Trendlyne Marketwatch
Trendlyne Marketwatch
02 Sep 2024
Market closes higher, Tata Motors' total wholesales decline by 8% YoY in August
By Trendlyne Analysis

 

Nifty 50 closed at 25,278.70 (42.8, 0.2%) , BSE Sensex closed at 82,559.84 (194.1, 0.2%) while the broader Nifty 500 closed at 23,760.70 (26.2, 0.1%). Market breadth is in the red. Of the 2,278 stocks traded today, 881 were gainers and 1,363 were losers.

Indian indices closed higher but erased much of the gains from the morning session. The Indian volatility index, Nifty VIX, rose 5% and closed at 14.1 points. Varun Beverages surged as its board set September 12 as the record date for its stock split, dividing existing equity shares from a face value of Rs 5 into shares with a face value of Rs 2.

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

Asian indices closed mixed. European indices are trading in the red, except for Netherlands AEX which is trading flat. US index futures are trading in the red, indicating a negative start to the trading session. Brent crude oil futures are trading lower.

  • Relative strength index (RSI) indicates that stocks like Bajaj Auto, Glenmark Pharmaceuticals, Alkem Laboratories, and Gujarat State Petronet are in the overbought zone.

  • Maithan Alloys announces that its subsidiary, Maithan Ferrous, has activated two 16.5 MVA submerged arc furnaces at its new Ferro Alloy Plant in Bankura, West Bengal. The plant will begin production next week.

  • Tata Motors falls as its total wholesales decline by 8% YoY to 71,693 units in August, due to a 15% YoY and 3% YoY decrease in commercial vehicle and passenger vehicle wholesales, respectively.

  • Hero MotoCorp rises as its monthly wholesales rise 4.8% YoY to 5.1 lakh units in August due to higher motorcycle sales and domestic business. However, its exports grow by 27.4% YoY to 20,097 units during the month.

  • Rajan Venkatesh, Managing Director & CEO of Laxmi Organic Industries, projects the revenue to double by 2028, with margins of 13-14% and a return on capital employed (ROCE) at 20%. He expects the company to be debt-free by 2028 and adds that they are focusing on delivering profitable volume growth in the coming quarters.

  • Adani Energy Solutions rises as it secures a letter of intent for the Khavda Phase IV Part-A project, which involves evacuating 7 GW of renewable energy to the National Grid.

  • Globus Spirits rises to hit its all-time high of Rs 1,154 as Motilal Oswal Mutual Fund acquires 2 lakh shares (0.7% stake) through block deal at an average price of Rs 1,071.5 per unit.

  • Godrej Properties secures a letter of intent (LOI) to develop two premium group housing plots in Gurugram from Haryana Shehri Vikas Pradhikaran (HSVP), with a total bid amount of Rs 515 crore. The plots offer a development potential of over 1 million sq ft and could generate revenue of over Rs 3,400 crore.

  • Larsen & Toubro creates a new business vertical for renewable energy within its infrastructure projects segment, separating it from power transmission and distribution. A Ravindran, Senior Vice President, will lead this vertical.

  • Ramkrishna Forgings divests its wholly-owned subsidiary, Globe All India Services, to Yatra Online for Rs 128 crore. This move allows the company to focus on its core business and also strengthen its balance sheet.

  • NCC surges as it announces receiving orders worth Rs 1,236 crore in August from state government agencies for its irrigation division and other projects.

  • Techno Electric & Engineering surges as it secures a contract to design, build, finance, operate, and transfer Edge Data Centers (EDCs) for RailTel Corporation of India. The company will manage these tasks across 102 cities in India over a twenty-year period, extendable by five years.

  • India’s manufacturing PMI moderates to 57.5 in August, down from 58.1 in July, as output and sales grow at their slowest pace since January, with competitive pressures and inflation concerns dampening business confidence.

  • Dynacons Systems & Solutions rises as it secures a Rs 142.6 crore project from Bank of Maharashtra to supply, install, and maintain Hyper Converged Infrastructure for the Nakshatra-2 private cloud initiative, including five years of maintenance and support.

  • Varun Beverages rises sharply as its board sets September 12 as the record date for its stock split, dividing existing equity shares from a face value of Rs 5 into shares with a face value of Rs 2.

  • Adani Ports & Special Economic Zone's cargo volumes rise 5% YoY to 36.1 million metric tonnes in August. The rise in cargo was primarily driven by containers (11% YoY).

  • DAM Capital predicts that the government's move to lift restrictions on ethanol production from sugarcane juice and B-heavy molasses will likely lead to higher ethanol prices ahead of the new season. The brokerage anticipates that this policy change will boost earnings growth for sugar companies starting in Q3FY25 and contribute to a sector re-rating.

  • Oriana Power surges as it receives a order worth Rs 247.9 crore from Bharat Petroleum Corporation (BPCL) for a 52-MW solar project. The deal includes building transmission lines, obtaining CTU approval, and providing five years of maintenance.

  • Rossell India surges as it completes the demerger of its aerospace and defense units into Rossell Techsys, with the scheme of amalgamation taking effect on August 30.

  • Bajaj Auto is rising as its wholesales grow 16% to 3.9 lakh units in August. Two-wheeler wholesales increase by 18% YoY, while commercial vehicle wholesales improve by 11% YoY.

  • MOIL's stock falls over 3% after the company announces a 20% price reduction for Ferro grades containing 44% manganese. Additionally, Ferro grades with lower manganese content, as well as SMGR (Mn-30% and Mn-25%), Fines, and Chemical grades, will see their prices cut by 15%.

  • Indian Hume Pipe surges to its all-time high of Rs 613.7 as it receives a letter of intent (LOI) for an order worth Rs 858.9 crore from Tapi Irrigation Development Corp, Jalgaon. The project includes building and commissioning a piped distribution network to irrigate 26,907 hectares under the Sulwade Jamphal Kanoli Lift Irrigation project in Dhule district, along with five years of system maintenance.

  • NBCC (India) rises as its board of directors approves a bonus issue of shares to equity holders in the ratio of 1:2. The record date for the issue is October 7.

  • TVS Motor’s wholesales rise 13% YoY to 3.9 lakh units in August, driven by a 14% YoY increase in two-wheelers and a 4% YoY growth in electric vehicles. Exports surge 14% YoY during the same period.

  • Rites rises as it emerges as the lowest bidder for a Rs 224.3 crore order from Tanzania Railways to supply, test, and commission four diesel multiple units for a meter gauge railway (MGR).

  • Nifty 50 was trading at 25,303.50 (67.6, 0.3%), BSE Sensex was trading at 82,725.28 (359.5, 0.4%) while the broader Nifty 500 was trading at 23,795.60 (61.1, 0.3%).

  • Market breadth is in the green. Of the 2,005 stocks traded today, 1,238 were in the positive territory and 724 were negative.

Riding High:

Largecap and midcap gainers today include Gujarat Gas Ltd. (680, 12.0%), Jio Financial Services Ltd. (344.90, 7.2%) and Adani Power Ltd. (670.20, 6.0%).

Downers:

Largecap and midcap losers today include Jindal Stainless Ltd. (739.35, -6.8%), Indus Towers Ltd. (438.95, -4.3%) and Dixon Technologies (India) Ltd. (12,614.45, -4.2%).

Volume Rockets

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

Top high volume gainers on BSE included Gujarat Gas Ltd. (680, 12.0%), Aegis Logistics Ltd. (803.60, 6.8%) and Adani Power Ltd. (670.20, 6.0%).

Top high volume losers on BSE were Archean Chemical Industries Ltd. (707.80, -4.7%) and UNO Minda Ltd. (1,168.30, -0.5%).

Godrej Agrovet Ltd. (813.80, 3.8%) was trading at 9.5 times of weekly average. UTI Asset Management Company Ltd. (1,192.20, 4.0%) and Adani Green Energy Ltd. (1,945.70, 5.9%) were trading with volumes 6.1 and 5.4 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

51 stocks hit their 52 week highs,

Stocks touching their year highs included - Apollo Hospitals Enterprise Ltd. (6,892.50, -0.5%), Aurobindo Pharma Ltd. (1,553.95, -1.0%) and Bajaj Auto Ltd. (11,126.10, 2.2%).

17 stocks climbed above their 200 day SMA including Gujarat State Fertilizer & Chemicals Ltd. (239.16, 4.0%) and SBI Cards and Payment Services Ltd. (744.35, 2.9%). 10 stocks slipped below their 200 SMA including Alok Industries Ltd. (26.63, -2.5%) and Aptus Value Housing Finance India Ltd. (321.50, -2.0%).

 
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