Trendlyne Marketwatch
Trendlyne Marketwatch
26 Aug 2024
Market closes higher, IDFC gets a Rs 202.5 crore tax refund from the IT Dept for AY 23-24
By Trendlyne Analysis

 

Nifty 50 closed at 25,010.60 (187.5, 0.8%) , BSE Sensex closed at 81,698.11 (611.9, 0.8%) while the broader Nifty 500 closed at 23,561.75 (143.1, 0.6%). Market breadth is neutral. Of the 2,287 stocks traded today, 1,139 showed gains, and 1,126 showed losses.

Indian indices maintained their gains from the morning session to close higher. The Indian volatility index, Nifty VIX, rose 1.8% and closed at 13.8 points. Shilpa Medicare closed sharply higher as it announced the successful completion of phase-3 studies for its novel product SMLNUD07 – NorUDCA, used to treat non-alcoholic fatty liver disease (NAFLD).

Nifty Midcap 100 and Nifty Smallcap 100 closed higher. Nifty FMCG and Nifty Consumer Durables closed in the green. According to Trendlyne’s sector dashboard, Healthcare Equipment & Supplies emerged as the best-performing sector of the day, with a rise of 3.6%.

European indices traded mixed. Asian indices closed mixed. US index futures traded mixed, indicating a cautious start to the trading session. Crude oil prices traded higher amid concerns that any potential widening of the conflict in the Middle East could disrupt regional oil supplies. Federal Reserve Chair Jerome Powell's comment "The time has come for policy to adjust" has also improved the global economic and fuel demand outlook.

  • Relative strength index (RSI) indicates that stocks like PCBL, Minda Corp, Glenmark Pharmaceuticals, and Central Depository Services (India) are in the overbought zone.

  • Hinduja Global rises sharply as Legends Global Opportunities acquires 7.1 lakh shares (1.5% stake) at Rs 885 per share. Meanwhile, New Leaina Investments sells 3.6 lakh shares (0.8% stake) in the company at Rs 904 each.

  • One97 Communications falls sharply as SEBI reportedly issues a show cause notice to its founder, Vijay Shekhar Sharma, for allegedly misrepresenting facts during its initial public offering (IPO) in November 2021. The regulator has also issued show cause notices to board members of the company who served during the IPO.

  • IDFC receives a tax refund of Rs 202.5 crore from the Income Tax Department for AY 23-24.

  • Vivek Lohia, Managing Director of Jupiter Wagons, expects strong demand for freight rolling stock in the coming years. He highlights that the company will invest an additional Rs 2,000 crore in Bonatrans' business, with a focus on the wagon business and components for passenger and freight transportation.

  • Honasa Consumer surges to hit its all-time high of Rs 537.9 after the National Company Law Tribunal approves its amalgamation with Just4Kids Services and Fusion Cosmeceutics. The NCLT also waives the requirement for shareholder meetings and directs the company to notify the regulatory authorities.

  • UNO Minda’s joint venture with Tokai Rika, Tokai Rika Minda India, announces an investment of Rs 200 crore to set up a new manufacturing facility in Neemrana, Rajasthan. The plant will produce smart keys, shift levers, and seat belts, with a monthly capacity of 3.8 lakh units.

  • IT stocks like Persistent Systems, HCL Technologies, Wipro, and Tech Mahindra rise more than 2% in trade. All constituents of the broader Nifty IT index are trading in the green.

  • Rajiv Bajaj, Managing Director of Bajaj Auto, highlights the company’s target to achieve sales of 40,000 units of its CNG motorcycle Freedom 125. He also announces plans to launch affordable and premium electric scooters in FY25, post the festive season.

  • Motilal Oswal retains its 'Buy' call on Mankind Pharma with an upgraded target price of Rs 2,760 per share. This indicates a potential upside of 15.6%. The brokerage remains positive on the stock owing to its expansion in major therapies portfolio, growth in chronic therapies market share, and presence in metro/Tier-I cities. It projects the company's revenue to grow at a CAGR of 7.4% over FY25-26.

  • EFC receives a letter of intent (LOI) to acquire a prime property valued at over Rs 80 crore. The property is located in Pune, covers 49,556 square feet, and has a seating capacity of more than 1,500 people.

  • Shilpa Medicare rises sharply to hit its all-time high of Rs 777.9 as it announces the successful completion of phase-3 studies for its novel product SMLNUD07 – NorUDCA. This product is used to treat non-alcoholic fatty liver disease (NAFLD), which reportedly affects 188 million people in India.

  • Jefferies initiates a ‘Buy’ rating on recently listed Emcure Pharmaceuticals with a target price of Rs 1,600. The brokerage highlights the company’s strong expertise in developing complex molecules, and notes the advantage due to minimal exposure to the volatile US market.

  • Transport Corp of India falls sharply as its board of directors approves the buyback of 13.3 lakh shares (or a 1.7% stake) for Rs 1,200 per share, totaling Rs 160 crore. The board sets September 4 as the record date for the buyback.

  • Medplus Health Services falls sharply as nearly 1.5 crore shares (12.8% stake), amounting to Rs 950 crore, reportedly change hands in a block deal at an average price of Rs 616 per share.

  • NIIT rises to its 20% upper circuit as Ramesh Damani buys 8 lakh shares (0.6% stake) for Rs 10.2 crore in a bulk deal on Friday at an average price of Rs 127.5 per share.

  • According to BofA Securities, the auto sector experienced a sluggish August, with the upcoming month being crucial due to early festivals. Demand trends were weak in the passenger vehicles segment, showing a 10% YoY decline, with elevated channel inventory and discounts. In contrast, demand for two-wheelers remains stable. The brokerage anticipates a recovery for commercial vehicles in the second half of FY25.

  • Interarch Building Products' shares debut on the bourses at a 44.3% premium to the issue price of Rs 900. The Rs 600.3 crore IPO received bids for 93.5 times the total shares on offer.

  • KR Choksey maintains its 'Reduce' rating on Balkrishna Industries with a lower target price of Rs 2,768 per share. This indicates a potential upside of 2.8%. The brokerage is cautious on the stock due to rising freight and raw material costs, low demand, and high inventory levels. It expects the company's revenue to grow at a CAGR of 14.5% over FY25-26.

  • Lemon Tree Hotels signs a license agreement for a 175-room property in Surat under its upscale brand, Aurika Hotels & Resorts. The property is expected to open in FY30 and will be managed by Lemon Tree Hotels’ subsidiary, Carnation Hotels.

  • Reports suggest that 1.3 crore shares (1.7% equity) of Au Small Finance Bank, amounting to Rs 804 crore, have changed hands in a block deal.

  • Bharat Heavy Electricals is rising as it bags an order worth more than Rs 11,000 crore from Adani Power and its subsidiary, Mahan Energen. The order is to set up three supercritical thermal power projects with a capacity of 2x800 MW in Kawai, Rajasthan and Madhya Pradesh.

  • Dr Reddy's Laboratories is falling as it receives a Form 483 from the US FDA with three observations after completing a product-specific pre-approval inspection (PAI) at its formulations manufacturing facility in Andhra Pradesh.

  • Ashoka Buildcon rises as it emerges as the lowest bidder for an order worth Rs 478 crore from the Mumbai Metropolitan Region Development Authority (MMRDA) to design and construct an elevated road from Kalyan-Murbad Road to Pune Link Road, crossing the Karjat-Kasara railway line.

  • KEC International rises sharply as its transmission & distribution (T&D) and cables businesses bag orders worth Rs 1,079 crore from India, the Middle East, and the Americas. The orders are for 765 kV/ 400 kV transmission lines in India, 230/132 kV transmission lines in Saudi Arabia and Oman, upgrading a 400 kV transmission line in the UAE, and supply of towers, hardware, and poles in the Americas.

  • Nifty 50 was trading at 24,891.05 (67.9, 0.3%), BSE Sensex was trading at 81,388.26 (302.1, 0.4%) while the broader Nifty 500 was trading at 23,489.90 (71.3, 0.3%).

  • Market breadth is overwhelmingly positive. Of the 2,001 stocks traded today, 1,396 were gainers and 556 were losers.

Riding High:

Largecap and midcap gainers today include Tata Elxsi Ltd. (7,683.05, 8.4%), PB Fintech Ltd. (1,819.35, 7.9%) and Macrotech Developers Ltd. (1,215.05, 4.6%).

Downers:

Largecap and midcap losers today include Zydus Lifesciences Ltd. (1,108.45, -6.0%), One97 Communications Ltd. (530.40, -4.4%) and FSN E-Commerce Ventures Ltd. (219.52, -3.2%).

Volume Shockers

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

Top high volume gainers on BSE included JM Financial Ltd. (102.55, 11.8%), Gujarat State Petronet Ltd. (376.95, 11.3%) and Motilal Oswal Financial Services Ltd. (760.10, 9.1%).

Top high volume losers on BSE were Zydus Lifesciences Ltd. (1,108.45, -6.0%) and Alembic Pharmaceuticals Ltd. (1,095.55, -0.5%).

Medplus Health Services Ltd. (637.45, 0.4%) was trading at 97.2 times of weekly average. Honasa Consumer Ltd. (508.85, 8.6%) and Craftsman Automation Ltd. (6,263.75, 6.3%) were trading with volumes 84.5 and 16.5 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

47 stocks overperformed with 52 week highs,

Stocks touching their year highs included - Aurobindo Pharma Ltd. (1,547.85, 0.6%), Bajaj Auto Ltd. (10,432.55, 0.3%) and Caplin Point Laboratories Ltd. (1,841.80, 5.3%).

9 stocks climbed above their 200 day SMA including Tata Elxsi Ltd. (7,683.05, 8.4%) and Macrotech Developers Ltd. (1,215.05, 4.6%). 5 stocks slipped below their 200 SMA including One97 Communications Ltd. (530.40, -4.4%) and Sammaan Capital Ltd. (167.52, -1.8%).

 
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