Trendlyne Marketwatch
Trendlyne Marketwatch
20 Dec 2023
Market closes lower, Happy Forgings' IPO gets bids for 6.2X the available 83.7 lakh shares
By Trendlyne Analysis

Nifty 50 closed at 21,150.15 (-303.0, -1.4%), BSE Sensex closed at 70,506.31 (-930.9, -1.3%) while the broader Nifty 500 closed at 18,779.45 (-389.8, -2.0%), of the 2,009 stocks traded today, 160 were on the uptick, and 1,828 were down.

Indian indices fell sharply from their day highs and closed in the red on a volatile day of trade. The benchmark Nifty 50 index fell 303 points and closed at 21,150.2 points. The Indian volatility index, Nifty VIX, rose 4.2% and closed at 14.5 points. Blue Star closed 2.6% lower as Mumbai and Jaipur state tax authorities increased the tax demand to Rs 5.6 crore and Rs 53.6 lakh respectively.

Nifty Midcap 100 and Nifty Smallcap 100 closed deep in the red, underperforming the benchmark index. Nifty Media and Nifty Energy closed sharply lower than their Tuesday close. According to Trendlyne's industry dashboard, Non-alcoholic Beverages was the top-performing industry of the day as it rose 6.7% in a weak market.

Major Asian indices closed higher, except for China’s Shanghai Composite index and India’s BSE Sensex closing in the red. European indices traded flat or higher amid mixed global cues. Brent crude oil futures traded in green after closing 1.7% higher on Tuesday. US index futures traded flat, indicating a cautious start to the trading session.

  • HDFC Asset Management sees a long buildup in its December 28 future series as its open interest rises 14% with a put-call ratio of 0.3.

  • Blue Star is falling as the Deputy Commissioner of State Tax of Mumbai and Jaipur increase the tax demand to Rs 5.6 crore and Rs 53.6 lakh due to transitional credit and differential tax rate in outward supply.

  • Credo Brands Marketing's Rs 549.8 crore IPO gets bids for 5.1X the available 1.4 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 7.3X the available 68.7 lakh shares on offer.

  • Reliance Jio gains 34.8 lakh wireless subscribers in September on a net basis, while Bharti Airtel adds 13.2 lakh. Vodafone Idea’s subscribers continue to decline, with a loss of 7.4 lakh on a net basis.

  • Happy Forgings' Rs 1,008.6 crore IPO gets bids for 6.2X the available 83.7 lakh shares on offer on the second day of bidding. The retail investor quota gets bids for 6.4X the available 42.4 lakh shares on offer.

  • Motisons Jewellers' Rs 151.1 crore IPO gets bids for 118.6X the available 2.1 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 104.6X the available 1.1 crore shares on offer.

  • Suraj Estate Developers' Rs 400 crore IPO gets bids for 8.1X the available 82.3 lakh shares on offer on the third day of bidding. The retail investor quota gets bids for 7.3X the available 41.2 lakh shares on offer.

  • Kavinder Singh, Managing Director and CEO of Mahindra Holidays & Resorts, says the company will surpass 90% occupancy in December, driven by the holiday season. He also expects 84-85% occupancy in Q3FY24.

  • HDFC Securities maintains its 'Buy' rating on Can Fin Homes with a downgraded target price of Rs 908 per share, indicating a potential upside of 15.6%. The brokerage believes that the lender's recent investments to widen its sourcing channels will boost net profit growth. It expects the company's profit to grow at a CAGR of 11.9% over FY23-26.

  • Muthoot Microfin's Rs 960 crore IPO gets bids for 7.4X the available 2.4 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 4.1X the available 1.2 crore shares on offer.

  • Nazara Technologies rises as it plans partnerships with four different Indian gaming studios: Smash Head Studios, Wandermind Labs, Pixcell Play, and ATG Studios. Under these partnerships, Nazara Technologies plans to release 20 games in the next 12 to 18 months, investing between Rs 1 crore and Rs 3 crores per game.

  • Jubilant Foodworks rises as its unit, Jubilant Foodworks Netherlands, launches a cash offer to acquire the remaining 45.3% in Domino's Pizza Eurasia. The acquisition will occur at an average price of 95 pence per share, amounting to €73.4 million (approx. Rs 668.8 crore).

  • One97 Communications (Paytm) is rising as 40.2 lakh shares (1% equity), amounting to approximately Rs 254.3 crore, change hands, according to reports.

  • Satin Creditcare hit its 52-week high of Rs 276 after the board approved the allotment of 1.08 crore shares at Rs 230.7 each to eligible qualified institutional buyers, raising about Rs 250 crore.

  • Embassy Office Parks REIT is falling as reports emerge that Blackstone is planning to sell its entire 23.6% stake in the company for Rs 6,931.5 crore at a floor price of Rs 310 per share in a bulk deal.

  • India Shelter Finance Corp’s shares debut on the bourses at a 14.5% premium to the issue price of Rs 493. The Rs 1,200 crore IPO has received bids for 36.7 times the total shares on offer.

  • Sameer Khetarpal, Managing Director and CEO of Jubilant Foodworks, says the company's like-for-like growth will be around 2-3%, with store addition at 10% annually. He expects the margins to grow by 100-150 bps from present levels in FY24. Khetarpal also highlights that the firm aims to surpass sales of Rs 1,000 crore for Popeyes in the coming 3-4 years.

  • DOMS Industries’ shares debut on the bourses at a 77.2% premium to the issue price of Rs 790. The Rs 1,200 crore IPO has received bids for 93.5 times the total shares on offer.

  • JK Tyre & Industries is rising as it opens its qualified institutional placement to raise Rs 500 crore, with the floor price set at Rs 358.9 per share. The company appears in a screener of stocks with high TTM EPS growth.

  • Oil & gas stocks like Oil India, Mahanagar Gas, Oil & Natural Gas Corp and GAIL are rising in trade. All constituents of the broader Nifty Oil & Gas are also trading in the green, helping it to touch its all-time high of Rs 9,329.3.

  • Goldman Sachs maintains its 'Buy' rating on Container Corp of India with an upgraded target price of Rs 850. The brokerage foresees stable Q3FY24 performance by the company, expecting an 8% growth in volumes. However, it anticipates lower margins during the quarter.

  • Transformers & Rectifiers (India) rises as it bags an order worth Rs 118 crore from Uttar Pradesh Power Transmission Corp (UPPTCL). The order involves the designing, engineering and manufacturing transformers and its accessories.

  • Bharat Petroleum Corp is rising as its board of directors has approved the establishment of a 400 KTPA polypropylene (PP) manufacturing facility at its Kochi refinery. The company expects the facility to be commissioned in the next 46 months with a capex of Rs 5,044 crore.

  • Rail Vikas Nigam rises as it bags an order worth Rs 123 crore in a joint venture with KRDCL. The project involves a significant upgrade of the Varkala Sivagiri Railway Station. The company appears in a screener of stocks with growing net profit and margins.

  • Varun Beverages rose to an all-time high of Rs 1,178 as it is set to acquire South Africa's The Beverage Company and its subsidiaries for Rs 1,320 crore. The company has also signed a Rs 450 crore MoU with the Jharkhand government for the Patratu manufacturing plant.

Riding High:

Largecap and midcap gainers today include Varun Beverages Ltd. (1,253.40, 6.98%), Oil India Ltd. (360.60, 5.62%) and Supreme Industries Ltd. (4637.90, 4.66%).

Downers:

Largecap and midcap losers today include Indian Overseas Bank (42.30, -9.32%), UCO Bank (38.10, -8.85%) and Indus Towers Ltd. (180.65, -8.16%).

Volume Shockers

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

Top high volume gainers on BSE included Varun Beverages Ltd. (1,253.40, 6.98%), Oil India Ltd. (360.60, 5.62%) and Hatsun Agro Products Ltd. (1,123.70, 4.20%).

Top high volume losers on BSE were India Cements Ltd. (248.15, -7.67%), Jindal Worldwide Ltd. (302.30, -5.75%) and ITI Ltd. (282.65, -4.80%).

Grindwell Norton Ltd. (2,160.20, -0.59%) was trading at 20.0 times of weekly average. Symphony Ltd. (877.00, 0.12%) and SIS Ltd. (462.10, -0.84%) were trading with volumes 13.9 and 7.0 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

61 stocks hit their 52 week highs,

Stocks touching their year highs included - Aurobindo Pharma Ltd. (1,032.80, -0.00%), Bajaj Finserv Ltd. (1,680.90, -1.69%) and Bank of Baroda (219.30, -3.01%).

4 stocks climbed above their 200 day SMA including GMM Pfaudler Ltd. (1,559.05, 0.79%) and VST Industries Ltd. (3,355.40, -0.51%). 24 stocks slipped below their 200 SMA including Piramal Enterprises Ltd. (885.35, -7.93%) and G R Infraprojects Ltd. (1,154.85, -6.16%).

 
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