Trendlyne Marketwatch
Trendlyne Marketwatch
27 Feb 2024
Market closes higher, DCM Shriram's board approves its entry into the advanced materials business
By Trendlyne Analysis

Nifty 50 closed at 22,198.35 (76.3, 0.3%), BSE Sensex closed at 73,095.22 (305.1, 0.4%) while the broader Nifty 500 closed at 20,292.85 (37.1, 0.2%). Market breadth is in the red. Of the 2,057 stocks traded today, 705 were gainers and 1,325 were losers.

Indian indices maintained the gains from the afternoon session and closed in the green. The volatility index, Nifty VIX, rose by 0.8% and closed at 15.7 points. JSW Energy's arm, JSW Neo Energy, wins an order from SJVN to set up an ISTS-connected solar capacity of 700 MW.

Nifty Midcap 100 closed flat, while Nifty Smallcap 100 closed higher following the benchmark index. Nifty IT and Nifty Realty closed higher than Monday’s closing level. According to Trendlyne’s sector dashboard, healthcare equipment & supplies emerged as the top-performing sector of the day, with a rise of over 2.1%.
 
Most European indices trade in the green except for Switzerland’s SMI index trading lower. US indices futures trade flat, indicating a cautious start. Zoom Video Communications shares jumped 13% pre-market after it reported earnings per share of $1.22 for the quarter ending January 2024, beating the estimates by 6%.

  • Shriram Finance sees a short buildup in its February 29 future series as its open interest rises 31.5% with a put-call ratio of 0.4.

  • ICICI Direct upgrades Greenply Industries to 'Buy' from 'Hold', with a higher target price of Rs 320. This indicates a potential upside of 16.6%. The brokerage predicts that the completion of a large number of residential real estate projects from FY25 onwards will boost the growth of the building materials segment. It expects the company's revenue to grow at a CAGR of 15.6% over FY23-26.

  • Delhivery is rising as wellness brand Plix extends its partnership with the company for cross-border freight shipping services.

  • The Board of Control for Cricket in India selects Angel One as an Associate Partner for the Indian Premier League for a period of five years ending 2028.

  • Jefferies downgrades its rating on Dixon Technologies (India) and Whirlpool of India to 'Underperform', with a target price of Rs 5,920 and Rs 1,125, respectively. The brokerage expects demand to weaken, affecting the B2C mix of both companies.

  • DCM Shriram is rising as its board of directors approves its entry into the advanced materials business. The company plans to invest a capex of Rs 1,000 crore in the epoxy resins and downstream products businesses.

  • KFIN Technologies, SBI Life Insurance, and Macrotech Developers outperform the Nifty 50 index over the past month after their Q3FY24 results.

  • Platinum Industries' Rs 235.3 crore IPO gets bids for 4.3X the available 96.3 lakh shares on offer on the first day of bidding. The retail investor quota gets bids for 6X the available 48.2 lakh shares on offer.

  • The National Company Law Tribunal (NCLT) approves IndusInd International Holdings' Rs 9,650 crore resolution plan for Reliance Capital. In November 2021, the Reserve Bank of India had superseded Reliance Capital's board due to governance issues and payment defaults.

  • Exicom Tele-Systems' Rs 446.1 crore IPO gets bids for 4.5X the available 1.8 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 13.7X the available 31.4 lakh shares on offer.

  • Andhra Cements falls sharply as its promoter, Sagar Cements, sells a 5% stake (or 46.1 lakh shares) in the company in the open market. This sale takes the promoter's shareholding to 90% from 95%.

  • Mahanagar Gas signs an agreement to acquire a 31% stake in 3ev Industries for Rs 96 crore.

  • Cello World is rising as Motilal Oswal initiates coverage with a ‘Buy’ rating and a target price of Rs 1,100. The brokerage notes the company’s strong brand presence, wide distribution network, and robust manufacturing capability. It expects the company to grow faster than its industry. MOSL also projects Cello to post a revenue CAGR of 18% over FY23-26.

  • Happiest Minds Technologies rises sharply as it plans to set up a new vertical organisation structure comprising six industries – Industrial, manufacturing and energy & utilities, healthcare & life sciences, retail, CPG and logistics, banking, financial services & insurance (BFSI), hi-tech and media & entertainment, and edtech.

  • Reports suggest that a 27% equity stake of CMS Info Systems, amounting to Rs 1,594 crore, has changed hands in a block deal. Promoter Sion Investment Holdings is the likely seller.

  • TCS is rising as UBS Securities reportedly upgrades it to 'Buy' from 'Neutral', with an increased target price of Rs 4,700. This indicates a potential upside of 15.4%. The brokerage believes that the company's large deal momentum and recovery in the BFSI segment will drive revenue growth.

  • Indian Renewable Energy Development Agency (IREDA) rises more than 4% as reports suggest that 5 crore shares (1.9% equity), amounting to Rs 767 crore, change hands in a block deal.

  • JSW Energy's arm, JSW Neo Energy, wins an order from SJVN to set up an ISTS-connected solar capacity of 700 MW.

  • Hind Rectifiers surges to its 10% upper circuit following an order win of over Rs 200 crore from Indian Railways.

  • Exicom Tele-Systems raises Rs 178 crore from anchor investors ahead of its IPO by allotting around 1.3 crore shares at Rs 142 each. Investors include Maybank Asiapac Ex-Japan Equity I Fund, Nepean Long Term Opportunities Fund, JM Financial Mutual Fund, SBI General Insurance, and Abakkus Diversified Alpha Fund. Meanwhile, Platinum Industries raises Rs 70.6 crore from anchor investors.

  • Devyani International is falling as 67.2 lakh shares (0.6% equity), amounting to approximately Rs 106.2 crore, change hands in three large deals.

  • Multi Commodity Exchange of India signs a memorandum of understanding (MoU) with the Jakarta Futures Exchange (JFX). This collaboration aims at knowledge sharing, research, education, and other market development initiatives.

  • Minerva Ventures Fund buys a 0.5% stake in Easy Trip Planners for approx Rs 43.9 crore in a bulk deal on Monday.

  • One97 Communications' (Paytm) Chief Executive Officer Vijay Shekhar Sharma resigns as Chairman and board member of Paytm Payments Bank on Monday.

  • Power Mech Projects bags an order worth Rs 396.3 crore to construct an electrified railway line in Chhattisgarh on an engineering, procurement and construction (EPC) basis.

  • Nifty 50 was trading at 22091.2000 (-30.9, -0.1%) , BSE Sensex was trading at 72723.5300 (-66.6, -0.1%) while the broader Nifty 500 was trading at 20270.0500 (14.3, 0.1%)

  • Market breadth is overwhelmingly positive. Of the 1811 stocks traded today, 1221 were on the uptick, and 527 were down.

Riding High:

Largecap and midcap gainers today include ICICI Lombard General Insurance Company Ltd. (1,726.75, 4.62%), Sona BLW Precision Forgings Ltd. (688.10, 3.61%) and PB Fintech Ltd. (1,135.45, 3.33%).

Downers:

Largecap and midcap losers today include Vodafone Idea Ltd. (15.85, -5.93%), Adani Energy Solutions Ltd. (1,122.70, -4.54%) and Shriram Finance Ltd. (2,372.40, -4.54%).

Volume Shockers

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

Top high volume gainers on BSE included Intellect Design Arena Ltd. (1,058.70, 7.68%), Jamna Auto Industries Ltd. (124.15, 7.44%) and KNR Constructions Ltd. (280.90, 5.15%).

Top high volume losers on BSE were Shriram Finance Ltd. (2,372.40, -4.54%), Akzo Nobel India Ltd. (2,637.30, -1.69%) and Westlife Foodworld Ltd. (790.05, -1.44%).

DCM Shriram Ltd. (1,004.05, 2.79%) was trading at 8.6 times of weekly average. ICICI Lombard General Insurance Company Ltd. (1,726.75, 4.62%) and KEC International Ltd. (697.60, 3.96%) were trading with volumes 7.8 and 7.7 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

43 stocks overperformed with 52 week highs, while 2 stocks were underachievers and hit their 52 week lows.

Stocks touching their year highs included - Astral Ltd. (2,095.25, 0.52%), Bajaj Holdings & Investment Ltd. (8,703.00, -1.13%) and Bharat Electronics Ltd. (205.35, 0.54%).

Stocks making new 52 weeks lows included - Whirlpool of India Ltd. (1,263.20, 0.19%) and TCI Express Ltd. (1,180.20, -1.04%).

5 stocks climbed above their 200 day SMA including Crompton Greaves Consumer Electricals Ltd. (290.80, 0.95%) and Tanla Platforms Ltd. (997.85, 0.94%). 10 stocks slipped below their 200 SMA including JK Paper Ltd. (366.40, -2.25%) and Coromandel International Ltd. (1,039.50, -2.17%).

 
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