Trendlyne Marketwatch
Trendlyne Marketwatch
09 Sep 2024
Market closes higher, LIC faces Rs 230 crore GST penalties from Telangana and Tamil Nadu
By Trendlyne Analysis

 

Nifty 50 closed at 24,936.40 (84.3, 0.3%) , BSE Sensex closed at 81,559.54 (375.6, 0.5%) while the broader Nifty 500 closed at 23,502.15 (24.5, 0.1%). Market breadth is in the red. Of the 2,291 stocks traded today, 825 showed gains, and 1,440 showed losses.

Indian indices closed in the green, with the benchmark Nifty 50 index closing at 24,936.4 points. The Indian volatility index, Nifty VIX, declined by 6.4% and closed at 14.2 points. Hindustan Unilever formed a committee of independent directors to evaluate the prospects of its ice cream business. This move follows Unilever PLC’s plan to separate its global ice cream operations.

Nifty Midcap 100 and Nifty Smallcap 100 closed in the red. Nifty FMCG & BSE FMCG Sector were among the top index gainers today. According to Trendlyne’s Sector dashboard, FMCG emerged as the best-performing sector of the day, with a jump of over 1.7%.

Asian indices closed mixed while European indices are trading in the green. US index futures traded higher, indicating a positive start to the trading session. Brent crude oil futures are trading in the green. Boeing's stock increased by 3% in U.S. premarket trading following a tentative agreement with a union in the U.S. Pacific Northwest, potentially averting a major strike later this week.

  • Relative strength index (RSI) indicates that stocks like Godrej Industries, Piramal Pharma, ICICI Lombard General Insurance, and Eris Lifesciences are in the overbought zone.

  • Life Insurance Corp of India falls after facing Rs 230 crore in GST penalties from Telangana and Tamil Nadu. Telangana's Rs 113.7 crore penalty is for FY19-20, comprising GST, interest, and penalties, while Tamil Nadu's Rs 116.6 crore for FY20-21 with similar charges.

  • JSW Infrastructure rises as it approves a capex of Rs 2,359 crore for the capacity expansion of its Jaigarh and Dharamtar ports. This comes as part of the company's plans to expand capacity to 400 million tonnes (MT) in FY30 from its existing capacity of 170 MT.

  • Thomas Cook (India) and its group company, SOTC Travel, sign a 24-month strategic partnership memorandum of understanding (MOU) with Malaysia Airlines. This partnership aims to capitalize on the growing interest of Indian travelers in Malaysia and other destinations.

  • Union Minister for Heavy Industries, HD Kumaraswamy, announces the extension of the Electric Mobility Promotion Scheme (EMPS) until the launch of the third phase of the Faster Adoption and Manufacturing of Electric Vehicles (FAME-III). The EMPS, set to expire on September 30, will likely be extended for an additional two months.

  • Hindustan Unilever rises sharply to hit a new all-time high of Rs 2,938.2 as it forms a committee of independent directors to evaluate the prospects of its ice cream business. This move follows Unilever PLC’s plan to separate its global ice cream operations.

  • FMCG stocks like Hindustan Unilever, United Breweries, United Spirits, and Dabur India rise more than 2% in trade, helping the broader Nifty FMCG index to surge to its all-time high of 64,466.1.

  • Nibe surges to its 5% upper circuit as its subsidiary, Nibe Space, signs a memorandum of understanding (MoU) with Indian defense, infrastructure companies, and startups to build and operate a private Earth observation constellation, offering images and analytics as a service. Nibe Defence and Aerospace wins four orders worth Rs 50.1 crore from Indian defense companies for supplying and integrating electronic equipment.

  • Crisil Ratings projects jewellery retailers’ revenue to increase by 22-25% YoY in FY25, compared to its previous estimates of 17-19%. The rating agency attributes this growth to higher volumes, driven by a decline in retail gold prices following the announcement of the customs duty cut to 6% in the Union Budget.

  • RBM Infracon surges to its 5% upper circuit as it bags a Rs 3,498 crore order from Oil and Natural Gas Corp (ONGC). The contract covers Rs 3,371 crore for crude and Rs 127 crore for gas at Nandej, valid for 15 years.

  • Minda Corp rises as its board of directors schedules to meet on Thursday to consider raising funds by issuing equity shares through a preferential issue, qualified institutional placement (QIP), rights issue, or other modes.

  • Suzlon Energy is rising as it secures a 1,166 megawatt (MW) order from NTPC's arm, NTPC Green Energy, to install a total of 370 wind turbine generators (WTGs), making it the largest wind energy order in India.

  • Electric two-wheeler manufacturer Ather Energy plans to go public with an initial public offering (IPO) that features a fresh issue of shares valued at Rs 3,100 crore. The IPO also includes an offer for sale of up to 22 million shares by investors and promoters. As part of the offer for sale, Tarun Sanjay Mehta and Swapnil Babanlal Jain will each sell 1 million equity shares.

  • SpiceJet rises sharply after announcing plans to issue shares to Carlyle Aviation in a restructuring deal. The deal will convert Rs 335.8 crore from Carlyle’s total dues of Rs 1,155.7 crore into equity, reducing SpiceJet's debt to Rs 818.5 crore.

  • Mangalore Chemicals & Fertilizers falls after temporarily shutting down operations at its ammonia and urea plants to replace the reformer catalyst.

  • Metro Brands' promoters, Farah Malik Bhanji, Alisha Rafique Malik, and Zia Malik Lalji, among others, sell a 2.2% stake in the company for Rs 750 crore in a bulk deal on Friday.

  • Suvankar Sen, Managing Director & CEO of Senco Gold, highlights the company’s plans to invest Rs 50-60 crore in its non-jewellery business, and Rs 25-30 crore annually thereafter. He notes that the non-jewellery segment currently accounts for about 4-5% of total revenue, with gross margins ranging from 30-35%. Sen adds that September has been a strong month for both the industry and the company.

  • Gala Precision Engineering's shares debut on the bourses at a 36.3% premium to the issue price of Rs 529. The Rs 167.9 crore IPO has received bids for 201.4 times the total shares on offer.

  • Nazara Technologies is rising as it acquires a 48.4% stake (or 5,157 shares) in Paper Boat Apps for a total cash consideration of Rs 300 crore. The company has completed the first tranche of payment of RS 225 crore.

  • Oriana Power rises sharply as its subsidiary, Truere Surya, bags a contract worth Rs 520 crore from Dalmia Cement to set up a 128 MW solar power plant in Tamil Nadu. Dalmia Cement also acquires a 26% stake in Truere Surya for Rs 44.8 crore to source solar power as a captive consumer.

  • UBS maintains a 'Buy' rating on Shriram Finance with a higher target price of Rs 3,850. The brokerage notes the merger synergies continue to support growth. It believes the net interest margin (NIM) compression is temporary and highlights that expanding into new segments will be crucial for growth. The brokerage expects asset quality to remain stable and has kept its credit cost guidance unchanged.

  • Granules India falls as it receives six observations from the US FDA following an inspection at its Gagillapur facility in Hyderabad, Telangana.

  • Godfrey Phillips India's board of directors approves the appointment of Bina Modi as its Managing Director for the next five years, effective November 14.

  • Ion Exchange (India) rises as it secures a contract worth Rs 168 crore from Tecnimont SpA, Italy, for de-oiling, demineralization, and condensate poly unit packages for the Abu Dhabi National Oil Company Hail & Ghasha development project.

  • Mazagon Dock Shipbuilders is rising as it bags an order worth Rs 1,486.4 crore from Oil & Natural Gas Corp (ONGC) for a subsea pipeline replacement on an engineering, procurement, and construction (EPC) basis.

  • Nifty 50 was trading at 24,800.50 (-51.7, -0.2%), BSE Sensex was trading at 80,961.66 (-222.3, -0.3%) while the broader Nifty 500 was trading at 23,371.75 (-106.0, -0.5%).

  • Market breadth is overwhelmingly negative. Of the 2,015 stocks traded today, 468 were in the positive territory and 1,495 were negative.

Riding High:

Largecap and midcap gainers today include General Insurance Corporation of India (402.65, 5.0%), Gujarat Fluorochemicals Ltd. (3,976.50, 4.4%) and One97 Communications Ltd. (627.65, 4.0%).

Downers:

Largecap and midcap losers today include Power Finance Corporation Ltd. (523.60, -4.0%), Oil And Natural Gas Corporation Ltd. (298.90, -3.2%) and Bajaj Holdings & Investment Ltd. (10,357.10, -3.1%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Alembic Pharmaceuticals Ltd. (1,203.35, 8.8%), Jubilant Pharmova Ltd. (1,031.20, 8.4%) and The New India Assurance Company Ltd. (257.05, 3.0%).

Top high volume losers on BSE were Jupiter Wagons Ltd. (508.50, -7.1%), Granules India Ltd. (666.85, -3.1%) and R R Kabel Ltd. (1,528.55, -3.0%).

Anand Rathi Wealth Ltd. (3,840, -2.0%) was trading at 4.2 times of weekly average. Dabur India Ltd. (662.35, 2.8%) and Narayana Hrudayalaya Ltd. (1,377, 2.3%) were trading with volumes 3.2 and 3.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

13 stocks overperformed with 52 week highs, while 1 stock hit their 52 week lows.

Stocks touching their year highs included - Dabur India Ltd. (662.35, 2.8%), Divi's Laboratories Ltd. (5,170, 0.6%) and FDC Ltd. (562.10, -1.6%).

Stock making new 52 weeks lows included - CSB Bank Ltd. (310.80, -1.2%).

8 stocks climbed above their 200 day SMA including Usha Martin Ltd. (363.30, 3.5%) and Tata Elxsi Ltd. (7,839.05, 3.3%). 23 stocks slipped below their 200 SMA including Sonata Software Ltd. (660.50, -4.2%) and Mangalore Refinery And Petrochemicals Ltd. (189.76, -3.8%).

 
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