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Trendlyne Marketwatch
11 Jul 2023
Market closes higher, Motilal Oswal maintains its ‘Neutral’ rating on Tech Mahindra

Trendlyne Analysis

Nifty 50 closed at 19,439.40 (83.5, 0.4%), BSE Sensex closed at 65,617.84 (273.7, 0.4%) while the broader Nifty 500 closed at 16,648.00 (94.3, 0.6%).  Of the 1,966 stocks traded today, 1,104 were gainers and 805 were losers.

Indian indices pare gains from the afternoon session and close in the green. The volatility index, Nifty 50 VIX drops by 3.9% and closes at 11 points. Minda Corp’s subsidiary, Spark Minda has bagged an order worth Rs 750 crore to manufacture battery chargers for electric vehicles.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, following the benchmark index. Nifty Bank, Nifty Realty and Nifty Metal closed lower from Monday’s closing levels. All other major sectoral indices closed higher. According to Trendlyne’s sector dashboard, hardware technology & equipment emerged as the top-performing sector of the day with a rise of over 3.4%.

Most European indices trade in the green except for England’s FTSE 100 trading lower. US indices futures trade lower indicating a negative start. The data released by National Statistics Office UK indicated the unemployment rate for the three months ending May rose to 4% against estimates of 3.8%.

  • Relative strength index (RSI) indicates that stocks like Olectra Greentech, Exide Industries, Keystone Realtors and Kalyan Jewellers India are in the overbought zone.

  • Bharat Dynamics and Polycab India touch their all-time highs of Rs 1,278 and Rs 3,770 per share, respectively. The former has risen 10.5% over the past week, while the latter grew 7.1% over the same period.

  • Elecon Engineering Company rise to a new 52-week high of Rs 748.9 as its net profit in Q1FY24 jumps by 72.5% YoY to Rs 73 crore. The company's revenue also increases by 26.4% YoY, driven by strong sales growth in its gears and material handling equipment divisions. It appears in a screener of stocks with improving annual net profits.

  • Suzlon Energy rises as it receives an order from KP Group to install a 47.6 MW wind power project in Gujarat. The project is scheduled to be commissioned by 2024 and is expected to power around 36 thousand households in the Bharuch district of Gujarat. The company appears in a screener of stocks with improving RoE.

  • Bharat Electronics touches an all-time high of Rs 128.6 today. Reports suggest 106.83 lakh shares (0.13% equity) of the company, amounting to Rs 135.81 crore, have changed hands in a large trade.

  • DCB Bank is rising following its announcement of a partnership with Max Life Insurance to provide a variety of life insurance products to its customers. The stock shows up in a screener for companies with book value per share improving over the past two years.

  • Zen Technologies rises to its all-time high of Rs 489 per share as the company bags an export order worth Rs 340 crore.

  • CLSA maintains its ‘Buy’ rating on Bharti Airtel with a target price of Rs 1,030. The brokerage believes that India’s cloud market could triple in the next five years to $17.8 billion. It says that cloud and data centres will help in improving the growth of ‘Airtel Business’ and add an upside potential.

  • Automobile companies like TVS Motor Co, Tube Investments of India, Eicher Motors, Samvardhana Motherson International and Maruti Suzuki India are rising in trade. Barring Hero MotoCorp, all other constituents of the broader index, Nifty Auto, are trading in the green.

  • Motilal Oswal maintains its ‘Neutral’ rating on Tech Mahindra with a target price of Rs 1,110. This implies a downside of 4.3%. The brokerage anticipates that the company's near-term growth will be limited by the impact of inflation on discretionary spending and the weakness in the communications vertical. It estimates the firm’s revenue to grow at a CAGR of 6.8% over FY23-25.

  • Larsen & Toubro is rising as its Kattupalli Shipyard signs a master ship repair agreement (MSRA) with the US Navy and the Military Sealift Command. The agreement comes after extensive assessments conducted by the two entities.

  • Ittira Davis, CEO & MD of Ujjvan Small Finance Bank, anticipates interest rates to remain high for a little longer. He says the bank's net interest margin (NIM) will be at 9%, down from the previous 9.5%, while deposit growth will continue to be robust.

  • Castrol rises over 5% and ranks high on Trendlyne's checklist with a score of 69.6%.The stock is in the 'Buy' zone and has 'Buy' ratings from 3 out of 4 brokerage firms. It appears in a screener of stocks with increasing FII/FPI shareholdings.

  • Telecom stocks like Tata Communications, Tejas Networks, Indus Towers and Route Mobile are rising in trade. The broader sectoral index BSE Telecom is also trading in the green.

  • PCBL touches a new 52-week high today as it commissions the first phase (20,000 MTPA) of its 40,000 MTPA specialty chemical capacity at the Mundra Plant in Gujarat. The company appears in a screener of stocks with strong momentum.

  • Sunil Singhania buys a 0.1% stake in HIL in Q1FY24. He now holds a 3.2% stake in the company.

  • Minda Corp is surging as its subsidiary, Spark Minda, bags an order worth Rs 750 crore from a leading original equipment manufacturer (OEM) to produce battery chargers for electric vehicles. The chargers will be produced at Spark Minda Green Mobility Systems facility in Pune.

  • Radhakishan Damani reduces his stake in Astra Microwave Products to below 1% in Q1FY24, compared to 1% in Q4FY23.

  • Indian rupee appreciates 17 paise to 82.40 from the previous close of 82.57 against the US dollar in early trade today, amid weakness in the dollar.

  • Vijay Kedia buys a 0.4% stake in Patel Engineering in Q1FY24. He now holds a 1.7% stake in the company.

  • APL Apollo Tubes rises as its subsidiary APL Apollo Building Products receives a subsidy of Rs 500 crore from the State Investment Promotion Board of Chhattisgarh. The subsidy includes concessions in stamp duty, SGST, electricity duty, and transport subsidy for exports. The company appears in a screener of stocks with improving annual profits.

  • JP Morgan reiterates its 'Underweight' rating on Persistent Systems, L&T Technology Services, KPIT Technologies and Tata Elxsi. The brokerage believes there is a structural slowdown in ER&D (engineering research & development) spending, which may lead to high valuations.

  • Vedanta is falling as Foxconn pulls out of the $19.5 billion joint venture, Vedanta Foxconn Semiconductors, which involves the manufacturing of semiconductors in India. This follows Vedanta’s board approving the acquisition of a 100% stake in the joint venture on July 7.

  • CarTrade Tech surges more than 10% as it enters into a share purchase agreement with OLX India BV to acquire a 100% stake in Sobek Auto India for a consideration of Rs 537.4 crore. It appears in a screener of stocks with the highest price gain from the open.

  • Tata Communications rises as its unit, Tata Communications International, signs a share purchase agreement to acquire the remaining stakes in Oasis Smart Sim Europe SAS. The company will acquire a 41.9% equity stake for $12 million (Rs 99.3 crore). After the completion of this deal, Tata's stake in Oasis will increase from 58.1% to 100%. The acquisition is expected to be completed within one month.

  • SBI Cards & Payment Services’ CEO & MD Rama Mohan Rao Amara resigns from his post, with effect from August 11, following his transfer back to State Bank of India. Abhijit Chakravorty will replace him, starting from August 12, for a period of two years.

Riding High:

Largecap and midcap gainers today include Tata Communications Ltd. (1,638.40, 6.92%), Polycab India Ltd. (3,774.80, 6.43%) and FSN E-Commerce Ventures Ltd. (146.85, 5.31%).

Downers:

Largecap and midcap losers today include Deepak Nitrite Ltd. (1,932.50, -2.74%), Atul Ltd. (6,518.35, -2.69%) and Bandhan Bank Ltd. (222.75, -2.56%).

Movers and Shakers

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

Top high volume gainers on BSE included Bharat Dynamics Ltd. (1,231.60, 13.99%), Cochin Shipyard Ltd. (647.30, 11.11%) and Tata Communications Ltd. (1,638.40, 6.92%).

Top high volume losers on BSE were Swan Energy Ltd. (248.05, -5.61%), Navin Fluorine International Ltd. (4,269.05, -4.34%) and Sonata Software Ltd. (956.20, -3.19%).

PCBL Ltd. (168.25, 3.19%) was trading at 11.9 times of weekly average. Polycab India Ltd. (3,774.80, 6.43%) and Hikal Ltd. (310.55, 4.21%) were trading with volumes 7.2 and 5.8 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

40 stocks hit their 52-week highs, while 3 stocks hit their 52-week lows.

Stocks touching their year highs included - Apollo Tyres Ltd. (433.35, 1.05%), Bajaj Auto Ltd. (4917.65, 0.40%) and Bharat Electronics Ltd. (127.40, 3.58%).

Stocks making new 52 weeks lows included - Atul Ltd. (6,518.35, -2.69%) and UPL Ltd. (644.25, -2.40%).

11 stocks climbed above their 200 day SMA including Restaurant Brands Asia Ltd. (112.05, 3.37%) and Sun TV Network Ltd. (474.75, 3.07%). 7 stocks slipped below their 200 SMA including Swan Energy Ltd. (248.05, -5.61%) and Navin Fluorine International Ltd. (4,269.05, -4.34%).

 
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