Trendlyne Marketwatch
Trendlyne Marketwatch
07 Sep 2023
Market closes higher, Jupiter Life Line Hospitals IPO gets bids for 1.9X of the available shares

Trendlyne Analysis

Nifty 50 closed at 19,727.05 (116, 0.6%), BSE Sensex closed at 66,265.56 (385.0, 0.6%) while the broader Nifty 500 closed at 17,385.50 (100.9, 0.6%). Of the 1,923 stocks traded today, 1,137 were gainers and 757 were losers.

Indian indices extended their gains from the afternoon session and closed in the green, with the Nifty 50 rising above the 19,700 mark. The Indian volatility index, Nifty VIX, rose 1.8% and closed at 10.9 points. Hitachi Energy closed 3.1% higher after it won a contract from Ayana Renewable Power to provide a grid connection solution to its upcoming 300 MW solar power plant in Rajasthan.

Nifty Smallcap 100 and Nifty Midcap100 closed in the green, taking cues from the benchmark index. Nifty Bank and Nifty Energy closed higher than their Wednesday close. According to Trendlyne's sector dashboard, Coal was the top-performing sector of the day as it rose 6.6%.

Major Asian indices closed in the red, except for India’s BSE Sensex, which closed in the green. European indices recovered from their day lows and traded higher. However, US index futures traded in the red, indicating a negative to the trading session. Brent crude oil futures traded lower after rising for seven consecutive trading sessions.

  • Money flow index (MFI) indicates that stocks like BEML, MMTC, HFCL and Triveni Engineering & Industries are in the overbought zone.

  • Power Mech Projects is rising as it bags two contracts worth Rs 625.2 crore. The first contract, worth Rs 229.2 crore, comes from Hindustan Zinc to operate and maintain a captive power plant in Rajasthan. The second, valued at Rs 396 crore, is from Vedanta to erect, test and commission a boiler, generator and turbine at the firm’s power plant in Chhattisgarh.

  • GAIL (India) plans to secure around 20-25% of its LNG supply on a short-term or spot market basis to address seasonal demand or volatility.

  • United Breweries appoints Vivek Gupta as its Managing Director and Chief Executive Officer, effective from September 25, subject to approvals.

  • Hitachi Energy is rising on the back of winning a contract from Ayana Renewable Power to provide a grid connection solution to its upcoming 300 MW solar power plant in Rajasthan. The stock shows up in a screener for companies with book value per share increasing over the past two years.

  • Jupiter Life Line Hospitals' Rs 869.1 crore IPO gets bids for 1.9X the available 85 lakh shares on offer on the second day of bidding. The retail investor quota gets bids for 2.2X the available 42.9 lakh shares on offer.

  • SBI Life, HDFC Life and Max Life’s new business premiums rise by over 15% in August, while ICICI Prudential and LIC see a decline. Meanwhile, retail APE (annual premium equivalent) has increased for all five firms.

  • Angel One, Dr. Reddy's Laboratories, Craftsman Automation, Apar Industries and Mangalore Refinery And Petrochemicals outperform their industries in terms of annual growth and capital returns.

  • HCL Technologies touches a new 52-week high as it gets selected by Siemens to accelerate a cloud-led digital transformation. This partnership aims to support Siemens in innovating and scaling effortlessly on a strong cloud foundation. It appears on a screener for stocks with strong momentum.

  • Nazara Technologies falls despite raising funds from SBI Mutual Funds on a preferential issue basis. The company will issue 57.4 lakh shares at an average price of Rs 714 per share for Rs 409.9 crore to SBI Mutual Fund. It appears in a screener of stocks with improving RoE.

  • Larsen & Toubro touches a new 52-week high as it reportedly bags two orders worth approximately Rs 33,260 crore from Saudi Aramco, as part of the second expansion phase of its Jafurah unconventional gas production project.

  • RHI Magnesita India rises as the Competition Commission of India (CCI) approves the acquisition of a 29.9% stake in RHI Magnesita NV by the US-based Rhone Capital. The company appears in a screener of stocks with no promoter pledge.

  • Motilal Oswal re-initiates coverage on Voltas with a ‘Buy’ rating and a target price of Rs 1,000. This implies an upside of 11.8%. The brokerage expects the company to retain its market share of over 21% in the coming years due to its leadership position in the room air-conditioning segment. It anticipates the company's long-term growth to be fueled by increasing sales volumes and a strong order book in the electrical, mechanical and plumbing solutions segment.

  • Strides Pharma Science rises in trade as it's board approves to acquire 100% shareholding in Strides Pharma Services (SPSPL) in a deal worth Rs 5 lakh. It appears in a screener of stocks with strong momentum.

  • Varroc Engineering rises to a new 52-week high of Rs 451.9, as it enters into a power purchase agreement with AMP Energy for special purpose vehicles (SPVs) worth Rs 13.1 crore. This agreement involves the acquisition of a 26% stake in the SPVs for establishing renewable energy power plants with a capacity of 33.1 MWp in Maharashtra. The company appears in a screener of stocks with strong momentum.

  • Anupam Rasayan India appoints Gopal Agrawal as Chief Executive Officer of the company, with effect from September 11, 2023.

  • Morgan Stanley gives an "Overweight" rating to Bank of Baroda with a target price of Rs 235. The brokerage believes that the bank's margins have increased in FY23 but will moderate due to funding costs. The firm's management reiterates its loan growth projection of 14-15% YoY for FY24 and foresees higher employee costs due to wage hike-related contingencies.

  • Responsive Industries is surging as it bags a contract for the Garib Rath initiative from the Indian Railways. This comes after the firm won orders for the Vandhe Bharat trains in August. The stock shows up in a screener for companies with low debt.

  • Power Finance Corp rises as it sets September 21, 2023, as the record date for a bonus issue of equity shares in a 1:4 ratio.

  • Smallcap World Fund sells a 0.6% stake in Aavas Financiers for approx Rs 75.1 crore in a bulk deal on Wednesday.

  • Nomura expects revenue growth of IT companies to pick up in FY25 on the back of large deals. The brokerage remains cautious about the IT sector due to the limited visibility of a significant improvement in the discretionary demand for IT services. It maintains a 'Reduce' rating on TCS, while it has 'Neutral' ratings on Infosys, Wipro, HCL Tech, and others.

  • Tata Consumer Products falls as it clarifies on Wednesday that it is not in negotiations to buy a 51% stake in Haldiram.

  • Force Motors rises as its wholesales for August 2023 improve by 47.1% YoY to 3,276 units. Its domestic wholesales and exports also increase by 43.5% YoY and 63% YoY respectively.

  • Adani Total Gas surges after securing an order from Ahmedabad Municipal Corporation to build and operate a 500-tonne per day (TPD) Bio-CNG plant. The project is a 20-year concession-based public-private partnership in Pirana/Gyaspur, Ahmedabad. The company appears in a screener of stocks with improving cash flow from operations.

  • Tata Consultancy Services inks an agreement with Jaguar Land Rover to transform, simplify, and help manage its digital estate. The new partnership is valued at 800 million pounds (Rs 8,313.5 crore) over the next five years.

Riding High:

Largecap and midcap gainers today include Coal India Ltd. (274.00, 7.11%), Indian Railway Finance Corporation Ltd. (73.15, 6.40%) and Power Finance Corporation Ltd. (271.85, 5.57%).

Downers:

Largecap and midcap losers today include APL Apollo Tubes Ltd. (1,727.20, -3.53%), Tata Consumer Products Ltd. (858.70, -2.30%) and Polycab India Ltd. (5,185.40, -2.05%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Cochin Shipyard Ltd. (1,146.15, 20.00%), Mazagon Dock Shipbuilders Ltd. (2,087.90, 9.54%) and Asahi India Glass Ltd. (595.05, 8.00%).

Great Eastern Shipping Company Ltd. (815.50, 5.70%) was trading at 25.5 times of weekly average. FDC Ltd. (401.45, 4.16%) and RHI Magnesita India Ltd. (762.20, 4.92%) were trading with volumes 11.0 and 10.0 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

50 stocks took off, crossing 52-week highs,

Stocks touching their year highs included - Bharat Forge Ltd. (1,106.35, 0.67%), Castrol India Ltd. (160.15, 3.19%) and Coal India Ltd. (274.00, 7.11%).

11 stocks climbed above their 200 day SMA including Deepak Fertilisers & Petrochemicals Corporation Ltd. (659.25, 4.31%) and Page Industries Ltd. (42,440.75, 4.01%). 2 stocks slipped below their 200 SMA including Uflex Ltd. (453.40, -1.25%) and Britannia Industries Ltd. (4,528.00, -0.90%).

 
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