Trendlyne Marketwatch
Trendlyne Marketwatch
11 Dec 2023
Market closes higher, HDFC Securities initiates coverage on IRM Energy with a 'Buy' rating
By Trendlyne Analysis

Nifty 50 closed at 20,997.10 (27.7, 0.1%), BSE Sensex closed at 69,928.53 (102.9, 0.2%) while the broader Nifty 500 closed at 18,770.20 (66.7, 0.4%). Market breadth is in the green. Of the 2,022 stocks traded today, 1,219 showed gains, and 778 showed losses.

Indian indices closed flat, with the benchmark Nifty 50 index closing at 20,997.1 points. The Indian volatility index, Nifty VIX, rose 2.3% and closed at 12.8 points. Tata Motors closed in the green after announcing a price increase in its commercial vehicles by 3% from January 2024. The company is hiking its prices to offset the residual impact of past high input costs. 

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, outperforming the benchmark index. Nifty PSU Bank and Nifty Metal closed higher than their Friday close.  According to Trendlyne's sector dashboard, Forest Materials was the top-performing sector of the day as it rose 3.8%.

Major Asian indices closed flat or higher, except for Hong Kong’s Hang Seng index closing in the red. European indices traded in the green amid mixed global cues. US index futures traded marginally lower, indicating a cautious start to the trading session. Brent crude oil futures traded flat after closing 2% higher on Friday.

  • UltraTech Cement sees a long buildup in its December 28 future series as its open interest rises 17.6% with a put-call ratio of 1.

  • Tube Investments of India is rising as reports suggest that the company will likely benefit from the Centre’s new mandate requiring all N2 and N3 category trucks to have air-conditioned cabins from October 1, 2025.

  • Prestige Estates Projects, Sonata Software, and Cyient’s stock prices increase 144.8%, 140.2% and 137.9% respectively over the past year.

  • Sandip Ghose, Managing Director and CEO of Birla Corp, says the company retains its volume growth guidance of 15% and EBITDA per tonne guidance of Rs 850/kg for FY24.

  • Tata Power’s arm, Tata Power EV Charging Solutions, signs an MoU with Indian Oil Corp (IOCL) to set up more than 500 electric vehicle (EV) charging points at multiple IOCL retail outlets across India.

  • GRM Overseas rises as it sells more than 3% stake in GRM Foodkraft, an arm of the company.

  • Metal stocks like Jindal Steel & Power, Steel Authority of India, Vedanta and National Aluminium are rising in trade. All constituents of the broader Nifty Metal index are also trading in the red.

  • HDFC Securities initiates coverage on IRM Energy with a 'Buy' rating and a target price of Rs 580, implying an upside of Rs 23.8%. The brokerage believes the company is well-placed to capitalise on the expected increase in CNG demand, given its expanding network, favourable gas sourcing agreements, and presence in the retail and industrial markets. It projects the company’s net profit to grow at a CAGR of 44% over FY24-26.

  • Morgan Stanley has an ‘Underweight’ rating on Kansai Nerolac Paints with a target price of Rs 250. The brokerage believes that the company has good growth potential in its industrial coating business. It adds that Kansai Nerolac is also working to increase its market share in the decorative paints segment.

  • Wockhardt is rising as it announces the successful completion of the phase three study of its pneumonia drug, Nafithromycin WCK 4873. The stock shows up in a screener for companies with decreasing promoter pledges.

  • Subros surges more than 10% as it bags an order worth Rs 25 crore from the Indian Railways to supply and commission roof-mounted ACs.

  • Zydus Lifesciences’ arm, Zydus Worldwide DMCC, enters into an exclusive agreement with the South Korean-based pharmaceutical company, Daewoong Pharmaceutical Co, to co-develop and commercialize Leuprolide long-acting injectable in the US. The injection is used for the treatment of advanced prostate cancer and has an annual sales of $671 million in the US as of October 2023.

  • PSU Bank stocks like Bank of India, Central Bank of India, Punjab National Bank and Punjab & Sind Bank rise more than 2% in trade. All constituents of the Nifty PSU Bank index are also trading in the green, helping it to touch its all-time high of Rs 5,589.4.

  • Atul Goyal, Chief Financial Officer of Brigade Enterprises, expects its revenue to reach Rs 2,800-3,000 crore in FY24. He adds that the company has 7 million sqft of launches lined up for the next two quarters. He also anticipates pre-sales to surpass Rs 5,000 crore in FY24.

  • Motilal Oswal maintains its ‘Buy’ rating on Cholamandalam Investment & Finance Co with a target price of Rs 1,420. This implies an upside of 20.8%. The brokerage's optimism is driven by the NBFC’s diverse product range, geographic presence, robust asset quality, and strong loan disbursement growth. It expects the firm’s net profit to grow at a CAGR of 31% over FY23-26.

  • Cloverdell Investment and Dayside Investment sell an aggregate of 1.8% stake in IDFC First Bank. They now hold 2.3%.

  • SpiceJet surges more than 6% to touch its 52-week high of Rs 59.7 as it plans to list its securities on the National Stock Exchange (NSE).

  • Cryogenic equipment manufacturer Inox India sets its IPO price band at Rs 627-660 per share. The issue, valued at Rs 1,459.3 crore, is completely an offer for sale and opens on December 14.

  • Oil & gas stocks like Oil & Natural Gas Corp, Gujarat Gas, Adani Total Gas and Indian Oil Corp are rising in trade. All constituents of the broader BSE Oil & Gas index are also trading in the green.

  • Tata Motors is rising as it announces to raise the prices of its commercial vehicles by 3% from January 2024. The company is hiking its prices to offset the residual impact of past high input costs. The stock shows up in a screener for companies with strong annual EPS growth.

  • DR Reddy's Laboratories plunges more than 5% as the US FDA issues Form 483 with three observations after conducting a good manufacturing practices (GMP) and pre-approval inspection (PAI) at its R&D centre in Hyderabad.

  • Shenu Agarwal, Managing Director and CEO of Ashok Leyland, says the company maintains its MHCV (medium & heavy commercial vehicles) industry growth forecast of 8-9% for FY24. He highlights a correction in its retail inventory in November but sees healthy demand in Q4. Agarwal adds that the defence revenue will be around Rs 800-1,000 crore in FY24.

  • REC rises to its all-time high of Rs 412 per share as it signs a loan agreement worth 200 million Euro (approx. Rs 1,795 crore) with German Bank KfW. The loan amount will be used to redevelop the distribution sector under the government's Revamped Distribution Sector Scheme (RDSS).

  • Matrix Partners India Investment Holdings sells a 3.2% stake in Five-Star Business Finance in a bulk deal on Friday.

  • GMR Airports Infrastructure rises to its all-time high of Rs 72.3 per share as its subsidiary, GMR Visakhapatnam Intl Airport, executes a financing agreement worth Rs 3,215 crore with a consortium of five banks. Also, GQG Partners reportedly buys a 4.7% stake (or 28.3 crore shares) in the company for Rs 1,671.5 crore.

  • Mazagon Dock Shipbuilders rises over 4% as it bags an order worth Rs 1,145.1 crore from Oil & Natural Gas Corp for a pipeline replacement project. As per the contract, Mazagon Dock will lay 44.4 km of subsea pipelines, with completion expected in Q1FY25.

Riding High:

Largecap and midcap gainers today include Tube Investments of India Ltd. (3,895.85, 9.00%), Indian Railway Finance Corporation Ltd. (82.20, 7.31%) and Dixon Technologies (India) Ltd. (6,372.65, 6.84%).

Downers:

Largecap and midcap losers today include Dr. Reddy's Laboratories Ltd. (5,473.50, -5.04%), Hindustan Petroleum Corporation Ltd. (360.85, -4.41%) and Torrent Power Ltd. (945.65, -2.17%).

Movers and Shakers

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

Top high volume gainers on BSE included Century Plyboards (India) Ltd. (737.15, 7.32%), Indian Railway Finance Corporation Ltd. (82.20, 7.31%) and Dixon Technologies (India) Ltd. (6,372.65, 6.84%).

Top high volume losers on BSE were Dr. Reddy's Laboratories Ltd. (5,473.50, -5.04%), Dr. Lal Pathlabs Ltd. (2,561.75, -2.91%) and TeamLease Services Ltd. (2,440.00, -0.09%).

VIP Industries Ltd. (606.65, 2.24%) was trading at 3.7 times of weekly average. Piramal Pharma Ltd. (127.40, 0.51%) and Chalet Hotels Ltd. (589.90, 1.18%) were trading with volumes 3.7 and 3.5 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

44 stocks made 52 week highs,

Stocks touching their year highs included - Bank of India (118.45, 3.63%), Bharat Electronics Ltd. (161.25, 1.57%) and Bharat Forge Ltd. (1,193.30, 1.37%).

5 stocks climbed above their 200 day SMA including Shree Renuka Sugars Ltd. (47.35, 5.46%) and Marico Ltd. (540.65, 1.91%). 5 stocks slipped below their 200 SMA including Sumitomo Chemical India Ltd. (410.50, -1.63%) and Syngene International Ltd. (712.65, -1.45%).

 
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