Trendlyne Marketwatch
Trendlyne Marketwatch
08 Jul 2024
Market closes flat, Larsen & Toubro bagged orders worth Rs 10,000-15,000 crore from Middle East
By Trendlyne Analysis

 

Nifty 50 closed at 24,320.55 (-3.3, 0.0%) , BSE Sensex closed at 79,960.38 (-36.2, -0.1%) while the broader Nifty 500 closed at 22,971.15 (-16.5, -0.1%). Market breadth is in the red. Of the 2,207 stocks traded today, 840 were on the uptick, and 1,347 were down.

Indian indices closed flat after switching between losses and gains throughout the day. The volatility index, Nifty VIX, rose 7.1% and closed at 13.6 points. Larsen & Toubro's renewables business bagged orders worth Rs 10,000-15,000 crore from a Middle East client to set up two solar power plants with a cumulative capacity of 3.5 GW.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the red. Nifty Consumer Durables and Nifty PSU Bank closed lower. According to Trendlyne’s Sector dashboard, Fertilizers emerged as the top-performing sector of the day, with a rise of 2.2%.

Major European indices traded higher, while major Asian indices closed lower. Most US index futures traded flat or lower, indicating a mixed start to the trading session. Paramount and Skydance enter a merger agreement worth $8 billion earlier today.

  • Money flow index (MFI) indicates that stocks like Castrol India, Infosys, Craftsman Automation, and Garden Reach Shipbuilders & Engineers are in the overbought zone.

  • GRM Overseas rises sharply as it partners with Diplomat Georgia to expand its basmati rice brand 'Tanoush' in Georgia through Diplomat's distribution channel. According to the agreement, Diplomat Georgia will have exclusive rights to distribute GRM's products for two years.

  • CG Power & Industrial Solutions surges to its all-time high of Rs 783.8 per share as its board of directors appoints Amar Kaul as the new Managing Director and CEO for five years, effective July 25.

  • According to data from Grant Thornton, Q1CY24 sees 501 deals worth $21.4 billion, reaching a new quarterly volume record since Q2CY22. Mergers & acquisitions and private equity deals totaled 467, valued at $14.9 billion. This represents a 9% increase in volume but a 28% decrease in value compared to the previous quarter, as there were no mega-mergers such as the Reliance-Disney deal in Q1CY24.

  • HPL Electric & Power rises sharply as it signs a memorandum of understanding (MoU) with Guangxi Ramway Technology, China. The agreement focuses on local manufacturing through phased manufacturing, technical tie-up, and procurement for assembling latching relays in India.

  • ICICI Prudential Life Insurance's new business premium rises 14.1% YoY to Rs 1,511 crore in June, and the new business sum assured increases by 13.6% YoY to Rs 85,348 crore.

  • Rail Vikas Nigam surges to its all-time high of Rs 567.5 per share after 1.5 crore shares change hands in a block deal. This was driven by a positive market sentiment following an MoU with Delhi Metro Rail Corp and plans by the Railway Ministry to manufacture an additional 10,000 non-AC coaches to cater the growing demand.

  • Reports suggest that Blackstone and its consortium partners Abu Dhabi Investment Authority and Singapore’s GIC are in talks with Haldiram's promoters for a controlling stake in the business at a valuation of up to Rs 70,000 crore. The Haldiram's family is looking to sell only a 51% stake but the current discussions with Blackstone are likely to see a stake sale of around 74%.

  • Sharekhan retains its 'Buy' call on Bajaj Finance with a target price of Rs 9,300 per share, indicating a potential upside of 31.4%. The brokerage remains confident in the stock due to its strong AUM growth led by diverse product offerings, customer acquisition, and cross-selling abilities. It expects the company's revenue to grow at a CAGR of 15.8% over FY25-26.

  • NLC India is rising as it acquires its second commercial coal mine block, with a total coal reserve of approximately 1,377 million tonnes, at Machhakata, Odisha.

  • Larsen & Toubro's renewables business bags orders worth Rs 10,000-15,000 crore from a Middle East client to set up two solar power plants with a cumulative capacity of 3.5 GW.

  • Reports suggest that 39.2 lakh shares (around 1.3% equity) of Swan Energy, amounting to Rs 261 crore, have changed hands in a block deal.

  • Union Bank of India's Q1FY25 deposits rise 8.5% YoY to Rs 12.2 lakh crore, and advances increase by 11.5% YoY to Rs 9.1 lakh crore. The bank's domestic CASA deposits grow by 3.8% YoY.

  • Welspun Corp invests in its subsidiary, Bhargavi Renewable, a special purpose vehicle (SPV), to provide 15.5 MWp of ground-mounted solar power to the company and its subsidiaries. The company agrees to invest up to Rs 3.5 crore, holding up to 22.7% equity share capital.

  • Dabur India rises sharply following a positive Q1FY25 update. The company anticipates mid to high single-digit consolidated revenue growth, driven by a strong momentum in the food and healthcare segments.

  • Gillette India appoints Kumar Venkatasubramanian as Managing Director for a period of five years.

  • India's defence sector has surged by 200% over the past year, outpacing major sectors and benchmark indices. According to a Nomura report, defence spending has grown 10% annually in the past decade, exceeding the global average of 3%. The government aims for self-reliance in manufacturing, backing the sector with policy reforms and higher annual defense expenditure. Defence exports have soared from Rs 686 crore in 2013-14 to Rs 21,083 crore this year.

  • Coforge is rising as it enters a share purchase agreement (SPA) with Cigniti Technologies to buy an additional 76.4 crore shares (or a 28% stake) for Rs 1,072 crore.

  • IndusInd Bank's Q1FY25 net advances rise 16% YoY to Rs 3 lakh crore, and deposits grow by 15% YoY to Rs 3.5 lakh crore. The bank's CASA ratio stands at 39.9%.

  • Anil Kumar Goel cuts stake in Dwarikesh Sugar Industries to below 1% in Q1FY25. He held a 4.2% stake in the company in Q4FY24.

  • Investec initiates a ‘Buy’ rating on NHPC, Inox Wind, Kalpataru Projects, KEC International, and a ‘Hold’ on JSW Energy. The brokerage expects strong power demand until FY32. It notes the focus on thermal energy to meet rising demand, and expects the wind and transmission space to witness a fresh round of capex.

  • Dolly Khanna adds Tinna Rubber and Infrastructure to her portfolio in Q1FY25. She buys a 1% stake in the company.

  • Apcotex Industries is falling as it halts production operations at its manufacturing plant in Taloja due to heavy rainfall.

  • Titan's revenue grows by 9% YoY in Q1FY25, owing to improvements in the jewellery, watches & wearables, emerging businesses, and CaratLane segments. It appears in a screener of stocks with increasing return on capital employed (RoCE) over the past two years.

  • Man Industries (India) wins an order worth Rs 1,850 crore from an international oil and gas company to supply high value-added line pipes for a mega offshore project.

  • Nifty 50 was trading at 24,299.10 (-24.8, -0.1%), BSE Sensex was trading at 79,915 (-81.6, -0.1%) while the broader Nifty 500 was trading at 23,016.35 (28.7, 0.1%).

  • Market breadth is surging up. Of the 2,029 stocks traded today, 1,383 were on the uptrend, and 614 went down.

Riding High:

Largecap and midcap gainers today include Rail Vikas Nigam Ltd. (565.90, 15.2%), One97 Communications Ltd. (472.35, 8.2%) and Indian Railway Finance Corporation Ltd. (202.02, 7.3%).

Downers:

Largecap and midcap losers today include Au Small Finance Bank Ltd. (642.70, -4.5%), Bank of Baroda (262.35, -4.2%) and Persistent Systems Ltd. (4,586.30, -3.9%).

Movers and Shakers

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

Top high volume gainers on BSE included Rail Vikas Nigam Ltd. (565.90, 15.2%), Rashtriya Chemicals & Fertilizers Ltd. (228.39, 12.0%) and Indian Railway Finance Corporation Ltd. (202.02, 7.3%).

Top high volume losers on BSE were Au Small Finance Bank Ltd. (642.70, -4.5%), Titan Company Ltd. (3,156.20, -3.5%) and Shoppers Stop Ltd. (766, -2.8%).

Metro Brands Ltd. (1286.05, 5.6%) was trading at 50.7 times of weekly average. Gujarat Mineral Development Corporation Ltd. (421.85, 5.1%) and Great Eastern Shipping Company Ltd. (1,343.20, 6.0%) were trading with volumes 13.8 and 9.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

47 stocks made 52 week highs,

Stocks touching their year highs included - Aegis Logistics Ltd. (926.75, 0.5%), Aurobindo Pharma Ltd. (1,305.40, 0.1%) and BASF India Ltd. (5,599.15, 4.1%).

6 stocks climbed above their 200 day SMA including ITC Ltd. (443.60, 2.3%) and HDFC Life Insurance Company Ltd. (620.90, 2.2%). 7 stocks slipped below their 200 SMA including Au Small Finance Bank Ltd. (642.70, -4.5%) and Eureka Forbes Ltd. (477, -3.2%).

 
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