Trendlyne Marketwatch
Trendlyne Marketwatch
27 Jun 2024
Market closes higher, UltraTech Cement to acquire a 23% stake in India Cements
By Trendlyne Analysis

 

 

Nifty 50 closed at 24,044.50 (175.7, 0.7%), BSE Sensex closed at 79,243.18 (568.9, 0.7%) while the broader Nifty 500 closed at 22,537.40 (100.6, 0.5%). Market breadth is moving down. Of the 2,149 stocks traded today, 648 showed gains, and 1,485 showed losses.

Indian indices continued to gain in the last hour of trading and closed higher, with the Sensex crossing 79,000 for the first time in its history, another record high. UltraTech Cement was the biggest Nifty50 gainer after it announced a plan to acquire a 23% stake in India Cements.

The Indian volatility index Nifty VIX rose by 0.71% and closed at 14.15 points. Nifty Smallcap 100 and Nifty Midcap 100 trended in opposite directions, with the smallcap index closing lower, while the midcap index closed higher. According to Trendlyne’s Sector dashboard, forest material and software services were the best performers of the day.

Major Asian indices closed in the red, except for the Taiwan Weighted and Indian indices. US index futures are trading lower. Brent crude oil futures are up. Goldman Sachs says that this month's net selling by hedge funds in the US tech sector is the largest on record since 2017.

  • Money flow index (MFI) indicates that stocks like Samvardhana Motherson International, Craftsman Automation, Cera Sanitaryware, and Raymond are in the overbought zone.

  • Kalpataru Projects International's board of directors approves prepayment of non-convertible debentures (NCDs) worth Rs 198 crore on or before July 20.

  • JSW Energy's arm, JSW Neo Energy, through its subsidiaries, signs a power purchase agreement (PPA) for wind and solar projects with a total capacity of 1,325 MW. This includes 1,025 MW with Solar Energy Corp of India (SECI) and 300 MW with Gujarat Urja Vikas Nigam.

  • Gartner predicts a robust outlook for IT spending in banking and investment services globally, particularly beneficial for the Indian IT industry. The firm forecasts a 9.7% rise in IT spending to $716 billion in 2024, up from $658 billion in 2023. It believes the surge in worldwide demand offers significant opportunity for the Indian IT sector, which has been navigating through macroeconomic challenges.

  • SJVN's wholly owned subsidiary, SJVN Green Energy, signs a Memorandum of Understanding (MoU) with AM Green Ammonia to supply renewable energy (RE) to AM Green's plants in Andhra Pradesh.

  • Vraj Iron & Steel's Rs 171 crore IPO gets bids for 10.8X the available 61.5 lakh shares on offer on the second day of bidding. The retail investor quota gets bids for 13.9X the available 30.7 lakh shares on offer.

  • Allied Blenders & Distillers' Rs 1,500 crore IPO gets bids for 7.4X the available 3.9 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 3.2X the available 2 crore shares on offer.

  • Yes Bank reportedly fires 500 employees across various verticals as part of its cost-cutting plans and shift towards digital banking instead of manual processes. The bank is the first sector player to initiate layoffs in many years, while all other private players are hiring.

  • Ramky Infrastructure rises sharply as it bags two orders worth Rs 131.2 crore from PowerGrid Energy Services for loss reduction work under the results-linked distribution sector scheme (RDSS) in Leh District.

  • Rail Vikas Nigam's joint venture with Kerala Rail Development Corp wins an order worth Rs 156.5 crore from the Southern Railway to provide automatic signalling on the Ernakulam-Vallattol Nagar section of Thiruvananthapuram division.

  • Reliance Industries' telecom arm Jio expands its 1,800 MHz band by acquiring 5 MHz paired spectrum in Bihar for Rs 420.2 crore and 9.4 MHz paired spectrum in West Bengal for Rs 553.4 crore. It secures the spectrum for 20 years.

  • Nifty 50 breaches the 24,000 mark for the first time and hits a record high of 24,015.3 today. The BSE Sensex crosses the 79,000 mark and reaches its all-time high of 79,186.9.

  • Waaree Renewable Technologies secures a letter of award (LOA) for the engineering, procurement, and construction of a solar power project with a 1-megawatt peak (MWp) capacity valued at Rs 4.1 crore.

  • PI Industries rises sharply as it acquires Plant Health Care Plc for £32.8 million (approx. Rs 341.7 crore) to set up a portfolio of integrated solutions for sustainable agriculture. The consideration for the acquisition will be funded from previous QIP proceeds.

  • Bharti Airtel acquires 97 MHz spectrum in 900 MHz, 1800 MHz, and 2100MHz frequency bands for Rs 6,857 crore through the 5G spectrum auction. It secures the spectrum for 20 years.

  • The National Council of Applied Economic Research (NCAER) forecasts India's FY25 GDP growth at 7.5%, exceeding the RBI's 7.2% projection, driven by strong economic activity. Poonam Gupta, Director General of NCAER, sees a robust first-quarter performance backed by solid investment strategies and stable macroeconomic conditions. However, she remains cautious about challenges like rising food prices.

  • Rashmi Chowdhary, promoter of Titagarh Rail Systems, sells a 2% stake (26.9 lakh shares) worth approx. Rs 435.7 crore in a block deal on Wednesday. Meanwhile, BlackRock Global Funds and BNP Paribas Financial Markets pick up 1.6% and 0.4% stakes respectively, in the company.

  • The Reserve Bank of India approves the appointment of R Balaji as Managing Director and Chief Executive Officer of PTC India Financial Services, effective June 26.

  • KEC International surges to its all-time high of Rs 950 per share as its transmission & distribution (T&D) business bags multiple orders worth Rs 1,025 crore in India and overseas markets.

  • Reports suggest that 1.7 crore shares of CSB Bank, amounting to Rs 595 crore, have changed hands in a block deal. FIH Mauritius is a likely seller in the transaction.

  • Affle Holdings, promoter of Affle (India), sells a 1.8% stake in the company on Wednesday. It now holds a 40.8% stake.

  • ITD Cementation India surges to its all-time high of Rs 534.8 per share as it bags a marine contract worth Rs 1,082 crore to construct the third berth and additional work at the Dahej LNG Terminal in Gujarat.

  • UltraTech Cement rises as it announces plans to acquire a 23% stake in India Cements at a price of up to Rs 267 per share. The acquisition is worth approx Rs 1,885 crore.

  • Dr Reddy's Laboratories' Switzerland subsidiary, Dr Reddy's Laboratories SA, acquires Haleon Group's Northstar Switzerland SARL for GBP 500 million (approx. Rs 5,274 crore). This acquisition gives Dr Reddy's access to Haleon’s global portfolio of consumer healthcare brands in the nicotine replacement therapy (NRT) category outside of the United States.

  • Nifty 50 was trading at 23,841.50 (-27.3, -0.1%), BSE Sensex was trading at 78,758.67 (84.4, 0.1%) while the broader Nifty 500 was trading at 22,460.10 (23.3, 0.1%).

  • Market breadth is highly positive. Of the 1,922 stocks traded today, 1,298 were gainers and 578 were losers.

Riding High:

Largecap and midcap gainers today include Macrotech Developers Ltd. (1,538.50, 7.2%), UltraTech Cement Ltd. (11,716.70, 5.2%) and Procter & Gamble Hygiene & Healthcare Ltd. (16,817.35, 4.9%).

Downers:

Largecap and midcap losers today include Punjab National Bank (119.20, -4.2%), Indian Hotels Company Ltd. (624.40, -3.9%) and Au Small Finance Bank Ltd. (666.10, -3.8%).

Volume Shockers

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

Top high volume gainers on BSE included Route Mobile Ltd. (1,879.55, 14.3%), India Cements Ltd. (293.23, 11.7%) and Mazagon Dock Shipbuilders Ltd. (4,416.35, 8.2%).

Top high volume losers on BSE were Archean Chemical Industries Ltd. (657.60, -4.9%), Punjab National Bank (119.20, -4.2%) and Godrej Consumer Products Ltd. (1,362, -3.7%).

Whirlpool of India Ltd. (1,984.35, 8.0%) was trading at 17.1 times of weekly average. CSB Bank Ltd. (365.65, 2.7%) and Suven Pharmaceuticals Ltd. (787.35, 8.0%) were trading with volumes 9.8 and 9.7 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

41 stocks overperformed with 52 week highs,

Stocks touching their year highs included - Axis Bank Ltd. (1,288.95, 0.3%), Bayer Cropscience Ltd. (6,653.90, 1.7%) and Bharti Airtel Ltd. (1,475.80, 1.1%).

8 stocks climbed above their 200 day SMA including India Cements Ltd. (293.23, 11.7%) and Eureka Forbes Ltd. (485.50, 6.0%). 11 stocks slipped below their 200 SMA including Au Small Finance Bank Ltd. (666.10, -3.8%) and APL Apollo Tubes Ltd. (1,539.10, -3.5%).

 
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