Trendlyne Marketwatch
Trendlyne Marketwatch
21 Aug 2024
Market closes higher, Genus Power secures three orders worth Rs 3,608.5 crore
By Trendlyne Analysis

 

Nifty 50 closed at 24,770.20 (71.4, 0.3%) , BSE Sensex closed at 80,905.30 (102.4, 0.1%) while the broader Nifty 500 closed at 23,368.65 (88.3, 0.4%). Market breadth is in the green. Of the 2,256 stocks traded today, 1,470 showed gains, and 769 showed losses.

Indian indices extended their gains in the afternoon session to close higher. The Indian volatility index, Nifty VIX, fell 3.6% and closed at 13.3 points. Genus Power Infrastructures surged to its all-time high of Rs 437.8 per share as it bagged three orders worth Rs 3,608.5 crore to supply 4.3 million smart prepaid meters.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green. Nifty consumer Durables and Nifty FMCG were among the top index gainers today. According to Trendlyne’s Sector dashboard, Hardware Technology & Equipment emerged as the best-performing sector of the day, with a rise of 4.5%.

Most Asian indices closed mixed, while most European indices are trading higher, except Russia’s RTSI which is trading 0.5% lower. US index futures are also trading in the green, indicating a positive start to the trading session. Walmart plans to sell its stake in Chinese e-commerce firm JD.com for $3.7 billion.

  • Relative strength index (RSI) indicates that stocks like Balrampur Chini Mills, Glenmark Pharmaceuticals, Godfrey Phillips India, and PCBL are in the overbought zone.

  • CLSA downgrades Tech Mahindra to 'Hold' from 'Outperform' with a target price of Rs 1,670. The brokerage is cautious due to stretched valuations, weak telecom capex outlook, and delayed enterprise 5G commercialization.

  • Embassy Office Parks REIT rises as it signs an agreement to lease (ATL) with the Commonwealth Bank of Australia (CBA) for a premium office campus of approximately 0.8 million square feet (msf) at Embassy Manyata, with an option to expand by an additional 0.6 msf.

  • FMCG stocks like Varun Beverages, United Breweries, Dabur India, and ITC are rising in trade, helping the broader Nifty FMCG index to touch its all-time high of 63,196.2.

  • Fino Payments Bank's Managing Director and CEO, Rishi Gupta, says, "We believe our guidance of 25% growth will hold strong for fiscal 2025. Around one crore customers are engaged in our transaction business, significantly boosting our CASA (Current Account Savings Account) growth." He also highlights the expansion in cash management services, with 18 lakh merchants contributing approximately Rs 20,000 crore in Q1.

  • Indoco Remedies rises sharply as it receives USFDA approval for Lofexidine Tablets, which helps manage acute opioid withdrawal symptoms. The drug is a generic equivalent of Lucemyra from US WorldMeds.

  • Kilburn Engineering surges to its all-time high of Rs 474.4 per share as its board of directors approves the acquisition of Monga Strayfield for a consideration of Rs 123 crore.

  • Bharat Earth Movers surges as it signs a memorandum of understanding (MoU) with the Indian Navy's Marine Engineering division. This agreement focuses on the indigenous design, development, manufacture, testing, and support of critical marine equipment and systems.

  • ICICI Securities receives approval from the National Company Law Tribunal (NCLT) to delist from the exchanges. The NCLT also dismisses two applications objecting the delisting. 

  • Tata Motors signs a memorandum of understanding (MoU) with Delta Electronics and Thunderplus Solutions to install 250 fast-charging stations in over 50 cities across India. This will expand the network of commercial EV charging points to 790 from the existing 540.

  • Dhanuka Agritech rises sharply as its board approves a Rs 100 crore buyback of up to 5 lakh equity shares at Rs 2,000 per share. The buyback offer will open on August 22 and close on August 28.

  • Bank of America reportedly maintains 'Buy' on Varun Beverages with a target price of Rs 1,840 per share. This indicates a potential upside of 18.7%. The brokerage is positive about comapny's expansion in new markets like South Africa and Congo, along with growth potential from new products such as dairy beverages and energy/sports drinks.

  • NLC India’s Managing Director and Chairperson, Prasanna Motupalli, says that the company plans to invest Rs 1.3 lakh crore in capital expenditures by 2030. He also highlights plans to expand the company's thermal capacity to 12 gigawatts (GW) from 4 GW and its mining capacity to 100 million tonnes (MT) from 50 MT. 

  • Servotech Power Systems surges as it secures a contract from the Department of Power, Kerala, to supply, commission, and construct 12 EV charging stations with 30kW Fast DC chargers at various Kerala Motor Vehicle Department locations.

  • Larsen & Toubro rises as it wins an order for the Integrated Infrastructure Development project in Navi Mumbai. The company classifies the project as large (Rs 2,500 crore to Rs 5,000 crore), involving road development, construction of structures, and electrical works under the Navi Mumbai airport influence notified area (NAINA) project.

  • Cyient rises as it approves the sale of a 14.5% stake (or 1.1 crore shares) in its subsidiary, Cyient DLM, through a bulk deal. The company expects to complete the transaction on Wednesday.

  • Marksans Pharma rises to its all-time high of Rs 224.9 per share as its subsidiary, Relonchem, gets approval from UK Medicines and Healthcare Products Regulatory Agency (UKMHRA) to market its Fluoxetine capsules. 

  • PNB Housing Finance rises sharply after 1.4 crore shares (5.1% stake), amounting to Rs 1,032.7 crore, reportedly change hands in a block deal. General Atlantic Singapore Fund is the likely seller in the transaction.

  • Emkay maintains its 'Buy' call on Kalpataru Projects with a higher target price of Rs 1,550 per share. This indicates a potential upside of 26.2%. The brokerage believes that the company will outperform its peers, led by a strong order book and robust execution. It expects the company's revenue to grow at a CAGR of 14.5% over FY25-27.

  • Promoters of HG Infra Engineering sell nearly 18 lakh shares (a 2.8% stake) for Rs 281 crore in a block deal on Tuesday, at an average price of Rs 1,566.5 per share.

  • Reports suggest that 88.8 lakh shares of Delhivery, amounting to Rs 389.6 crore, change hands in a block deal.  

  • PI Industries is rising as the UK Companies Court approves its acquisition of Plant Health Care Plc for 32.8 million pounds (approx. Rs 358.2 crore). This acquisition will help the company to provide integrated agri-solutions in chemicals and biologicals.

  • Petronet LNG surges to an all-time high of Rs 384.2 as it signs a five-year memorandum of understanding (MoU) with Sri Lanka's LTL Holdings for the supply of LNG to LTL’s dual-fuel power plants in Kerawalapitiya, Colombo.

  • Genus Power Infrastructures surges to its all-time high of Rs 437.8 per share as it bags three orders worth Rs 3,608.5 crore to appoint advanced metering infrastructure service providers (AMISPs). The company will also design advanced metering infrastructure (AMI) systems with the supply, installation, and commissioning of 4.3 million smart prepaid meters.

  • Sansera Engineering surges as its board of directors approves a fundraising worth Rs 1,200 crore through qualified institutional placements (QIPs) or other modes.

  • Nifty 50 was trading at 24,700.20 (1.4, 0.0%) , BSE Sensex was trading at 80,667.25 (-135.6, -0.2%) while the broader Nifty 500 was trading at 23,301.50 (21.2, 0.1%)

  • Market breadth is surging up. Of the 1966 stocks traded today, 1369 were on the uptrend, and 554 went down.

Riding High:

Largecap and midcap gainers today include Adani Wilmar Ltd. (393.55, 10.0%), FSN E-Commerce Ventures Ltd. (210.79, 9.4%) and GlaxoSmithKline Pharmaceuticals Ltd. (3,061.45, 5.9%).

Downers:

Largecap and midcap losers today include Torrent Power Ltd. (1,723.10, -4.1%), Mankind Pharma Ltd. (2,281.70, -3.2%) and Gujarat Fluorochemicals Ltd. (3,197, -2.6%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Alok Industries Ltd. (28.10, 10.7%), PNB Housing Finance Ltd. (892.85, 10.1%) and Adani Wilmar Ltd. (393.55, 10.0%).

Top high volume losers on BSE were ICICI Securities Ltd. (785.95, -7.3%), Nuvama Wealth Management Ltd. (6,256.05, -4.3%) and Ratnamani Metals & Tubes Ltd. (3,484.45, -0.2%).

Capri Global Capital Ltd. (211.87, 3.4%) was trading at 75.5 times of weekly average. Century Textiles & Industries Ltd. (2,306.30, 7.2%) and Castrol India Ltd. (268.50, 7.1%) were trading with volumes 27.9 and 10.4 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

40 stocks took off, crossing 52 week highs,

Stocks touching their year highs included - Bombay Burmah Trading Corporation Ltd. (2,521.70, 0.4%), Colgate-Palmolive (India) Ltd. (3,574.50, 0.5%) and Coromandel International Ltd. (1,761.95, 0.7%).

18 stocks climbed above their 200 day SMA including Alok Industries Ltd. (28.10, 10.7%) and Narayana Hrudayalaya Ltd. (1,256.60, 6.5%). 2 stocks slipped below their 200 SMA including TV18 Broadcast Ltd. (49.54, 1.0%) and Aster DM Healthcare Ltd. (401.15, 2.0%).

 
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