Trendlyne Marketwatch
Trendlyne Marketwatch
09 Oct 2023
Market closes lower, KPI Green Energy bags three orders for 4.2 MW solar power projects

Trendlyne Analysis

Nifty 50 closed at 19,512.35 (-141.2, -0.7%), BSE Sensex closed at 65,512.39 (-483.2, -0.7%) while the broader Nifty 500 closed at 17127.70 (-165.9, -1.0%). Market breadth is moving down. Of the 1,993 stocks traded today, 368 were in the positive territory and 1,594 were negative.

Indian indices closed in the red, with the Nifty Nifty 50 closing at 19,512.4 points. The Indian volatility index, Nifty VIX, rose 10.7% and closed at 11.4 points. Hero MotoCorp closed 2.5% lower after reports of an FIR registered against Pawan Munjal, MD & CEO, by the Vasant Kunj Police station. The FIR relates to a fake invoice case of Rs 5.9 crore registered by Brains Logistics in 2009-10.

Nifty Smallcap 100 and Nifty Midcap 100 closed lower, taking cues from the benchmark index. Nifty Media closed 2.2% lower while Nifty IT closed flat. According to Trendlyne's sector dashboard, Telecommunications Equipment was the top-performing sector of the day as it rose 3.6% in a weak market.

Major European indices recovered from their day lows and traded flat or marginally higher, except for Germany's DAX index trading in the red. Asian indices closed mixed amid weak global cues. US index futures traded lower, indicating a negative start to the trading session. Brent crude oil futures fell from their day highs but still traded 3% higher on fears of crude oil supply disruption from Iran.

  • Multi Commodity Exchange of India sees a long buildup in its October 26 future series as its open interest rises 19.2% with a put-call ratio of 0.6.

  • HDFC Bank, Alkem Laboratories and GMM Pfaudler see their mutual fund holdings rise by 2.1%, 1.6% and 1.5% respectively.

  • CG Power and Industrial Solutions, BSE, and Varun Beverages’ stock prices increase 259.7%, 231.5%, and 211% respectively over the past two years.

  • Metal & mining stocks like Jindal Stainless, Welspun Corp, Hindustan Copper, APL Apollo Tubes and Steel Authority of India are falling in trade. Barring Hindustan Zinc, all the other constituents of the broader sectoral index, Nifty Metal, are trading in the red.

  • Vascon Engineers rises to an all-time high of Rs 78.5 as it bags an order worth Rs 262.2 crore from a Government of India enterprise, Bridge and Roof Co India. The project involves the development of the Government Medical College in Kanker, Chhattisgarh. The company appears in a screener of stocks with strong momentum.

  • KPI Green Energy is rising as it bags three orders for 4.2 MW solar power projects under its captive power producer segment. The projects are expected to be completed in FY24.

  • NLC India is falling despite bagging an 810 MW grid-connected solar power project from Rajasthan Rajya Vidyut Utpadan Nigam. The stock shows up in a screener for companies with book value per share improving over the past two years.

  • Adani Ports & Special Economic Zone declines by over 4% due to concerns over the Haifa port in northern Israel. The company assures that it has contingency plans to ensure business continuity. It adds that Hafia contributes only 3% of the total cargo volumes. For FY24, the firm expects Haifa's cargo volumes to be in the range of 10-12 MMT.

  • Hero MotoCorp is falling following reports of an FIR registered against Pawan Munjal, MD & CEO, by the Vasant Kunj Police station. The FIR relates to a fake invoice case of Rs 5.9 crore registered by Brains Logistics in 2009-10.

  • PSU Banks like Central Bank of India, Bank of Maharashtra, Punjab & Sind Bank, Indian Overseas Bank and Punjab National Bank are falling in trade. The broader sectoral index, Nifty PSU Bank, is also trading in the red.

  • Shree Renuka Sugars acquires a 100% stake (5 crore shares) in Anamika Sugar Mills for Rs 235.5 crore to establish its presence in Uttar Pradesh. It appears in a screener for stocks in the Nifty 500 with consistent high returns over five years.

  • Morgan Stanley maintains its ‘Equal-weight’ rating on Titan Co with a target price of Rs 3,190. The brokerage highlights that the company achieved a 20% YoY revenue growth in Q2FY24, despite the general weakness in discretionary demand.

  • Sharekhan maintains its ‘Buy’ rating on The Ramco Cements and raises the target price to Rs 1,130 from Rs 1,010. This implies an upside of 21%. The brokerage is optimistic about the company’s growth prospects on the back of rising sales volumes, focus on premiumisation and improving cost efficiencies.

  • Metropolis Healthcare rises as its Q2FY24 core business revenue grows by 13% YoY. The company's B2C revenue increases by 15% YoY. The company appears in a screener of stocks with strong momentum.

  • Global oil prices surge following an attack on Israel by Hamas, raising concerns over possible supply shocks from the region.

  • R C Bhargava, Chairman of Maruti Suzuki India, announces that the company plans to invest over Rs 50,000 crore by FY31. He adds that a significant portion of this investment, amounting to Rs 45,000 crore, is dedicated to expanding the production capacity to 4 million vehicles annually. Investments will also be utilised to improve the supply chain and to develop the export infrastructure, with an aim to export 7,50,000 vehicles by FY31.

  • Som Distilleries & Breweries declines as its board decides not to proceed with the proposed QIP issue due to the limited number of bids received. The company says it will evaluate the viability of raising funds at a suitable time. It appears in a screener for stocks in the 'Sell' zone.

  • Rail Vikas Nigam is falling despite it bagging an order worth Rs 394.8 crore from Maharashtra Metro Rail Corp. The project involves the design and construction of an elevated metro viaduct and is expected to be completed in 30 months.

  • Multi Commodity Exchange of India is rising as SEBI's Technical Advisory Committee grants approval for the launch of its commodity derivative platform (CDP).

  • Prestige Estates Projects hits an all-time high of Rs 700.9 following a 102% YoY increase in Q2FY24 net sales to Rs 7092.6 crore. The group sold 3,659 units during the quarter. The company appears in a screener of stocks with improving book value per share.

  • Retail sales for the automotive industry rise 20.4% YoY to 18.8 lakh units in September, shows data from the Federation of Automotive Dealers' Association. Two-wheeler retail sales are up 21.7% YoY, while cars increase by 19% YoY. FADA anticipates an upbeat festive season for auto retail and has changed its outlook for the festive season from cautiously optimistic to optimistic.

  • Dolly Khanna buys a 0.5% stake in Prakash Pipes in Q2FY24. She now holds a 3.2% stake in the company.

  • Radhakishan Damani sells a 0.3% stake in Andhra Paper in Q2FY24. He now holds a 1% stake in the company.

  • Mohnish Pabrai sells a 1.9% stake in Rain Industries in Q2FY24. He now holds a 7% stake in the company.

  • Kaynes Technology is rising as the company plans to set up a semiconductor OSAT (outsourced semiconductor assembly and testing) and compound semiconductor facility in Telangana. The company has estimated a capex of Rs 2,800 crore for the facility.

Riding High:

Largecap and midcap gainers today include Oil India Ltd. (311.25, 5.24%), Supreme Industries Ltd. (4,000.00, 2.24%) and Hindustan Zinc Ltd. (311.80, 2.05%).

Downers:

Largecap and midcap losers today include Indian Overseas Bank (43.30, -6.38%), Adani Power Ltd. (342.00, -6.12%) and Union Bank of India (99.35, -5.65%).

Movers and Shakers

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

Top high volume gainers on BSE included ITI Ltd. (215.00, 11.98%), Oil India Ltd. (311.25, 5.24%) and Archean Chemical Industries Ltd. (602.25, 2.51%).

Top high volume losers on BSE were Rashtriya Chemicals & Fertilizers Ltd. (120.90, -2.54%) and Elgi Equipments Ltd. (494.00, -0.15%).

United Breweries Ltd. (1,561.40, 0.04%) was trading at 5.8 times of weekly average. Crisil Ltd. (3,917.65, 1.94%) and Metropolis Healthcare Ltd. (1,501.10, 2.04%) were trading with volumes 4.4 and 4.0 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

17 stocks overperformed with 52 week highs, while 4 stocks hit their 52 week lows.

Stocks touching their year highs included - Coromandel International Ltd. (1,162.00, -0.81%), Godrej Industries Ltd. (678.25, -5.68%) and Ipca Laboratories Ltd. (936.10, 0.24%).

Stocks making new 52 weeks lows included - Rajesh Exports Ltd. (478.20, -3.77%) and Adani Total Gas Ltd. (590.30, -2.37%).

16 stocks slipped below their 200 SMA including Petronet LNG Ltd. (223.20, -3.12%) and Sumitomo Chemical India Ltd. (425.10, -3.04%).

 
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