Trendlyne Marketwatch
Trendlyne Marketwatch
14 Sep 2023
Market closes higher, R R Kabel's IPO gets bids for 1.4X of available shares

Trendlyne Analysis

 

Nifty 50 closed at 20,103.10 (33.1, 0.2%), BSE Sensex closed at 67,519.00 (52.0, 0.1%) while the broader Nifty 500 closed at 17,603.50 (76.8, 0.4%). Market breadth is ticking up strongly. Of the 1,912 stocks traded today, 1,383 showed gains, and 495 showed losses.

Indian indices rose from the day’s low and closed in the green, with the Nifty 50 closing at 20,103. The volatility index, Nifty VIX, dropped by 4.3% and closed at 11.3 points. Bombay Dyeing and Manufacturing agree to sell a 22-acre land parcel in Worli, Mumbai, for Rs 5,200 crore.

Nifty Midcap 100 and Nifty Smallcap 100 closed sharply higher, following the benchmark index. Nifty Metal and Nifty PSU Bank closed higher, compared to Wednesday’s closing levels. According to Trendlyne’s sector dashboard, metals & mining emerged as the top-performing sector of the day, with a rise of over 1.8%.

Most European indices trade in the green, except for Germany’s DAX and France’s CAC 40, which are trading flat. US indices futures trade higher, indicating a positive start. Brent crude prices touched a 10-month high of $92 per barrel as OPEC’s extension of production cuts till the end of the year is expected to tighten the global oil supply.

  • Relative strength index (RSI) indicates that stocks like ITI, Cholamandalam Financial Holdings, GlaxoSmithKline Pharmaceuticals and Sundaram Finance are in the overbought zone.

  • ICICI Securities maintains its 'Add' rating on Computer Age Management Services with an upgraded target price of Rs 2,976 per share. This indicates a potential upside of 13.8%. The brokerage remains positive on the company's ability to provide effective digital solutions in the capital market and financial services space. It expects the company's revenue to grow at a CAGR of 9.5% over FY23-25.

  • Kirloskar Ferrous Industries rises as the National Company Law Tribunal (NCLT), New Delhi, approves a resolution plan initially approved by the Committee of Creditors of Oliver Engineering (Corporate Debtor), a company engaged in ferrous casting and machining. It appears in a screener for companies with low debt.

  • Tata Steel rises to a new 52-week high of Rs 134.2 as reports suggest advancements in negotiations for the Port Talbot Plant transformation project. The deal is valued at 500 million pound (Rs 5,177.9 crore). The company appears in a screener of stocks with strong momentum.

  • Zee Entertainment Enterprises is falling as Axis Finance files an appeal before the National Company Law Appellate Tribunal (NCLAT), New Delhi. The appeal challenges an order passed by the National Company Law Tribunal (NCLT), Mumbai, on August 10, which approved the merger of Zee Enterprises, Bangla Entertainment and Culver Max Entertainment (formerly Sony Pictures Network India).

  • Zydus Lifesciences sees four analyst target price upgrades and one recommendation upgrade in the past month. Phoenix Mills, NCC, Info Edge (India) and Glenmark Pharmaceuticals see three analyst target price upgrades over the same time period.

  • Rajneesh Chopra, Global Head of Va Tech Wabag, is optimistic about the prospects for the water business both in India and overseas. He highlights that strategic alliances with Gulf nations are in the pipeline. He expects that overseas business will account for 50% of the company's revenue. He adds that revenue contributions from the desalination plant in Tamil Nadu will start by H2FY24.

  • Aurionpro Solutions is rising as its transit business unit, Aurionpro Transit Pte, bags a $1.2 million (roughly Rs 10 crore) order for the first phase of a rapid transit bus project in Mexico. The order, to be completed in six months, has been awarded by the Government of the State of Yucatan and involves supplying validators and hardware.

  • Samhi Hotels' Rs 1,370.1 crore IPO gets bids for 0.1X the available 6.3 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 0.3X the available 1.1 crore shares on offer.

  • Zaggle Prepaid Ocean Services' Rs 563.4 crore IPO gets bids for 0.2X the available 1.9 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 0.9X the available 35.6 lakh shares on offer.

  • R R Kabel's Rs 1,964 crore IPO gets bids for 1.4X the available 1.3 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 0.9X the available 66 lakh shares on offer.

  • According to Fitch's Global Economic Outlook for September 2023, the Indian economy remains resilient despite a tight monetary policy and sluggish exports. The data suggests that India's growth rate will slacken between July and September.

  • Venus Remedies rises as it announces its registration with the Department of Scientific and Industrial Research, Ministry of Science and Technology. This registration allows the company to avail exemption on custom duty. The company appears in a screener of stocks with improving book value per share.

  • Oil and gas stocks like Oil & Natural Gas Corp, Petronet LNG, Indian Oil Corp, Indraprastha Gas and Adani Total Gas are rising in trade. All the constituents of the broader sectoral index, BSE Oil & Gas, are also trading in the green.

  • Grasim Industries rises to its all-time high of Rs 1,954 per share as the company unveils the name of its new paints business, branded as Birla Opus. The brand is expected to launch in Q4FY24.

  • Mahindra Holidays & Resorts India rises as the company signs a memorandum of understanding with the Government of Uttarakhand to establish and develop Club Mahindra Resorts in the region. The company plans to invest Rs 1,000 crore in the venture. It appears in a screener of stocks with strong momentum.

  • India’s WPI inflation contracts to -0.5% in August, continuing its negative trend for the fifth consecutive month. This is due to a fall in prices of mineral oils, basic metals, chemical & chemical products, and textiles.

  • Prabhudas Lilladher maintains its ‘Buy’ rating on Larsen & Toubro and raises the target price to Rs 3,302 from Rs 2,955. This implies an upside of 13.1%. The brokerage believes the company’s long-term prospects are bright on the back of strong tender prospects, improving order conversions and healthy traction in hydrocarbon and renewable energy orders from international markets.

  • Metal stocks like NMDC, Hindalco Industries, Welspun Corp and Steel Authority of India (SAIL) are rising in trade. All constituents of the broader Nifty Metal index are trading in the green.

  • Prestige Estates Projects aims to launch residential properties of around 18 million square feet (msf) in FY24, with a sales value of over Rs 16,000 crore, says its CEO, Venkat K Narayana. He highlights that the launches will be based in Bengaluru, Hyderabad, Mumbai, Chennai and Kochi.

  • Indian Railway Catering & Tourism Corporation rises after signing an MoU with Maharashtra State Road Transport Corporation (MSTRC) to enable MSRTC's online bus booking services via IRCTC's bus booking portal. It appears on a screener for stocks with strong momentum.

  • Adani Enterprises' Singapore subsidiary, Adani Global Pte, enters a 50:50 joint venture (JV) with Kowa Holdings Asia Pte for sales and marketing of green ammonia, green hydrogen and its derivatives in Japan, Taiwan and Hawaii.

  • Samhi Hotels raises Rs 616.5 crore from anchor investors ahead of its IPO by allotting around 4.9 crore shares at Rs 126 each. Investors include the Government of Singapore, Monetary Authority of Singapore, HSBC Global, CLSA Global Markets, Edelweiss, Nuvama and SBI Mutual Fund.

  • DAM Capital initiates coverage on sugar companies like Balrampur Chini Mills, Triveni Engineering, Dalmia Sugar and Dwarikesh Sugar with a ‘Buy’ rating. The brokerage expects El Nino conditions to affect sugar production and domestic sugar prices to remain above Rs 37 per kg.

  • Suven Pharmaceuticals is rising as reports suggest that the government has approved the acquisition of up to 76.1% shares of the company for Rs 9,589 crore by Berhyanda, a Cyprus-based company. This will take the foreign holding of the company to 90.1%.

  • NBCC (India) rises as it bags an order worth Rs 180 crore from Steel Authority of India's Bokaro Steel Plant. The project involves consultancy and project management services for upcoming infrastructural projects. The company appears in a screener of stocks nearing their 52-week highs with significant volumes.

  • Zaggle Prepaid Ocean Services raises Rs 253.5 crore from anchor investors ahead of its IPO by allotting 1.5 crore shares at Rs 164 each. Investors include Morgan Stanley Asia (Singapore), Goldman Sachs (Singapore), Societe Generale, Elara India Opportunities Fund, Founders Collective Fund and LIC Mutual Fund.

  • Bombay Dyeing and Manufacturing surges by more than 18% to touch its 52-week high of Rs 168.6 per share as its board of directors approves the sale of a 22-acre land parcel in Worli, Mumbai, for Rs 5,200 crore. The proceeds of the sale will be used to repay debt and fund future projects.

Riding High:

Largecap and midcap gainers today include NHPC Ltd. (55.90, 7.71%), Indian Overseas Bank (37.00, 5.71%) and NMDC Ltd. (150.20, 5.63%).

Downers:

Largecap and midcap losers today include Supreme Industries Ltd. (4,280.00, -3.06%), Torrent Pharmaceuticals Ltd. (1,839.70, -1.54%) and ACC Ltd. (2,038.30, -1.20%).

Movers and Shakers

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

Top high volume gainers on BSE included Central Bank of India (44.80, 10.89%), NBCC (India) Ltd. (60.65, 7.73%) and Avanti Feeds Ltd. (457.80, 6.60%).

Top high volume losers on BSE were Piramal Enterprises Ltd. (1,068.70, -0.47%) and TTK Prestige Ltd. (789.50, -0.30%).

Aster DM Healthcare Ltd. (341.45, 2.82%) was trading at 7.3 times of weekly average. Narayana Hrudayalaya Ltd. (1,092.00, 5.49%) and Suven Pharmaceuticals Ltd. (528.75, 2.01%) were trading with volumes 6.6 and 6.2 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

42 stocks hit their 52 week highs,

Stocks touching their year highs included - Axis Bank Ltd. (1,020.90, 0.64%), Bank of Baroda (211.90, 1.56%) and Bank of India (107.25, 3.57%).

9 stocks climbed above their 200 day SMA including EID Parry (India) Ltd. (544.75, 4.86%) and Eureka Forbes Ltd. (520.00, 2.56%). 2 stocks slipped below their 200 SMA including Aptus Value Housing Finance India Ltd. (268.65, -0.81%) and Crompton Greaves Consumer Electricals Ltd. (303.05, -0.69%).

 
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