Trendlyne Marketwatch
Trendlyne Marketwatch
11 Jul 2024
Market closes flat, Ahluwalia Contracts bags an order worth Rs 893.5 crore
By Trendlyne Analysis

 

 

Nifty 50 closed at 24,315.95 (-8.5, 0.0%) , BSE Sensex closed at 79,897.34 (-27.4, 0.0%) while the broader Nifty 500 closed at 23,005.25 (27.6, 0.1%). Market breadth is in the green. Of the 2,161 stocks traded today, 1,282 were on the uptick, and 856 were down.

Indian indices closed flat after switching between losses and gains throughout the day. The volatility index, Nifty VIX, fell 3% and closed at around 14 points. Ahluwalia Contracts (India) closed 3.6% higher as it secured a Rs 893.5 crore order from the Airports Authority of India to develop Lal Bahadur International Airport in Varanasi.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green. Nifty Bank and Nifty FMCG closed higher. According to Trendlyne’s Sector dashboard, Media emerged as the top-performing sector of the day, with a rise of 1.6%. 

European indices traded mixed. Most Asian indices closed higher, except India’s Nifty 50 which closed flat. US index futures traded mixed, indicating a cautious start to the trading session. Investors look ahead to the earnings announcements from companies like PepsiCo, Conagra, and Delta Air Lines, scheduled for release later today. Brent crude futures traded higher.

  • Money flow index (MFI) indicates that stocks like Lupin, Rail Vikas Nigam, Dr. Reddy's Laboratories, and Rajesh Exports are in the overbought zone.

  • Indegene shares rise sharply after announcing a strategic collaboration with Microsoft. The partnership aims to scale up the adoption of enterprise-grade generative AI services, enhancing commercial, medical, regulatory, and clinical operations.

  • Bharat Petroleum Corp is rising as Andhra Pradesh CM, N Chandrababu Naidu, reportedly plans to set up an oil refinery and petrochemical complex in the state. The government will procure a 5000-acre land parcel, while the company plans a capex of Rs 60,000-70,000 crore.

  • Rail Vikas Nigam surges to a new all-time high as it receives a Rs 138.4 crore letter of acceptance (LOA) from the Central Railway. The project involves modifying the overhead equipment to upgrade the electric traction system in the Amla-Nagpur Section of the Nagpur division to meet a 3000 MT loading target.

  • Investment firms like Norway's Norfund and Germany's Development Financial Institution (DEG) are reportedly looking to acquire a stake in India Grid Trust's new power transmission platform, valued at approximately $250 million.

  • Oil and gas stocks like Oil India, Hindustan Petroleum Corp, Petronet LNG, and Oil And Natural Gas Corp are rising in trade. All constituents of the sectoral index, BSE Oil & Gas, are trading in the green.

  • Yes Bank rises sharply as Moody's upgrades its outlook from 'stable' to 'positive', expecting improvement in its depositor base and lending franchise, driving enhanced core profitability over the next 12-18 months.

  • Emkay Global initiates a 'Buy' on HG Infra Engineering and sets the target price at Rs 2,100 per share. This indicates a potential upside of 23.9%. The brokerage expects revenue growth led by strong order inflows in the roads segment supported by pickup in awarding activities and expansion in the railways, water, and solar segments. It expects the company's revenue to grow at a CAGR of 16.1% over FY25-27.

  • Nomura reiterates its 'Buy' rating on Ambuja Cements with a higher target price of Rs 780. The rationale includes aggressive capacity expansion, penetration into new markets, industry-leading volume growth, enhanced brownfield opportunities, and efforts toward cost optimization. The brokerage notes the firm's ongoing initiative to increase its capacity by 24 million tonnes by FY26 through organic and inorganic expansions.

  • Shalby surges as it secures a 30-year lease from the Charity Commissioner of Maharashtra to run the Asha Parekh Hospital in Santacruz, Mumbai. This allows the multispecialty hospital chain to expand in Santacruz by adding a new 175+ bed facility.

  • Ahluwalia Contracts (India) rises as it wins an order worth Rs 893.5 crore from the Airports Authority of India to develop Lal Bahadur International Airport in Varanasi.

  • Sula Vineyards' revenue increases by 9.7% YoY to Rs 129.6 crore in Q1FY25. However, wine tourism revenue decreases by 2.5% YoY. It features in a screener of stocks with rising net cash flow and cash from operating activities.

  • Reports suggest that 36 lakh shares (1% equity) of Sun TV Network, amounting to Rs 280 crore, have changed hands in a large trade.

  • Power Grid Corp of India rises to its all-time high of Rs 348.8 per share as its board of directors increases its borrowing limit to Rs 15,000 crore from Rs 12,000 crore for FY25.

  • Glenmark Life Sciences falls sharply as its promoter and promoter group, Glenmark Pharmaceuticals and Mr. Glenn Mario Saldanha, plan to sell over 96 lakh shares (7.8% stake) through an offer for sale (OFS) on the stock exchange.

  • Shipping stocks like Great Eastern Shipping Co, Shipping Corp of India, Shreyas Shipping, and Sadhav Shipping rise more than 12.9% in trade as the industry anticipates a Rs 15,000-Rs 20,000 crore Maritime Development Fund in the upcoming Union Budget. The broader shipping industry surges over 9.5% today.

  • Manoj Verma, COO of Bikaji Foods International, notes the company's target of 13-15% volume growth with 2-4% price hikes this year and an FY25 margin target of 14%. He adds the current capacity utilization stands at 40-45% and aims to take it to 60-65% in the next few years, with a total retail outlet reach of 12-12.5 lakh in the next two years.

  • GE Power India rises as its board approves the plan to sell its hydro and gas power businesses through a slump sale as part of business restructuring.

  • Oriana Power rises sharply to its 5% upper circuit as it bags a Rs 155 crore order for a 40-megawatt peak (MWp) solar project in Rajasthan.

  • HPL Electric & Power surges as it wins orders worth Rs 2,100.7 crore from regular customers to supply smart meters in the normal course of business.

  • Morgan Stanley maintains its ‘Overweight’ rating on InterGlobe Aviation (IndiGo) with a target price of Rs 5,142. The brokerage notes that two large airports are coming up in FY26, leading to further expansion in air travel. It adds that the industry is currently more consolidated. Meanwhile, Morgan Stanley sees a 3% YoY decline in Q1FY25 EBITDA due to inflationary pressures.

  • Tata Elxsi is falling as its net profit declines by 6.5% QoQ to Rs 184.1 crore in Q1FY25 due to higher costs of raw materials and employee benefits expenses. However, revenue grows by 2% QoQ to Rs 958.5 crore, helped by improvements in the software development & services and system integration & support services segments. It shows up in a screener of stocks where mutual funds decreased their shareholding in the past quarter.

  • Zydus Lifesciences gets US FDA approval for sacubitril and valsartan tablets, used to treat chronic heart failure in adults to help reduce the risk of death and hospitalization. Sacubitril and valsartan tablets have annual sales of $5,483 million.

  • Anil Kumar Goel buys a 1% stake in Triveni Engineering & Industries in Q1FY25. He now holds a 4.5% stake in the company.

  • Kalpataru Projects International rises sharply as its joint venture (JV) and international subsidiaries bag multiple orders worth Rs 2,995 crore across the transmission & distribution (T&D), water, and buildings & factories (B&F) businesses.

  • Nifty 50 was trading at 24,360.80 (36.4, 0.2%), BSE Sensex was trading at 80,051.81 (127.0, 0.2%) while the broader Nifty 500 was trading at 23,027.70 (50.1, 0.2%).

  • Market breadth is ticking up strongly. Of the 1,882 stocks traded today, 1,454 were in the positive territory and 397 were negative.

Riding High:

Largecap and midcap gainers today include Oil India Ltd. (551, 7.4%), NHPC Ltd. (114.07, 4.8%) and Hindustan Petroleum Corporation Ltd. (350.05, 4.5%).

Downers:

Largecap and midcap losers today include Tube Investments of India Ltd. (4,248.70, -6.2%), Macrotech Developers Ltd. (1,472.30, -3.5%) and Delhivery Ltd. (377, -2.8%).

Volume Shockers

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

Top high volume gainers on BSE included Engineers India Ltd. (290.25, 10.7%), Oil India Ltd. (551, 7.4%) and Great Eastern Shipping Company Ltd. (1,454.05, 6.7%).

Top high volume losers on BSE were Tube Investments of India Ltd. (4,248.70, -6.2%), Cholamandalam Investment & Finance Company Ltd. (1,404.80, -1.1%) and Elgi Equipments Ltd. (708, -0.9%).

Bayer Cropscience Ltd. (6,570.80, -0.3%) was trading at 8.9 times of weekly average. Sona BLW Precision Forgings Ltd. (719.90, 4.3%) and Sapphire Foods India Ltd. (1,550, -0.3%) were trading with volumes 7.9 and 6.9 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

34 stocks made 52 week highs,

Stocks touching their year highs included - Blue Dart Express Ltd. (8,611.30, 2.6%), Britannia Industries Ltd. (5,761.30, 0.1%) and Zydus Lifesciences Ltd. (1,163.35, -1.4%).

9 stocks climbed above their 200 day SMA including Piramal Enterprises Ltd. (934.40, 2.8%) and Jindal Worldwide Ltd. (338.70, 1.8%). 5 stocks slipped below their 200 SMA including L&T Technology Services Ltd. (4,942.85, -1.9%) and Coforge Ltd. (5,563.50, -1.9%).

 
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