Trendlyne Marketwatch
Trendlyne Marketwatch
28 Feb 2024
Market closes lower, Sharekhan reiterates its 'Buy' rating on Triveni Turbine
By Trendlyne Analysis

Nifty 50 closed at 21,951.1500 (-247.2, -1.1%), BSE Sensex closed at 72,304.88 (-790.3, -1.1%) while the broader Nifty 500 closed at 20020.40 (-272.5, -1.3%). Of the 2,056 stocks traded today, 294 were in the positive territory and 1,747 were negative.

Indian indices extended their losses from the afternoon session and closed in the red. The volatility index, Nifty VIX, rose 3.8% and closed at 16.3 points. Dreamfolks Services rose sharply and closed 5.1% higher after Motilal Oswal reportedly initiated coverage on the company with a 'Buy' rating and a target price of Rs 650. This indicates a potential upside of 29.5%.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the red, taking cues from the benchmark index. Nifty PSU Bank and Nifty Energy closed sharply lower than their Tuesday close. According to Trendlyne’s sector dashboard, the Telecommunications Equipment sector fell the most as it closed 4.6% lower in a weak market.

Major Asian indices closed flat or lower, except for South Korea’s KOSPI index closing in the green. However, European indices traded mixed on a volatile day of trade. US index futures traded flat, indicating a cautious start to the trading session. Brent crude oil futures traded lower after settling in the red on Tuesday.

  • Relative strength index (RSI) indicates that stocks like Zydus Lifesciences, Tata Investment Corp, Data Patterns (India) and ICICI Lombard General Insurance are in the overbought zone.

  • Bharat Electronics rises to a new 52-week high of Rs 209 per share. The company ranks high on Trendlyne’s checklist, scoring 72.7%. It also features in a screener of companies with no debt.

  • Bajaj Healthcare surges over 14% following a definitive contract development and manufacturing organization (CDMO) agreement with clients in the UK and Europe to supply 15 active pharmaceutical ingredients (APIs).

  • Sharekhan reiterates its 'Buy' rating on Triveni Turbine with an upgraded target price of Rs 550 per share. This indicates a potential upside of 19.2%. The brokerage believes that the heavy electricals manufacturer will be on a high growth trajectory, led by strong order inflows and a promising inquiry pipeline. It expects net profit CAGR of 37.6% over FY23-26.

  • Spicejet and AerCap mutually settle their $29.9 million (Rs 250 crore) dispute through amicable negotiations, avoiding litigation. SpiceJet will save Rs 235 crore through this settlement.

  • Bharat Highways InvIT's Rs 2,500 crore IPO gets bids for 0.1X the available 10.3 crore shares on offer on the first day of bidding.

  • Platinum Industries' Rs 235.3 crore IPO gets bids for 16.5X the available 96.3 lakh shares on offer on the second day of bidding. The retail investor quota gets bids for 19.7X the available 48.2 lakh shares on offer.

  • Exicom Tele-Systems' Rs 446.1 crore IPO gets bids for 19.2X the available 1.8 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 48.1X the available 31.4 lakh shares on offer.

  • New US sanctions on Russia could disrupt Russian oil deliveries to India, complicating negotiations for annual supply contracts for Indian state refiners. Concerns are growing that these sanctions may hinder access to vessels for Russian oil, potentially driving up freight costs.

  • Allcargo Logistics is falling as its less than container load (LCL) volume declines by 3% YoY in January 2024 due to delayed shipments to Latin America, Europe and America because of Red Sea issues. However, its full container load (FCL) shipment volume increases by 10% YoY during the month.

  • Utility stocks like KPI Green Energy, Jaiprakash Power Ventures, Reliance Power and Orient Green Power plunge more than 4% in trade. All constituents of the broader S&P BSE Utility index are also trading in the red.

  • Ahluwalia Contracts (India) receives Rs 218 crore in settlement from its dispute against Emaar MGF Construction for certain grievances that had risen during the execution of the Common Wealth Games Village Project.

  • Cochin Shipyard rises over 2% as PM Narendra Modi is set to inaugurate its first indigenously developed and built hydrogen fuel cell catamaran ferry vessel today. This pilot project aims to demonstrate the technology in the maritime sector. The vessel was constructed in Thoothukudi, Tamil Nadu.

  • Anupam Rasayan India sets up a wholly owned subsidiary, Anupam USA, in Delaware, US, to conduct business activities aligned with its main operations.

  • Media stocks like Network18 Media & Investments, TV18 Broadcast, Zee Entertainment Enterprises and Hathway Cable & Datacom are falling in trade. The broader sectoral index, Nifty Media, is also trading in the red.

  • Tanla Platforms is rising as it extends its exclusive partnership with Truecaller for business messaging.

  • Reports suggest that 19.7 lakh shares (01% equity) of FSN E-Commerce Ventures (Nykaa), amounting to 30.5 crore, change hands in a large trade.

  • Dreamfolks Services rises sharply as Motilal Oswal reportedly initiates coverage on the company with a 'Buy' rating and a target price of Rs 650. This indicates a potential upside of 29.5%. The brokerage believes that the company's revenue growth will be driven by competitive fares, rising leisure travel, new airports and government push.

  • GE T&D India rises as it wins a Rs 370 crore order from Power Grid Corp of India to supply shunt reactors for various transmission system projects in India.

  • Salasar Techno Engineering signs an agreement worth Rs 200 crore with ZETWERK Businesses to supply 25,000 MT of solar structures. The order is expected to be completed in 12 months.

  • Vimal Kejriwal, Sr. Vice President of KEC International, says that the company may achieve Rs 23,000 crore order inflows in FY25, with a 15% growth rate. Its FY24 margin is expected to be 6.5%, and the company plans to reduce its debt by Rs 500 crore in Q4. He adds that freight costs and shipping times have increased due to the Red Sea crisis.

  • Juniper Hotels’ shares debut on the bourses at a 1.4% premium to the issue price of Rs 360. The Rs 1,800 crore IPO has received bids for 2.1 times the total shares on offer.

  • Columbia Petro Chem buys a 0.5% stake in BLS International Services for approx Rs 78.4 crore in a bulk deal on Tuesday.

  • SJVN's subsidiary, SJVN Green Energy, bags a 100 MW solar power project at a Rs 2.6 per unit tariff through an auction by Gujarat Urja Vikas Nigam, including a 25-year power purchase agreement. The projected capex is Rs 642 crore.

  • Vodafone Idea's board approves raising Rs 20,000 crore via equity shares and equity-linked instruments, with promoters participating in the fundraising. The company is also in talks with lenders for debt funding of Rs 45,000 crore. The fundraising will support the expansion of 4G coverage, 5G network rollout, and capacity expansion.

Riding High:

Largecap and midcap gainers today include Havells India Ltd. (1,534.35, 4.44%), Max Financial Services Ltd. (964.35, 3.09%) and Vedant Fashions Ltd. (1,020.70, 3.03%).

Downers:

Largecap and midcap losers today include Vodafone Idea Ltd. (13.65, -13.88%), Zee Entertainment Enterprises Ltd. (162.00, -6.39%) and Godrej Properties Ltd. (2,353.55, -5.60%).

Volume Rockets

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

Top high volume gainers on BSE included Jindal Worldwide Ltd. (414.00, 13.81%), Rainbow Childrens Medicare Ltd. (1,429.20, 11.11%) and Aegis Logistics Ltd. (443.50, 6.39%).

Top high volume losers on BSE were Varun Beverages Ltd. (1397.85, -4.71%), IIFL Finance Ltd. (581.25, -4.38%) and La Opala RG Ltd. (337.15, -3.15%).

Triveni Turbine Ltd. (466.10, 1.50%) was trading at 18.8 times of weekly average. V-Guard Industries Ltd. (330.05, 2.40%) and Mazagon Dock Shipbuilders Ltd. (2113.90, 1.02%) were trading with volumes 12.9 and 7.7 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

28 stocks took off, crossing 52-week highs, while 6 stocks tanked below their 52-week lows.

Stocks touching their year highs included - Bharat Electronics Ltd. (205.65, 0.15%), Cipla Ltd. (1,477.00, -0.70%) and DLF Ltd. (899.00, -1.90%).

Stocks making new 52 weeks lows included - Atul Ltd. (6081.70, -2.21%) and Page Industries Ltd. (34,451.35, -3.43%).

9 stocks climbed above their 200 day SMA including Tanla Platforms Ltd. (1,007.10, 0.93%) and JK Paper Ltd. (368.20, 0.49%). 16 stocks slipped below their 200 SMA including IIFL Finance Ltd. (581.25, -4.38%) and India Cements Ltd. (224.55, -4.18%).

 
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