Trendlyne Marketwatch
Trendlyne Marketwatch
20 Jun 2024
Market closes higher, ICICI Direct retains a 'Buy' call on Mahindra & Mahindra
By Trendlyne Analysis

 

Nifty 50 closed at 23,567 (51, 0.2%), BSE Sensex closed at 77,478.93 (141.3, 0.2%) while the broader Nifty 500 closed at 22,305.10 (80.2, 0.4%). Of the 2,148 stocks traded today, 1,377 were on the uptick, and 745 were down.

Indian indices closed in the green after seeing volatility throughout today's trading. The Indian volatility index, Nifty VIX, fell 2.6% and closed at 13.3 points. Disappointing economic data from the US has pushed gold prices to a two week high, and the rupee hit a record low of 83.65 against the dollar. 

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, taking cues from the benchmark index. Nifty Realty and Nifty Metal were among the top index gainers today. According to Trendlyne’s Sector dashboard, Fertilizers emerged as the best-performing sector of the day, with a jump of over 14%.

Asian indices closed in the red, except for Japan’s Nikkei 225 index which closed higher. European indices are trading higher amid mixed global cues. Brent crude oil futures are trading up 0.2% amid expectations of higher travel demand.

  • Gujarat Narmada Valley Fertilizers & Chemicals sees a long buildup in its June 27 future series as its open interest rises 36.5% with a put-call ratio of 0.6.

  • The Ministry of Defence appoints Manoj Jain as the Chairman & Managing Director of Bharat Electronics, effective June 20.

  • Tata Communications rises as it secures a five-year $250 million (approx. Rs 2,091 crore) sustainability-linked loan from ANZ, DBS Bank, and Export Development Canada (EDC) to meet its carbon emission reduction targets and enhance long-term sustainability.

  • Akme Fintrade (India)'s Rs 132 crore IPO gets bids for 8.3X the available 78.7 lakh shares on offer on the second day of bidding. The retail investor quota gets bids for 11.4X the available 36.6 lakh shares on offer.

  • Sponge iron and TMT bars manufacturer, Vraj Iron & Steel, sets the price band for its IPO at Rs 195-207 per share. The size of the issue is Rs 171 crore, and is completely a fresh issue. The issue opens on June 26.

  • DEE Development Engineers' Rs 418 crore IPO gets bids for 6.3X the available 1.5 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 6.5X the available 74.8 lakh shares on offer.

  • ICICI Direct retains its 'Buy' call on Mahindra & Mahindra with a higher target price of Rs 3,420 per share. This indicates a potential upside of 18.9%. The brokerage remains positive on the stock due to its strong market share in the SUV and tractor segments, robust new products portfolio and focus on capital efficiency. It expects revenue to grow at a CAGR of 14.4% over FY25-26.

  • PNB Housing Finance falls as over 1.3 crore shares (5.2% stake), amounting to Rs 1,095.1 crore, reportedly change hands in a block deal. General Atlantic and Asia Opportunities Fund are the likely sellers in the transaction.

  • Reports suggest that 83.4 lakh shares (2.1% equity) of Chambal Fertilisers & Chemicals, amounting to Rs 443 crore, have changed hands in a large deal.

  • Metal stocks like Vedanta, NMDC, Hindustan Zinc, and National Aluminium are rising in trade. The broader sectoral indices, Nifty Metal and BSE Metal are also trading in the green.

  • Sun Pharmaceutical Industries falls as it receives a warning letter from the US FDA for its Dadra facility. The warning letter summarises violations concerning Current Good Manufacturing Practice (cGMP) regulations, the contents of which will be made public by the USFDA in due course.

  • Tanfac Industries surges as it signs a framework agreement worth $81 million (approx. Rs 675 crore) over the next five years with Japanese specialty chemical companies to supply refrigerant gas.

  • Ashok Atluri of Zen Technologies says, the company focuses on enhancing its existing product line, and highlights plans for new launches in the next 18 months. He notes the strong demand in its anti-drones segment from domestic and foreign governments. Atluri projects the company's revenue at Rs 900 crore in FY25.

  • PE firm WestBridge Capital sells a 1.8% stake (1.3 crore shares) in AU Small Finance Bank, amounting to Rs 845 crore, in a bulk deal. Meanwhile, Goldman Sachs Mauritius picks 43.3 lakh shares in the company worth Rs 281.8 crore.

  • Kamidi Narsimha Reddy, promoter of KNR Constructions, sells a 1.9% stake in the company on Wednesday. He now holds a 30.6% stake.

  • Brigade Enterprises rises as it inks an agreement to develop a third world trade center tower at Infopark, Kochi. The project is worth Rs 150 crore.

  • DCB Bank is rising as Motilal Oswal upgrades its rating to 'Buy' with a target price of Rs 175. The brokerage notes the recovery in loan growth driven by the bank's shift towards retail loans. It expects GNPA and NNPA ratios to improve to 2.6% and 0.8%, respectively, by FY26, and projects credit costs at 0.5%.

  • CE Info Systems surges as Goldman Sachs reportedly initiates coverage with a 'Buy' call and a target price of Rs 2,800 per share. This indicates a potential upside of 24.3%. The brokerage believes the company is well positioned for growth due to market leadership in the fast-growth end-markets, with an 80% market share in automotive OEM navigation software. It expects revenue to grow at a CAGR of 38% over FY25-27.

  • Sapphire Foods India rises as its board approves the sub-division/split of its existing equity shares from one equity share with a face value of Rs 10 into five equity shares with a face value of Rs 2.

  • Blue Dart Express rises as it collaborates with Skye Air to launch drone deliveries and focus on the growing e-commerce sector.

  • Reliance Jio gains 26.9 lakh wireless subscribers on a net basis in April, while Bharti Airtel adds 7.5 lakh. Vodafone Idea’s subscribers continue to decline, with a loss of 7.3 lakh on a net basis.

  • KEI Industries is falling as labour strikes at its plants in Rakholi and Chinchpada partially affect operations. Reports suggest the company will have a potential production loss of Rs 8 crore per day.

  • Anil Kumar Goel sells a 0.5% stake in Dhampur Sugar Mills for approx Rs 8.5 crore in a bulk deal on Wednesday.

  • Som Distilleries & Breweries falls sharply as the Madhya Pradesh Excise Department reportedly revokes the company's license. This comes after 50 minors were rescued from its distillery in the Raisen district of Bhopal.

  • Indian Oil enters a 50:50 joint venture (JV) with GPS Renewables to advance biofuel adoption. The JV will focus on integrating biogas technologies to convert waste into compressed biogas (CBG).

Riding High:

Largecap and midcap gainers today include Bharat Forge Ltd. (1,791.40, 5.2%), Gujarat Fluorochemicals Ltd. (3,424, 5.0%) and Deepak Nitrite Ltd. (2,605.25, 4.8%).

Downers:

Largecap and midcap losers today include Power Finance Corporation Ltd. (481.35, -3.6%), Tube Investments of India Ltd. (4,213.40, -3.3%) and Linde India Ltd. (8,710.65, -2.6%).

Movers and Shakers

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

Top high volume gainers on BSE included C.E. Info Systems Ltd. (2,409.65, 20%), Rashtriya Chemicals & Fertilizers Ltd. (222.26, 20%) and Chambal Fertilisers & Chemicals Ltd. (557.85, 19.3%).

Top high volume losers on BSE were PNB Housing Finance Ltd. (791.80, -5.7%), Sun Pharmaceutical Industries Ltd. (1,471, -2.2%) and Route Mobile Ltd. (1,517.15, -2.0%).

Sapphire Foods India Ltd. (1,576.30, 1.1%) was trading at 11.9 times of weekly average. Gujarat Narmada Valley Fertilizers & Chemicals Ltd. (765.55, 9.8%) and Deepak Fertilisers & Petrochemicals Corporation Ltd. (728.15, 12.8%) were trading with volumes 11.3 and 8.8 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

30 stocks overperformed with 52-week highs,

Stocks touching their year highs included - BASF India Ltd. (5,234.50, 6.7%), Bharat Forge Ltd. (1,791.40, 5.2%) and Carborundum Universal Ltd. (1,749.05, -2.9%).

10 stocks climbed above their 200 day SMA including India Cements Ltd. (233.15, 6.7%) and Gujarat Fluorochemicals Ltd. (3,424, 5.0%). 7 stocks slipped below their 200 SMA including Aether Industries Ltd. (868.50, -1.2%) and Cyient Ltd. (1,870.50, -1.1%).

 
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