Trendlyne Marketwatch
Trendlyne Marketwatch
22 Aug 2024
Market closes higher, Gail signs a MoU to form a 50:50 JV with Petron Scientech
By Trendlyne Analysis

 

Nifty 50 closed at 24,811.50 (41.3, 0.2%) , BSE Sensex closed at 81,053.19 (147.9, 0.2%) while the broader Nifty 500 closed at 23,440.70 (72.1, 0.3%). Market breadth is in the green. Of the 2,249 stocks traded today, 1,380 were gainers and 851 were losers.

Indian indices closed higher after switching between losses and gains throughout the day. The Indian volatility index, Nifty VIX, fell 2.5% and closed at 13 points. GAIL (India) signs a memorandum of understanding (MoU) to form a 50:50 joint venture (JV) with Petron Scientech to establish a 500 kilo-tonnes per annum (KTA) bio-ethylene plant.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green. S&P BSE Telecom and S&P BSE SME IPO were among the top index gainers today. According to Trendlyne’s Sector dashboard, Fertilizers emerged as the best-performing sector of the day, with a rise of 3.1%.

Asian indices closed in the green except IDX Composite and CSE All-Share. European indices are trading in the green. US index futures are trading in the green except for Small Cap 2000, indicating a positive start to the trading session. Brent crude oil futures are trading higher.

  • Deepak Nitrite sees a long buildup in its August 29 futures series, with open interest increasing by 24.5% and a put-call ratio of 0.3.

  • Promoters of Alkem Laboratories sell nearly 8.5 lakh shares (a 0.7% stake) for Rs 487 crore in a block deal on Thursday, at an average price of Rs 5,732 per share.

  • Transformers & Rectifiers (India) surges to its 5% upper circuit as it secures two international orders worth $16.8 million (approximately Rs 134.3 crore). The orders include the supply of 18 trackside traction transformers of 20 MVA, 55 trackside autotransformers of 7.5 MVA, and a 66 KV electrical arc furnace transformer.

  • Nucleus Software Exports' board approves a Rs 72.4 crore buyback of up to 4.5 lakh equity shares at Rs 1,615 per share. It sets September 3 as the record date for the buyback.

  • Vivek Kumar Dewangan, MD & Chairman of REC, projects assets under management (AUM) in the range of Rs 5.9-6 lakh crore, with disbursements of Rs 1.9 lakh crore and net interest margins (NIMs) of 3.6% for FY25. He expects to maintain the current market share of 20% and foresees strong growth potential in the smart meters sector.

  • Wonder Electricals rises sharply as its board approves the sub-division (stock split) of its existing equity shares from one equity share with a face value of Rs 10 into ten equity shares with a face value of Re 1.

  • Shyam Metalics and Energy surges to a new all-time high of Rs 844.5 per share as it announces phase I of its clean energy project with an installed capacity of 5.2 megawatt-peak (MWp). Phase II of the project will have a capacity of 4.8 MWp, with phase III having the highest capacity of 10.4 MWp. The company will set up floating and rooftop solar panels at its manufacturing plants in West Bengal, Odisha and Madhya Pradesh.

  • GAIL (India) signs a memorandum of understanding (MoU) to form a 50:50 joint venture (JV) with Petron Scientech to establish a 500 kilo-tonnes per annum (KTA) bio-ethylene plant and downstream units in India.

  • Executive Director at IMF, Krishnamurthy Subramanian stresses the importance of boosting innovation and productivity in India’s private sector to reach a $55 trillion economy by 2047. He points out that the increased R&D investment, improved credit access for SMEs, and state-level reforms are crucial, while also recognizing the challenges posed by climate change and geopolitical issues.

  • Dabur India rises as it signs an MoU with the Government of Tamil Nadu for its first Southern plant. The company will invest Rs 135 crore initially, with plans for capex of up to Rs 400 crore in five years. The facility in Tindivanam will manufacture various products, including Red Toothpaste, Odonil and Honey.

  • Escorts Kubota rises as National Company Law Tribunal (NCLT) approves its merger with Kubota Agriculture Machinery.

  • Transport Corp. of India surges to a new all-time high of Rs 1,238 per share as the company is set to consider a share buyback proposal in its board meeting scheduled for Saturday.

  • ICICI Prudential Mutual Fund cuts stake in TVS Motor Company by 2%, taking the fund's stake in the company to 7.2%.

  • KR Choksey upgrades Zydus Lifesciences to a 'Buy' rating from 'Accumulate', sets a higher target price of Rs 1,439. This indicates a potential upside of 19.2%. The brokerage believes that the company's revenue will continue to grow, driven by improvements in the specialty business in the Indian and international markets and strong growth in the Indian biosimilar segment. It expects the company's revenue to grow at a CAGR of 12.1% over FY25-26.

  • Zen Technologies rises sharply to a new all-time high of Rs 1,863.4 as it launches a qualified institutional placement (QIP) to raise Rs 1,000 crore. The board sets a floor price of Rs 1,685.2 per share for the QIP.

  • Welspun Enterprises rises as it receives a letter of acceptance (LOA) from Brihanmumbai Municipal Corporation (BMC) to rehabilitate man-entry sewers using trenchless technology in Mumbai's suburbs. The total order value is Rs 159.7 crore, and the project is expected to complete within 24 months.

  • A flash survey by HSBC Holdings reveals that India's economic activity eased slightly in August due to a slowdown in new order growth within the manufacturing sector. Pranjul Bhandari, HSBC's Chief India Economist, notes that while new order growth for manufacturing has slowed to its weakest level since February, the expansion rate remains robust, indicating strong demand and favorable market conditions.

  • PNB Housing Finance falls sharply after 81 lakh shares (3.2% stake), amounting to Rs 715.6 crore, reportedly change hands in a block deal. Asia Opportunities V (Mauritius) is the likely seller in the transaction.

  • Bajaj Auto reportedly receives production-linked incentive (PLI) approval for 13 of its two and three-wheelers. This comes after the company met the mandatory requirement of 50% minimum domestic value addition (DVA).

  • KKR affiliate Esoteric II Pte. is set to sell up to 7.5 crore shares (17.3% stake) in India Grid Trust through an offer for sale at a floor price of Rs 132 per share. The offer opens on August 22 and closes on August 23.

  • One 97 Communications (Paytm) plans to reduce board members' compensation, setting an annual cap of Rs 48 lakh with a fixed component of Rs 20 lakh. This proposal comes ahead of their annual general meeting on September 12 and will require shareholder approval.

  • Indian Renewable Energy Development Agency rises sharply as it plans to raise funds worth Rs 4,500 crore through a follow-on public offer (FPO), qualified institutional placement (QIP), rights issue, or preferential issue. The board of directors of the company will consider the fundraising proposal at its meeting scheduled for August 29.

  • Kalyan Jewellers surges as Highdell sells a 2.4% stake (or 2.4 crore shares) in the company to its promoter, Trikkur Sitarama Iyer Kalyanaraman, for Rs 1,300 crore at a rate of Rs 535 per share.

  • Rail Vikas Nigam rises as it signs a memorandum of understanding (MoU) with Dhaya Maju Infrastructure (Asia) Sdn Berhad (DMIA) to participate in railway infrastructure and services projects in the Association of Southeast Asian Nations (ASEAN) market.

  • Zomato rises as it enters an agreement with One97 Communications (Paytm) to acquire its movie, sports, and events ticketing businesses for Rs 2,048 crore. As per the agreement, Paytm will transfer the ticketing business to its subsidiaries, Wasteland Entertainment and Orbgen Technologies which will then be acquired by Zomato for Rs 783.8 crore and Rs 1,264.6 crore, respectively.

  • Nifty 50 was trading at 24,829.60 (59.4, 0.2%), BSE Sensex was trading at 81,207.24 (301.9, 0.4%) while the broader Nifty 500 was trading at 23,446.20 (77.6, 0.3%).

  • Market breadth is ticking up strongly. Of the 1,956 stocks traded today, 1,618 showed gains, and 319 showed losses.

Riding High:

Largecap and midcap gainers today include APL Apollo Tubes Ltd. (1,417.15, 4.3%), InterGlobe Aviation Ltd. (4,483.15, 4.3%) and Indian Hotels Company Ltd. (644.60, 3.8%).

Downers:

Largecap and midcap losers today include GlaxoSmithKline Pharmaceuticals Ltd. (2,914.85, -4.8%), One97 Communications Ltd. (553.70, -3.5%) and Adani Wilmar Ltd. (380.50, -3.3%).

Movers and Shakers

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

Top high volume gainers on BSE included Varroc Engineering Ltd. (604.90, 12.9%), Eureka Forbes Ltd. (507, 10.1%) and Kalyan Jewellers India Ltd. (596.40, 9.5%).

Top high volume losers on BSE were Chambal Fertilisers & Chemicals Ltd. (522.10, -0.3%), Sumitomo Chemical India Ltd. (542.25, -0.3%) and Deepak Nitrite Ltd. (2,951.10, -0.1%).

Elgi Equipments Ltd. (647.45, 2.2%) was trading at 14.8 times of weekly average. Medplus Health Services Ltd. (635, 0.1%) and Jubilant Ingrevia Ltd. (692, 8.2%) were trading with volumes 10.2 and 9.7 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

40 stocks made 52 week highs,

Stocks touching their year highs included - Abbott India Ltd. (29,156.60, 2.2%), Ashok Leyland Ltd. (261.75, 0.6%) and Atul Ltd. (7,902.85, -1%).

22 stocks climbed above their 200 day SMA including Varroc Engineering Ltd. (604.90, 12.9%) and Eureka Forbes Ltd. (507, 10.1%). 1 stock slipped below their 200 SMA including Jai Balaji Industries Ltd. (932, 1.3%).

 
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