Trendlyne Marketwatch
Trendlyne Marketwatch
29 Sep 2023
Market closes higher, Plaza Wires' IPO gets bids for 4.7X of the available shares

Trendlyne Analysis

Nifty 50 closed at 19,638.30 (114.8, 0.6%) , BSE Sensex closed at 65,828.41 (320.1, 0.5%) while the broader Nifty 500 closed at 17,292.60 (122.2, 0.7%), of the 1,917 stocks traded today, 1,262 were gainers and 602 were losers.

Indian indices maintained the gains from the afternoon session and closed in the green, with the Nifty 50 closing at 19,638. The volatility index, Nifty VIX, dropped by 10.7% and closed at 11.5 points. Ashok Leyland bags an order for 1,282 fully built buses from the Gujarat State Road Transport Corporation (GSRTC).

Nifty Midcap 100 and Nifty Smallcap 100 closed in the green, following the benchmark index. Nifty PSU Bank and Nifty Healthcare closed higher than Thursday’s closing levels. According to Trendlyne’s sector dashboard, pharmaceuticals & biotechnology emerged as the top-performing sector of the day, with a rise of over 2.6%.

Most European indices trade in the green. US indices futures trade higher indicating a positive start. The data released by Eurostat indicated that the Eurozone CPI inflation for September declined to 4.3% against estimates of 4.5%. The CPI inflation for August stood at 5.2%.

  • Relative strength index (RSI) indicates that stocks like Tata Investment Corp, Gujarat Ambuja Exports, Multi Commodity Exchange of India and Sunteck Realty are in the overbought zone.

  • UNO Minda rises as its board approves the acquisition of an additional 26% stake in its subsidiary, Minda Westport Tech. The acquisition amounts to Rs 14.8 crore, post which UNO Minda's stake will increase to 76%. With this acquisition, the firm aims to include hydrogen & natural gas components and kits for the territory of South Asia. The company appears in a screener of stocks with improving RoCE.

  • Ashok Soota, Chairman of Happiest Minds Technologies, sells a 0.9% stake in the company for approx Rs 115.4 crore in a bulk deal on Thursday.

  • Sharekhan keeps its ‘Buy’ rating on Balrampur Chini Mills and raises the target price to Rs 495 from Rs 425. This implies an upside of 13.3%. The brokerage believes the rising sugar prices and increasing production of ethanol provide earning visibility for the near term. It expects the firm’s net profit to grow at a CAGR of 48% over FY23-25.

  • NLC India is rising as it signs a power purchase agreement with Grid Corp of Odisha for 800 MW.  The company will also be setting up three 800 MW coal-based thermal power plants in the state. The stock shows up in a screener for companies with book value increasing over the past two years.

  • Hindustan Zinc surges more than 5% as it authorises the board of directors to evaluate value unlocking measures. Under these measures, the company plans to create separate legal entities to undertake the zinc & lead, silver and recycling businesses of the company.

  • Telecom equipment, internet & catalogue retail, housing finance and paper & paper products industries rise more than 4% over the past week.

  • Abu Dhabi-based International Holding Co (IHC) decides to offload its stake in Adani Green Energy and Adani Energy Solutions. This move is part of the company's plans to rebalance its overall portfolio.

  • Plaza Wires' Rs 71.3 crore IPO gets bids for 4.7X of the available 95 lakh shares on offer on the first day of bidding. The retail investor quota gets bids for 26.5X the available 13.2 lakh shares on offer.

  • Valiant Laboratories' Rs 152.5 crore IPO gets bids for 2.2X of the available 76.2 lakh shares on offer on the second day of bidding. The retail investor quota gets bids for 3.1X the available 38.1 lakh shares on offer.

  • Federal Bank rises as the Reserve Bank of India (RBI) grants approval to the International Finance Corporation (IFC) for acquiring an aggregate holding of up to 9.7% of the bank's paid-up share capital or voting rights. It appears on a screener for stocks with strong momentum.

  • Foreign institutional investors sell stocks worth Rs 4,603.4 crore in the equity market over the past week, according to Trendlyne's FII dashboard. Meanwhile, index options witness the highest outflow of Rs 37,660.6 crore from foreign investors.

  • Phoenix Mills falls as its subsidiaries, Offbeat Developers, Market City Resources, and others, receive a show cause-cum-demand notice from GST authorities for Rs 9.2 crore. The notice stems from an investigation into tax liability discrepancies in May 2023. The company appears in a screener of stocks with declining net profit and margins.

  • According to reports, 10.8 lakh shares (0.14% equity) of IndusInd Bank, amounting to Rs 152.3 crore, change hands in a large trade.

  • Motilal Oswal initiates coverage on Global Health with a ‘Buy’ rating and a target price of Rs 840, implying an upside of 17.4%. The brokerage is optimistic about the company’s prospects due to its execution capabilities, strong brand recall and growth visibility for the near future. It expects the company’s revenue to grow at a CAGR of 14.1% over FY23-25.

  • Sterling and Wilson Renewable Energy rises as it receives an order worth Rs 1,535 crore from NTPC REL in Khavda, Gujarat, for a 300 MWac EPC project with a time frame of three years. It appears in a screener for stocks with increasing net profit and profit margin (QoQ).

  • Godrej Agrovet is rising as it signs a strategic partnership agreement with Sime Darby Plantation Berhad to secure the supply of palm oil seeds and set up a palm oil seed plant in India.

  • Emami is rising as it acquires a 26% stake in Axiom Ayurveda (which houses the beverages brand AloFrut). With this acquisition, the company will foray into the juice category.

  • Pharmaceutical stocks like Glenmark Pharmaceuticals, Aurobindo Pharma, Dr. Reddy’s Laboratories, Lupin and Torrent Pharmaceuticals are rising in trade. The broader sectoral index, Nifty Pharma, is also trading in the green.

  • Ashok Leyland rises as it bags an order for 1,282 fully built buses from the Gujarat State Road Transport Corporation (GSRTC). The company appears in a screener of stocks nearing their 52-week highs with significant volumes.

  • Larsen & Toubro’s heavy civil infrastructure business, L&T Construction, wins an order worth Rs 5,000-7,000 crore from the Mumbai Metropolitan Region Development Authority. The project involves the design and construction of twin road tunnels.

  • Macquarie forecasts robust revenue growth in the cement industry on the back of solid demand. The brokerage maintains a 'Neutral' rating on ACC with an upgraded target price of Rs 2,128. It gives an 'Outperform' rating to UltraTech Cement and Ambuja Cement, while maintaining a 'Neutral' rating on Shree Cements.

  • YES Bank acquires 1.8 crore shares of YES Securities at an average price of Rs 55.7 per share, amounting to Rs 100 crore.

  • Multi Commodity Exchange of India plunges more than 5% as SEBI halts the launch of MCX's Commodity Derivatives Platform due to technical issues.

  • Tube Investments of India declines more than 2% as 20 lakh shares (1% equity), amounting to Rs 586 crore, reportedly change hands in a large trade.

  • Tamilnad Mercantile Bank's Managing Director and Chief Executive Officer Shri S Krishnan resigns citing personal reasons, with effect from Thursday.

  • Likhitha Infrastructure is rising as it bags an order worth Rs 156 crore from Bharat Petroleum. The project involves the laying of a pipeline. The stock shows up in a screener for companies with zero promoter pledges.

  • Saregama India rises as it acquires a 51.8% stake in Pocket Aces for Rs 174 crore. The company plans to acquire another 41% stake over the next 15 months. It appears in a screener of stocks with no debt.

  • Navin Fluorine International's Managing Director (MD), Radhesh Welling, tenders resignation with effect from December 15, citing personal reasons. Executive Chairman Vishad Mafatlal will lead the operations of the company until the board appoints a new MD.

Riding High:

Largecap and midcap gainers today include Vedanta Ltd. (222.55, 6.82%), Hindalco Industries Ltd. (492.65, 5.53%) and JSW Energy Ltd. (437.40, 5.02%).

Downers:

Largecap and midcap losers today include Tube Investments of India Ltd. (2,988.30, -3.72%), Adani Green Energy Ltd. (987.15, -2.50%) and Adani Enterprises Ltd. (2,413.90, -2.48%).

Volume Rockets

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

Top high volume gainers on BSE included Glenmark Pharmaceuticals Ltd. (855.50, 10.11%), Sun TV Network Ltd. (612.15, 5.58%) and NLC India Ltd. (134.95, 5.35%).

Top high volume losers on BSE were Navin Fluorine International Ltd. (3,766.70, -13.56%), Tube Investments of India Ltd. (2,988.30, -3.72%) and Multi Commodity Exchange of India Ltd. (2,049.70, -2.23%).

Eris Lifesciences Ltd. (876.30, 3.08%) was trading at 32.8 times of weekly average. Emami Ltd. (538.45, 5.02%) and Sheela Foam Ltd. (1,141.65, 0.05%) were trading with volumes 6.3 and 6.2 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

18 stocks made 52 week highs, while 3 stocks hit their 52 week lows.

Stocks touching their year highs included - Aurobindo Pharma Ltd. (914.35, 4.66%), Coal India Ltd. (295.20, 1.72%) and Lupin Ltd. (1,171.25, 3.37%).

Stocks making new 52 weeks lows included - Delta Corp Ltd. (142.70, 1.39%) and Navin Fluorine International Ltd. (3,766.70, -13.56%).

12 stocks climbed above their 200 day SMA including Grindwell Norton Ltd. (2,078.65, 3.80%) and Radico Khaitan Ltd. (1,206.00, 2.77%). 10 stocks slipped below their 200 SMA including Navin Fluorine International Ltd. (3,766.70, -13.56%) and Adani Enterprises Ltd. (2,413.90, -2.48%).

 
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