Trendlyne Marketwatch
Trendlyne Marketwatch
27 Mar 2023
Market closes higher, Larsen & Toubro bags orders worth Rs 2,500-5,000 crore

Trendlyne Analysis

Nifty 50 closed at 16,985.70 (40.7, 0.2%), BSE Sensex closed at 57,653.86 (126.8, 0.2%) while the broader Nifty 500 closed at 14,262.70 (-16.3, -0.1%). Of the 1,986 stocks traded today, 372 were on the uptick, and 1,579 were down.

Indian indices fall from their day's high but closed in the green on a volatile day of trade. The Nifty 50 rose 40 points but closed below the 17,000 mark. S&P Global maintained India's economic growth forecast unchanged at 6% in FY24. 

Nifty Smallcap 100 and Nifty Midcap 100 closed in the red, despite the benchmark index closing in the green. Nifty Pharma closed higher than Friday’s levels. Larsen & Toubro's power transmission & distribution business bags orders worth Rs 2,500-5,000 crore in India and overseas.

European indices traded higher as market sentiment improved after European Central Bank President Christine Lagarde assured European Union leaders that the euro-area banking sector remains healthy. Brent crude oil futures traded in the green, extending their gains from last week as traders assess the impact of the banking crisis on the wider economy.

  • Avenue Supermarts beats Trent in PE ratio, annual RoE and broker average target upside. But it lags in YoY revenue & net profit growth, FII holdings and one-year dividend yield.

  • Analysts at HSBC expect Zomato’s stock price to touch Rs 87, a 64% rise from its current level. They say the company's market share will increase to 57% by FY24. The company shows up in a screener for stocks with increasing revenue over the past four quarters.

  • Dalmia plans to further cut its stake in Indian Energy Exchange and eventually exit the company. Dalmia Group currently holds a 14.8% stake in the company through three entities.

  • FSN E-Commerce Ventures (Nykaa) falls more than 2% in trade today. According to reports, Jefferies maintains its target price on the stock at Rs 200 despite the recent resignations of 5 senior executives. The management indicates that the number of exits is minor compared to the company's size.

  • Hardware technology & equipment, forest materials and telecommunications equipment sectors fall by more than 7% over the past month.

  • Healthcare stocks like Biocon, Lupin, Alkem Laboratories and Glenmark Pharmaceuticals are rising in trade. The broader sectoral index Nifty Healthcare is also trading in the green.

  • ICICI Securities maintains its ‘Buy’ rating on KEC International and raises the target price to Rs 540 from Rs 528. This indicates an upside of 18.2%. The brokerage keeps a positive outlook on the firm as it expects robust pick-up of orders across segments, balance sheet improvement and lower commodity prices.

  • One97 Communications (Paytm) is rising as the RBI extends the time to resubmit the application for a payment aggregator license. The company can continue its online payment aggregation business while the RBI awaits approval from the Centre for the past investments from the company into Paytm as per FDI guidelines.

  • Bank of America Securities remains constructive on the metals and mining sector in the near term. According to the brokerage, steel prices will rise on the back of high demand and increase in export opportunities after the removal of export duty on steel products.

  • Larsen & Toubro’s power transmission & distribution business bags orders worth Rs 2,500-5,000 crore in India and overseas. The stock shows up in a screener for companies with book value per share increasing over the past two years.

  • Rites and a joint venture partner win a project management consultancy work worth Rs 122 crore under the Assam health system strengthening project.

  • Sun Pharmaceutical Industries says that the ransomware attack on the company on March 2 has impacted its business operations and expects reduced revenues in some businesses. However, the company's guidance for FY23 remains intact.

  • ISGEC Heavy Engineering wins an order worth Rs 197.25 crore from Maharashtra State Power Generation to renovate and modernise electrostatic precipitators at Chandrapur thermal power station.

  • Butterfly Gandhimathi falls in trade as it announces a merger with Crompton Greaves Consumer. Upon merger, Crompton Greaves will issue 22 fully paid shares for every five fully paid share of Butterly Gandhimathi. This will result in Butterfly Gandhimathi dissolving after the merger.

  • Grasim Industries leases 220 acres in Gujarat Industrial Development Corp from Century Textiles & Industries for Rs 254.7 crore to set up manufacturing facilities. The stock shows up in a screener for companies with RoCE improving over the past two years.

  • TPG Growth III Fund sells a 7.6% stake (2.3 crore shares) in Campus Activewear for Rs 805.8 crore in a bulk deal on Friday. Fidelity Investments Trust and Societe Generale, among others, pick up the shares. Campus Activewear falls 48% from its 52-week high.

  • Promoter Sanjay Mohan Labroo sells a 0.16% stake (4 lakh shares) in Asahi India Glass for Rs 18.6 crore in a block deal on Friday. In another block deal, BNP Paribas Arbitrage sells a 0.02% stake (13.8 lakh shares) in Bharti Airtel for Rs 105.4 crore.

  • India's credit card transactions decline marginally but remain above the Rs 1 lakh crore level in February, suggests data released by the Reserve Bank of India.

  • Zydus Family Trust, promoter of Zydus Wellness, buys a 0.8% stake in the company on Friday. It now holds an 8.83% stake in the company.

  • Godawari Power & Ispat is rising as its sponge iron plants, steel melting shop, rolling mills and wire drawing plants at Siltara and Raipur resume partial operations on Friday. The plants will work at full capacity from April 1. The stock shows up in a screener of consistent returns over the past five years.

  • Morgan Stanley initiates coverage on Phoenix Mills with an ‘Overweight’ rating and a target price of Rs 1,700. It expects the company to more than double its rental portfolio in the next 3-4 years and expansion to improve EBITDA CAGR to 27% over FY24-25.

  • Sunil Singhania's Abakkus Fund buys a 1.75% stake in TTK Healthcare for Rs 22.5 crore in multiple bulk deals on Friday.

  • Karur Vysya Bank falls in trade as the Reserve Bank of India imposes a fine of Rs 30 lakh on the bank for failure to report a few accounts as fraud. The stock is trading below its third support or S3 level.

  • Sun Pharmaceuticals is rising after signing an agreement with Vivaldis Health and Foods to acquire a 60% stake in the company for Rs 143.3 crore. It will acquire the remaining 40% stake in the future, as per the terms of agreement.

  • Bharat Electronics (BEL) wins orders worth Rs 4,300 crore from the Indian Army and Indian Navy. BEL has signed a contract worth Rs 3,000 crore with the Ministry of Defence (MoD) to supply electronic warfare systems for the Indian Army. Also, it received contracts worth Rs 1,300 crore for the supply of gun fire control, surveillance and sonar systems, among others, to the Indian Navy.

Riding High:

Largecap and midcap gainers today include UNO Minda Ltd. (455.10, 3.64%), Biocon Ltd. (205.50, 3.42%) and Lupin Ltd. (658.75, 2.93%).

Downers:

Largecap and midcap losers today include Adani Transmission Ltd. (1,068.40, -4.99%), Adani Power Ltd. (183.00, -4.98%) and Adani Wilmar Ltd. (387.50, -4.95%).

Volume Rockets

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

Top high volume gainers on BSE included EPL Ltd. (161.30, 3.20%), Lupin Ltd. (658.75, 2.93%) and SJVN Ltd. (30.85, 0.98%).

Top high volume losers on BSE were Aditya Birla Sun Life AMC Ltd. (312.25, -8.09%), Wockhardt Ltd. (151.20, -6.12%) and Praj Industries Ltd. (308.55, -4.99%).

Thyrocare Technologies Ltd. (421.10, -2.80%) was trading at 6.9 times of weekly average. Timken India Ltd. (2,765.00, -1.21%) and Procter & Gamble Hygiene & Healthcare Ltd. (13,700.00, -0.31%) were trading with volumes 5.4 and 5.2 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

4 stocks overperformed with 52-week highs, while 57 stocks hit their 52-week lows.

Stocks touching their year highs included - AIA Engineering Ltd. (2,890.95, 1.68%), Cyient Ltd. (1,008.20, 0.70%) and Godrej Consumer Products Ltd. (961.60, 1.09%).

Stocks making new 52 weeks lows included - Avanti Feeds Ltd. (330.00, -1.60%) and Bombay Burmah Trading Corporation Ltd. (810.45, -2.47%).

9 stocks climbed above their 200 day SMA including EPL Ltd. (161.30, 3.20%) and Grasim Industries Ltd. (1,623.90, 1.86%). 27 stocks slipped below their 200 SMA including Hitachi Energy India Ltd. (3,146.65, -5.61%) and PNC Infratech Ltd. (265.10, -4.62%).

 
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