Trendlyne Marketwatch
Trendlyne Marketwatch
22 Nov 2023
Market closes flat, Tata Technologies' IPO gets bids for 6.5X the available shares

Trendlyne Analysis

Nifty 50 closed at 19,811.85 (28.5, 0.1%) , BSE Sensex closed at 66,023.24 (92.5, 0.1%) while the broader Nifty 500 closed at 17,627.70 (0.1, 0%), of the 1,983 stocks traded today, 777 showed gains, and 1,171 showed losses.

Indian indices recovered from the day's low and closed in the green, with the Nifty 50 closing at 19,812. The volatility index, Nifty VIX, dropped by 3% and closed at 11.9 points. Tata Technologies' Rs 3,042.5 crore IPO gets bids for 6.5X the available 4.5 crore shares on offer on the first day of bidding.

Nifty Smallcap 100 closed lower, while Nifty Midcap 100 closed in the green following the benchmark index. Nifty FMCG and Nifty IT closed higher than Tuesday’s closing level. According to Trendlyne’s sector dashboard, textiles apparel & accessories emerged as the top-performing sector of the day, with a rise of over 0.7%.

Most European indices trade in the green except for England’s FTSE 100 in the red. US indices futures trade higher indicating a positive start. The data released by South Africa’s Statistical Office indicated that the country’s CPI inflation for October expanded by 5.9% against estimates of 5.5%.

  • Relative strength index (RSI) indicates that stocks like Ratnamani Metals & Tubes, Trent, Alkem Laboratories, RattanIndia Enterprises and Narayana Hrudayalaya are in the overbought zone.

  • CG Power and Industrial Solutions surges to an all-time high of Rs 469.4 after filing an application with the Ministry of Electronics and Information Technology (MeitY). The application is to set up an Outsourced Semiconductor Assembly and Test (OSAT) facility. They are seeking approval for a subsidy under the Modified Scheme for semiconductor facilities in India.

  • IDBI Bank falls over 3% as the government cancels the bidding process to hire an asset valuer for its planned divestment. The Department of Investment and Public Asset Management cites the receipt of only one bid as the reason for the cancellation, stating plans to invite fresh bids in the future.

  • Sical Logistics is falling despite its consortium with DSPL Mining bagging an order worth Rs 135 crore from Mahanadi Coalfields, a subsidiary of Coal India. The company will have a 25% share in the contract.

  • Realty stocks like Godrej Properties, Oberoi Realty, Phoenix Mills and Brigade Enterprises are falling in trade. All constituents of the broader Nifty Realty index are also trading in the red.

  • Gandhar Oil Refinery's Rs 500.7 crore IPO gets bids for 5.5X the available 2.1 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 6.9X the available 1.1 crore shares on offer.

  • Flair Writing Industries' Rs 593 crore IPO gets bids for 2.2X the available 1.4 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 2.9X the available 72.1 lakh shares on offer.

  • Delhivery falls over 3% as 28.7 lakh shares (0.4% equity), amounting to Rs 110 crore, reportedly change hands in a large trade.

  • Fedbank Financial Services' Rs 1,092.3 crore IPO gets bids for 0.4X the available 5.6 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 0.7X the available 2.8 crore shares on offer.

  • Tata Technologies' Rs 3,042.5 crore IPO gets bids for 6.5X the available 4.5 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 5.4X the available 1.8 crore shares on offer.

  • Indian Renewable Energy Development Agency's Rs 2,150.2 crore IPO gets bids for 4.5X the available 47.1 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 4.3X the available 23.5 crore shares on offer.

  • According to the Finance Ministry's latest monthly economic review, India is likely to conclude FY24 with solid growth and macroeconomic stability. However, inflation and the influence of external variables on the rupee could pose threats.

  • Wipro signs a strategic partnership with Nvidia to assist healthcare organizations in accelerating the adoption of generative artificial intelligence (gen AI). Wipro will employ NVIDIA AI Enterprise software across its existing healthcare solutions portfolio. It appears in a screener of stocks with low debt.

  • Texmaco Rail & Engineering rises as it launches its qualified institutional placement (QIP) issue to raise Rs 750 crore. The floor price is fixed at Rs 135.9 per share. The company appears in a screener of stocks with strong momentum.

  • Reliance Industries' Chairman and MD, Mukesh Ambani, says the company plans to invest Rs 20,000 crore in West Bengal in the next three years. The investment aims to provide digital life solutions, add new retail stores and develop the bioenergy segment.

  • Rajiv Bajaj, CEO of Bajaj Auto, says that the company is developing a CNG two-wheeler, with an expected launch in 2025. He notes the global absence of CNG two-wheelers, contrasting it with the three-wheeler sector where CNG has been adopted by 60%. He also mentions new launches lined up for the next month and the firm's plans to double production and sales of Triumph motorcycles.

  • HDFC Securities maintains its ‘Buy’ rating on Stylam Industries with a target price of Rs 2,300. This implies an upside of 25.3%. The brokerage is optimistic about the company’s prospects due to its industry-leading EBITDA margins, healthy balance sheet and expanding production capacity. It expects the firm’s net profit to grow at a CAGR of 26.4% over FY23-26.

  • Aurobindo Pharma rises to an all-time high of Rs 1,043 as its subsidiary, Acrotech Biopharma, receives the US FDA approval for its anti-cancer drug, Ryzneuta. The global market share of the drug is estimated to be $6 billion. The company appears in a screener of stocks with growing net profit and margins.

  • RBI Governor Shaktikanta Das highlights that for the past 1.5 years, the focus of the monetary policy has been on controlling inflation. He adds that while there has been a moderation in core inflation, headline inflation remains exposed to food price shocks.

  • Prataap Snack surges more than 5% to touch its 52-week high of Rs 1,080 per share as its promoter, Arun Kumar Mehta, sells 1.3 lakh shares (5.4% stake) in the company in the open market. This transaction takes the promoter holding to 64.3% from 69.8%.

  • GMR Power & Urban Infra (GPUIL) rises as it acquires a 29.1% stake (105 crore shares) in GMR Energy (GEL) for $28.5 million (around Rs 237.3 crore) from Power and Energy International, Mauritius. With this deal, GPUIL now holds an 86.9% stake in GMR Energy.

  • Tata Technologies raises Rs 791 crore from anchor investors ahead of its IPO by allotting around 1.6 crore shares at Rs 500 each. Investors include BNP Paribas Arbitrage, HSBC, Goldman Sachs, Nippon Life India, SBI Mutual Fund, Mirae Asset Mutual Fund and Bajaj Allianz Life Insurance.

  • Goldman Sachs initiates coverage on Polycab India with a 'Buy' rating and a target price of Rs 5,750. The brokerage expects the company to gain from India's infrastructure initiatives and emerging sectors like electric vehicles. It prefers Polycab due to its larger distribution network and greater growth prospects. Meanwhile, it gives a 'Neutral' rating on KEI Industries with a target price of Rs 2,730.

  • Divya Mahesh Vaghela buys a 0.6% stake in FIEM Industries for Rs 15.2 crore in a bulk deal on Tuesday.

  • Pharmaceutical companies like Natco Pharma, GlaxoSmithKline Pharmaceuticals, Sanofi India, Cipla and Pfizer are rising in trade. All the constituents of the broader sectoral index, Nifty Pharma, are also trading in the green.

  • Jindal Stainless falls even as SBICAP Trustee Company informs about the release of its founders' pledged shares. This results in the company having no pledged shares with lenders. The company appears in a screener of stocks with low debt.

  • JK Paper is falling as it receives a demand notice for income tax and penalty totalling Rs 65.6 crore for the assessment year 2020-21. The stock shows up in a screener for companies where mutual funds have decreased their shareholdings in the last quarter.

  • Tata Consultancy Services (TCS) announces a provision of $125 million as an ‘exceptional item’ for Q3FY24, linked to a trade secret lawsuit by US-based Epic Systems. This follows the US Supreme Court rejecting TCS's appeal against an earlier court verdict. Epic Systems filed the lawsuit in 2014, alleging TCS of intellectual property theft.

Riding High:

Largecap and midcap gainers today include CG Power and Industrial Solutions Ltd. (469.35, 19.99%), Tube Investments of India Ltd. (3,730.35, 16.72%) and JSW Energy Ltd. (418.15, 4.43%).

Downers:

Largecap and midcap losers today include Solar Industries India Ltd. (6,649.25, -4.25%), Delhivery Ltd. (385.70, -3.50%) and IDBI Bank Ltd. (60.45, -2.97%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included CG Power and Industrial Solutions Ltd. (469.35, 19.99%), Tube Investments of India Ltd. (3,730.35, 16.72%) and eClerx Services Ltd. (2,627.20, 12.40%).

Top high volume losers on BSE were Sonata Software Ltd. (1,302.30, -4.84%), Raymond Ltd. (1,677.20, -3.74%) and EID Parry (India) Ltd. (491.00, -0.25%).

Vardhman Textiles Ltd. (419.00, 9.06%) was trading at 23.5 times of weekly average. Aegis Logistics Ltd. (328.75, 5.05%) and Godrej Industries Ltd. (667.80, 1.56%) were trading with volumes 14.1 and 8.4 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

33 stocks overperformed with 52 week highs,

Stocks touching their year highs included - Aurobindo Pharma Ltd. (1,055.75, 2.77%), Bajaj Auto Ltd. (5,751.55, 1.15%) and Bosch Ltd. (20,760.00, 0.20%).

10 stocks climbed above their 200 day SMA including Carborundum Universal Ltd. (1,170.05, 6.89%) and Marico Ltd. (532.70, 1.16%). 10 stocks slipped below their 200 SMA including GMM Pfaudler Ltd. (1,538.80, -3.02%) and Devyani International Ltd. (179.95, -2.89%).

 
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