Trendlyne Marketwatch
Trendlyne Marketwatch
03 Sep 2024
Market closes flat, KPI Green's subsidiary secures an order for multiple solar projects
By Trendlyne Analysis

 

Nifty 50 closed at 25,279.85 (1.2, 0%) , BSE Sensex closed at 82,537.44 (-22.4, 0.0%) while the broader Nifty 500 closed at 23,788.45 (27.8, 0.1%). Market breadth is even. Of the 2,242 stocks traded today, 1,123 were in the positive territory and 1,095 were negative.

Indian indices closed flat after switching between losses and gains throughout the day. The Indian volatility index, Nifty VIX, fell 1.6% and closed at 13.8 points. Adani Green Energy (AGEL) has entered into a 50:50 joint venture with TotalEnergies to manage 1,150 MW of solar projects at Khavda, Gujarat.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green. Nifty Consumer Durables and Nifty Financial Services 25/50 Index were among the top index gainers today. According to Trendlyne’s Sector dashboard, Consumer Durables emerged as the best-performing sector of the day, with a rise of 4.3%.

Asian indices closed mixed, influenced by China’s manufacturing activity, which slumped to a six-month low of 49.1. This decline also led to the CSI 300 hitting a seven-month low. European indices are trading in the red, except for Russia’s RTSI and MOEX which are trading in the green. US index futures are trading in the red, indicating a negative start to the trading session. Brent crude oil futures are trading lower.

  • Money flow index (MFI) indicates that stocks like Godrej Industries, Bajaj Auto, Gujarat State Petronet, and Radico Khaitan are in the overbought zone.

  • Maruti Suzuki India's wholesales increase 2.1% YoY to 1.7 lakh units in August due to a 1.4% YoY and 70.8% YoY growth in passenger and commercial vehicle wholesales, respectively.

  • Emkay reiterates its 'Sell' rating on Go Digit General Insurance with a target price of Rs 230 per share, indicating an upside of 41.7%. The brokerage cites concerns over achieving both growth and profitability, a muted tariff outlook on motor third-party insurance, competitive intensity in motor own damage insurance, and the company's high valuation.

  • The World Bank revises its growth estimate for India's GDP to 7% from 6.6% for FY25. Auguste Tano Kouame, the World Bank's Country Director for India, highlights that India was the fastest-growing economy in FY24 with an 8.2% growth rate and is currently maintaining strong growth. He emphasizes the need for India to diversify its export basket and tap into global value chains to achieve $1 trillion in merchandise exports by 2030.

  • Lemon Tree Hotels rises as it signs a license agreement for a new hotel in Gir, Gujarat, set to open in FY30. The property will be managed by Lemon Tree's wholly-owned subsidiary, Carnation Hotels. It will feature 80 well-appointed rooms, a restaurant, a banquet hall, a meeting room, a swimming pool and a spa.

  • HDFC Bank, Bharti Airtel, Maruti Suzuki India and Bajaj Finance outperform their respective industries over 10 years in terms of price change.

  • KPI Green Energy rises as its subsidiary, Sun Drops Energia receives a letter of intent (LoI) to set up multiple solar power projects with a total capacity of 7 MW under the company's captive power producer (CPP) segment.

  • Signatureglobal falls sharply as nearly 57.2 lakh shares (4.1% stake), amounting to Rs 828.2 crore, reportedly change hands in a block deal at an average price of Rs 1,449 per share.

  • Crude oil futures are trading lower despite concerns about supply disruptions from Libya. Brent oil futures are trading at $76.3, down 1.6% today, while WTI (West Texas Intermediate) futures stand at $72.9, down 0.8% today.

  • Motilal Oswal retains its 'Buy' call on Cummins India with a target price of Rs 4,300 per share. This indicates a potential upside of 12.3%. The brokerage remains confident on the stock due to its industrial segment benefitting from a strong construction cycle, and the distribution segment gaining from better market reach. It expects the company's revenue to grow at a CAGR of 18% over FY25-27.

  • Tata Consultancy Services expands its partnership with Google Cloud to strengthen cyber resilience for enterprises across industries by combining TCS' expertise with Google Cloud's advanced technologies. The TCS Managed Detection and Response (MDR) solution, powered by Google's Security Operations platform, enables security teams to quickly detect and respond to threats.

  • Adani Green Energy (AGEL) enters a 50:50 joint venture with TotalEnergies to manage 1,150 MW of solar projects at Khavda, Gujarat. AGEL will contribute its existing assets to the JV, while TotalEnergies will invest $444 million (approx. Rs 3,727 crore) to accelerate project development.

  • Mahindra & Mahindra offers a Rs 1.5 lakh discount on its three-door Thar SUV, shortly after launching the larger five-door TharRoxx. The company seeks to maintain Thar's sales momentum amid overlapping price points. Nalinikanth Gollagunta, CEO of M&M’s automotive division, states that festive season adjustments to their portfolio are based on market feedback and customer preferences.

  • Brigade Enterprises is rising as its board of directors approves the qualified institutional placement (QIP) of equity shares at a floor price of Rs 1,164.7 per share.

  • Premier Energies' shares debut on the bourses at a 120% premium to the issue price of Rs 450. The Rs 2,830.4 crore IPO received bids for 74.4 times the total shares on offer.

  • PTC Industries' board approves the issuance of 5.3 lakh equity shares worth Rs 700 crore through a qualified institutional placement (QIP). The board sets a floor price of Rs 13,894.4 per share for the QIP.

  • Samvardhana Motherson International is reportedly planning to raise up to $1 billion through a Qualified Institutional Placement (QIP). The funds raised may be allocated towards an acquisition or used to reduce debt. Bankers for the QIP have already been appointed, and the share sale along with the roadshows is expected to start soon.

  • Matrimony.com surges to a new 52-week high of Rs 846.9 per share as the company is set to consider and approve a share buyback proposal in its board meeting scheduled for September 5.

  • Welspun Corp's board of directors approves a $100 million (approx. Rs 839.5 crore) investment by its subsidiary, Welspun Pipes to upgrade its high-frequency induction welding (HFIW) pipes manufacturing and coating capacity in the USA.

  • Medi Assist Healthcare Services surges to its all-time high of Rs 647.8 as 95 lakh shares (13.5% stake), amounting to Rs 580.5 crore, reportedly change hands in a block deal. Promoter Bessemer India is a likely seller in the transaction.

  • Girish Kousgi, Managing Director & CEO of PNB Housing Finance, guides a retail growth of over 17% with net interest margins (NIMs) of around 3.5% & credit cost at 25 bps for FY25. He also forecasts that the company's retail book will reach Rs 1 lakh crore by FY27 and anticipates that NIMs will improve as the affordable housing and emerging segments grow at a faster rate.

  • NMDC is falling as it receives a Rs 1,620.5 crore fine from the District Collector, Dantewada for allegedly transporting iron ore without a railway transit pass (RTP). The company's monthly iron ore production declines 10% YoY to 3.1 million tonnes (MT) during August 2024.

  • Gensol Engineering rises as its consortium with Matrix Gas & Renewables emerges as the lowest bidder for the EPC contract of India's first Biomass-to-Green Hydrogen project, valued at Rs 164 crore. The project aims to convert 25 tons of bio-waste into 1 ton of hydrogen per day.

  • Kaynes Technology India rises sharply as its subsidiary, Kaynes Semicon, receives approval from the Indian government to set up a semiconductor manufacturing unit in Gujarat with a capex of Rs 3,307 crore.

  • Hindustan Aeronautics rises sharply as it reportedly bags an order worth Rs 26,000 crore from the Cabinet Committee on Security for 240 aero engines for the Indian Air Force's Su-30 MKI aircraft.

  • Nifty 50 was trading at 25,273.10 (-5.6, 0.0%), BSE Sensex was trading at 82,524 (-35.8, 0.0%) while the broader Nifty 500 was trading at 23,800.60 (39.9, 0.2%).

  • Market breadth is overwhelmingly positive. Of the 1,929 stocks traded today, 1,300 were on the uptick, and 584 were down.

Riding High:

Largecap and midcap gainers today include Oracle Financial Services Software Ltd. (11,455.25, 4.7%), Gland Pharma Ltd. (1,893.35, 3.3%) and Hindustan Aeronautics Ltd. (4,832.35, 3.1%).

Downers:

Largecap and midcap losers today include Torrent Power Ltd. (1,712.85, -3.0%), Adani Green Energy Ltd. (1,897.90, -2.5%) and One97 Communications Ltd. (595.60, -2.0%).

Volume Shockers

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

Top high volume gainers on BSE included Godrej Industries Ltd. (1,211.40, 14.1%), Bombay Burmah Trading Corporation Ltd. (2,673.75, 8.8%) and Quess Corp Ltd. (832.55, 7.9%).

Top high volume losers on BSE were Signatureglobal (India) Ltd. (1,410.05, -5.7%), Cera Sanitaryware Ltd. (9,050, -2.7%) and Jindal Stainless Ltd. (726.30, -1.8%).

Prism Johnson Ltd. (175.70, 6.3%) was trading at 14.1 times of weekly average. Poly Medicure Ltd. (2,503.05, 5.3%) and Kaynes Technology India Ltd. (4,839.25, 3.8%) were trading with volumes 6.7 and 6.4 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

39 stocks overperformed with 52 week highs,

Stocks touching their year highs included - Bajaj Finserv Ltd. (1,865.60, 1.4%), Bajaj Holdings & Investment Ltd. (10,903.90, 2.6%) and Bombay Burmah Trading Corporation Ltd. (2,673.75, 8.8%).

15 stocks climbed above their 200 day SMA including Prism Johnson Ltd. (175.70, 6.3%) and Jai Balaji Industries Ltd. (1,000.25, 5%). 7 stocks slipped below their 200 SMA including R R Kabel Ltd. (1,605.90, -0.9%) and YES Bank Ltd. (23.71, -0.7%).

 
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