Trendlyne Marketwatch
Trendlyne Marketwatch
28 Mar 2024
Market closes higher, Kotak Mahindra Bank acquires 100% of Sonata Finance for Rs 537 crore
By Trendlyne Analysis

 

Nifty 50 closed at 22,2326.90 (203.3, 0.9%), BSE Sensex closed at 73,651.35 (655.0, 0.9%) while the broader Nifty 500 closed at 20,255.15 (167.4, 0.8%). Market breadth is in the red. Of the 2,123 stocks traded today, 987 were on the uptrend, and 1,095 went down.

Indian indices extended their gains from the open and closed in the green. The Indian volatility index, Nifty VIX, rose 1% and closed at 12.8 points. Alkem Laboratories closed in the red after the US FDA concluded its inspection at the company's manufacturing facility in Baddi, Himachal Pradesh, with 10 observations.

Nifty Midcap 100 closed in the green while the Nifty Smallcap 100 closed flat. Nifty PSU Bank and Nifty Pharma closed higher than their Wednesday close. According to Trendlyne’s sector dashboard, General Industrials emerged as the top-performing sector of the week, with a rise of 8.3%.

Major Asian indices closed higher, except for Japan’s Nikkei 225 index closing in the red. European indices traded in the green amid positive global cues. US index futures traded flat, indicating a cautious start to the trading session. Brent crude oil futures traded in the green after rising 0.5% on a volatile day on Wednesday.

  • Money flow index (MFI) indicates that stocks like Triveni Turbine, Avenue Supermarts, InterGlobe Aviation and Torrent Power are in the overbought zone.

  • Telecom services, retailing and general industrials sectors rise more than 6% in the past month.

  • KDDL sells a 1.7% stake (4 lakh shares) in Ethos for approximately Rs 101.2 crore, in a bulk deal on Wednesday. Meanwhile, Invesco Mutual Fund picks a 1.3% stake in the company.

  • Energy stocks like Oil & Natural Gas Corp, Power Grid Corp of India, Bharat Petroleum Corp and NTPC rise more than 2% in trade. All constituents of the broader Nifty Energy index are also trading in the green.

  • Reports suggest that 11.8 lakh shares (0.1% equity) of Macrotech Developers, amounting to approximately Rs 136.7 crore, change hands in a large deal.

  • Astra Microwave Products wins Rs 385.6 crore order from Bharat Electronics to supply MPR sub-systems.

  • SRM Contractors' Rs 130.2 crore IPO gets bids for 49.9X the available 43.4 lakh shares on offer on the third day of bidding. The retail investor quota gets bids for 33.2X the available 21.7 lakh shares on offer.

  • GOCL Corp surges to its 20% upper circuit as it signs a memorandum of understanding (MoU) with Squarespace lnfra City to sell 264.50 acres in Hyderabad for Rs 3,402 crore. It will receive Rs 520 crore upon signing the MoU, of which Rs 160 crore is for the sale of 12.50 acres under a joint development agreement (JDA) with Hinduja Estates.

  • Shashank Srivastava, Senior Executive Officer (Marketing & Sales) at Maruti Suzuki India, notes muted demand in the entry-level segment and expects a 12% decline in entry-level hatchbacks and sedans in FY24. He also anticipates PV sales to reach 42.3 lakh in FY24.

  • Kotak Mahindra Bank acquires 100% of Sonata Finance for Rs 537 crore. Sonata Finance is a micro-finance institution registered with the RBI.

  • PSU banks like Bank of Maharashtra, Indian Bank, Punjab & Sind Bank and Indian Overseas Bank surge more than 4% in trade. All constituents of the broader Nifty PSU Bank index are also trading in the green, helping it to rise more than 2%.

  • Ambuja Cements is rising as the Adani family increases their stake in the company by 3.6% to 66.7% for Rs 6,661 crore. The company will use this investment to expand its cement production capacity to 140 MTPA by 2028.

  • Habil F Khorakiwala, Chairman of Wockhardt, says the funds raised through QIP (Rs 480 crore) will be utilised to reduce the company’s debt and fund clinical trials. He also highlights the company’s target to achieve revenue growth of more than 20% YoY in FY25.

  • Latent View Analytics rises as it approves a strategic investment to acquire up to a 100% stake in Decision Point in multiple tranches. The cost of acquisition for 70% of the stake is $39.1 million.

  • Chalet Hotels rises sharply to its all-time high of Rs 958 as its board of directors approves to raise Rs 2,000 crore by issuing equity shares via a qualified institutional placement (QIP). The board has set the floor price at Rs 780.8 per share.

  • Alkem Laboratories is falling as the US FDA concludes its inspection at the company's manufacturing facility in Baddi, Himachal Pradesh, with 10 observations.

  • VIP Industries rises after the company’s management highlighted key targets for FY25. These include achieving double-digit revenue growth, starting from Q4FY24, increasing market share from H1FY25, and foraying into premium segments.

  • Larsen & Toubro is rising as it bags multiple orders worth Rs 1,000-2,000 crore. The first order is from Paradip Port Authority (PPA) to carry out redevelopment at the port and the second is from Hindustan Shipyard to augment the Slipway-4 at Visakhapatnam, Andhra Pradesh.

  • Balmer Lawrie & Co is rising as its board of directors approves setting up a free trade warehousing zone (FTWZ) at the Jawaharlal Nehru Port Authority's special economic zone (SEZ) on a 15-acre land parcel. The company expects a capex of Rs 230 crore to complete the project.

  • Olympus Capital Asia Investment sells an 8.9% stake in Aster DM Healthcare through an open-market transaction. It now holds a 10.1% stake in the company.

  • Reports suggest that 18.3 crore shares (2.6% equity) of IDFC First Bank, amounting to approximately Rs 1,386 crore, change hands in a large trade. Cloverdell Investment is the likely seller in the transaction.

  • Blue Chandra Pte sells a 4.7% stake (1 crore shares) in Samhi Hotels for approximately Rs 208.4 crore, in a block deal on Wednesday. Meanwhile, TT Asia-Pacific Equity Fund and Societe Generale pick 3.8% and 0.5% stakes in the company.

  • Bharat Heavy Electricals is rising as it bags a Rs 4,000 crore order from Adani Power to supply equipment and set up two 800 MW thermal power plants in Chhattisgarh.

  • Ministry of Finance appoints Nidhu Saxena as Managing Director and Chief Executive Officer of Bank of Maharashtra.

  • Kalpataru Projects is rising as it bags multiple transmission & distribution projects overseas and an underground metro rail project in India, totalling Rs 2,071 crore.

  • Nifty 50 was trading at 22,190.45 (66.8, 0.3%) , BSE Sensex was trading at 73,173.57 (177.3, 0.2%) while the broader Nifty 500 was trading at 20,160.90 (73.1, 0.4%)

  • Market breadth is surging up. Of the 1,880 stocks traded today, 1,476 were on the uptick, and 348 were down.

Riding High:

Largecap and midcap gainers today include Indian Overseas Bank (59.95, 5.4%), UCO Bank (52.20, 5.4%) and Relaxo Footwears Ltd. (817.30, 5.3%).

Downers:

Largecap and midcap losers today include Torrent Power Ltd. (1,357.95, -4.4%), IDFC First Bank Ltd. (75.40, -3.1%) and Delhivery Ltd. (445.55, -2.9%).

Movers and Shakers

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

Top high volume gainers on BSE included Aegis Logistics Ltd. (446.65, 13.2%), VIP Industries Ltd. (525.50, 12.9%) and Latent View Analytics Ltd. (507.75, 9.9%).

Top high volume losers on BSE were IDFC First Bank Ltd. (75.40, -3.1%), Macrotech Developers Ltd. (1,135.85, -1.1%) and Restaurant Brands Asia Ltd. (101.25, -0.4%).

Century Textiles & Industries Ltd. (1,629.90, 8.2%) was trading at 18.6 times of weekly average. Medplus Health Services Ltd. (687.85, 0.4%) and Pfizer Ltd. (4,194.95, -0.2%) were trading with volumes 5.1 and 4.7 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

19 stocks overperformed with 52 week highs, while 11 stocks hit their 52 week lows.

Stocks touching their year highs included - Adani Ports & Special Economic Zone Ltd. (1,341.85, 1.4%), Indus Towers Ltd. (291.15, 2.7%) and Cummins India Ltd. (3,006.25, 1.3%).

Stocks making new 52 weeks lows included - Atul Ltd. (5,740.50, -0.8%) and Delta Corp Ltd. (110.65, -2.3%).

25 stocks climbed above their 200 day SMA including Mishra Dhatu Nigam Ltd. (394.25, 5.6%) and Bajaj Finserv Ltd. (1,643.85, 3.9%). 8 stocks slipped below their 200 SMA including Home First Finance Company India Ltd. (897.80, -1.9%) and Esab India Ltd. (5,200, -1.9%).

 
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