Trendlyne Marketwatch
Trendlyne Marketwatch
30 Jun 2023
Market sees a record close, ideaForge Technology’s Rs 567 crore IPO gets bids for 106.1X of shares

Trendlyne Analysis

Nifty 50 closed at 19,189.05 (217.0, 1.1%), BSE Sensex closed at 64,718.56 (803.1, 1.3%) while the broader Nifty 500 closed at 16,430.00 (152.8, 0.9%). Of the 1,976 stocks traded today, 1,089 were on the uptick, and 834 were down.

Indian indices touched their record highs and closed over 1.1% higher, with the benchmark Nifty 50 rising above the 19,150 mark. Power Grid Corporation of India touched its 52-week high and closed over 2% higher after its board approved investments in three projects worth Rs 390 crore.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green but underperformed the benchmark index. Nifty Pharma and Nifty IT closed higher than Wednesday’s levels. According to Trendlyne's sector dashboard, Forest Materials was the top-performing sector of the day.

Major European indices traded in the green, following the US indices futures, which also traded higher after closing mixed on Thursday. Asian indices closed flat or higher, except for Taiwan's TSEC 50 Index, which closed marginally lower. Brent crude oil futures extended their gains and traded in the green for a third consecutive trading session.

  • Bosch beats Schaeffler India in PE ratio, one-year dividend yield %, price-to-book ratio and Trendlyne’s valuation score. But it lags in annual RoCE, one-year price change, MF holdings and broker-average rating.

  • One97 Communications (Paytm) is rising as it partners with Shriram Finance to provide financial services to its users. Under the partnership, Shriram Finance's products will be available on Paytm's digital platform to expand access to loans.

  • Tata Chemicals rises as Life Insurance Corporation of India (LIC) acquires a 2% equity stake (52,46,927 shares) in the company. After this deal, LIC holds a 7.1% equity stake (1,81,45,978 shares) in the company.

  • CreditAccess Grameen is falling as reports suggest that nearly one crore shares (around 6.5% stake) of the company, amounting to Rs 1,277 crore, have changed hands on the exchanges. The promoter, CreditAccess India BV, is the likely seller.

  • Automobile companies like Mahindra & Mahindra, Hero MotoCorp, Maruti Suzuki India, Bharat Forge and Bosch are rising in trade. The broader sectoral index, Nifty Auto, is also trading in the green.

  • PKH Ventures' Rs 379 crore IPO gets bids for 0.06X the available 2.6 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 0.13X of the available 89.7 lakh shares on offer.

  • Cyient DLM’s Rs 592 crore IPO gets bids for 67.3X the available 1.3 crore shares on offer on the last day of bidding. The retail investor quota gets bids for 49.2X of the available 23.1 lakh shares on offer.

  • ideaForge Technology’s Rs 567 crore IPO gets bids for 106.05X the available 46.5 lakh shares on offer on the last day of bidding. The retail investor quota gets bids for 85.16X of the available 8.4 lakh shares on offer.

  • Block agreements have gained momentum in June due to the strong equity market, with shares worth $3.9 billion changing hands. This marks the highest volume of block transactions in three years, after the previous record of $4.7 billion in May 2020.

  • Fertilizers, general industrials, transportation and pharmaceuticals & biotechnology sectors rise more than 10% in the past month.

  • Balkrishna Industries, Colgate-Palmolive (India), Tata Elxsi and Schaeffler India witness a significant surge in mutual fund holdings in the past month.

  • Kalpataru Projects International is rising as the company and its international subsidiary bag orders worth Rs 1,008 crore. The company's T&D business has received multiple orders worth Rs 635 crore from both domestic and international markets, and civil works order worth Rs 373 crore in India.

  • Jefferies maintains its 'Hold' rating on Mankind Pharma with a target price of Rs 1,830. Although the brokerage expects the company to continue outperforming the market, given its sustainable earnings profile and solid franchise model, it believes the stock is trading at an expensive valuation.

  • Sharekhan maintains a 'Buy' rating on Mahanagar Gas with a target price of Rs 1,285, implying a 22.7% upside. The brokerage expects the company's growth to be driven by healthy volume growth and industry-leading EBITDA margin. It also believes that Mahanagar Gas's high margins will protect it from potential cuts in petrol and diesel prices. Sharekhan forecasts a 13.3% CAGR in the company's net profit for FY23-25.

  • ABB India wins an order from John Cockerill India to supply electrification and automation systems for an advanced steel cold rolling mill of ArcelorMittal Nippon Steel India.                                                                                                            

  • PSU stocks like Punjab National Bank, Indian Bank, Canara Bank, Punjab & Sind Bank and UCO Bank are rising in trade. Barring Bank of India, all other constituents of the broader sectoral index, Nifty PSU Bank, are trading in the green.                                   

  • Adani Transmission falls more than 4% in trade today following reports that 3.8 crore shares (3.45% equity), amounting to Rs 3,103 crore, have changed hands in a block deal.

  • SB Adani Family Trust sells a 1.58% stake in Adani Enterprises for approx Rs 4,140 crore in a bulk deal on Wednesday.

  • Deepak Agarwal, promoter of Bikaji Foods International, sells a 0.6% stake in the company on Wednesday. He now holds a 15% stake.

  • Multi Commodity Exchange falls 10% as it renews its contract with 63 Moons Technologies for six months at a higher cost. MCX has paid the service provider Rs 250 crore for the period, compared to Rs 81 crore paid for the first six months. The company appears in a screener of stocks with declining ROE.

  • Easy Trip Planners falls more than 3% in trade today following reports that 4.1 crore shares (2.35% equity), amounting to Rs 164 crore, have changed hands in a large trade.

  • IT stocks like Persistent Systems, Infosys, Mphasis, Tata Consultancy Services and LTIMindtree are rising in trade. The broader sectoral index, Nifty IT, is also trading in the green.

  • Bharat Petroleum Corp's board approves raising Rs 18,000 crore by issuing equity shares on rights issue basis. It appears in a screener of stocks with increasing FII/FPI shareholding.

  • Power Grid Corporation of India rises to a new 52-week high of Rs 259.7 as its board approves investments in three projects. Projects include dedicated telecom network development (Rs 164.4 crore), regional expansion (Rs 115.1 crore), and information and communication technology integration at Navsari with 7GW renewable energy power integration at Khadva RE park (Rs 109.47 crore)

  • Tata Communications plans to acquire Kaleyra, a US-based mobile communications provider, for $100 million (around Rs 820.5 crore). AS Lakshminarayanan, the MD & CEO of Tata Communications, says, "With this investment in Kaleyra, we will accelerate our expansion into the customer interactions platform market and strengthen our position in global communications technology."

Riding High:

Largecap and midcap gainers today include HDFC Asset Management Company Ltd. (2,295.65, 11.98%), Biocon Ltd. (265.50, 8.37%) and Indian Bank (292.55, 5.10%).

Downers:

Largecap and midcap losers today include Adani Transmission Ltd. (767.25, -6.34%), Solar Industries India Ltd. (3,740.30, -2.67%) and Dalmia Bharat Ltd. (2,164.00, -2.50%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included HDFC Asset Management Company Ltd. (2,295.65, 11.98%), Nippon Life India Asset Management Ltd. (288.15, 11.60%) and Biocon Ltd. (265.50, 8.37%).

Top high volume losers on BSE were Multi Commodity Exchange of India Ltd. (1,500.40, -8.64%), Adani Transmission Ltd. (767.25, -6.34%) and CreditAccess Grameen Ltd. (1,247.65, -5.89%).

Aditya Birla Sun Life AMC Ltd. (372.35, 0.83%) was trading at 34.2 times of weekly average. Easy Trip Planners Ltd. (40.50, -3.46%) and Eris Lifesciences Ltd. (698.90, 3.43%) were trading with volumes 27.8 and 13.4 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

40 stocks overperformed with 52-week highs,

Stocks touching their year highs included - Amara Raja Batteries Ltd. (681.20, 3.90%), Axis Bank Ltd. (987.45, 0.95%) and Birla Corporation Ltd. (1240.00, 1.38%).

17 stocks climbed above their 200 day SMA including Biocon Ltd. (265.50, 8.37%) and UTI Asset Management Company Ltd. (785.05, 8.19%). 8 stocks slipped below their 200 SMA including Multi Commodity Exchange of India Ltd. (1,500.40, -8.64%) and Hatsun Agro Products Ltd. (921.60, -3.63%).

 
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