Trendlyne Marketwatch
Trendlyne Marketwatch
22 Sep 2023
Markets closes lower, Lupin acquires five brands from Menarini

Trendlyne Analysis

Nifty 50 closed at 19,674.25 (-68.1, -0.3%) , BSE Sensex closed at 66,009.15 (-221.1, -0.3%) while the broader Nifty 500 closed at 17,260.80 (-42.7, -0.3%), of the 1,898 stocks traded today, 871 were gainers and 986 were losers.

Indian indices pared their gains and settled in the red, with the Nifty 50 falling over 0.3% and closing at 19,674.3 points. The Indian volatility index, Nifty VIX, fell 1.5% and closed at 10.7 points. NCC and J Kumar Infraprojects bagged an order worth Rs 6,301.1 crore through their joint venture. NCC’s share in the JV is 51% which amounts to Rs 3,213.6 crore and J Kumar Infraprojects’ share is 49%, amounting to Rs 3,087.5 crore.

Nifty Smallcap 100 outperformed the benchmark index and closed in the green, while the Nifty Midcap 100 closed marginally flat. Nifty Auto and Nifty PSU Bank closed higher than their Thursday close. According to Trendlyne's sector dashboard, Telecommunications Equipment was the top-performing sector of the day as it rose 3.5%.

Major Asian indices closed in the green, except for India’s BSE Sensex and Japan’s Nikkei 225 closing in the red. US index futures traded up, indicating a positive start to the trading session. Brent crude oil futures traded lower after closing flat on a volatile day on Thursday.

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

  • JSW Steel rises as its subsidiary Periama Holding enters into an agreement to sell plant, property, equipment and mineral rights of Caretta Minerals for $24 million (approx. Rs 199 crore). The purchasing entity is West Virginia Properties. The company appears in a screener of stocks nearing 52-week high with significant volumes.

  • Dhampur Sugar Mills Chief Executive Officer, Anant Pande, resigns on Thursday due to personal reasons.

  • Foreign institutional investors sell stocks worth Rs 3,520.7 crore in the equity market over the past week, according to Trendlyne's FII dashboard. Meanwhile, index options witness the highest outflow of Rs 1.1 lakh crore from foreign investors.

  • Jairam Sampath, Whole Time Director and CFO at Kaynes Technology India, expects greater traction in Q3 and Q4 of FY24, with robust momentum expected in FY25. He mentions smart meters as a good prospect for the firm and a developing area. As of July 1, 2023, the company's order book was well over Rs 3,000 crore.

  • Manoj Vaibhav Gems N Jewellers' Rs 270 crore IPO gets bids for 0.1X the available 91.2 lakh shares on offer on the first day of bidding. The retail investor quota gets bids for 0.3X the available 45.8 lakh shares on offer.

  • Signatureglobal (India)'s Rs 730 crore IPO gets bids for 11.9X the available 1.1 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 6.8X the available 19.9 lakh shares on offer.

  • Sai Silks (Kalamandir)'s Rs 1,201 crore IPO gets bids for 4.4X the available 3.9 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 0.9X the available 2 crore shares on offer.

  • NCC and J Kumar Infraprojects are rising as they bag an order worth Rs 6,301.1 crore through their joint venture. NCC’s share in the JV is 51% which amounts to Rs 3,213.6 crore and J Kumar Infraprojects’ share is 49%, amounting to Rs 3,087.5 crore. The project involves the construction and operation of tunnels in Mumbai.

  • Lupin is falling despite acquiring five brands in the gastroenterology, urology and anti-infectives segments from Menarini for a cash consideration of Rs 101 crore. The companies had previously signed an agreement to market these brands in India in July 2021.

  • Zaggle Prepaid Ocean Services’ shares make a flat debut on the bourses, at Rs 164. The Rs 563.4 crore IPO has received bids for 12.6 times the total shares on offer.

  • Samhi Hotels’ shares debut on the bourses at a 6% premium to the issue price of Rs 126. The Rs 1,370.1 crore IPO has received bids for 5.3 times the total shares on offer.

  • Tech Mahindra hits a new 52-week high as it approves the merger of Tech Mahindra Credit Solutions with Tech Mahindra (Americas), a wholly-owned subsidiary of the company. It appears in a screener for stocks with strong momentum.

  • Motilal Oswal maintains its ‘Buy’ rating on Hindalco Industries and raises the target price to Rs 550 from Rs 510, implying an upside of 15.6%. The brokerage remains positive about the firm’s prospects due to its expanding capacity, strong capacity and shift towards high-value-added downstream products.

  • Suzlon Energy bags an order to develop 29.4 MW of wind capacity for the 100 MW wind-solar hybrid energy project of BrightNight located in Maharashtra. The company will supply 14 wind turbines with a capacity of 2.1 MW each.

  • Prabhudas Lilladher initiates coverage on the recently listed R R Kabel with a ‘Buy’ rating and a target price of Rs 1,407. The brokerage is optimistic about the company's position in the Wires & Cables (W&C) sector. They highlight RR Kabel's strong brand, diverse product range, well-planned capacity expansion, growing dealer and distribution network, and distribution-focused export business as factors contributing to their positive outlook.

  • PSU bank stocks like Union Bank of India, Central Bank of India, Canara Bank and Bank of Baroda are rising in trade. The broader sectoral index Nifty PSU Bank is also trading in the green.

  • UltraTech Cement enters into an agreement with India Cements for purchasing a total of 73.8 acres of land in Andhra Pradesh in a deal worth Rs 70 crore. It appears in a screener for stocks with high momentum scores.

  • Manoj Vaibhav Gems N Jewellers raises Rs 81.1 crore from anchor investors ahead of its IPO by allotting 37.7 lakh shares at Rs 215 each. Investors include Quantum-State Investment Fund, Nexus Global Opportunities Fund, AG Dynamics Funds, Coeus Global Opportunities Fund and Chhatisgarh Investments.

  • The Finance Ministry’s August Economic Review states that food prices are moderating. It highlights that the risks of stock market correction and geopolitical developments may impact investor sentiment. It has given a baseline estimate for India’s FY24 GDP at 6.5%.

  • IRB Infrastructure Developers is rising as it achieves financial closure of Rs 2,092 crore to upgrade NH-27 to six lanes with paved shoulders. This includes financing of Rs 1,446 crore through lenders.

  • Sunteck Realty falls despite creating a joint platform with International Finance Corp with a total investment of Rs 750 crore. The platform will promote the development of nearly 12,000 housing units across four to six green housing projects within the Mumbai Metropolitan Region (MMR). The company appears in a screener of stocks with growing profit and margins.

  • ideaForge Technology is rising as it bags an order worth Rs 58 crore to supply 400 Surveillance Copters with accessories. The stock shows up in a screener for companies with low debt.

  • JP Morgan is set to include India in its GBI-EM (Government Bond Index-Emerging Markets) index, effective from June 28, 2024. It has stated that 23 Indian Government Bonds are eligible and that India will have a maximum weight of 10% on the index.

  • Rail Vikas Nigam rises as it receives an order worth Rs 1,272 crore in a joint venture with Tracks & Towers Infratech. The scope of the order involves construction of a 6-lane greenfield Varanasi Ranchi-Kolkata highway. The company appears in a screener of stocks with strong momentum.

  • ICICI Lombard General Insurance falls as Managing Director and Cheif Executive Officer, Bhargav Dasgupta, resigns on Thursday to pursue a career opportunity outside the country. His last working date shall be intimated in due course of time.

  • Rakesh Jhunjhunwala's portfolio buys a 4.4% stake in D B Realty on September 15, 2023. It now holds 5.6% in the company.

  • Glenmark Pharmaceuticals agrees to sell a 75% stake in its subsidiary, Glenmark Life Sciences (GLS), to Nirma for Rs 5,652 crore. Post the stake sale, the company will own a 7.8% stake in GLS. Glenn Saldanha, Chairman and MD of Glenmark Pharmaceuticals said “This deal aligns with Glenmark’s strategic intent of moving up the value chain to become an innovative/brand-led organization, with continuous focus on our core therapeutic areas of dermatology, respiratory and oncology.”

Riding High:

Largecap and midcap gainers today include JSW Energy Ltd. (422.10, 7.19%), Berger Paints (India) Ltd. (669.30, 6.63%) and Union Bank of India (101.85, 5.65%).

Downers:

Largecap and midcap losers today include Zydus Lifesciences Ltd. (595.60, -3.26%), Info Edge (India) Ltd. (4,300.35, -3.14%) and Macrotech Developers Ltd. (740.60, -2.94%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Housing and Urban Development Corporation Ltd. (85.80, 18.84%), Century Textiles & Industries Ltd. (1,086.00, 6.80%) and Berger Paints (India) Ltd. (669.30, 6.63%).

Top high volume losers on BSE were Glenmark Pharmaceuticals Ltd. (802.80, -3.01%) and Cholamandalam Financial Holdings Ltd. (1,194.30, -0.76%).

Carborundum Universal Ltd. (1191.25, 2.68%) was trading at 14.8 times of weekly average. Gujarat Ambuja Exports Ltd. (314.95, 6.12%) and La Opala RG Ltd. (423.15, 0.81%) were trading with volumes 6.8 and 4.2 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

12 stocks overperformed with 52 week highs, while 2 stocks were underachievers and hit their 52 week lows.

Stocks touching their year highs included - Berger Paints (India) Ltd. (669.30, 6.63%), Canara Bank (382.95, 5.08%) and Indian Bank (420.85, 3.94%).

Stocks making new 52 weeks lows included - Gujarat Gas Ltd. (439.60, -0.33%) and Vedanta Ltd. (225.05, -0.64%).

4 stocks climbed above their 200 day SMA including Berger Paints (India) Ltd. (669.30, 6.63%) and Deepak Fertilisers & Petrochemicals Corporation Ltd. (624.25, 1.98%). 8 stocks slipped below their 200 SMA including Bharat Dynamics Ltd. (1,004.35, -2.13%) and Sheela Foam Ltd. (1,106.15, -1.95%).

 
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