Trendlyne Marketwatch
Trendlyne Marketwatch
30 Nov 2023
Market closes higher, Metro Brands enters into a trademark agreement with Foot Locker
By Trendlyne Analysis

Nifty 50 closed at 20,133.15 (36.6, 0.2%), BSE Sensex closed at 66,988.44 (86.5, 0.1%) while the broader Nifty 500 closed at 17,987.95 (83.9, 0.5%), of the 1,990 stocks traded today, 962 were gainers and 987 were losers.

Indian indices closed flat, with the benchmark Nifty 50 index closing at 20,133.2 points. The Indian volatility index, Nifty VIX, dropped marginally and closed at 12.7 points. Metro Brands closed 3.4% higher after it entered into a strategic long-term trademark agreement with the New York-based sports shoe retailer, Foot Locker.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, outperforming the benchmark index. Nifty Pharma and Nifty Realty closed higher than their Wednesday close. According to Trendlyne's sector dashboard, Retailing was the top-performing sector of the day as it rose 2%.

Major European indices traded in the green, except for England’s FTSE 100 index, which traded in the red. Major Asian indices closed flat or higher amid mixed global cues. US index futures traded in the green, indicating a positive start to the trading session. Brent crude oil futures extended their gains from Wednesday and traded in the green for a third consecutive trading session.

  • Relative strength index (RSI) indicates that stocks like The New India Assurance, Bajaj Auto, Trent and Bharat Heavy Electricals are in the overbought zone.

  • NBCC (India) rises over 8% in trade and touches a new 52-week high today. The company ranks high on Trendlyne’s Checklist, scoring 59.1%. It also features in a screener of stocks with no debt.

  • Jammu & Kashmir Bank falls amid reported Enforcement Directorate raids at its Srinagar premises. These raids are linked to a Rs 250 crore money laundering case.

  • Delta Corp is rising as it expands into the realty sector through a joint venture with Peninsula Land, committing a capital outlay of Rs 250 crore and holding a majority stake. Peninsula Land also approves the issue of 1.5 crore equity shares and 77.3 lakh compulsorily convertible debentures to Delta Corp, as it will invest Rs 100 crore in the real estate firm.

  • Tata Coffee’s board approves the setting up of an additional freeze-dried coffee facility in Vietnam with a capacity of 5,500 metric tonnes. The company will invest Rs 450 crore in this facility, which will be operational in two years.

  • V-Mart Retail sees three analyst target price downgrades and one recommendation downgrade in the past month. Vedanta, Gujarat Gas and Axis Bank see two analyst target price downgrades over the same period.

  • Healthcare and pharmaceutical companies like Granules India, Alkem Laboratories, Divi’s Laboratories, Lupin and Glenmark Pharmaceuticals are rising in trade. All the constituents of the broader sectoral index, Nifty Healthcare, are trading in the green.

  • Dreamfolks Services rises as it partners with Russia's Grey Wall, offering its customers lounge access in Russia. The company appears in a screener of stocks with growing net profit and margins.

  • Reliance Industries’ retail arm, Reliance Brands, enters into a partnership with France-based SMCP (the parent company of brands like Maje and Sandro). According to the partnership, Reliance Brands will be the distributor of Sandro and Maje in India.

  • Aurobindo Pharma is rising as its subsidiary, Eugia Pharma Specialties, receives final approval from the US FDA to manufacture and market budesonide inhalation suspension, a generic equivalent of the reference listed drug (RLD), Pulmicort Respules. It is used for the treatment of asthma and has a market size of $226.4 million for the year ending September 2023, according to IQVIA.

  • BoB Capital Markets upgrades its rating on Siemens to ‘Buy’ from ‘Hold’ and raises the target price to Rs 4,400 from Rs 3,900. This implies an upside of 21%. The brokerage believes the company’s diverse segment presence makes it well-placed to benefit from the increase in public spending on infrastructure, pent-up private capex and the rising transition to green energy.

  • JSW Infrastructure trades flat even as its subsidiary, Masad Infra Services, signs a concession agreement with the Government of Karnataka to develop a deep water greenfield port in Keni. The company has also become the guarantor for its unit JSW Terminal UAE's loan of $126 million with Axis Trustee Services.

  • Petronet LNG is rising as 68.5 lakh shares (0.5% equity), amounting to Rs 137.5 crore, change hands in a large trade, according to reports.

  • Thomas Cook plunges almost 5% as its promoter, Fairbridge Capital, plans to sell 3.2 crore shares (a 6.8% stake) of the company through an offer for sale. The board has approved a floor price of Rs 125 per share.

  • Karur Vysya Bank rises with RBI's approval for SBI Mutual Fund to acquire an aggregate holding of up to 9.99% in the bank. It appears in a screener of stocks nearing their 52-week high with significant volumes.

  • Metro Brands is rising as it enters into a strategic long-term trademark agreement with the New York-based sports shoe retailer, Foot Locker. This agreement grants Metro Brands exclusive rights to own and operate Foot Locker’s retail stores in India. The stock shows up in a screener for companies with book value per share improving over the past two years.

  • Rakesh Jhunjhunwala's Rare Enterprises clarifies that it has no connection with the deal in HIM Teknoforge, according to reports. The entity, Rare Enterprise, is not connected to Rare Enterprises or any other group firm of the Jhunjhunwala family.

  • Dharmakirti Joshi, Chief Economist at CRISIL, projects India’s GDP growth at 6.7% for Q2FY24, driven by the services sector. He expects the monsoon's impact to be noticeable in Q3 and notes an increase in trade exposure in recent months.

  • SBI Life Insurance appoints Amit Jhingran as the Managing Director and Chief Executive Officer of the company.

  • Fedbank Financial Services’ shares debut on the bourses at a 1.4% discount to the issue price of Rs 140. The Rs 1,092.3 crore IPO has received bids for 2.2 times the total shares on offer.

  • Gandhar Oil Refinery’s shares debut on the bourses at a 76.3% premium to the issue price of Rs 500. The Rs 500.7 crore IPO has received bids for 64.1 times the total shares on offer.

  • Eicher Motors is rising as Jefferies reiterates its ‘Buy’ rating, with an upgraded target price of Rs 4,650. The brokerage believes that Royal Enfield will see minimal impact from recent launches by competitors. It also highlights the potential for re-rating as confidence in sustaining long-term market share grows.

  • Tata Technologies’ shares debut on the bourses at a 140% premium to the issue price of Rs 500. The Rs 3,042.5 crore IPO has received bids for 69.4 times the total shares on offer.

  • Jupiter Wagons' board of directors approves the qualified institutional placement (QIP) of equity shares worth Rs 700 crore. The board has set a floor price of Rs 331.3 per share.

  • Ultratech Cement nears its 52-week high as it acquires 0.5 MTPA cement grinding assets from Burnpur Cement for Rs 169.8 crore. This acquisition takes the company's total capacity to 133 MTPA.

  • PCBL rises to an all-time high of Rs 271.4 as it forms a joint venture with Kinaltek, with ownership stakes of 51% and 49% respectively. PCBL will initially invest $16 million (approx. Rs 133.3 crore) and plans further commitments totalling $28 million (approx. Rs 233.2 crore) in multiple tranches. This JV is aimed at expanding into the battery application market.

Riding High:

Largecap and midcap gainers today include Supreme Industries Ltd. (4,431.15, 7.52%), General Insurance Corporation of India (319.55, 4.96%) and GAIL (India) Ltd. (131.90, 4.77%).

Downers:

Largecap and midcap losers today include Indian Bank (396.90, -5.23%), Solar Industries India Ltd. (6,288.90, -3.79%) and Adani Total Gas Ltd. (708.80, -3.24%).

Volume Shockers

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

Top high volume gainers on BSE included NBCC (India) Ltd. (76.10, 8.71%), India Cements Ltd. (251.35, 7.85%) and Great Eastern Shipping Company Ltd. (875.55, 7.76%).

Top high volume losers on BSE were Aether Industries Ltd. (779.75, -5.99%), Indian Bank (396.90, -5.23%) and Solar Industries India Ltd. (6,288.90, -3.79%).

Alembic Pharmaceuticals Ltd. (745.80, 3.67%) was trading at 48.0 times of weekly average. APL Apollo Tubes Ltd. (1,687.65, 2.21%) and Metro Brands Ltd. (1,370.05, 3.17%) were trading with volumes 21.8 and 16.6 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

68 stocks made 52 week highs, while 1 stock were underachiever and hit their 52 week lows.

Stocks touching their year highs included - Ajanta Pharma Ltd. (1,976.15, 1.39%), Amara Raja Energy & Mobility Ltd. (710.05, 2.17%) and Axis Bank Ltd. (1,074.25, 1.33%).

Stock making new 52 weeks lows included - Aether Industries Ltd. (779.75, -5.99%).

6 stocks climbed above their 200 day SMA including Aegis Logistics Ltd. (371.95, 6.62%) and Archean Chemical Industries Ltd. (584.90, 3.77%). 5 stocks slipped below their 200 SMA including Sterlite Technologies Ltd. (146.20, -3.85%) and Adani Total Gas Ltd. (708.80, -3.24%).

 
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