Trendlyne Marketwatch
Trendlyne Marketwatch
27 Sep 2023
Market closes higher, JSW Infrastructure's IPO gets bids for 13.3X of the available shares

Trendlyne Analysis

 

Nifty 50 closed at 19,716.45 (51.8, 0.3%), BSE Sensex closed at 66,118.69 (173.2, 0.3%) while the broader Nifty 500 closed at 17,341.60 (64.9, 0.4%). Market breadth is in the green. Of the 1,920 stocks traded today, 1,065 were in the positive territory and 812 were negative.

Indian indices extended the gains from the afternoon session and closed in the green, with the Nifty 50 closing at 19,716. The volatility index, Nifty VIX, rose by 3.6% and closed at 11.6 points. According to Jefferies, the forthcoming ICC World Cup is expected to drive up hotel prices and airline fares by 150% and 80%, respectively, in cities hosting matches.  

Nifty Midcap 100 closed in the green, while Nifty Smallcap 100 closed flat, following the benchmark index. Nifty PSU Bank and Nifty Healthcare closed higher than Tuesday’s closing levels. According to Trendlyne’s sector dashboard, telecommunications equipment emerged as the top-performing sector of the day, with a rise of over 1.6%.

Most European indices trade in the green, except for England’s FTSE 100 trading flat. US indices futures trade higher as the US Senate voted to begin debate on a bill to secure short-term funding for the government to avert an impending federal shutdown. The Senate bill would keep the government funded till November 17.

  • Relative strength index (RSI) indicates that stocks like Sundaram Finance, Tata Investment Corp, Apar Industries and Gujarat Ambuja Exports are in the overbought zone.

  • Manappuram Finance rises as the Kerala High Court directs the Enforcement Directorate to release all documents related to the firm's frozen properties. This is in relation to the money laundering case registered against the company's MD and CEO, V P Nandakumar. The company appears in a screener of stocks with high TTM EPS growth.

  • HLE Glasscoat rises as DSP Mutual fund acquires a 3.5% stake (24 lakh shares) at an average price of Rs 505 per share, amounting to Rs 121.2 crore.

  • ICICI Securities downgrades its rating on Strides Pharma Science to ‘Reduce’ from ‘Hold’, citing expensive valuation. However, it raises the target price to Rs 495 from Rs 460, which implies a downside of 5.1%. The brokerage expects the firm’s focus on its contract development and manufacturing organisation (CDMO) business to drive growth.

  • Vedanta falls over 6% as Moody's Investors Service downgrades its parent company's (Vedanta Resources) senior unsecured bonds to Caa3 from Caa2. The rating agency indicates a high chance of debt restructuring in the coming months.

  • Valiant Laboratories' Rs 152.5 crore IPO gets bids for 0.3X of the available 76.2 lakh shares on offer on the first day of bidding. The retail investor quota gets bids for 0.6X the available 38.1 lakh shares on offer.

  • Updater Services' Rs 640 crore IPO gets bids for 2.9X of the available 1.2 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 1.4X the available 22.3 lakh shares on offer.

  • JSW Infrastructure's Rs 2,800 crore IPO gets bids for 37.4X the available 13.6 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 10.3X the available 2.5 crore shares on offer.

  • Nuvama Institutional Equities expects HDFC Bank, Trent, Power Grid Corp and Shriram Finance, among others, to receive strong inflows following NSE index changes. The semi-annual reshuffling of the index is scheduled for Friday.

  • Procter & Gamble Health rises as it closes the production of injections in its Goa plant, planning to outsource the manufacturing. The facility in Goa contributed 8.4% to the company's revenue in FY23. The company appears in a screener of stocks with improving RoCE.

  • Pharmaceutical and Healthcare stocks like Granules India, Aurobindo Pharma, Laurus Labs, Glenmark Pharmaceuticals and Lupin are rising in trade. Barring Abbott India, all the other constituents of the broader sectoral index, Nifty Healthcare, are trading in the green.

  • Apollo Hospitals Enterprises rises as its subsidiary Apollo Multispeciality Hospital acquires a partially built 325-bed hospital for Rs 102 crore in Sonapur, Kolkata. The company appears in a screener of stocks with low debt.

  • According to a Reuters poll, India's GDP is expected to grow 6.2% in FY24, making it the fastest-growing major economy. A 6.3% growth is projected for FY25.

  • Prataap Snacks is falling as the GST Authority conducts a search and seizure at the company's manufacturing unit in Bangalore. The company emphasizes that the search did not affect its operations at the manufacturing plant.

  • BoB Capital Markets maintains its ‘Buy’ rating on Tata Steel and raises the target price to Rs 155 from Rs 145. This implies an upside of 21.5%. The brokerage cites the decarbonisation of the firm’s plant in the UK for raising the target price. It believes this transition can sharpen competitiveness and improve profitability.

  • Shares of Sai Silks (Kalamandir) debut on the bourses at a 4.1% premium to the issue price of Rs 231. The Rs 1,201 crore IPO has received bids for 4.4 times the total shares on offer.

  • Morgan Stanley expects robust FY25 revenue growth for IT companies and believes that rising margins and double-digit EPS growth will keep valuations afloat. The brokerage keeps an 'Equal-weight' rating on TCS with an upgraded target price to Rs 3,730. For Infosys and HCL Technologies, it gives an 'Over-weight' rating. Meanwhile, the brokerage maintains its 'Under-weight' rating on Wipro.

  • Shares of Signatureglobal (India) debut on the bourses at a 15.3% premium to the issue price of Rs 385. The Rs 730 crore IPO has received bids for 11.9 times the total shares on offer.

  • Aditya Birla Fashion & Retail is rising as it signs a share purchase agreement with TCNS Clothing to acquire an additional 22% stake in the company for Rs 685 crore. This takes the company's holding in TCNS to 51%.

  • Vaibhav Global falls despite its subsidiary, Shop TJC, entering into a definitive agreement to acquire Mindful Souls for €12 million (approx Rs 105.4 crore). This acquisition enables the company to venture into the subscription-based fashion business. The company appears in a screener of stocks with low debt.

  • Jasbir Singh, Chairman & CEO of Amber Enterprises India, forecasts Rs 1,000 crore earnings next fiscal year from the new JV between the company's arm ILJIN Electronics (India) and Nexxbase Marketing (the 'Noise' brand). He expects double-digit growth in the wearable and hearable market after FY25. He also states that the use of new capabilities will increase to 60-65%.

  • Valiant Laboratories raises Rs 45.7 crore from anchor investors ahead of its IPO by allotting around 32.7 lakh shares at Rs 140 each. Investors include Leading Light Fund VCC – The Triumph Fund, Saint Capital Fund and Negen Undiscovered Value Fund.

  • Shree Renuka Sugars is rising as it enters a share purchase agreement with Anamika Sugar Mills to acquire a 100% stake in the company for a cash consideration of Rs 235.5 crore.

  • Century Textiles & Industries is rising as its subsidiary, Birla Estates, sells out phase-1 of Birla Trimaya with a total booking value of Rs 500 crore. The company features in a screener of stocks with improving return on capital employed (RoCE) over the past two years.

  • REC signs a memorandum of understanding (MoU) with Punjab National Bank to co-finance loans worth Rs 55,000 crore. The loans will be for projects in the power, infrastructure and logistics segments over the next three years.

Riding High:

Largecap and midcap gainers today include Power Finance Corporation Ltd. (249.65, 6.51%), REC Ltd. (284.35, 6.38%) and Schaeffler India Ltd. (3,250.15, 5.84%).

Downers:

Largecap and midcap losers today include Vedanta Ltd. (209.00, -6.70%), Tube Investments of India Ltd. (3,099.40, -2.57%) and Gujarat Gas Ltd. (420.90, -2.57%).

Movers and Shakers

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

Top high volume gainers on BSE included HLE Glasscoat Ltd. (557.80, 9.82%), C.E. Info Systems Ltd. (1,897.05, 6.95%) and Borosil Renewables Ltd. (435.95, 6.12%).

Top high volume losers on BSE were Vedanta Ltd. (209.00, -6.70%) and Eureka Forbes Ltd. (496.95, -0.14%).

Jindal Worldwide Ltd. (389.00, 6.07%) was trading at 7.8 times of weekly average. HFCL Ltd. (75.95, 6.08%) and Great Eastern Shipping Company Ltd. (856.20, 0.60%) were trading with volumes 5.1 and 5.0 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

21 stocks hit their 52 week highs, while 2 stocks were underachievers and hit their 52 week lows.

Stocks touching their year highs included - Coal India Ltd. (291.55, 1.67%), Colgate-Palmolive (India) Ltd. (2,050.40, -0.85%) and Federal Bank Ltd. (150.55, 1.83%).

Stocks making new 52 weeks lows included - Gujarat Gas Ltd. (420.90, -2.57%) and Vedanta Ltd. (209.00, -6.70%).

7 stocks climbed above their 200 day SMA including Radico Khaitan Ltd. (1,200.50, 2.62%) and Godrej Consumer Products Ltd. (999.90, 2.17%). 4 stocks slipped below their 200 SMA including Rallis India Ltd. (209.40, -2.65%) and Bharat Dynamics Ltd. (1,024.60, -0.96%).

 
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