Trendlyne Marketwatch
Trendlyne Marketwatch
12 Jun 2024
Market closes higher, ICICI Securities keeps its 'Buy' rating on Birla Corp

 

Nifty 50 closed at 23,322.95 (58.1, 0.3%), BSE Sensex closed at 76,606.57 (150.0, 0.2%) while the broader Nifty 500 closed at 21,960.95 (109.0, 0.5%). Of the 2,168 stocks traded today, 1,426 were gainers and 714 were losers.

Indian indices maintained the gains from the afternoon session and closed in the green. The volatility index, Nifty VIX, dropped by 2.6% and closed at 14.4 points. Tata Communications signs a five-year global broadcasting services deal for the World Athletics Series, including the World Championships in Tokyo in 2025.

Nifty Smallcap 100 and Nifty Midcap 100 closed higher following the benchmark index. Nifty Pharma and Nifty Media closed higher than Tuesday’s closing level. According to Trendlyne’s sector dashboard, telecommunication equipment emerged as the top-performing sector of the day, with a rise of over 2.2%.

Most European indices trade in the green. US indices futures trade higher, indicating a positive start. Britain's GDP in April was stagnant MoM, and grew by 0.6% compared to April 2023.

  • Relative strength index (RSI) indicates that stocks like Emami, Coromandel International, Endurance Technologies, and Bikaji Foods International are in the overbought zone.

  • LTIMindtree rises as it announces the inauguration of its regional headquarters in Riyadh as a part of its expansion in the Kingdon of Saudia Arabia (KSA) and the Middle East.

  • ICICI Securities keeps its 'Buy' rating on Birla Corp with a lower target price of Rs 1,870 per share. This indicates a potential upside of 22.8%. The brokerage expects improved profitability on the back of govt incentives entitled to the Muktaban facility, lower fuel prices, increasing premium products, and improvement in capacity utilisation. It expects the company's net profit to grow at a CAGR of 50.6% over FY25-26.

  • Ola Electric receives SEBI approval for its Rs 7,250 crore IPO, according to reports. The IPO will consist of a fresh issue worth Rs 5,500 and an offer for sale of approx. Rs 1,750 crore. The company plans its stock market debut within a month.

  • Tube Investments of India and Tl Clean Mobility enter into an agreement with South Asia Growth lnvest and South Asia EBT Trust to acquire convertible preference shares for Rs 160 crore in Tl Clean Mobility.

  • Tata Communications rises as it signs a five-year global broadcasting services deal for the World Athletics Series, including the World Championships in Tokyo in 2025. The company will provide customized live content to broadcasters worldwide.

  • LE Travenues Technology's Rs 740.1 crore IPO gets bids for 44.7X the available 4.4 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 40.7X the available 79.6 lakh shares on offer.

  • Haldiram Snacks is reportedly considering an initial public offering (IPO) after its attempt to sell its stake to foreign investors failed due to a valuation mismatch. The IPO discussions are in the early stages, and the controlling shareholders will determine the offer price and proceed with the sale accordingly.

  • Dredging Corp of India` hits an all-time high of Rs 1,129.2 as its bags an order worth Rs 2,015.9 crore from Syama Prasad Mookerjee Port Authority for maintenance dredging of the Hooghly's shipping channel. The contract is for a period of five years.

  • Vodafone Idea gets in-principle approval for a Rs 14,000 crore loan from a State Bank of India-led consortium of banks. The funds will be used to repay operational creditors, roll out the 5G network, and bid for additional spectrum.

  • Brigade Enterprises announces plans to invest Rs 8,000 crore in Chennai by 2030 to expand its business in the city by launching residential, office, retail, and hospitality projects with over 15 million square feet.

  • The World Bank projects India’s GDP to grow at an average of 6.7% from FY25-27, driven by strong domestic demand, and a surge in investment and services activity.

  • Axis Direct upgrades KEC International to 'Buy' from 'Hold' with a higher target price of Rs 845 per share. This indicates a potential upside of 2.7%. The brokerage believes the company's strong order book and L1 position offer healthy revenue visibility for the next two years. It expects the company's revenue to grow at a CAGR of 9% over FY25-26.

  • AGS Transact Technologies rises sharply as it begins deploying 1,350 ATMs from a State Bank of India order won in FY24, with completion expected by H1FY25.

  • Nifty 50 hits an all-time high of 23,442 today. The benchmark index surges 7% over the past week.

  • Union Bank of India is rising as its board of directors approves the fundraising of Rs 10,000 crore via qualified institutional placement (QIP), bonds, and other modes in multiple tranches.

  • Jefferies has a 'Buy' rating on GMR Airports Infrastructure with a target price of Rs 100. The brokerage notes that the expansion of Delhi and Hyderabad airports will aid traffic growth and non-aero revenues. It adds that the company has filed a new tariff application for Delhi International Airport, to be implemented by Q4FY25, and notes the management's focus on developing its airport platform strategy.

  • Rites is rising as it signs a memorandum of understanding (MoU) with Eastern Railway's Andal Diesel Shed, West Bengal, to set up a framework for the repair and maintenance of diesel-electric locomotives.

  • Castrol India’s Managing Director Sandeep Sangwan resigns, effective October 31. The company appoints Kedar Lele as the new MD for five years, effective November 1, 2024.

  • B L Kashyap & Sons wins orders worth Rs 1,021 crore. Orders include the construction of a hotel structure and shell work from Sattva Homes and composite steel structural work from DLF City Centre.

  • VP Nandakumar, MD & CEO of Manappuram Finance, expects to launch the Asirvad MFI IPO in the next 2-3 months. He projects around 10-12% gold loan growth for FY25 and expects the non-gold growth momentum to continue. Nandakumar highlights that AUM growth for Q4FY24 stood at 18.7% YoY, and the calculated net interest margin(NIM) at 15%.

  • Media stocks like Sun TV Network, Zee Entertainment Enterprises, PVR INOX, Network18 Media & Investments, and TV18 Broadcast are rising in trade. The broader sectoral index, Nifty Media, is also trading in the green.

  • TVS Supply Chain Solutions surges as it inks a deal with Daimler Truck AG's arm, Daimler Truck South East Asia, for integrated supply chain solutions service in Singapore.

  • Ashish Kacholia sells a 2.9% stake in Ador Welding for approx Rs 48.7 crore in a bulk deal on Tuesday.

  • HCL Technologies rises sharply as it extends its partnership with Germany's apoBank with an estimated value of $278 million (approx. Rs 2,322.8 crore) for the next 7.5 years. The company also extends its engineering research and development partnership with Olympus.

Riding High:

Largecap and midcap gainers today include Max Healthcare Institute Ltd. (870.50, 8.5%), One97 Communications Ltd. (402.50, 5.8%) and LIC Housing Finance Ltd. (715.40, 5.2%).

Downers:

Largecap and midcap losers today include APL Apollo Tubes Ltd. (1,580.85, -3.2%), Pidilite Industries Ltd. (3,078.50, -3.1%) and Marico Ltd. (629.50, -2.8%).

Movers and Shakers

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

Top high volume gainers on BSE included Sunteck Realty Ltd. (579.15, 9.6%), Max Healthcare Institute Ltd. (870.50, 8.5%) and Privi Speciality Chemicals Ltd. (1,264.10, 7.3%).

Top high volume loser on BSE was Prism Johnson Ltd. (160.82, -2.0%).

Tanla Platforms Ltd. (959.05, 4.0%) was trading at 12.0 times of weekly average. Tata Teleservices (Maharashtra) Ltd. (80.96, 6.2%) and Trident Ltd. (40.48, 7.0%) were trading with volumes 9.1 and 8.6 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

47 stocks overperformed with 52-week highs,

Stocks touching their year highs included - Ashok Leyland Ltd. (238.04, 0.0%), Bajaj Auto Ltd. (9,904.25, 0.9%) and BASF India Ltd. (4849.40, 3.3%).

17 stocks climbed above their 200 day SMA including Privi Speciality Chemicals Ltd. (1,264.10, 7.3%) and Trident Ltd. (40.48, 7.0%). 3 stocks slipped below their 200 SMA including Century Plyboards (India) Ltd. (681.65, -1.3%) and PCBL Ltd. (244.01, -1.0%).

 
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