Trendlyne Marketwatch
Trendlyne Marketwatch
15 Sep 2023
Markets closes higher, R R Kabel's IPO gets bids for 18.7X of available shares

Trendlyne Analysis

Nifty 50 closed at 20,192.35 (89.3, 0.4%), BSE Sensex closed at 67,838.63 (319.6, 0.5%) while the broader Nifty 500 closed at 17665.80 (62.3, 0.4%). Market breadth is horizontal. Of the 1,915 stocks traded today, 967 were on the uptrend, and 909 went down.

Indian indices extended their gains from the afternoon session and closed in the green. The Nifty 50 hit its all-time high of 20,222.5 but closed at 20,192.4 points. The Indian volatility index, Nifty VIX, fell 3.7% and closed at 10.9 points. Ashok Leyland closed in the green as it signed an MoU with the Government of Uttar Pradesh to set up an integrated bus plant to produce electric buses in the state, with an initial investment of Rs 200 crore.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, taking cues from the benchmark index. Nifty Auto and Nifty Bank closed higher than their Thursday close. According to Trendlyne's sector dashboard, Fertilizers was the top-performing sector of the day as it rose 3%.

European stocks traded higher amid positive global cues. Major Asian indices closed up, except for China’s Shanghai SE Composite Index closing in the red. US index futures traded flat, indicating a cautious start to the trading session. Brent crude oil futures recovered from their day’s low and traded flat after rising 2.1% on Thursday.

  • Apollo Tyres sees a short buildup in its September 28 future series as its open interest rises 24.7% with a put-call ratio of 0.4.

  • Siyaram Silk Mills surges to its 52-week high of Rs 635 per share as its board of directors raises its buyback price to Rs 720 from Rs 650 per share. To compensate for this rise in price, the board has also reduced the maximum number of shares to be bought back to 15 lakh from 16.6 lakh.

  • Zydus Lifesciences rises as it receives final approval from the USFDA for its Norelgestromin and Ethinyl Estradiol Transdermal System, which is used to prevent pregnancy. This is the third hormonal transdermal patch to be approved from Zydus’ generics portfolio and has annual sales of $330 million (Rs 2,742.8 crore) in the United States (IQVIA MAT July 2023). It appears in a screener for stocks with strong momentum.

  • ICICI Securities maintains its ‘Buy’ rating on Archean Chemical Industries with a target price of Rs 750. This implies an upside of 23%. The brokerage believes that the company is well-placed to benefit from the likely recovery in bromine volume and prices by the end of FY24. It expects the firm’s net profit to grow at a CAGR of 36.6% over FY23-25.

  • Sudhir Singh, Cheif Executive Officer of Coforge, sells a 0.3% stake in the company for approx Rs 98.1 crore on Thursday.

  • Telecommunications equipment, telecom services and software & services sectors rise the most over the past week by 20.4%, 5% and 2.7% respectively.

  • Samhi Hotels' Rs 1,370.1 crore IPO gets bids for 0.1X the available 6.3 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 0.6X the available 1.1 crore shares on offer.

  • Zaggle Prepaid Ocean Services' Rs 563.4 crore IPO gets bids for 0.4X the available 1.9 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 1.9X the available 35.6 lakh shares on offer.

  • According to reports, TotalEnergies is in talks to invest roughly Rs 581.3 crore in renewable energy projects developed by Adani Green Energy as part of the efforts to grow its portfolio of clean energy projects. The French oil major is already the second largest shareholder in Adani Green Energy, holding a 19.8% stake.

  • SpiceJet rises as it complies with the Supreme Court's directive, completing a payment of $1.5 million (approximately Rs 12.5 crore) to Credit Suisse. The company appears in a screener for stocks with strong momentum.

  • Ashok Leyland is rising as it signs an MoU with the Government of Uttar Pradesh to set up an integrated bus plant to produce electric buses in the state, with an initial investment of Rs 200 crore. The stock shows up in a screener for companies with high TTM EPS growth.

  • R R Kabel's Rs 1,964 crore IPO gets bids for 18.7X the available 1.3 crore shares on offer on the Third day of bidding. The retail investor quota gets bids for 2.1X the available 66 lakh shares on offer.

  • Dixon Technologies is reportedly set to open a new factory spread over 3 lakh square feet on the outskirts of New Delhi. The firm is expected to invest more than Rs 400 crore in the factory over three years and will largely produce Xiaomi smartphones.

  • Oil India plans to invest Rs 25,000 crore in green hydrogen, solar, geothermal energy, 2G ethanol facilities, compressed biogas plants, and carbon capture utilisation & storage (CCUS) by 2040. Ranjit Rath, the company's Chairman and Managing Director, says its subsidiary, Numaligarh Refinery (NRL), has placed an order to switch from grey to green hydrogen, aiming for an annual capacity of 20 kilo tonnes.

  • Foreign institutional investors sell stocks worth Rs 1,254.3 crore in the equity market over the past week, according to Trendlyne's FII dashboard. Meanwhile, index options witness the highest outflow of Rs 46,714.5 crore from foreign investors.

  • IT stocks like Coforge, HCL Technologies, Mphasis, Tata Consultancy Services and Wipro are rising in trade. Barring Persistent Systems, all the other constituents of the broader sectoral index, Nifty IT, are trading in the green.

  • HDFC Securities maintains its 'Reduce' rating on Hindustan Unilever with a target price of Rs 2,550 per share. This indicates a potential upside of 3.2%. The brokerage believes that the company introducing price cuts to adjust for the falling raw material prices will stunt its growth in profitability in the near-term. It expects the company's revenue to grow at a CAGR of 6.8% over FY23-26.

  • Restaurant Brands Asia touches its 52-week high today as 12.5 crore shares (25.4% equity), amounting to Rs 1,494 crore, reportedly change hands in a block deal.

  • GMM Pfaudler rises more than 4% as its US subsidiary, GMM Pfaudler US, acquires 100% share capital of MixPro, a US-based company in the business of professional mixing equipment & other industrial applications. The deal is valued at Rs 58 crore. It appears on a screener for stocks with high DVM scores.

  • Bharat Forge touches its all-time high of Rs 1,148 as Paramount, a UAE-based global aerospace and technology company, announces its collaboration with the firm and its arm, Kalyani Strategic Systems. The partnership aims to produce armoured vehicles in India for its global customers. The company shows up in a screener for stocks with strong momentum.

  • Auto stocks like Bajaj Auto, Hero MotoCorp, Tube Investments of India and Tata Motors are rising in trade. All constituents of the broader BSE Auto index are also trading in the green.

  • BofA upgrades its rating on Bajaj Auto to 'Buy' and raises the target price to Rs 5,550 from Rs 5,100. The brokerage believes that the company's business segments are well-placed for growth in FY25, with a revenue growth of 14-15% CAGR for FY23-26. It feels that the firm's business strategy is suited to deal with structural and cyclical factors.

  • Lemon Tree Hotels rises to its all-time high of Rs 125.5 per share as it signs two properties in Gujarat and Nepal. The Gujarat property in Junagadh, under the Lemon Tree Hotels brand, is expected to be operational in FY25, while the other, named Tigerland Safari, is in Chitwan and will become operational later in FY24.

  • Strides Pharma Science rises to a new 52-week high of Rs 522.8 as its subsidiary, Strides Pharma Global, receives tentative approval from the US FDA for Dolutegravir 50mg tablets. The drug is used for antiretroviral therapy in HIV patients and has a market of $ 1,345 million. The company appears in a screener of stocks with strong momentum.

  • According to reports, 30.2 lakh shares of Five-Star Business Finance, amounting to Rs 211 crore, change hands in a block deal.

  • Shyam Metalics and Energy's promoters, Subham Buildwell and Narantak Dealcomm, sell a 6.3% stake in the company on Thursday.

  • Shakti Pumps (India) receives an order worth Rs 293 crore from Uttar Pradesh's agriculture department for the supply of 10,000 pumps as part of the PM-KUSUM III scheme under component-B.

  • Patel Engineering rises as its joint venture bags an order worth Rs 250 crore from Maharashtra Krishna Valley Development Corporation, Pune. The company's share in the order will be Rs 100 crore. The project involves the construction of a pipeline distribution network in Satara. The company appears in a screener of stocks with improving net profit.

  • Infosys is rising as it signs a memorandum of understanding (MoU) with a global client to provide business operation services through its platforms and AI services. The client is expected to spend a total of $1.5 billion (approximately Rs 12,461.6 crore) over the next 15 years.

Riding High:

Largecap and midcap gainers today include Vodafone Idea Ltd. (11.70, 7.34%), General Insurance Corporation of India (235.15, 7.11%) and Indian Overseas Bank (39.50, 6.76%).

Downers:

Largecap and midcap losers today include Supreme Industries Ltd. (4,120.15, -4.07%), InterGlobe Aviation Ltd. (2,391.45, -2.97%) and Indian Oil Corporation Ltd. (91.95, -2.85%).

Movers and Shakers

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

Top high volume gainers on BSE included UCO Bank (40.40, 8.75%), Triveni Turbine Ltd. (433.35, 8.69%) and General Insurance Corporation of India (235.15, 7.11%).

Top high volume losers on BSE were Krishna Institute of Medical Sciences Ltd. (2,021.70, -5.53%), ZF Commercial Vehicle Control Systems India Ltd. (15,410.70, -5.46%) and 360 One Wam Ltd. (526.65, -3.83%).

Hatsun Agro Products Ltd. (1,186.45, -0.44%) was trading at 59.1 times of weekly average. Restaurant Brands Asia Ltd. (128.35, 6.69%) and The New India Assurance Company Ltd. (143.20, 6.75%) were trading with volumes 16.4 and 13.5 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

50 stocks overperformed with 52 week highs,

Stocks touching their year highs included - Axis Bank Ltd. (1,027.15, 0.61%), Bajaj Auto Ltd. (5,130.50, 5.90%) and Bank of India (105.75, -1.40%).

6 stocks climbed above their 200 day SMA including Aptus Value Housing Finance India Ltd. (278.45, 3.65%) and Aavas Financiers Ltd. (1,690.00, 1.82%). 2 stocks slipped below their 200 SMA including Britannia Industries Ltd. (4,532.85, -0.91%) and Vinati Organics Ltd. (1,893.10, -0.12%).

 
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