Trendlyne Marketwatch
Trendlyne Marketwatch
15 Mar 2023
Market closes lower, Voltas announces price hikes in April

Trendlyne Analysis

Nifty 50 closed at 16,972.15 (-71.2, -0.4%), BSE Sensex closed at 57,555.90 (-344.3, -0.6%) while the broader Nifty 500 closed at 14,320.30 (-38.3, -0.3%). Of the 1,947 stocks traded today, 834 were on the uptick, and 1,050 were down.

Indian indices gyrated between losses and gains throughout the day and settled in the red for a fifth straight trading session. Nifty 50 fell nearly 240 points from its day’s high and closed below the key 17,000 mark on a volatile day of trade.

Nifty Smallcap 100 closed in the green, outperforming the benchmark index. Nifty Bank and Nifty PSU bank closed in the red for a fourth straight session. However, Nifty Metal closed 1.8% higher. Nifty IT closed in the red, despite the tech-heavy Nasdaq 100 index closing over 2.3% higher on Tuesday.

Barring Indian indices, all other major Asian indices closed in the green. However European stocks traded lower, dragged by banking stocks, which pared early gains as investors assessed developments in the US financial sector. Brent crude oil futures traded higher after falling nearly 4% on Tuesday as traders gauged the crude oil demand outlook.

  • Shriram Finance beats Bajaj Finance in YoY revenue and profit growth, PE ratio and Price to Book Value. But it lags in Piotroski score, MF holdings and average broker target price upside.

  • KEC International is rising as it bags orders worth Rs 1,028 crore across various business verticals like transmission and cables. It shows up in a screener for stocks with book value per share increasing over the past two years.

  • Ramkrishna Forgings and Titagarh Wagons are rising as they bag a project from the Ministry of Railways under the Aatma-Nirbhar Bharat scheme to manufacture and supply 15.4 lakh forged wheels over 20 years.

  • Ameera Shah, Managing Director of Metropolis Healthcare, says consumer attitude is changing. She adds that there is price pressure in the wellness and semi-specialised segments.

  • Voltas is rising as it announces price hikes in April. Nomura sees a 25% upside in the stock with a ‘Buy’ rating. It expects the AC industry to grow as it is relatively under-penetrated. The stock shows up in a screener with improving book value for the past two years.

  • KPIT Technologies gains over 7% in trade today. The stock ranks high on Trendlyne’s checklist with a score of 78.26% and shows up in a screener for companies with high annual EPS growth.

  • Nifty Media, Nifty Private Bank and Nifty IT indices fall more than 5% in the past month.

  • ICICI Direct upgrades its rating on Data Patterns to ‘Buy’ from ‘Hold’ with a target price of Rs 1,555. This implies an upside of 17.7%. The brokerage believes the company will benefit from Centre's indigenisation push given its robust order book, product development and expertise in defence electronics. It expects the firm’s profit to grow at a CAGR of 28.5% over FY22-25.

  • PS Patel, Chairman and Managing Director of PSP Projects, says the company’s overall orderbook of Rs 6,400 crore will be executed in 2-2.5 years. He adds that the margin of a few projects has been impacted by high raw material prices.

  • Citi sees an 82% upside in the stock price of One97 Communications (Paytm), according to reports. In its February operational update, Paytm’s loan disbursals have increased 286% YoY to Rs 8,086 crore. The stock ranks medium on the Trendlyne checklist score.

  • Metal stocks like Hindustan Zinc, Jindal Steel & Power, Tata Steel, National Aluminium Co and Steel Authority of India are rising in trade. All constituents of the broader sectoral index BSE Metal are also trading in the green.

  • Suzuki Motor Corp, promoter of Maruti Suzuki India, buys a 0.11% stake aggregating to 3.45 lakh shares in the company.

  • Hindustan Construction Co continues to rise after bagging an order from the National High-Speed Rail Corp to build a bullet train station yesterday. The cost of the project is Rs 3,681 crore. However, it shows up in a screener for stocks with declining net cash flows.

  • Jefferies initiates coverage on Sona BLW Precision Forgings with a ‘Buy’ rating and a target price of Rs 575. The brokerage believes the company can grow its differential business with a focus on R&D and Indian cost advantage. It likes Sona's strategy to expand component portfolio.

  • Cipla inks an agreement with Africa Capitalworks to divest a 51.2% stake in Cipla Quality Chemical Industries (CQCI) for $25-30 million. Subsequently, CQCI will cease to be a subsidiary of Cipla.

  • Citi maintains its ‘Buy’ rating on Maruti Suzuki with a target price of Rs 12,500. The brokerage says the company remains its top pick in the Indian auto segment. It believes Maruti’s market share will improve with new utility vehicle models.

  • GMR Airports Infrastructure, Aster DM Healthcare and HDFC outperform the Nifty 50 index over the month post their Q3FY23 results.

  • NBCC (India) receives a work order worth Rs 500 crore from the government of Puducherry to construct a government medical college and hospital in Karaikal, Puducherry. The stock shows up in a screener for companies with book value per share improving over the past two years.

  • Railtel Corp of India is rising as it wins an order from the Centre for Development of Advanced Computing for the supply, installation, testing and commissioning of IT infrastructure in green field data centres in New Delhi and Bengaluru. The project cost is around Rs 287.5 crore.

  • PNC Infratech emerges as the lowest bidder for an NHAI project worth Rs 1,260 crore to build a six-lane greenfield highway in Bihar on hybrid annuity mode. The stock shows up in a screener for companies with high TTM EPS growth.

Riding High:

Largecap and midcap gainers today include Adani Enterprises Ltd. (1,839.00, 5.80%), Adani Green Energy Ltd. (740.40, 4.86%) and Oil India Ltd. (259.30, 3.87%).

Downers:

Largecap and midcap losers today include Astral Ltd. (1,349.80, -2.91%), Adani Total Gas Ltd. (919.85, -2.89%) and Samvardhana Motherson International Ltd. (76.80, -2.54%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included KPIT Technologies Ltd. (847.30, 8.84%), Varroc Engineering Ltd. (272.45, 6.36%) and Alok Industries Ltd. (12.75, 5.37%).

Top high volume losers on BSE were Swan Energy Ltd. (245.60, -12.07%), Sun Pharma Advanced Research Company Ltd. (169.35, -5.47%) and Adani Total Gas Ltd. (919.85, -2.89%).

Hikal Ltd. (286.05, 0.69%) was trading at 16.7 times of weekly average. Procter & Gamble Hygiene & Healthcare Ltd. (1,3429.95, -1.25%) and GMR Airports Infrastructure Ltd. (41.35, 4.82%) were trading with volumes 5.1 and 5.0 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

5 stocks took off, crossing 52-week highs, while 33 stocks were underachievers and hit their 52-week lows.

Stocks touching their year highs included - Cummins India Ltd. (1,697.60, 0.88%), Gujarat Pipavav Port Ltd. (110.35, 1.89%) and Petronet LNG Ltd. (236.70, 3.32%).

Stocks making new 52 weeks lows included - Caplin Point Laboratories Ltd. (629.70, -1.15%) and Gillette India Ltd. (4,436.30, -0.56%).

17 stocks climbed above their 200 day SMA including Indian Energy Exchange Ltd. (151.45, 4.23%) and 360 One Wam Ltd. (434.60, 2.58%). 11 stocks slipped below their 200 SMA including Swan Energy Ltd. (245.60, -12.07%) and Samvardhana Motherson International Ltd. (76.80, -2.54%).

 
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