Trendlyne Marketwatch
Trendlyne Marketwatch
20 Aug 2024
Market closes higher, Granules India receives USFDA approval for Glycopyrrolate
By Trendlyne Analysis

 

 

Nifty 50 closed at 24,698.85 (126.2, 0.5%) , BSE Sensex closed at 80,802.86 (378.2, 0.5%) while the broader Nifty 500 closed at 23,280.35 (140.6, 0.6%). Market breadth is in the green. Of the 2,247 stocks traded today, 1,376 were in the positive territory and 843 were negative.

Indian indices maintained their gains from the morning session to close higher. The Indian volatility index, Nifty VIX, fell 3.5% and closed at 13.8 points. Zomato fell before closing marginally higher as Antfin Singapore reportedly sold 20.7 lakh shares (2.2% stake) worth Rs 4,661.4 crore in a block deal.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green. Nifty PSU Bank and S&P BSE Utiliti were among the top index gainers today. According to Trendlyne’s Sector dashboard, Telecommunications Equipment emerged as the best-performing sector of the day, with a rise of 2.2%.

Most Asian indices closed higher, except Hong Kong’s Hang Seng and China’s FTSE China 50, both of which closed 0.3% lower. European indices are trading mixed. US index futures are also trading mixed, indicating a cautious start to the trading session. Media executive Edgar Bronfman Jr submits a $4.3 billion bid to acquire Paramount Global’s parent company, National Amusements.

  • Money flow index (MFI) indicates that stocks like Jubilant Pharma, PCBL, Trent, and Caplin Point Laboratories are in the overbought zone.

  • Hazoor Multi Projects rises sharply as it emerges as the lowest bidder for a Rs 273.7 crore project from the Maharashtra State Infrastructure Development Corporation (MSIDC). The project involves widening and improving a key road in Nandurbar under the engineering, procurement, and construction (EPC) mode.

  • Marksans Pharma rises as it receives an Establishment Inspection Report (EIR) from the USFDA for its Goa facility, with a Voluntary Action Indicated (VAI) classification, marking the successful closure of the inspection.

  • Tech Mahindra to sell approximately 103 acres of land and 17 buildings, with a built-up area of around 12.6 lakh sq. ft., to Mahindra University for a total cash consideration of Rs 535 crore. The property is located in Bahadurpally village, Hyderabad.

  • Droneacharya rises sharply as it signs a memorandum of understanding (MoU) with SISIR Radar to become the exclusive seller of SISIR's products in Southeast Asia and Africa. 

  • Granules India rises as it receives USFDA approval for Glycopyrrolate Oral Solution, a medication used manage drooling in children with neurological conditions. The drug is bioequivalent to Merz Pharmaceuticals' Cuvposa.

  • PSU Banks like Union Bank of India, Bank of Baroda, Indian Bank, and Bank of India rise more than 2% in trade. All constituents of the broader Nifty PSU Bank index are trading in the green.

  • Nucleus Software Exports rises sharply, hitting a 20% upper circuit as its board of directors considers a proposal to buyback fully paid-up equity shares. The board will meet on August 22 to discuss the proposal.

  • Managing Director of Blue Star, B Thiagarajan, expects the AC industry's volumes to grow to 30 million units by 2030 from 14 million in 2024. He adds that the company's sales growth was below the industry average as it failed to meet the surge in demand. 

  • Rameshchandra Shah and Sanjay Shah, promoters of Prudent Corporate Advisory, sell a 2.4% stake in the company worth Rs 251 crore in a block deal on Tuesday.

  • KR Choksey keeps its 'Accumulate' rating on Gujarat Fluorochemicals with a higher target price of Rs 3,675 per share. This indicates a potential upside of 10.7%. The brokerage believes that the company's profitability will improve, led by growing traction in the new fluoropolymers business and demand from Indian and global customers for the battery chemical business. It expects the company's net profit to grow at a CAGR of 67.9% over FY25-26.

  • Poly Medicure rises as its board of directors approve the issuance of shares worth Rs 1,000 crore through a qualified institutional placement (QIP). The board sets a floor price of Rs 1,880.7 per share for the QIP.

  • Kolte-Patil Developers plans to launch 15 projects in Pune, Mumbai, and Bengaluru with 9 million square feet of development area and a combined gross development value (GDV) of Rs 8,000 crore. Atul Bohra, CEO of the company, notes, "We foresee our pre-sales numbers around Rs 3,500 crore for FY25, with a revenue guidance of Rs 1,800 crore.” 

  • Sequent Scientific rises sharply to its all-time high of Rs 175 after receiving prequalification approval from the World Health Organisation (WHO) for its Albendazole API, used for treatment of worm infections like pork tapeworm. The approval was secured in partnership with Mepro Pharmaceuticals.

  • Greaves Cotton is rising as its NBFC subsidiary, Greaves Finance, enters a partnership with River Mobility to provide low-interest loans to customers for River's multi-utility electric scooters through its EV-focused lending platform, Evfin.

  • Coforge rises as it partners with Salesforce, to launch Coforge ENZO, a tool that addresses decarbonization and accurately reports greenhouse gas emissions.

  • Arvind Sharma, Director of India-Autos and Trasportation at Citi India, states that the reduction in demand across the auto segments has resulted in an increase in inventory and price cuts. He expects the industry's wholesales to grow at a slower pace compared to last year, projected at 3-3.5% YoY. 

  • Saraswati Saree Depot's shares debut on the bourses at a 21.3% premium to the issue price of Rs 160. The Rs 160 crore IPO has received bids for 107.4 times the total shares on offer.

  • Zomato falls as nearly 20.7 lakh shares (2.2% stake) worth Rs 4,661.4 crore reportedly change hands in a block deal. Antfin Singapore is the likely seller in the transaction.

  • Suraj Estate Developers rises to its all-time high of Rs 847 per share as its board of directors approves the preferential issue of 56.1 lakh shares at an issue price of Rs 714 per share, totaling Rs 399.8 crore.

  • Reports suggest that 44 lakh shares (4% equity) of ADF Foods, amounting to Rs 100 crore, have changed hands in a block deal.  

  • Zuzu Software Services sells a 4% stake (4.9 lakh shares) in Zaggle Prepaid Ocean Services at an average price of Rs 361.2 per share, worth approx Rs 178 crore, in a block deal on Monday.

  • Polycab India rises as UBS reportedly initiates coverage with a 'Buy' call and a target price of Rs 8,550 per share. This indicates a potential upside of 27.2%. The brokerage is confident in the company due to its presence in 40% of the domestic electrification market, strong competitive positioning, and a distribution-led export business model, which can lead to strong topline growth. It expects the firm's revenue to grow at a CAGR of 20% over FY25-27.

  • Hi-Tech Pipes rises to its all-time high of Rs 192.8 per share as it bags an order worth Rs 105 crore to supply steel pipes to a client in the renewable energy sector.

  • IndusInd Bank rises as it receives approval from the Reserve Bank of India (RBI) to establish a subsidiary to undertake mutual fund asset management.

  • Nifty 50 was trading at 24,628.40 (55.8, 0.2%), BSE Sensex was trading at 80,722.54 (297.9, 0.4%) while the broader Nifty 500 was trading at 23,191.05 (51.3, 0.2%).

  • Market breadth is overwhelmingly positive. Of the 1,958 stocks traded today, 1,464 showed gains, and 465 showed losses.

Riding High:

Largecap and midcap gainers today include Torrent Power Ltd. (1,797.35, 7.5%), JSW Energy Ltd. (709.90, 6.2%) and SBI Life Insurance Company Ltd. (1,761.30, 5.4%).

Downers:

Largecap and midcap losers today include Gujarat Fluorochemicals Ltd. (3,283.35, -2.8%), Oil India Ltd. (672.70, -2.4%) and United Breweries Ltd. (1,944, -2.2%).

Volume Shockers

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

Top high volume gainers on BSE included Angel One Ltd. (2,696.90, 15.2%), Vaibhav Global Ltd. (340.85, 12.5%) and Godfrey Phillips India Ltd. (5,845.55, 11.6%).

Top high volume losers on BSE were Whirlpool of India Ltd. (2,061.60, -1.9%) and EIH Ltd. (365.40, -1.6%).

KEI Industries Ltd. (4,709, 7.8%) was trading at 13.0 times of weekly average. Aegis Logistics Ltd. (817.55, 4.8%) and Poonawalla Fincorp Ltd. (399.75, 7.8%) were trading with volumes 10.8 and 8.5 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

34 stocks overperformed with 52 week highs,

Stocks touching their year highs included - Ashok Leyland Ltd. (260, 1.0%), Aurobindo Pharma Ltd. (1,537.30, 1.2%) and Bombay Burmah Trading Corporation Ltd. (2,510.95, 5.5%).

15 stocks climbed above their 200 day SMA including Usha Martin Ltd. (338.05, 5.8%) and TV18 Broadcast Ltd. (49.04, 3.8%). 5 stocks slipped below their 200 SMA including Gujarat Fluorochemicals Ltd. (3,283.35, -2.8%) and Mishra Dhatu Nigam Ltd. (427.80, -1.6%).

 
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