Trendlyne Marketwatch
Trendlyne Marketwatch
14 Jun 2024
Market closes higher, Jindal Stainless acquires a 46% stake in Chromeni Steels for Rs 277.9 crore
By Trendlyne Analysis

 

Nifty 50 closed at 23,465.60 (66.7, 0.3%), BSE Sensex closed at 76,992.77 (181.9, 0.2%) while the broader Nifty 500 closed at 22,214.30 (140, 0.6%). Of the 2,140 stocks traded today, 1,228 were gainers and 888 were losers.

Indian indices maintained the gains from the afternoon session and closed in the green. The volatility index, Nifty VIX, dropped by 5% and closed at 12.8 points. Ambuja Cements acquired a 100% stake in Penna Cement at an enterprise value of Rs 10,442 crore. This acquisition increased the company's capacity by 14 MTPA to 89 MTPA.

Nifty Midcap 100 and Nifty Smallcap 100 closed higher following the benchmark index. Nifty Auto and Nifty Metal closed higher than Thursday’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 3.8%.

Most European indices trade in the red. US indices futures trade lower, indicating a negative start. Japan’s industrial production in April contracted by 0.9% MoM against estimates of a 0.1% decline.

  • ABB India sees a short buildup in its June 27 future series as its open interest rises 15.3% with a put-call ratio of 0.7.

  • Godfrey Phillips' Executive Director, Samir Modi, reportedly seeks police protection after accusing his mother of orchestrating an attack on him amid a dispute over estate distribution following the death of the family patriarch six years ago.

  • Signatureglobal's wholly-owned subsidiary, Sternal Buildcon, is set to buy 3.8 acres of land on the Dwarka Expressway in Gurugram. The land has a potential development area of approximately 6 lakh sq. ft.

  • Kolte Patil Developers' CEO Rahul Talele tenders his resignation, effective June 14. The company appoints Atul Bohra as his successor.

  • Citigroup Global Markets Mauritius sells a 0.1% stake (5.2 lakh shares) to Societe Generale in InterGlobe Aviation, worth approx Rs 224 crore, in a block deal on Thursday. The transaction was executed at an average price of Rs 4,300.4 per share.

  • According to Moody's Ratings, India is expected to maintain its position as the fastest-growing economy, keeping up the momentum driven by domestic factors from last year. The ratings agency foresees policy consistency post the general election, with continued emphasis on infrastructure growth and promotion of private sector investments.

  • DCX Systems surges after receiving multiple orders totaling Rs 32.2 crore from domestic and international clients to supply cable and wire harness assemblies. The orders are expected to be fulfilled within the next 12 months.

  • Sectors like telecommunications equipment, general industrials, fertilizers, realty, and cement & construction rise more than 8% in the past week.

  • Zydus Lifesciences is rising as it receives approval from the US FDA for its Azilsartan Medoxomil and Chlorthalidone tablets. The tablets, used to treat high blood pressure, have an estimated annual sales of $77.9 million in the US.

  • Arnab Banerjee, COO of Ceat, expects to maintain leadership in the 2-wheeler segment. He projects a volume growth in high single-digits to low double-digits with margins ranging between 13-14% for the next few quarters. Banerjee also anticipates raw material prices to go up by 5-5.5% and indicates a price hike of 3-3.5%.

  • National Aluminium Co signs a mining lease with the Odisha state government over an area of 698 hectares for bauxite mines in the Koraput district. These mines can produce 3.5 million tonnes of bauxite each year and are estimated to hold reserves of 111 million tonnes, which could support mining operations for 32 years.

  • Jindal Stainless acquires the remaining 46% stake in Chromeni Steels for Rs 277.9 crore, making it a wholly owned subsidiary, effective June 14. The company earlier announced acquisitions on May 1 and June 4, 2024.

  • Tata Elxsi rises as it collaborates with Red Hat to monetize applications and reduce operational expenditures by streamlining 5G network operations for telecommunications and enterprises.

  • India's WPI inflation grows to 2.6% in May from 1.3% in April, marking a 15-month high from February 2023. This rise is due to higher prices of food articles, manufacture of food products, crude petroleum & natural gas, and mineral oils. WPI food index increases to 7.4% in May from 5.5% in April.

  • Shipping Corp rises sharply as it receives an in-principle approval from the NITI Aayog to establish a wholly-owned subsidiary at GIFT City, Gujrat.

  • BNP Paribas Financial Markets sells a 2.3% stake (5.8 crore shares) in L&T Finance, worth approx Rs 986.1 crore, in a block deal on Thursday. BC Investments Vi and BC Asia sell 0.4% and 0.8% stakes, respectively. Meanwhile, Morgan Stanley Asia Singapore PTE and Larsen & Toubro pick up 1.4% and 0.5% stakes in the company.

  • Foreign institutional investors invest Rs 8,960 crore in the equity market over the past week, according to Trendlyne's FII dashboard. However, index options witness the highest outflow of Rs 1.2 lakh crore from FIIs. Meanwhile, mutual funds were net buyers of equity worth Rs 6,352.5 crore during the same period.

  • Non-banking finance company Akme Fintrade (Aasaan Loans) sets the price band for its IPO at Rs 114-120 per share. The issue size is Rs 132 crore and is completely a fresh issue. The issue opens on June 19.

  • Havells India is set to expand the manufacturing capacities of air conditioners at Ghiloth and Sricity to 15 lakh units per annum. The proposed investment for the expansion is around Rs 50-60 crore.

  • Vodafone Idea's board approves a preferential issue of equity shares up to 166 crore shares, worth Rs 2,458 crore, via a preferential issue to Nokia Solutions & Networks India and Ericsson India.

  • Rites rises sharply as it signs a memorandum of understanding (MoU) with Delhi Metro Rail Corp (DMRC) for operations and management of metro projects in India and abroad.

  • CLSA retains its 'Buy' rating on Prestige Estates Projects with a higher target price of Rs 2,320. The brokerage expects the operating cash flow will substantially support the company's capex and project pipeline growth. It believes that the firm's valuation is still at a discount to its peers.

  • Suven Pharmaceuticals rises as it plans to acquire 100% equity shares of Sapala Organics. The company expects to complete the acquisition of a 67.5% stake in Q2FY25 for Rs 229.5 crore.

  • Anil Kumar Goel sells a 0.9% stake in Dhampur Sugar Mills for approx Rs 14.8 crore in a bulk deal. He also sells a 0.7% stake in Dwarikesh Sugar Industries for approx Rs 9.9 crore.

  • Ambuja Cements is rising as it acquires a 100% stake in Penna Cement at an enterprise value of Rs 10,442 crore. This acquisition increases the company's capacity by 14 MTPA to 89 MTPA.

  • Puravankara rises sharply as its board of directors approves issuing shares worth Rs 1,000 crore through a qualified institutional placement (QIP).

Riding High:

Largecap and midcap gainers today include ABB India Ltd. (9,020, 6.8%), Schaeffler India Ltd. (4,825.60, 6.7%) and Life Insurance Corporation of India (1,066.85, 6.4%).

Downers:

Largecap and midcap losers today include MphasiS Ltd. (2,408.85, -1.9%), GlaxoSmithKline Pharmaceuticals Ltd. (2,654.85, -1.7%) and Hindustan Zinc Ltd. (661.90, -1.6%).

Volume Shockers

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

Top high volume gainers on BSE included Mazagon Dock Shipbuilders Ltd. (3,877.55, 14.4%), Chemplast Sanmar Ltd. (621.50, 11.8%) and SKF India Ltd. (6,921.20, 11.6%).

Top high volume loser on BSE was La Opala RG Ltd. (317.25, -3.5%).

ICICI Lombard General Insurance Company Ltd. (1,730.90, 4.1%) was trading at 15.8 times of weekly average. Craftsman Automation Ltd. (4,700, 6.4%) and JK Paper Ltd. (490.80, 10.0%) were trading with volumes 12.7 and 8.3 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

77 stocks overperformed with 52-week highs,

Stocks touching their year highs included - Ambuja Cements Ltd. (677.20, 1.9%), Ashok Leyland Ltd. (239.84, 1.3%) and Bajaj Auto Ltd. (9,961.75, 0.4%).

16 stocks climbed above their 200 day SMA including Craftsman Automation Ltd. (4,700, 6.4%) and Restaurant Brands Asia Ltd. (111.13, 4.0%). 7 stocks slipped below their 200 SMA including MphasiS Ltd. (2,408.85, -1.9%) and Deepak Fertilisers & Petrochemicals Corporation Ltd. (593.60, -1%).

 
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