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Trendlyne Marketwatch
18 Jun 2024
Market closes higher, Rail Vikas Nigam wins a contract worth Rs 160.1 crore
By Trendlyne Analysis

 

Nifty 50 closed at 23,557.90 (92.3, 0.4%), BSE Sensex closed at 77,301.14 (308.4, 0.4%) while the broader Nifty 500 closed at 22,329.60 (115.3, 0.5%). Of the 2,178 stocks traded today, 1,164 were in the positive territory and 1,000 were negative.

Indian indices extended the gains from the afternoon session and closed in the green. The volatility index, Nifty VIX, rose by 1.2% and closed at 13 points. Alembic Pharmaceuticals gets US FDA approval for its Dabigatran Etexilate capsules used in reducing the risk of stroke and blood clots in adult patients. The capsules have an estimated market size of $179 million annually.

Nifty Midcap 100 and Nifty Smallcap 100 closed higher following the benchmark index. Nifty Realty and Nifty Bank closed higher than Friday’s closing level. According to Trendlyne’s sector dashboard, fertilizers emerged as the top-performing sector of the day, with a rise of over 5.4%.

Most European indices trade in the red, except for Switzerland’s SMI index trading flat. US indices futures trade flat, indicating a cautious start. Eurozone’s CPI inflation for May increased to 2.6% from 2.4% in April.

  • Relative strength index (RSI) indicates that stocks like Endurance Technologies, Coromandel International, Home First Finance, and JK Paper are in the overbought zone.

  • Biocon falls as it receives Form 483 with three observations from the US FDA after conducting a good manufacturing practices (GMP) inspection at the company's API manufacturing facility in Visakhapatnam.

  • GMR Airports Infrastructure rises as its passenger traffic increases 7% YoY to 1.1 crore, while aircraft movements grow by 6% YoY to 69,055.

  • Jubilant Pharmova declines by more than 3% as the US FDA issues 15 observations after conducting an audit of the Jubilant HollisterStier General Partnership’s (JHSGP) contract manufacturing facility in Montreal, Canada.

  • Gallantt Ispat rises sharply to hit its upper limit after it emerges as the preferred bidder for Rajasthan's Todupura Iron ore block, as confirmed by the Director of Mines and Geology.

  • Alembic Pharmaceuticals gets US FDA approval for its Dabigatran Etexilate capsules used in reducing the risk of stroke and blood clots in adult patients. The capsules have an estimated market size of $179 million annually.

  • Dhanlaxmi Bank’s board appoints Ajith Kumar K K as the Managing Director and Chief Executive Officer, for a period of three years, effective June 20, 2024.

  • Reports suggest that 20.4 lakh shares (1.7% equity) of Alkem Laboratories, amounting to Rs 1,011 crore, change hands in a large trade.

  • JNK India rises as it wins a Rs 350-500 crore order from Reliance Industries for a gas cracker unit de-bottlenecking project at Reliance’s Nagothane manufacturing division.

  • NBCC secures an order worth Rs 70 crore from the Grid Controller of India for planning, designing, and executing interior and infrastructure work at Grand Rue to establish GRID-INDIA in New Delhi. The company has won orders worth Rs 1,500 crore in the last two weeks.

  • Som Distilleries & Breweries falls as reports suggest that the National Commission for Protection of Child Rights finds children working at the firm's plant in Madhya Pradesh. However, the firm clarifies that the child labour concerns are related to its associated company, and blames private contractors for the mishap.

  • Godawari Power and Ispat rises sharply to its all-time high of Rs 1,179.9 after its board approves a Rs 301 crore buyback of up to 21.5 lakh equity shares at Rs 1,400 per share. The company sets June 28 as the record date for the buyback.

  • Zomato is reportedly in talks to acquire Paytm’s movies, and ticketing business in a deal worth Rs 1,500-1,900 crore. The company clarifies that a binding agreement has not yet been signed.

  • Rail Vikas Nigam wins a contract worth Rs 160.1 crore from East Coast Railway for providing automatic block signaling system and alteration in existing stations.

  • Goldman Sachs Funds sells a 0.8% stake in Restaurant Brands Asia for approx Rs 42.8 crore in a bulk deal on Friday.

  • Marshall Wace Investment-Eureka Fund sells a 0.4% stake (14.7 lakh shares) in Shriram Finance, amounting to approx. Rs 393.8 crore in a block deal on Friday. Meanwhile, BNP Paribas Financial Markets buys a stake in the company.

  • Mohit Joshi, CEO and MD of Tech Mahindra, anticipates improved demand conditions in the next 6-12 months. He highlights the company’s target of 500 bps margin expansion, and projects EBIT margin of 15% by FY27.

  • Infinite Trade & Investment, promoter of Adani Enterprises, buys a 2% stake in the company. It now holds a 74% stake.

  • Hindustan Aeronautics rises as the Ministry of Defence issues a request for proposal for the procurement of 156 light combat helicopters.

  • LE Travenues Technology’s shares debut on the bourses at a 48.5% premium to the issue price of Rs 93. The Rs 740.1 crore IPO has received bids for 98.3 times the total shares on offer.

  • Fitch Ratings raises India's FY25 growth forecast to 7.2% from 7% in March, citing increased consumer spending and investment. The ratings agency predicts growth rates of 6.5% and 6.2%, respectively, for 2025-26 and 2026-27, growth this fiscal year.

  • Larsen & Toubro's buildings and factories vertical wins multiple orders worth Rs 1,000-2,500 crore. Orders include the construction of a super-speciality hospital for the Asian Institute of Gastroenterology and an office space in Mumbai for another client.

  • BLS E-Services surges as it inks an agreement to acquire a 55% stake in Aadifidelis Solutions and its affiliates for an enterprise value of Rs 190 crore.

  • Porinju Veliyath sells a 0.7% stake in Allcargo Gati. He now holds a 2.9% stake in the company.

  • Keshav Power, promoter of Dalmia Bharat, sells a 0.9% stake (16 lakh shares) amounting to approx Rs 300.2 crore in a block deal on Friday. Meanwhile, Dalmia Bharat Refractories picks up a stake in the company.

Riding High:

Largecap and midcap gainers today include Hindustan Aeronautics Ltd. (5,533.45, 6.4%), Avenue Supermarts Ltd. (5,039.30, 6.3%) and IDFC First Bank Ltd. (81.46, 4.4%).

Downers:

Largecap and midcap losers today include Bank of India (122.22, -2.8%), Zydus Lifesciences Ltd. (1,078.95, -2.8%) and Max Healthcare Institute Ltd. (903.05, -2.7%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included MMTC Ltd. (83.83, 9.9%), Metro Brands Ltd. (1,252.75, 8.9%) and Ramkrishna Forgings Ltd. (809.30, 8.6%).

Top high volume losers on BSE were Kalpataru Projects International Ltd. (1,165, -4.5%), Gujarat Ambuja Exports Ltd. (141.81, -4.4%) and Jubilant Pharmova Ltd. (733.65, -3.0%).

Asahi India Glass Ltd. (669.55, 8.0%) was trading at 13.5 times of weekly average. Alembic Pharmaceuticals Ltd. (868, -2.3%) and Cera Sanitaryware Ltd. (8,090, 5.8%) were trading with volumes 7.5 and 7.0 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

75 stocks took off, crossing 52-week highs,

Stocks touching their year highs included - Avanti Feeds Ltd. (639.75, 7.6%), Bajaj Auto Ltd. (9,918.20, -0.4%) and Balkrishna Industries Ltd. (3,345.60, 3.2%).

20 stocks climbed above their 200 day SMA including Metro Brands Ltd. (1,252.75, 8.9%) and Kajaria Ceramics Ltd. (1,362.50, 6.1%). 10 stocks slipped below their 200 SMA including Gujarat Fluorochemicals Ltd. (3,190, -2.4%) and Alembic Pharmaceuticals Ltd. (868, -2.3%).

 
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