Trendlyne Marketwatch
Trendlyne Marketwatch
20 Mar 2023
Market closes lower, Ahluwalia Contracts secures order worth Rs 723.3 crore

Trendlyne Analysis

Nifty 50 closed at 16,988.40 (-111.7, -0.7%), BSE Sensex closed at 57,628.95 (-361.0, -0.6%) while the broader Nifty 500 closed at 14,317.10 (-103.8, -0.7%). Of the 1,982 stocks traded today, 489 were on the uptrend, and 1,448 went down.

Indian indices closed in the red after recouping the losses made in the morning session. Nifty 50 fell nearly 111 points and closed below the 17,000 mark. Gold prices hit an all-time high in India, surpassing the Rs 60,000 per 10-gram mark.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the red, following the benchmark index. Nifty FMCG and Nifty Media closed in the green. All other major sectoral indices closed in the red.

Nifty Bank closed 0.6% lower, taking cues from the Dow Jones US Bank index which closed 4.67% lower on Friday. Cochin Shipyard bagged orders worth Rs 550 crores from Lysaker, Norway.

European indices trade in the red, reacting negatively to UBS Bank's deal with Credit Suisse. US indices futures trade in the red, indicating a negative start.

Brent crude price falls to a 15-month low and trades at USD 71 per barrel. Goldman has cut Brent crude price to USD 94 per barrel in 2023, from an earlier target of USD 100.

  • Cummins India beats 3M India in QoQ revenue & profit growth, PE ratio and MF holdings. But it lags in YoY profit growth, Piotroski score and broker average rating.

  • SpiceJet is up more than 3% despite the market trading in the red. The company’s CEO, Ajay Singh, says that the airline is restructuring its balance sheet and has robust plans for fleet expansion. The airline will also maintain its cargo fleet as the cargo business has helped the airline pay off its liabilities.

  • HCL Technologies's net cash flow grows 43.5% YoY and operating cash flow over three years rises 88.4%. It has a durability score of 90. The company shows up in a screener for stocks with improving cash flow and a good durability score

  • KPIT Technologies and Narayana Hrudayalaya reach their all-time highs of Rs 894.7 and Rs 821.6 per share respectively. KPIT has risen 3.3% over the past month, while Narayana Hrudayalaya rose 9.1% in the same period.

  • Domestic air traffic grows 51.3% YoY but falls 3.3% MoM in February. Domestic airlines flew 120 lakh passengers according to the data released by DGCA. Air India, Vistara and SpiceJet lose market share MoM, while Indigo gains.

  • Realty stocks like Macrotech Developers, Indiabulls Real Estate, Godrej Properties, DLF and Sobha are falling in trade. The broader sectoral index BSE Realty is also trading in the red.

  • Ahluwalia Contracts secures an order worth Rs 723.3 crore to construct a cancer hospital for Tata Memorial Centre in Mumbai. This takes the company's order book to Rs 5,056.9 crore in FY23.

  • Crompton Greaves Consumer Electricals falls over 2% in trade today. Reports suggest that 23.8 lakh shares (0.4%) of the company, amounting to Rs 66.9 crore, change hands.

  • PB Fintech ranks medium on the Trendlyne checklist score. Morgan Stanley reiterates its ‘Overweight’ rating on the stock, maintaining a target price of Rs 705. According to the management, improving the quality of business through its agency channel is the key differentiator.

  • SJVN is rising as its wholly owned subsidiary SJVN Green Energy wins an order from Maharashtra State Electricity Distribution to develop a 200 MW solar power plant for Rs 1,000 crore.

  • Krsnaa Diagnostics is rising as it bags a project worth Rs 450 crore in a consortium with Telecommunications Consultants India. The project will provide lab services under the free diagnostics initiative of the National Health Mission.

  • PSU banks like Bank of Maharashtra, Bank of India, UCO Bank, Indian Overseas Bank and Punjab National Bank are falling in trade. The broader sectoral index Nifty PSU Bank is also trading in the red.

  • ICICI Securities maintains its ‘Buy’ rating on Century Plyboard with a target price of Rs 758, implying an upside of 60.6%. The brokerage expects the firm to benefit from the higher spending on home improvements and the uptick in housing demand after the pandemic. It estimates the firm’s profit to grow at a CAGR of 16.1% over FY22-25.

  • Glenmark Pharmaceuticals receives the final approval from the US FDA for Prochlorperazine Maleate tablets, the generic version of Compazine tablets. According to IQVIA, Compazine has achieved sales worth $26.9 million for the 12-month period ending January 2023.

  • Reports suggest that 50.76 lakh shares (2.4% equity) of HDFC Asset Management Co, amounting to Rs 812.5 crore, change hands in a large trade.

  • Foreign Portfolio Investor Ahan-I sells a 1.58% stake (1.8 crore shares) in Biocon for Rs 379.9 crore in a bulk deal. In another deal, Integrated Core Strategies sells 0.54% and 0.72% stakes in Delhivery and Jindal Stainless respectively for more than Rs 100 crore each.

  • Metal stocks like National Aluminium Co, Steel Authority of India, Hindalco Industries, Jindal Steel & Power and Tata Steel are falling in trade. The broader sectoral index BSE Metal is also trading in the red.

  • Abhijit Roy, Managing Director and CEO of Berger Paints, says the company’s margin will improve to around 16-17% and the gross margin will return to the 27-28% mark in Q4. He adds that the company aims to achieve double-digit growth in FY24.

  • Bharat Petroleum Corp rises as it appoints G Krishnakumar as Managing Director and Chairman on Friday.

  • Cochin Shipyard rises as it wins an order worth Rs 550 crore from Samskip group to design and construct two zero-emission feeder container vessels, with an option for two more vessels.

  • AS Mehta, President & Director of JK Paper, believes the company could maintain the revenue guidance of Rs 6,500 crore for FY23. He adds that writing and printing paper prices are improving but expects revenue from the packaging board segment to be lower in Q4.

  • Torrent Pharmaceuticals is falling as the US FDA issues Form 483 with one observation after conducting a pre-approval inspection at its Gujarat facility. The stock ranks medium on the Trendlyne checklist score.

  • Vijay Kedia converts Atul Auto's 7.05% warrants into equity shares on March 15. He now holds an 8.43% stake in the company.

  • Tata Consumer Products stops negotiations regarding the acquisition of Bisleri. According to reports, Jayanti Chauhan, daughter of Bisleri International’s chairman Ramesh Chauhan, will head the company.

  • Navin Fluorine is rising as its wholly owned subsidiary Navin Fluorine Advanced Sciences sets up a Rs 450 crore hydrofluoric acid plant with a capacity of 40,000 tonnes per annum at Dahej, Gujarat. It shows up in a screener of stocks with low debt.

  • Rail Vikas Nigam emerges as the lowest bidder in a composite contract for designing and building a new broad gauge railway line for Haryana Orbital Rail Corp. The project is to build twin tunnels and ballastless tracks at an estimated cost of Rs 1,088.49 crore.

Riding High:

Largecap and midcap gainers today include Adani Green Energy Ltd. (848.65, 3.97%), Hindustan Unilever Ltd. (2,511.20, 2.61%) and Bharat Petroleum Corporation Ltd. (359.65, 2.35%).

Downers:

Largecap and midcap losers today include Hindustan Aeronautics Ltd. (2,644.85, -5.51%), Adani Total Gas Ltd. (852.90, -5.00%) and Adani Power Ltd. (190.20, -4.88%).

Volume Rockets

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

Top high volume gainers on BSE included Aarti Drugs Ltd. (368.25, 16.13%), Network 18 Media & Investments Ltd. (59.20, 12.65%) and Rallis India Ltd. (204.00, 5.45%).

Top high volume losers on BSE were Balrampur Chini Mills Ltd. (361.70, -6.56%), Esab India Ltd. (3,565.10, -4.06%) and Crompton Greaves Consumer Electricals Ltd. (280.70, -2.25%).

Caplin Point Laboratories Ltd. (631.50, 3.42%) was trading at 22.1 times of weekly average. UTI Asset Management Company Ltd. (637.15, -1.78%) and Cochin Shipyard Ltd. (460.20, 3.65%) were trading with volumes 13.1 and 11.1 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 44 stocks were underachievers and hit their 52-week lows.

Stocks touching their year highs included - Blue Star Ltd. (1,446.55, 0.49%), Godrej Consumer Products Ltd. (960.00, 1.32%) and Gujarat Pipavav Port Ltd. (111.00, -1.55%).

Stocks making new 52 weeks lows included - Alembic Pharmaceuticals Ltd. (480.95, 0.30%) and Avanti Feeds Ltd. (340.35, -0.76%).

8 stocks climbed above their 200 day SMA including Route Mobile Ltd. (1,346.85, 4.82%) and Cochin Shipyard Ltd. (460.20, 3.65%). 24 stocks slipped below their 200 SMA including Balrampur Chini Mills Ltd. (361.70, -6.56%) and IRB Infrastructure Developers Ltd. (25.45, -4.32%).

 
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