Trendlyne Marketwatch
Trendlyne Marketwatch
04 Sep 2023
Market closes higher, Firstsource appoints Ritesh Mohan Idnani as the new MD and CEO

Trendlyne Analysis

Nifty 50 closed at 19,528.80 (93.5, 0.5%) , BSE Sensex closed at 65,628.14 (241.0, 0.4%) while the broader Nifty 500 closed at 17180.95 (106.4, 0.6%), of the 1,959 stocks traded today, 1,206 were in the positive territory and 713 were negative.

Indian indices extended the gains from the morning session and closed in the green, with the Nifty 50 closing at 19,529. The volatility index, Nifty VIX, dropped by 3.6% and closed at 11 points. Lupin's Switzerland arm acquires the entire stake of the French pharmaceutical company, Medisol, for 18 million euros.

Nifty Midcap 100 and Nifty Smallcap 100 closed higher following the benchmark index. Nifty Metal and Nifty IT closed sharply higher, compared to Friday’s closing levels. According to Trendlyne’s sector dashboard, coal emerged as the top-performing sector of the day, with a rise of over 4.7%.

Most European indices trade in the green. US markets are closed on account of Labor Day. The data released by Switzerland’s Federal Statistics Office indicated that Switzerland’s Q2 GDP registered nil (0%) growth against estimates of 0.1% expansion. Switzerland registered 0.3% GDP growth in Q1 2023.

  • Money flow index (MFI) indicates that stocks like BSE, Linde India, Birlasoft and EIH are in the overbought zone.

  • According to Jefferies, cement companies are increasing their capex following an uptick in demand, especially from the housing segment. The brokerage expects cement demand to witness double-digit growth in FY24. It believes that the capacity utilisation of the industry will remain at over 70% due to capacity expansion plans by major players.

  • Hero MotoCorp's monthly two-wheeler sales grow by 5.6% YoY to 4,88,717 units in August 2023. Its domestic sales experience a robust growth of 4.9% YoY to 4,72,947 units. It appears in a screener of stocks with high TTM EPS growth.

  • Eicher Motors' monthly sales of 350cc motorcycles grow by 11% YoY to 69,023 units in August 2023. The total motorcycle sales increase by 11% YoY to 77,583 units. It appears in a screener for stocks with improving RoA.

  • Jet Airways founder Naresh Goyal will continue to remain under Enforcement Directorate (ED) custody until September 11. The founder was arrested on Friday in connection with a money laundering case linked to an alleged fraud of Rs 538 crore at Canara Bank.

  • Ratnaveer Precision Engineering's Rs 165 crore IPO gets bids for 5.8X the available 1.2 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 7.6X the available 58.9 lakh shares on offer.

  • Lupin's Switzerland arm acquires the entire stake of the French pharmaceutical company, Medisol, for 18 million euros (Rs 160.7 crore). The company has made an upfront payment of 14.5 million euros (Rs 129.5 crore).

  • Global crude oil prices remain stable after reaching their highest levels since November. This is due to optimism surrounding OPEC's supply curbs, which are expected to compress supplies. Russia has declared an extension of export restrictions, and Saudi Arabia is anticipated to follow suit by extending voluntary restrictions through October.

  • Firstsource Solutions appoints Ritesh Mohan Idnani as the new Chief Executive Officer and Managing Director, effective from Friday. He will also serve as Additional Director on the board of Firstsource.

  • GMR Power and Urban Infra rises as its subsidiary, GMR Smart Electricity Distribution, bags an order worth Rs 5,123.4 crore from Purvanchal Vidyut Vitran Nigam (PVVN). The project involves the implementation of smart metering in Varanasi, Azamgarh zone and Prayagraj, Mirzapur zone of Uttar Pradesh. The company appears in a screener of stocks with strong annual EPS growth.

  • CLSA maintains its ‘Buy’ rating on Bajaj Finance, with a target price of Rs 9,000. The brokerage believes that the company is well-positioned for medium-term growth and profitability. It also highlights that the firm is in a favourable position in terms of liability management in the near future.

  • Shakti Pumps (India) rises more than 5% in trade as it receives a patent from the Government of India for its Shakti Slip Start Synchronous Run Motor (S4RM). This motor boasts high starting torque and energy efficiency. It appears in a screener for stocks with strong momentum.

  • Metal stocks like National Aluminium Co, Steel Authority of India, NMDC, Coal India and Hindalco Industries are rising in trade. The broader sectoral index, BSE Metal, is also trading in the green.

  • Sharekhan maintains its ‘Buy’ rating on APL Apollo Tubes and raises the target price to Rs 2,000 from Rs 1,560. This implies an upside of 16.1%. The brokerage remains positive about the firm’s prospects due to its presence in a niche business, first-mover advantage in the structural steel tube segment and healthy volume growth. It expects the company’s net profit to grow at a CAGR of 45.5% over FY23-26.

  • Hindalco rises as it enters into a power purchase agreement and shareholder's agreement to acquire a 26% stake (3.2 lakh shares) in Seven Renewable Power. The acquisition will be made for Rs 32.5 lakh. With this move, Hindalco will develop and operate a captive power generation plant to supply 100 MW to their smelter in Orissa.

  • Nazara Technologies is rising as it approves the preferential allotment of equity shares worth Rs 100 crore to Kamath Associates & NKSquared. The firm proposes to issue 14 lakh shares at a price of Rs 714 each. The stock shows up in a screener for companies with low debt.

  • Indian rupee depreciates 15 paise to 82.77 against the US dollar in early trade today, amid a rise in crude oil prices.

  • Adani Ports & Special Economic Zone reports a 17% YoY rise in cargo volumes in August, reaching 34.2 million metric tonnes, on the back of a surge in containers and liquids & gas cargo types. Its Mundra port hits the highest-ever monthly cargo volume of 15.3 million metric tonnes and sets a record by handling 1,776 trains, which includes 1,532 container trains.

  • Kotak Mahindra Bank's Managing Director and Chief Executive Officer, Uday Kotak, resigns on Friday. He has also stepped down to the position of a Non-Executive Director of the bank.

  • Ratnaveer Precision Engineering raises Rs 49.5 crore from anchor investors ahead of its IPO by allotting 50.5 lakh shares at Rs 98 each. Investors include Societe Generale, Saint Capital Fund, Sixteenth Street Asian Gems Fund, Coeus Global Opportunities Fund and Leading Light Fund VCC – The Triumph Fund.

  • Veejay Nakra, the CEO (Automotive Division) at Mahindra & Mahindra, says that the company is prepared for the festive season with 2.9 lakh SUV bookings in the pipeline. He highlights that M&M is making progress in increasing its capacity to Rs 49,000 per month by Q4FY24 and believes that this will aid volume growth.

  • Auto stocks like Eicher Motors, Bharat Forge, Maruti Suzuki India and Hero MotoCorp are rising in trade. The broader sectoral index, Nifty Auto, hits an all-time high of 16,040.4.

  • Biocon rises as its subsidiary, Biocon Generics acquires a production facility from Eywa Pharma in New Jersey for $7.7 million (Rs 64 crore). The facility has a potential for capacity expansion up to 2 billion tablets/capsules per year. The company appears in a screener of stocks with strong momentum.

  • Cloverdell Investment sells a 4.2% stake in IDFC First Bank for approx Rs 2,480.3 crore in a bulk deal on Friday.

  • Rail Vikas Nigam rises to touch its all-time high of Rs 146.6 per share after securing a contract worth Rs 322 crore from Madhya Gujarat Vij. The contract is for the development of distribution infrastructure work in Vadodara. It is expected to be completed in 31 months.

Riding High:

Largecap and midcap gainers today include Indian Railway Finance Corporation Ltd. (66.70, 19.64%), IDBI Bank Ltd. (64.90, 8.08%) and YES Bank Ltd. (18.60, 7.20%).

Downers:

Largecap and midcap losers today include Gland Pharma Ltd. (1,709.00, -3.34%), Cholamandalam Investment & Finance Company Ltd. (1,105.00, -2.11%) and Endurance Technologies Ltd. (1,629.60, -1.81%).

Movers and Shakers

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

Top high volume gainers on BSE included MMTC Ltd. (52.50, 20.00%), Indian Railway Finance Corporation Ltd. (66.70, 19.64%) and Rail Vikas Nigam Ltd. (154.40, 11.64%).

Top high volume loser on BSE was Aegis Logistics Ltd. (359.95, -2.31%).

Prism Johnson Ltd. (141.75, 8.41%) was trading at 13.0 times of weekly average. IDBI Bank Ltd. (64.90, 8.08%) and Torrent Power Ltd. (705.50, 6.06%) were trading with volumes 10.0 and 8.9 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

87 stocks took off, crossing 52 week highs,

Stocks touching their year highs included - 3M India Ltd. (32,922.00, 5.68%), Bank of Maharashtra (41.65, 8.60%) and Bharat Electronics Ltd. (140.55, 1.96%).

13 stocks climbed above their 200 day SMA including Shree Renuka Sugars Ltd. (51.85, 10.08%) and YES Bank Ltd. (18.60, 7.20%). 5 stocks slipped below their 200 SMA including Timken India Ltd. (3,161.95, -1.12%) and Pidilite Industries Ltd. (2,474.85, -0.94%).

 
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