Trendlyne Marketwatch
Trendlyne Marketwatch
22 Feb 2024, 03:58PM
Market closes higher, Titagarh Rail Wagons invests Rs 100 crore in its SPV-JV, Shivaliks Mercantile
By Trendlyne Analysis

 

Nifty 50 closed at 22,217.45 (162.4, 0.7%), BSE Sensex closed at 73,158.24 (535.2, 0.7%) while the broader Nifty 500 closed at 20,283.95 (155.7, 0.8%). Market breadth is in the green. Of the 2,034 stocks traded today, 1,078 were gainers and 915 were losers.

Indian indices recovered from their day lows and closed in the green. The Indian volatility index, Nifty VIX, fell 4.6% and closed at 15.2 points. ICRA projected a sequential slowdown in India's GDP growth to 6% in Q3FY24 from 7.6% in Q2, with Gross Value Added (GVA) growth also expected to decelerate to 6% QoQ in the same quarter. 

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, following the benchmark index. Nifty Metal and Nifty Media closed higher than their Wednesday levels.  According to Trendlyne’s sector dashboard, Software & Services emerged as the top-performing sector of the day, with a rise of 1.9%.

Major European indices closed in the green, taking cues from the Asian indices. US index futures traded sharply higher, indicating a positive start to the trading session. Brent crude oil futures traded in the green after closing higher on a volatile day of trade on Wednesday.

  • Indian Hotels sees a long buildup in its February 29 future series as its open interest rises 12.5% with a put-call ratio of 0.9.

  • KR Choksey retains its 'Buy' rating on Tata Consumer Products with an upgraded target price of Rs 1,352. This indicates a potential upside of 16.8%. The brokerage believes that the company's focus on driving growth through organic and inorganic expansion will help top-line growth in the medium term. It expects a revenue CAGR of 13.9% over FY23-26.

  • Mangalore Refinery and Petrochemicals, Central Bank of India, IDBI Bank, and Cipla outperform the Nifty 50 index over the past month after their Q3FY24 results.

  • Titagarh Rail Wagons is rising as it invests Rs 100 crore in its special purpose vehicle (SPV) joint venture (JV), Shivaliks Mercantile. The SPV-JV then acquired an additional 28.2% stake in Titagarh Firema S.p.A, an Italian subsidiary of Titagarh Rail, for Euro 20.2 million (approx. Rs 182.1 crore).

  • Prataap Snacks surges to an all-time high of Rs 1,344.7 amid reports that ITC is considering buying a 47% stake in the company from venture capital firm Peak XV Partners (originally Sequoia Capital).

  • GPT Healthcare's Rs 525.1 crore IPO gets bids for 0.3X the available 2 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 0.5X the available 98.8 lakh shares on offer.

  • Juniper Hotels’ Rs 1,800 crore IPO gets bids for 0.2X the available 2.9 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 0.8X the available 52.6 lakh shares on offer.

  • Rail Vikas Nigam's joint venture (JV) with Salasar Techno Engineering bags an order worth Rs 174 crore from Madhya Pradesh Power Transmission for the construction of 132 kV and 220 kV transmission lines on a turnkey basis.

  • ICRA projects a sequential slowdown in India's GDP growth to 6% in Q3FY24 from 7.6% in Q2, with Gross Value Added (GVA) growth also expected to decelerate to 6% QoQ in the same quarter. This slowdown is primarily attributed to the industrial sector (slowing to +8.8% from +13.2%) and the agricultural sector (to +0.5% from +1.2%).

  • Olectra Greentech rises to an all-time high of Rs 2,215 as its consortium with Evey Trans bags an order worth Rs 4,000 crore from Brihan Mumbai Electric Supply & Transport Undertaking for the supply of 2,400 electric buses.

  • Larsen & Toubro's construction arm bags an order worth Rs 1,000-2,500 crore from a domestic real estate developer to construct residential towers in Thane, Mumbai.

  • Axis Direct reiterates its 'Buy' rating on CIE Automotive India with a target price of Rs 565. This indicates a potential upside of 21.2%. The brokerage remains positive on the back of its long-term growth potential in Indian and Mexican operations, owing to increased capacity and a healthy balance sheet. It expects the company's net profit to grow at a CAGR of 11.6% over CY23-26.

  • Companies like Hindustan Aeronautics, Data Patterns (India) and MTAR Technologies are rising as the Union Cabinet modifies the foreign direct investment (FDI) policy in the space sector. This could lead to increased foreign investment in satellite development & launch and ground infrastructure.

  • Grasim Industries touches an all-time high of Rs 2,244 as it launches the Birla Opus Paints Business and inaugurates three Birla Opus Paints plants in Haryana, Punjab, and Tamil Nadu.

  • Paisalo Digital's board of directors approves the issue of equity shares worth Rs 1,260 crore through a qualified institutional placement (QIP).

  • SpiceJet is rising in trade as it raises an additional Rs 316 crore via preferential issue, allotting 4 crore shares to two investors, including Aries Opportunities Fund. The company received the first tranche of Rs 744 crore in January, taking the total funds raised to Rs 1,060 crore.

  • Sugar stocks like Dhampur Sugar Mills, Balrampur Chini, and Shree Renuka Sugars are falling as the Cabinet Committee on Economic Affairs raises the fair and remunerative price (FRP) of sugarcane by 8% for the 2024–25 season. The revised FRP will be Rs 340 per quintal, at a sugar recovery rate of 10.25%.

  • PSU bank stocks like Bank of India, Punjab & Sind Bank, Indian Bank and Bank of Baroda are falling in trade. All constituents of the broader Nifty PSU Bank are also trading in the red.

  • Yum Restaurants India sells its entire 4.4% stake (5.3 crore shares) in Devyani International for approximately Rs 871.1 crore in a block deal on Wednesday. Meanwhile, Nippon India Mutual Fund and Societe Generale buy 0.7% and 0.4% stakes, respectively, in the company.

  • LTIMindtree signs a memorandum of understanding (MoU) with Eurolife FFH, a Greek insurance provider, to establish a Gen AI and digital hub in Athens, along with dedicated facilities in Europe and Mumbai.

  • Reports suggest that 1.8 crore shares (9.3% equity) of Eureka Forbes, amounting to Rs 975 crore, change hands in a block deal. Its promoter Lunolux will reportedly sell up to 12% stake (2.3 crore shares).

  • GPT Healthcare raises Rs 157.5 crore from anchor investors ahead of its IPO by allotting around 84.7 lakh shares at Rs 186 each. Investors include Societe Generale, Copthall Mauritius, Bandhan Mutual Fund, India Capital Growth Fund, Kotak Mutual Fund and Axis Mutual Fund.

  • Brigade Enterprises is rising as it signs a joint development agreement (JDA) with PVP Ventures to develop a 2.5 million sq ft residential project in Chennai with a revenue potential of Rs 2,000 crore. Brigade Enterprises also signs a 45-year lease agreement to establish a 250-room resort on the East Coast Road in Chennai.

  • South Indian Bank rises sharply as its board of directors approves the rights issue of 52.3 crore equity shares for Rs 1,151 crore. The board has set the issue price at Rs 22 per share and record date on Tuesday. Shareholders will receive one share for every four shares held in the company.

  • NBCC signs an agreement with the Greater Noida Authority to develop purchasable floor area ratio (FAR) for five existing Amrapali projects. They have a total value of Rs 10,000 crore.

  • Nifty 50 was trading at 22,051.15 (-3.9, 0.0%), BSE Sensex was trading at 72,677.51 (54.4, 0.1%) while the broader Nifty 500 was trading at 20,151.95 (23.7, 0.1%).

  • Market breadth is highly positive. Of the 1,802 stocks traded today, 1,205 were in the positive territory and 522 were negative.

Riding High:

Largecap and midcap gainers today include ABB India Ltd. (5,425.00, 8.83%), YES Bank Ltd. (27.15, 6.26%) and Vodafone Idea Ltd. (16.30, 6.19%).

Downers:

Largecap and midcap losers today include GlaxoSmithKline Pharmaceuticals Ltd. (2,159.30, -3.53%), Supreme Industries Ltd. (3,830.95, -3.21%) and Gland Pharma Ltd. (1,898.65, -2.77%).

Volume Shockers

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

Top high volume gainers on BSE included Graphite India Ltd. (607.85, 11.43%), Mishra Dhatu Nigam Ltd. (441.80, 9.40%) and ABB India Ltd. (5,425.00, 8.83%).

Top high volume losers on BSE were Eureka Forbes Ltd. (494.20, -3.11%), One97 Communications Ltd. (388.35, -1.70%) and Brigade Enterprises Ltd. (1,003.90, -0.11%).

Mas Financial Services Ltd. (338.35, 3.19%) was trading at 9.7 times of weekly average. HEG Ltd. (1,731.75, 6.52%) and NCC Ltd. (243.05, 7.28%) were trading with volumes 5.2 and 4.5 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

20 stocks overperformed with 52 week highs, while 1 stock were underachiever and hit their 52 week lows.

Stocks touching their year highs included - Apollo Hospitals Enterprise Ltd. (6,769.20, 0.13%), Bharat Electronics Ltd. (194.75, 3.21%) and Cummins India Ltd. (2,760.85, 5.86%).

Stock making new 52 weeks lows included - Whirlpool of India Ltd. (1,266.65, 0.62%).

9 stocks climbed above their 200 day SMA including G R Infraprojects Ltd. (1,268.60, 7.27%) and HEG Ltd. (1,731.75, 6.52%). 12 stocks slipped below their 200 SMA including Supreme Industries Ltd. (3,830.95, -3.21%) and Eureka Forbes Ltd. (494.20, -3.11%).

 
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