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Trendlyne Marketwatch
28 Nov 2023
Market closes higher, KRChoksey initiates coverage on Laurus Labs with an ‘Add’ rating
By Trendlyne Analysis

 

Nifty 50 closed at 19,889.70 (95, 0.5%), BSE Sensex closed at 66,174.20 (204.2, 0.3%) while the broader Nifty 500 closed at 17,741.80 (98.3, 0.6%). Market breadth is balanced. Of the 2,019 stocks traded today, 948 showed gains, and 1,033 showed losses.

Indian indices recovered from their day lows and closed in the green, with the Nifty 50 closing at 19,870.7 points. The Indian volatility Index, Nifty VIX, rose sharply by 7.3% and closed at 12.2 points. Retail sales for the automotive industry jumped 19% YoY to 37.9 lakh units during the festive period, showed data from the Federation of Automotive Dealers' Association.

Nifty Midcap 100 and Nifty Smallcap 100 closed higher, following the benchmark index. Nifty Metal and Nifty Energy closed sharply higher than their Friday close. According to Trendlyne's sector dashboard, Commercial Services & Supplies was the top-performing sector of the day as it rose 5.1%.

Major Asian indices closed flat or higher, except for Hong Kong’s Hang Seng index closing lower. European stocks traded in the red amid mixed global cues. US index futures traded marginally lower, indicating a cautious start to the trading session. Brent crude oil futures traded in the green after closing lower for a fourth consecutive trading session on Monday.

  • Relative strength index (RSI) indicates that stocks like The New India Assurance, General Insurance Corp of India, Trent and Alkem Laboratories are in the overbought zone.

  • Jubilant Foodworks trades flat as its subsidiary, Jubilant Foodworks Netherlands, plans to acquire the remaining 51.2% stake in Domino's Pizza Eurasia for €73 million (approx. Rs 666.2 crore). This will be funded by a new term loan facility from HSBC bank. The company appears in a screener of stocks with low debt.

  • Aster DM Healthcare is falling as reports suggest that the company will soon announce the sale of its Gulf Cooperation Council (GCC) business, which is valued at an estimated $1 billion.

  • Tata Power Company rises as it plans to invest a capex of Rs 60,000 crore by FY27. Around 45% of this will be used for expansion in the renewable energy segment. The company appears in a screener of stocks with improving RoA.

  • Maruti Suzuki announces plans to increase the prices of its automotive products starting January 1, citing higher commodity prices and inflationary pressures.

  • Kaynes Technology India, Kalyan Jewellers India, and Power Finance Corp’s stock prices increase 237.4%, 231.9% and 206.5% respectively over the past year.

  • Vascon Engineers rises as its board is set to consider a fundraising initiative in its meeting on November 30. The plan includes issuing equity shares through various modes. The company appears in a screener of stocks with strong annual EPS growth.

  • United Breweries is rising as it announces its entry into the Indian draught beer market with the launch of Heineken Silver Draught Beer. The product will initially be launched in Mumbai, Thane and Pune. The stock shows up in a screener for companies with book value per share improving over the past two years.

  • HSBC upgrades its rating on Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp to ‘Buy’ from ‘Hold’ and raises their target prices. The brokerage believes that the strong balance sheets of the companies and the potential for reduced crude prices could improve their short-term profitability.

  • Cello World rises as its Q2FY24 net profit increases by 3.3% to Rs 80 crore due to lower inventory expenses. Its revenue grows by 3.6% YoY, helped by the writing instruments and consumer ware segments. The company appears in a screener of stocks nearing 52-week high with significant volumes.

  • KRChoksey initiates coverage on Laurus Labs with an ‘Add’ rating and a target price of Rs 404, implying an upside of 8.8%. The brokerage expects growth driven by new launches, market share gains in the finished dosage forms (FDFs) segment, and increasing opportunities in the biologic and contract development and manufacturing organisation divisions. It expects the firm’s revenue to grow at a CAGR of 11.6% over FY23-26.

  • PSU banks like Punjab National Bank, Bank of India, Bank of Baroda, Union Bank of India and Punjab & Sind Bank are rising in trade. Barring Indian Bank, all the other constituents of the broader sectoral index, Nifty PSU Bank, are also trading in the green.

  • DB Realty rises as its promoter group sells a 2.9% stake (1.5 crore shares), raising Rs 301 crore. This fund has been infused into the company to fulfil its related party transactions and clear unsecured interest-free loans. This move makes the company debt-free as of November 30. It appears in a screener of stocks with decreasing promoter pledges.

  • Retail sales for the automotive industry jumps 19% YoY to 37.9 lakh units during the festive period, shows data from the Federation of Automotive Dealers' Association. Two-wheeler retail sales increase 21% YoY, and passenger vehicles sales are up 10% YoY.

  • One97 Communications is falling as Berkshire Hathaway sells its entire 2.5% stake in the company for Rs 1,371 crore. The sale has been made through an open market transaction, with Ghisallo Master Fund and Copthall Mauritius Investment acquiring the shares.

  • BSE is rising as Jefferies reportedly initiates coverage on the stock with a ‘Buy’ rating and a target price of Rs 2,700. The brokerage believes that the company will benefit from India’s healthy GDP growth, financialisation of savings, and rising equity market participation. It expects the company’s revenue to grow at a CAGR of 45% over FY23-26.

  • Oil & gas stocks like Adani Total Gas, Hindustan Petroleum Corp, Indian Oil Corp and Bharat Petroleum Corp rise more than 2% in trade. The broader BSE Oil & Gas index is also trading more than 2% up.

  • Macrotech Developers rises to its all-time high of Rs 917 per share as its Managing Director and Chief Executive Officer (CEO), Abhishek Lodha, reports a reduction in the company's debt by Rs 540 crore in Q2FY24 to Rs 6,730 crore. He also expects the net debt to fall below Rs 6,000 crore by the end of FY24.

  • KPI Green Energy is rising as its subsidiary, Sun Drops Energia, bags orders to establish solar power projects with a total capacity of 4.7 MW under its captive power producer (CPP) segment.

  • Welspun Corp appoints Gerald Mosley as the Chief Executive Officer of its arm, Welspun Tubular LLC, with effect from November 27, 2023.

  • Utilities stocks like Adani Energy Solutions, Adani Power, Adani Green Energy and Torrent Power surge more than 5% in trade. The broader BSE Utilities index is also trading more than 2% up.

  • S&P Global Ratings raises India’s FY24 GDP growth forecast to 6.5%, citing strong domestic momentum. However, it has lowered its FY25 estimate to 6.4% from the earlier 6.9%, anticipating a slowdown due to muted global growth and the delayed impacts of interest rate hikes.

  • Shivalik Bimetal Controls is rising as it signs a memorandum of Understanding (MoU) with a Swiss company, Metalor Technologies International SA. The MoU is for setting up a joint venture to manufacture and sell electrical contacts.c

  • Fortis Healthcare is rising as its subsidiaries enter an agreement to sell Fortis Malar Hospital to MGM Healthcare for Rs 128 crore. Under the agreement, Fortis will divest its business operations along with land and building assets.

  • Netweb Technologies India rises sharply as it announces partnership with Nvidia, the company will be a manufacturing partner for Nvidia's Grace CPU chip and GH200 server design. Netweb will be producing ten servers variations under its Tyrone range. The company appears in a screener of stocks with improving cash flow from operations.

  • IRB Infrastructure Developers is rising as its special purpose vehicle (SPV), IRB Lalitpur Tollway, signs a concession agreement worth Rs 4,428 crore with the National Highways Authority of India (NHAI). The concession is for tolling, operation, and maintenance of the NH44 for the next 20 years.

Riding High:

Largecap and midcap gainers today include Adani Total Gas Ltd. (644.20, 19.97%), Adani Energy Solutions Ltd. (865.10, 18.65%) and Adani Power Ltd. (446.20, 12.34%).

Downers:

Largecap and midcap losers today include JSW Energy Ltd. (409.45, -2.73%), Macrotech Developers Ltd. (869.50, -2.46%) and Tata Communications Ltd. (1,683.50, -2.34%).

Volume Shockers

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

Top high volume gainers on BSE included Adani Total Gas Ltd. (644.20, 19.97%), Adani Energy Solutions Ltd. (865.10, 18.65%) and Adani Power Ltd. (446.20, 12.34%).

Top high volume losers on BSE were Raymond Ltd. (1,579.75, -4.17%) and Thermax Ltd. (2,574.55, -1.96%).

Adani Green Energy Ltd. (1,052.80, 12.25%) was trading at 26.0 times of weekly average. HLE Glascoat Ltd. (545.75, 5.68%) and Adani Enterprises Ltd. (2,423.50, 8.90%) were trading with volumes 12.1 and 8.2 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

45 stocks hit their 52 week highs,

Stocks touching their year highs included - Adani Power Ltd. (446.20, 12.34%), Bajaj Auto Ltd. (5,998.15, 1.14%) and Bharat Heavy Electricals Ltd. (156.05, 2.50%).

9 stocks climbed above their 200 day SMA including Adani Energy Solutions Ltd. (865.10, 18.65%) and Adani Enterprises Ltd. (2,423.50, 8.90%). 5 stocks slipped below their 200 SMA including Raymond Ltd. (1,579.75, -4.17%) and Devyani International Ltd. (179.30, -1.59%).

 
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