Trendlyne Marketwatch
Trendlyne Marketwatch
27 Aug 2024
Market closes flat, Shilpa Medicare gets USFDA approval for its Bortezomib injection
By Trendlyne Analysis

 

 

Nifty 50 closed at 25,017.75 (7.2, 0.0%) , BSE Sensex closed at 81,711.76 (13.7, 0.0%) while the broader Nifty 500 closed at 23,604.85 (43.1, 0.2%). Market breadth is in the green. Of the 2,246 stocks traded today, 1,228 showed gains, and 997 showed losses.

Indian indices erased their gains from the afternoon session to close flat. The Indian volatility index, Nifty VIX, fell 1.2% and closed at 13.6 points. Zee Entertainment Enterprises closed sharply higher as it resolved all disputes related to the merger with Sony Pictures Networks India in a non-cash settlement.

Nifty Midcap 100 and Nifty Smallcap 100 closed higher. Nifty Media and S&P BSE Telecom closed in the green. According to Trendlyne’s sector dashboard, Hardware Technology Equipment emerged as the best-performing sector of the day, with a rise of 4.5%.

European indices traded higher, except Switzerland’s SMI index which is trading in the red. Asian indices closed mixed. US index futures traded higher, indicating a positive start to the trading session. Edgar Bronfman Jr withdrew from the bidding process to acquire Paramount Global. The media executive had previously submitted a $6 billion bid to acquire the media conglomerate on August 20.

  • Money flow index (MFI) indicates that stocks like Minda Corp, Trent, Craftsman Automation, and Poly Medicure are in the overbought zone.

  • DEE Development Engineers secures a Rs 26 crore order from L&T Energy Hydrocarbon. The order involves providing comprehensive piping spool fabrication services, including post-weld heat treatment, blasting, painting, and related tasks.

  • Zee Entertainment Enterprises surges as it resolves all disputes related to the merger with Sony Pictures Networks India in a non-cash settlement. The companies also agree to withdraw all claims in the ongoing arbitration at the Singapore International Arbitration Centre and all related legal proceedings initiated in the National Company Law Tribunal (NCLT).

  • Shriram Finance, HDFC Life Insurance, SBI Life Insurance, and Tata Motors outperform their respective industries by more than 10 percentage points in the past quarter.

  • Reports indicate that a surprise inspection has been underway at Granules India's Gagillapur facility in Hyderabad since yesterday. This facility, which handles formulations and PFI businesses, accounted for over 70% of the company's revenue in Q1FY25.

  • Shilpa Medicare rises sharply following the USFDA approval for its Bortezomib injection, used to treat blood plasma cell cancer. Bortezomib is crucial for treating multiple myeloma and specific types of lymphoma.

  • Reports suggest that nearly 5.2 lakh shares (2% stake) of Rolex Rings, amounting to Rs 126 crore, have changed hands in a block deal at an average price of Rs 2,519 per share.

  • Sharekhan keeps its 'Buy' call on ICICI Lombard General Insurance with an upgraded target price of Rs 2,550 per share. This indicates a potential upside of 18.5%. The brokerage believes the company's premium market share, focus on balancing growth, and risk selection using data analytics will help improve profitability. It expects net profit to grow at a CAGR of 13.6% over FY25-27.

  • South Korea-based LG Electronics reportedly considers an initial public offering for its India business, to help reach its target of $75 billion in revenue from the electronics segment by 2030.

  • RailTel Corp of India rises as it secures a work order worth Rs 70.9 crore from Eastern Railway to implement unified communication Infrastructure. This includes local area network (LAN) infrastructure, internet protocol exchange, voice over internet protocol (VoIP) based control communication, and an IP-multiprotocol label switching network across eastern railway.

  • Adani Group-owned Holderind Investments sells 7 crore shares (2.8% stake) in Ambuja Cements worth Rs 4,251 crore in a block deal. Conversely, GQG Partners acquires a 1.8% stake in the company worth Rs 2,746.8 crore at an average price of Rs 625.5 per share.

  • Bharti Airtel rises as it enters into a partnership with Apple to provide exclusive Apple TV+ and Apple Music offers in India. Customers with Airtel Xstream plans will receive Apple TV+ with premium Airtel plans, while Wynk Premium subscribers can access Apple Music with exclusive deals.

  • Brokerages believe the Indian cement sector will remain under pressure, with a possible recovery in the second half of FY25. The weak pricing environment of 2024 is expected to persist until the end of the monsoon season, which continues to dampen demand. Nomura notes that price hikes were led by the south and central regions, with increases of Rs 25 and Rs 22 per bag, respectively. However, it anticipates a reduction in these prices.

  • Ceigall India rises sharply as its Q1FY25 net profit grows 76.6% YoY to Rs 77.9 crore. Revenue rises 26.5% YoY to Rs 822.4 crore during the quarter, driven by improvements in annuity projects and engineering, procurement & construction (EPC) segments. The company appears in a screener of stocks with improving annual profits over the last two years.

  • Rail Vikas Nigam rises as it emerges as the lowest bidder (L1) for an order worth Rs 111.4 crore from Southern Railway to provide a multi-section digital axle counter (MSDAC) and replace audio frequency track circuits (AFTCs) in the Chennai Division’s automatic block signalling sections.

  • JSW Infrastructure rises sharply as Jefferies reportedly initiates coverage on the stock with a 'Buy' call and a target price of Rs 375 per share. This indicates a potential upside of 16.7%. The brokerage is positive on the private sector ports in India as it expects the companies to benefit from market share gains, expansions and acquisitions.

  • Anil Gupta, Managing Director of KEI Industries, projects a conservative 16-17% revenue growth and 11% margins for FY25. He notes strong demand from solar and energy projects, with exports expected to account for 15-16% of sales, marking a 50% YoY increase. Gupta also highlights the growing demand for extra high voltage (EHV) and flexible high voltage (FHV) cables, especially at data centers.

  • Medi Assist Healthcare Services surges as its wholly owned subsidiary, Medi Assist Insurance TPA, announces plans to acquire a 100% stake in Paramount Health Services & Insurance TPA from Fairfax Asia and the Shah family in a deal valued at over Rs 400 crore.

  • Bondada Engineering surges to a new all-time high of Rs 3,684.5 per share as it bags multiple orders worth Rs 575.7 crore from Lumina Clean Energy, Purelight Energy, and VVKR Photovoltaics Energy to set up grid-connected solar power plants.

  • JSW Energy rises as its wholly owned subsidiary, JSW Neo Energy, receives a letter of award (LoA) from Maharashtra State Electricity Distribution Company (MSEDCL) to set up a 200 MW wind-solar hybrid power project.

  • Reports suggest that 1.3 crore shares (3.3% equity) of Tata Technologies, amounting to Rs 1,367.4 crore, have changed hands in a large trade.

  • GPT Infraprojects is rising as its board of directors approves the qualified institutional placement (QIP) of equity shares at a floor price of Rs 183.8 per share.

  • Hindustan Unilever receives a tax demand worth Rs 962.8 crore from the Deputy Commissioner of Income Tax Department, Mumbai, for the non-deduction of TDS while making payment for the acquisition of India HFD IPR.

  • Coforge is rising as Motilal Oswal Funds buys a 1.9% stake (approx 2 crore shares) through a block deal.

  • UltraTech Cement raises $500 million (Rs 4,196.5 crore) through a sustainability-linked loan with six participating banks.

  • Nifty 50 was trading at 25,029.85 (19.3, 0.1%), BSE Sensex was trading at 81,656.24 (-41.9, -0.1%) while the broader Nifty 500 was trading at 23,596.40 (34.7, 0.2%).

  • Market breadth is in the green. Of the 1,927 stocks traded today, 1,208 were in the positive territory and 680 were negative.

Riding High:

Largecap and midcap gainers today include Tata Elxsi Ltd. (8,971.40, 16.8%), JSW Infrastructure Ltd. (332.50, 7.6%) and REC Ltd. (617.35, 4.7%).

Downers:

Largecap and midcap losers today include Syngene International Ltd. (827.90, -3%), Cummins India Ltd. (3,768.60, -2.4%) and PB Fintech Ltd. (1,777.95, -2.3%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Tata Investment Corporation Ltd. (7,385.45, 19.5%), Tata Elxsi Ltd. (8,971.40, 16.8%) and Zee Entertainment Enterprises Ltd. (150.83, 11.6%).

Top high volume loser on BSE was Sona BLW Precision Forgings Ltd. (707.45, -1.2%).

Gujarat Ambuja Exports Ltd. (145.91, 7.9%) was trading at 12.7 times of weekly average. JSW Infrastructure Ltd. (332.50, 7.6%) and eClerx Services Ltd. (2,809.25, 1.9%) were trading with volumes 10.1 and 8.6 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

46 stocks hit their 52 week highs,

Stocks touching their year highs included - Akzo Nobel India Ltd. (3,444.75, 6.4%), Ashok Leyland Ltd. (262.15, 0.8%) and Aurobindo Pharma Ltd. (1,551.95, 0.3%).

13 stocks climbed above their 200 day SMA including Tanla Platforms Ltd. (977.65, 4.2%) and SBI Cards and Payment Services Ltd. (736.75, 2.3%). 3 stocks slipped below their 200 SMA including ZF Commercial Vehicle Control Systems India Ltd. (15,321.50, -1.8%) and Route Mobile Ltd. (1,581.95, -0.8%).

 
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