Trendlyne Analysis

Nifty 50 was trading at 19,349.55 (83.8, 0.4%), BSE Sensex was trading at 65,153.78 (267.3, 0.4%) while the broader Nifty 500 was trading at 16,904.00 (83.2, 0.5%),of the 1,956 stocks traded today, 1,183 were on the uptick, and 711 were down.

Indian indices extend their gains from the open and trade in the green, with the Nifty 50 rising above the 19,300 mark. Man Infraconstruction surges more than 5% as it plans redevelopments in the western suburbs of Mumbai. The company expects this project to generate a revenue of Rs 4,000 crore over the next five years.

Nifty Smallcap 100 and Nifty Midcap 100 trade in the green, following the benchmark index. Nifty PSU Bank and Nifty Realty trade higher than Friday’s close. According to Trendlyne’s sector dashboard, Forest Materials, Telecommunications Equipment and coal sectors are trading higher.

Major European indices trade in the green, led by tech and auto stocks. Asian indices also trade higher, in line with the US index futures, which trade in the green after closing higher on a volatile day of trade on Friday. Markets in the United Kingdom remain closed for a summer bank holiday.

• Relative strength index (RSI) indicates that stocks like Solar Industries India, Escorts Kubota, C.E. Info Systems and Apar Industries are in the overbought zone.

• Solar Industries India and J B Chemicals & Pharmaceuticals touch their all-time highs of Rs 4,848 and Rs 2,937 respectively. The former has risen by 27.8% over the past month, while the latter increased by 17.4%.

• Schaeffler India to acquire a 100% stake in KRSV Innovative Automotive Solutions for Rs 142.4 crore. KRSV Innovative owns the brand Koovers, which is an automotive aftersales B2B e-commerce platform. The stock shows up in a screener for companies with no debt.

• Piramal Enterprises rises as it readies its buyback offer for 1.4 crore equity shares at an average price of Rs 1,250 per share, aggregating to Rs 1,750 crore. The offer will open on August 31 and close on September 6. The company appears in a screener of stocks with strong momentum.

• Bharat Forge surges to its all-time high of Rs 1,056.8 per share as Kalyani Rafael Advanced Systems, a joint venture between its subsidiary and Rafael Advanced Systems wins an order worth RS 2,875.1 crore. The order is from the Indian Ministry of Defence to supply missile systems over the next 12 months.

• Larsen & Toubro is rising as it receives shareholder approval for its Rs 10,000 crore share buyback. On July 25, the company announced that it would be buying back 3.3 crore equity shares which amounts to a 2.4% stake. The maximum price of the share buyback has been set at Rs 3,000, nearly a 12% premium from the current market price.

• Vishnu Prakash R Punglia's Rs 308.9 crore IPO gets bids for 87.8X the available 2.2 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 32X of the available 1.1 crore shares on offer.

• Credit rating agency ICRA anticipates the profitability of non-banking financial companies-microfinance institutions (NBFCs – MFIs) to grow 2.7-3% in FY24 and 3.2-3.5% in FY25 on the back of lower credit costs. It adds that the AUM growth is expected to be around 24-26% in FY24.

  The profitability of non-banking financial companies-microfinance institutions (NBFCs-MFIs) is expected to jump to 2.7-3% in 2023-24 and further to 3.2 to 3.5% in FY2025, said ICRA.
  
  Read at ????https://t.co/3i0m5Wp59C#ICRA #MFI #NBFC

  — Moneycontrol (@moneycontrolcom) August 28, 2023

• UNO Minda rises after promoter Nirmal Kumar Minda sells a 1.3% stake in the company in a bulk deal on Friday.

• PSU bank stocks like Union Bank of India, Punjab National Bank, Indian Bank and Bank of Maharashtra are rising in trade. All constituents of the broader Nifty PSU Bank index are also trading in the green.

• ICICI Securities keeps its ‘Sell’ rating on Mphasis with a target price of Rs 1,727. This implies a downside of 27.2%. The brokerage remains pessimistic about the firm as it sees weak near-term growth due to subdued demand in the Banking and Financial Services vertical, which makes up nearly 50% of revenue. Also, it points out that the company has weaker digital capabilities and lower margins compared to its peers.

• According to reports, around 5.5 crore shares of Zomato have changed hands in multiple block deals. Names of the buyers and sellers have not been ascertained. However, Softbank is a likely seller as the lock-in period for investors post-Blinkit deal ended on August 25.

  #MarketsWithBS | Shares of Zomato rallied 6% to Rs 96 on the BSE in Monday’s intra-day trade.#Zomato #BSE #markets #sharemarket #buzzingstocks #stockmarket https://t.co/cWKEyhAKTJ

  — Business Standard (@bsindia) August 28, 2023

• Garden Reach Shipbuilders & Engineers touches its all-time high of Rs 843.9 per share as it signs a memorandum of understanding (MoU) with DEMPO Group. The MoU is for a collaboration to build commercial vessels in three shipyards of DEMPO at Goa and Bhavnagar.

• LT Foods rises after it clarifies that it won't be affected by the Centre's rule to hold lower-priced basmati exports. The company's products are priced above the said limit of $1200 per ton. Other rice exporters like KRBL, GRM Overseas and Chaman Lal Setia are falling in trade.

• NMDC Steel is rising after announcing that its Nagarnar Steel Plant produced hot-rolled coil, nine days after producing hot metal. Amitava Mukherjee, Chairman, MD and Director Finance of NMDC said, “With today's development we emerge as the newest entrant in the domestic steel market and have put Bastar on the steel map."

• Amber Enterprises India rises in trade as the Singapore government bought over 11 lakh shares, amounting to Rs 316 crore. Ascent Investment Holdings Pte sold (3.7% equity) 12.6 lakh shares worth Rs 353 crore, through block deals. Amber Enterprises appears on a screener for stocks with strong momentum.

• Morgan Stanley maintains its ‘Overweight’ rating on Hindustan Aeronautics and raises the target price to Rs 4,365, on the back of a strong growth outlook in India’s aerospace industry. The brokerage expects the firm's products to continue gaining traction to replace foreign-made products.

  Brokerage Radar | Morgan Stanley on HAL: Maintain Overweight; HAL's products continue to get traction to replace foreign fleet pic.twitter.com/icrsLLGkJi

  — ET NOW (@ETNOWlive) August 28, 2023

• Man Infraconstruction surges more than 5% as it plans redevelopments in the western suburbs of Mumbai with a carpet area of 17 lakh square feet. The company expects this project to generate a revenue of Rs 4,000 crore over the next five years.

• CCL Products falls as its subsidiary Ngon Coffee Company, Vietnam faces a key machinery breakdown. This will interrupt the company's production and consequently affect 6-10% of the net profit. The company appears in a screener of stocks with declining net profit and margins.

• Brightcom Group is falling as Chairman & Managing Director Suresh Reddy resigns from the company on Sunday. Chief Financial Officer Narayana Raju also resigns from his post.

• Star Health and Allied Insurance Co is falling in trade as reports suggest, 1.9 crore shares (3.7% equity), have changed hands in a block deal.

  Star Health Large Trade | 1.9 Cr shares (3.7% equity) change hands in block deal window#StarHealth #BlockDeal pic.twitter.com/F9P6SYhBYP

  — CNBC-TV18 (@CNBCTV18Live) August 28, 2023

• BEML is rising as it wins an export order worth $16.7 million (approximately Rs 138 crore) from KAMSS, Russia for its Dozer BD355.

• Vijay Kedia buys a 1.7% stake in Atul Auto for approx Rs 19.4 crore in a bulk deal on Friday.

• Patel Engineering rises as it bags an order worth Rs 1,818.6 crore along with joint venture partner from NHPC. The order involves construction of head race tunnels for the Dibang multipurpose project. The company appears in a screener of stocks with improving RoA.

• Bharat Electronics is rising as it receives an order worth Rs 1,075 crore from Hindustan Shipyards to supply combat management systems (CMS), communication systems, EW systems and other sensors for fleet support ships. This takes the company's order book to Rs 11,380 crore in FY24.

Riding High:

Largecap and midcap gainers today include Solar Industries India Ltd. (4,824.40, 4.94%), Vodafone Idea Ltd. (9.00, 3.45%) and UNO Minda Ltd. (612.45, 3.31%).

Downers:

Largecap and midcap losers today include One97 Communications Ltd. (878.60, -2.29%), CG Power and Industrial Solutions Ltd. (410.60, -1.76%) and Oil India Ltd. (278.00, -1.66%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Jamna Auto Industries Ltd. (117.60, 8.39%), Laxmi Organic Industries Ltd. (283.35, 7.47%) and Maharashtra Scooters Ltd. (6,766.35, 5.25%).

Top high volume loser on BSE was CCL Products India Ltd. (595.95, -1.82%).

Restaurant Brands Asia Ltd. (121.95, 4.68%) was trading at 9.4 times of weekly average. Star Health and Allied Insurance Company Ltd. (610.65, 0.07%) and Fine Organic Industries Ltd. (4,707.75, 3.99%) were trading with volumes 6.1 and 6.0 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

23 stocks overperformed with 52 week highs,

Stocks touching their year highs included - AIA Engineering Ltd. (3,656.90, 0.24%), Bank of Maharashtra (39.75, 1.53%) and Cera Sanitaryware Ltd. (9,236.90, -1.08%).

9 stocks climbed above their 200 day SMA including Laxmi Organic Industries Ltd. (283.35, 7.47%) and Gujarat Narmada Valley Fertilizers & Chemicals Ltd. (589.35, 3.72%). 4 stocks slipped below their 200 SMA including State Bank of India (572.60, 0.46%) and Shoppers Stop Ltd. (718.50, 1.33%).