • Jindal Stainless rises 4% in a weak market, touching a 52-week high of Rs 242.5. The stock shows up in a screener with consistent returns over the past five years. It ranks high in the Trendlyne checklist score.

  • The Fertilisers and Chemicals Travancore and Kalyan Jewellers India hit their all-time highs of Rs 355.7 and Rs 134.2 respectively. Both stocks rise for four consecutive sessions.

  • Transformers & Rectifiers (India) is rising as it bags orders for transformers worth Rs 123 crore. The company’s total order book now stands at Rs 1,513 crore. The stock shows up in a screener for companies with high TTM EPS growth.

  • Tata Consumer Products’ step-down subsidiary decides to buy a 23.3% stake in Joekels Tea Packers from Joekels joint venture partners. This will increase the subsidiary’s holding in Joekels to 75% from 51.7%. The cost of this transaction is Rs 43.65 crore.

  • Aman Desai, Founder & Director of Aether Industries, says global demand and supply chains are recovering to normal levels. The company adds 11 customers in Q2FY23 and plans to keep research & development (R&D) expenses between 6-8%.

  • GMM Pfaudler, Easy Trip Planners and Brightcom Group fall more than 19% in a month, underperforming General Industrials and Software & Services sectors.

  • Tata Power’s arm Tata Power Renewable Energy bags an order from Tata Power Delhi Distribution. The order pertains to setting up a 255 MW hybrid (wind and solar) power project in Karnataka. With this, its total renewables capacity reaches 6,048 MW.

  • ICICI Securities maintains its ‘Buy’ rating on Prince Pipes and Fittings with a target price of Rs 691, indicating an upside of 19.1%. The brokerage expects strong sales volume growth in H2FY23 due to demand growth led by declining polyvinyl chloride (PVC) prices. It also sees margins improving in the near term due to high inventory costs falling from Q4 onwards. The brokerage estimates the firm’s net profit to grow at a CAGR of 45.6% over FY23-25.

  • Realty stocks like Godrej Properties, DLF and Macrotech Developers are falling in trade as the government hikes land compensation for farmers to Rs 5,324 per square metre. The broader BSE Realty index is also trading in the red.

  • Spandana Sphoorty rises and hits upper circuit after its board approved the transfer of its stressed loan portfolio, including written-off loans amounting to Rs 323.1 crore to an asset reconstruction company for Rs 95 crore. The company shows up in a screener for stocks with improving book value per share over the past two years.

  • JSW Energy acquires 95% equity shares of 700 MW Ind-Barath Energy for Rs 1,047.6 crore through the corporate insolvency resolution process.

  • Media stocks like PVR, Inox Leisure, Network 18 Media & Investments, Nazara Technologies and TV18 Broadcast are falling in trade. All constituents of the broader sectoral index Nifty Media are also trading in the red.

  • Ashoka Buildcon rises as it bags three projects worth Rs 754.6 crore from Madhya Pradesh Poorv Kshetra Vidyut Vitaran Co. The orders involve the installation of transmission lines in Madhya Pradesh. The company shows up in a screener for stocks in the PE Buy zone with a good durability score and rising momentum.

  • Rishi Vora, VP at Kotak Securities, says that growth for the auto sector will moderate in FY24. He adds that emission and safety norms will increase the cost of vehicles, and the pent-up demand is likely to wane. He also expects demand for passenger vehicles to moderate in FY24.

     

  • Rising Sun Holdings, promoter of Poonawalla Fincorp, buys a 0.57% stake in the company for approx Rs 124.9 crore on Wednesday.

  • KFin Technologies’ shares list at a marginal premium of 0.3% to the issue price of Rs 366 on its debut on the bourses. The Rs 1,500 crore IPO was subscribed for 2.6X the total shares on offer.

  • Promoter Rishab Family Trust sells 4.9 lakh shares more (0.03% stake) in Bajaj Finserv for Rs 75.3 crore in a block deal on Wednesday.

  • Godrej Properties acquires 9 acres of land in Gurugram for the development of premium residential projects. The estimated revenue potential from this project is Rs 2,500 crore. The company shows up in a screener of stocks with zero promoter pledges.

Riding High:

Largecap and midcap gainers today include Adani Total Gas Ltd. (3,793.00, 5.19%), FSN E-Commerce Ventures Ltd. (158.10, 4.88%) and Adani Wilmar Ltd. (605.20, 4.65%).

Downers:

Largecap and midcap losers today include Shriram Finance Ltd. (1,312.25, -5.50%), Shree Cements Ltd. (23,256.75, -4.23%) and Page Industries Ltd. (43,264.35, -2.97%).

Volume Shockers

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

Top high volume gainers on BSE included Jindal Stainless (Hisar) Ltd. (426.05, 7.44%), Aptus Value Housing Finance India Ltd. (313.40, 6.96%) and KEC International Ltd. (504.75, 6.12%).

Top high volume losers on BSE were Shriram Finance Ltd. (1,312.25, -5.50%), Shree Cements Ltd. (23,256.75, -4.23%) and Medplus Health Services Ltd. (623.30, -2.05%).

Crisil Ltd. (2,996.75, 4.95%) was trading at 9.7 times of weekly average. Bajaj Auto Ltd. (3,568.80, -0.50%) and Jindal Stainless Ltd. (226.30, 3.22%) were trading with volumes 4.9 and 4.5 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

7 stocks took off, crossing 52-week highs, while 4 stocks hit their 52-week lows.

Stocks touching their year highs included - Jindal Steel & Power Ltd. (589.35, 1.93%), RBL Bank Ltd. (176.50, 1.99%) and Jindal Stainless Ltd. (226.30, 3.22%).

Stocks making new 52 weeks lows included - Cholamandalam Financial Holdings Ltd. (566.00, 0.00%) and Gland Pharma Ltd. (1,578.30, 0.31%).

10 stocks climbed above their 200 day SMA including Aptus Value Housing Finance India Ltd. (313.40, 6.96%) and Avenue Supermarts Ltd. (4,178.30, 4.00%). 20 stocks slipped below their 200 SMA including Shyam Metalics and Energy Ltd. (306.20, -2.27%) and KNR Constructions Ltd. (247.80, -1.37%).

 
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