Trendlyne Marketwatch
Trendlyne Marketwatch
11 Oct 2023
Market closes higher, Motilal Oswal maintains ‘Buy’ on PI Industries

Trendlyne Analysis

Nifty 50 closed at 19,811.35 (121.5, 0.6%) , BSE Sensex closed at 66,473.05 (393.7, 0.6%) while the broader Nifty 500 closed at 17,407.35 (104, 0.6%), of the 1,985 stocks traded today, 1,269 were on the uptick, and 670 were down.

Indian indices extended their gains from the afternoon session and closed in the green, with the Nifty 50 closing at 19,811.4 points. The Indian volatility index, Nifty VIX, fell 2.5% and closed at 11 points. Larsen & Toubro’s hydrocarbon business bagged a contract worth more than Rs 7,000 crore from a client in the Middle East.    

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, taking cues from the benchmark index. Nifty Realty and Nifty Infra closed higher than their Tuesday close. According to Trendlyne's sector dashboard, Telecommunications Equipment was the top-performing sector of the day as it rose 2.1%.

Major European indices traded flat or lower, except for Switzerland Swiss Market Index trading in the green. However, Asian indices closed higher than their Tuesday levels. US index futures traded in the green, indicating a positive start to the trading session. Brent crude oil futures traded in the red for a second straight session after rising 4.6% on Monday.

  • Money flow index (MFI) indicates that stocks like PCBL, Prestige Estates Projects, Safari Industries (India) and Solar Industries India are in the overbought zone.

  • Tanla Platforms surges more than 7%, ahead of its earnings announcement on October 20. Trendlyne's Forecaster estimates its revenue to grow by 35.9% and 34.5% in FY24. It has a Trendlyne Momentum score of 64, aiding it to appear in a screener of stocks with high momentum scores.

  • HDFC Securities initiates coverage on Stylam Industries with a ‘Buy’ rating and a target price of Rs 2,300. This indicates an upside of 30.2%. The brokerage is optimistic about the firm due to its industry-leading EBITDA margins, healthy balance sheet and potential for domestic and global expansion. It expects the company’s net profit to grow at a CAGR of 26% over FY23-26.

  • The International Energy Agency (IEA) forecasts that India's natural gas demand will increase by 4% in 2023 and grow by over 8% annually until 2026. Despite a 6% fall in 2022, India's LNG imports rose 8% in the first eight months of 2023 compared to the same period last year.

  • Hindustan Zinc falls following reports indicating a potential 3.5% stake sale by the government through an offer for sale. The company appears in a screener of stocks with increasing promoter pledge.

  • PSU Banks like Bank of Baroda, Central Bank of India, UCO Bank, Indian Overseas Bank and Bank of Maharashtra are falling in trade. Barring Indian Bank and Punjab National Bank, all other constituents of the broader sectoral index, Nifty PSU Bank, are trading in the red.

  • Satia Industries is rising as it bags multiple orders worth Rs 340 crore from Text Book Production and Marketing, M.P. Text Book Corp, Rajasthan State Textbook Corp and State Bureau of Textbook Production & Curriculum Research. The orders relate to the supply of 34,000 MT of paper for printing textbooks.

  • Equity Mutual Funds' net inflow declines marginally MoM to Rs 13,857 crore in August, according to data released by the Association of Mutual Funds in India (AMFI). Meanwhile, SIP contributions and ETF investments surge during the month.

  • Oil & gas stocks like Indian Oil Corp, Hindustan Petroleum Corp, Bharat Petroleum Corp and Reliance Industries are rising in trade. All constituents of the broader BSE Oil & Gas are trading in the green.

  • Motilal Oswal maintains its ‘Buy’ rating on PI Industries and raises the target price to Rs 4,560 from Rs 4,450. This implies an upside of 29.9%. The brokerage remains positive about the firm’s growth prospects due to its robust order book, new product launches and the recent acquisitions in the pharmaceuticals space.

  • Info Edge (India)'s arm Redstart Labs (India) agrees to invest $4,00,000 in Ray IOT Solutions, a healthcare company engaged in developing a non-contact breathing and sleep tracker for babies.

  • Larsen & Toubro is rising as its hydrocarbon business bags a contract worth more than Rs 7,000 crore from a client in the Middle East. The contract is for the engineering, procurement and construction of gas compression facilities.

  • Boman Rustom Irani, CMD of Keystone Realtors, says that H1FY24 has been favourable for the company and highlights that it has achieved 45% of the FY24 pre-sales guidance of Rs 1,800 crore. He believes that the firm may surpass the FY24 guidance in H2, driven by new launches. He adds that the company's major focus remains on volumes, followed by pricing.

  • Wipro rises as it signs a definitive agreement to acquire 10% equity shares of FPEL Ujwal, amounting to Rs 6.3 crore. With this acquisition, the company plans to increase the use of renewable energy across its offices in Karnataka. It appears in a screener of stocks nearing their 52-week highs, with significant volumes.

  • Multi Commodity Exchange of India rises to its all-time high of Rs 2,179.4 per share as it announces its plans to launch a commodity derivatives platform on Monday. A mock trading exercise will be held on Sunday to test the platform.

  • JK Tyre & Industries is rising as Emkay reportedly initiates coverage on it with a ‘Buy’ rating. The brokerage believes the stock price can double over the next three years, led by growth in its high-margin segment and declining debt. It adds that the company has outperformed its peers over the past 12 quarters.

  • CLSA reportedly upgrades India to ‘Overweight’ and increases its portfolio allocation to 20% over the MSCI benchmark. The brokerage believes that India has a substantial potential for credit growth.

  • Laxmi Organic Industries surges more than 11% as its fundraising committee approves a QIP issue and the allotment of 96.3 lakh equity shares worth Rs 259.1 crore. It appears in a screener for stocks with strong momentum.

  • IT stocks like Wipro, Mphasis, Persistent Systems, LTIMindtree and L&T Technology Services are rising in trade. All the constituents of the broader sectoral index, Nifty IT, are trading in the green.

  • Ugro Capital rises following a 73% YoY growth in its Q2FY24 assets under management, reaching Rs 7,590 crore. The company's overall efficiency improves by 80 bps to 97.6%. The company appears in a screener of stocks with increasing net profit and margin.

  • DAM Capital maintains its 'Buy' rating on TVS Motor Co with an upgraded target price of Rs 3,051. The brokerage forecasts a robust recovery in the company's export markets starting from H2FY24. It expects TVS to register a solid double-digit volume growth of over 30% in H2FY24, as well as margin expansion.

  • Anil Kumar Goel and Associates cuts its stake in LG Balakrishnan & Bros to below 1% in Q2FY24. It held a 1.3% stake in Q1.

  • Porinju Veliyath cuts his stake in Taneja Aerospace & Aviation to below 1% in Q2FY24. He held a 1.2% stake in Q1.

  • Bank of Baroda falls as the RBI directs it to suspend the onboarding of new customers to its 'BOB World' mobile application. This move comes as the regulator noted supervisory concerns related to the customer onboarding process on the app. The company appears in a screener of stocks with declining net cash flow.

  • Zee Entertainment Enterprises faces an appeal lodged by IDBI Trusteeship Services at the National Company Law Appellate Tribunal (NCLAT) in Delhi. This appeal challenges the National Company Law Tribunal’s (NCLT) approval of the Zee Entertainment and Sony Pictures merger.

Riding High:

Largecap and midcap gainers today include Vodafone Idea Ltd. (11.85, 7.24%), Hero MotoCorp Ltd. (3,100.85, 4.17%) and Max Healthcare Institute Ltd. (575.00, 3.60%).

Downers:

Largecap and midcap losers today include Bank of Baroda (207.20, -3.31%), ICICI Prudential Life Insurance Company Ltd. (524.90, -2.82%) and JSW Energy Ltd. (397.35, -2.74%).

Movers and Shakers

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

Top high volume gainers on BSE included Mishra Dhatu Nigam Ltd. (456.90, 12.03%), Laxmi Organic Industries Ltd. (302.20, 11.43%) and Tanla Platforms Ltd. (1,104.10, 7.10%).

Top high volume losers on BSE were Sterling and Wilson Renewable Energy Ltd. (313.80, -5.00%), Poly Medicure Ltd. (1,369.90, -2.54%) and Abbott India Ltd. (22,430.25, -1.40%).

JK Paper Ltd. (400.30, 3.54%) was trading at 10.0 times of weekly average. Welspun India Ltd. (124.35, 6.06%) and Welspun Corp Ltd. (410.30, 5.04%) were trading with volumes 9.7 and 8.9 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

35 stocks overperformed with 52 week highs, while 1 stock tanked below their 52 week lows.

Stocks touching their year highs included - Bharti Airtel Ltd. (955.60, 0.76%), Cholamandalam Investment & Finance Company Ltd. (1,259.70, 0.04%) and Coal India Ltd. (301.85, -0.46%).

Stock making new 52 weeks lows included - Rajesh Exports Ltd. (464.05, -1.11%).

10 stocks climbed above their 200 day SMA including City Union Bank Ltd. (140.80, 4.49%) and Rallis India Ltd. (217.15, 2.57%).

 
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