Trendlyne Marketwatch
Trendlyne Marketwatch
03 Apr 2023
Market closes higher, Tejas Networks bags order worth Rs 696 crore from BSNL

Trendlyne Analysis

Nifty 50 closed at 17,398.05 (38.3, 0.2%), BSE Sensex closed at 59,106.44 (114.9, 0.2%) while the broader Nifty 500 closed at 14,601.95 (44.1, 0.3%). Of the 1,977 stocks traded today, 1,559 were on the uptrend, and 384 went down.

Indian indices settled in the green after switching between losses and gains on a volatile day of trade. Tejas Networks closed over 4% higher after it won its largest-ever order worth Rs 696 crore from Bharat Sanchar Nigam (BSNL).

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, outperforming the benchmark index. Nifty Bank and Nifty Media closed higher than Friday’s levels. Nifty Auto closed sharply higher, led by heavyweights Maruti Suzuki and Mahindra & Mahindra.

European stocks traded higher, taking cues from the major Asian indices, which closed in the green. However, US indices futures traded lower as investors assessed the impact of rising crude oil prices on already high inflation levels. Brent crude oil futures rose over 5% on the back of production cuts by OPEC+.

  • Avalon Technologies’ Rs 865 crore IPO gets bids for 3% of the available 1.14 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 16% of the available 20.8 lakh shares on offer. The IPO consists of a fresh issue of shares worth Rs 320 crore and an offer for sale of Rs 545 crore.

  • Mahanagar Gas sees a short buildup in its March 29 future series as its open interest rises 53% with a put-call ratio of 0.48.

  • Ed Yardeni, President of Yardeni Research, says the US Federal Reserve will likely hike interest rates by 25 bps. He expects inflation to moderate further.

  • PNB Housing Finance rises as Morgan Stanley gives an ‘overweight’ call on the stock with a target price upside of 32%. This comes after the company’s board approved a rights issue of 9.06 crore shares to raise up to Rs 2,500 crore. Morgan Stanley expects PNB Housing Finance’s net profit to rise by 8-9% over FY24-25.

  • Tata Motors’ monthly wholesales in March rises 3% YoY to 89,351 units, driven by a 4% YoY and 3% YoY growth in total passenger vehicle and domestic commercial vehicle sales. Its electric vehicle (EV) sales jump 89% YoY to 6,509 units. The stock shows up in a screener for companies with a low PE Ratio.

  • Tejas Networks is surging as it wins an order worth Rs 696 crore from Bharat Sanchar Nigam (BSNL) to supply, install and commission 13,000 of its access and aggregation routers.

  • ICICI Bank, Nippon Life India Asset Management and Poonawalla Fincorp's weekly average delivery volumes rise ahead of their Q4FY23 results in April.

  • Rail Vikas Nigam is rising as it receives two orders from the NHAI totalling Rs 1,992.7 crore. The first project involves the construction of a six-lane elevated expressway in West Bengal for Rs 720.7 crore. The company also bagged a contract for constructing a six-lane highway in Jharkhand for Rs 1,272 crore through its consortium, in which its share is 49%.

  • Deepak Khetrapal, Managing Director and CEO of Orient Cement, expects demand for cement to increase by 10-12% in FY24. He says there is a need to increase the price of cement by Rs 40-50 per bag in South India.
  • Telecom stocks like Vodafone Idea, Tejas Networks, Tata Teleservices (Maharashtra) and Optiemus Infracom are rising in trade. The broader sectoral index BSE Telecom is also trading in the green.

  • Anil Gupta, promoter of KEI Industries, sells a 0.22% stake in the company on Friday. He now holds a 12.18% stake.

  • HG Infra Engineering is rising after winning two projects from the National Highway Authority of India, for constructing two 6-lane highways in Jharkhand worth Rs 1,762.4 crore for the Varanasi-Kolkata route.

  • India’s manufacturing PMI touches a three-month high of 56.4 in March, compared to 55.3 in February on the back of improving output and new orders.

  • ICICI Direct initiates coverage on CreditAccess Grameen with a ‘Buy’ rating and a target price of Rs 1,100. This implies an upside of 20.1%. The brokerage believes that the firm is well-placed to expand further in the untapped microfinance space given its deep penetration and increasing customer base. It expects the company’s net profit to grow at a CAGR of 52% over FY22-25.

  • Crude oil prices rise over 5% to $84 per barrel, after OPEC+ announces a production cut of 1.15 million barrels per day. David Lennox, Resource Analyst at Fat Prophets, expects crude oil prices to hover around $85-87 per barrel in the near term.

  • Maruti Suzuki is rising despite its passenger vehicle (PV) wholesales declining by 1% YoY to 1.3 lakh units. Mahindra & Mahindra is also up as its PV wholesales increase 30% on the back of growth in SUV sales.

  • SpiceJet is rising as it sells its cargo and logistics division for Rs 2,555.7 crore, converting it into a separate entity called SpiceXpress and Logistics Private Ltd. According to MD & Chairman Ajay Singh, this hive-off will "reduce SpiceJet’s negative net worth and strengthen SpiceJet's balance sheet".

  • Avalon Technologies raises Rs 389.25 crore from anchor investors ahead of its IPO by allotting 89.27 lakh shares at Rs 436 per share. Investors include Goldman Sachs, Neuberger Berman Emerging Markets Equity Fund and Mahindra Manulife Mutual Fund.

  • JP Morgan initiates coverage on KPIT Technologies with an ‘Underweight’ rating and a target price of Rs 520. The brokerage expects a slowdown in the growth of the company by over 20% in the next few years.

  • Barbeque-Nation Hospitality falls after reporting a ransomware attack on Friday. The company is investigating the incident and will take corrective actions. However, it maintains that its core operations are unaffected and restaurants are working efficiently.

  • Government Of Singapore sells a 2.9% stake (51.5 lakh shares) worth Rs 670 crore in Phoenix Mills in a bulk deal on Friday.

  • Ashoka Buildcon rises as it receives a letter of acceptance from the Ministry of Railways for civil engineering works and the supply of machine-crushed stones for the North Central Railway project. The contract value is Rs 284.6 crore.

  • Gujarat Gas's Managing Director Sanjeev Kumar resigns on account of his appointment as Principal Secretary to the Government Forests & Environment Department, effective from April 1, 2023.

  • G R Infraprojects is rising as it wins two projects for building greenfield highways in India's north and south belts. The first order worth Rs 847.8 crore is to build a four-lane highway in Telangana and the other for a six-lane highway worth Rs 1,248.3 crore on the Varanasi-Kolkata route.

  • Hindustan Aeronautics’ revenue rises 7.6% YoY to Rs 26,500 crore in FY23. Its order book stands at Rs 82,000 crore as of the end of March. Meanwhile, Bharat Electronics’ revenue and exports increase 15% YoY to Rs 17,300 crore and 40% in FY23. Its order book stands at Rs 60,500 crore.

Riding High:

Largecap and midcap gainers today include Vodafone Idea Ltd. (6.15, 6.03%), Procter & Gamble Hygiene & Healthcare Ltd. (1,4031.35, 5.19%) and Indian Railway Finance Corporation Ltd. (27.80, 4.51%).

Downers:

Largecap and midcap losers today include Adani Transmission Ltd. (943.40, -5.00%), Adani Green Energy Ltd. (837.45, -4.96%) and Hindustan Petroleum Corporation Ltd. (225.50, -4.77%).

Volume Rockets

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

Top high volume gainers on BSE included Rail Vikas Nigam Ltd. (75.35, 9.84%), Balaji Amines Ltd. (2,100.00, 8.06%) and Laxmi Organic Industries Ltd. (240.15, 7.81%).

Top high volume losers on BSE were KPIT Technologies Ltd. (811.20, -12.31%), Mahanagar Gas Ltd. (920.95, -6.36%) and Orient Electric Ltd. (253.55, -6.20%).

Suven Pharmaceuticals Ltd. (470.70, -0.36%) was trading at 7.4 times of weekly average. Graphite India Ltd. (275.80, 5.05%) and Hindustan Petroleum Corporation Ltd. (225.50, -4.77%) were trading with volumes 4.3 and 3.7 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

11 stocks took off, crossing 52-week highs, while 1 stock hit 52-week low.

Stocks touching their year highs included - AIA Engineering Ltd. (2954.80, 1.78%), Zydus Lifesciences Ltd. (492.40, 0.17%) and Dr. Reddy's Laboratories Ltd. (4,656.50, 0.73%).

Stock making new 52 weeks lows included - TeamLease Services Ltd. (2,203.10, -1.62%).

25 stocks climbed above their 200 day SMA including Procter & Gamble Hygiene & Healthcare Ltd. (14,031.35, 5.19%) and Tejas Networks Ltd. (607.95, 4.67%). 15 stocks slipped below their 200 SMA including Orient Electric Ltd. (253.55, -6.20%) and Hindustan Petroleum Corporation Ltd. (225.50, -4.77%).

 
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