Trendlyne Marketwatch
Trendlyne Marketwatch
10 Sep 2024
Market closes higher, Century Textiles acquires approx 10-acre land in Worli, Mumbai
By Trendlyne Analysis

 

 

Nifty 50 closed at 25,041.10 (104.7, 0.4%) , BSE Sensex closed at 81,921.29 (361.8, 0.4%) while the broader Nifty 500 closed at 23,643.65 (141.5, 0.6%). Market breadth is ticking up strongly. Of the 2,256 stocks traded today, 1,553 were gainers and 683 were losers.

Indian indices extended their gains in the afternoon session to close higher. The Indian volatility index, Nifty VIX, fell 6.2% and closed at 13.4 points. Century Textiles & Industries touched an all-time high of Rs 2,530 as it acquired approx 10-acre land in Worli, Mumbai, for Rs 1,100 crore, with an estimated booking value potential of Rs 14,000 crore.

Nifty Midcap 100 and Nifty Smallcap 100 closed in the green. Nifty Metal and Nifty Media closed higher. According to Trendlyne’s sector dashboard, Hotels Restaurants & Tourism emerged as the best-performing sector of the day, with a rise of 3.2%.

European indices traded mixed. Major Asian indices closed mixed. US index futures traded mixed, indicating a cautious start to the trading session. Apple unveiled the latest version of its iPhone on Monday, with analysts stating that the new, AI-powered features were in line with expectations.

  • Money flow index (MFI) indicates that stocks like SBI Card and Payment Services, Bajaj Finserv, Suven Pharmaceuticals, and Medplus Health Services are in the overbought zone.

  • Media stocks like Zee Entertainment Enterprises, Hathway Cable & Datacom, Nazara Technologies, and Saregama India rise more than 3% in trade. All constituents of the broader Nifty Media index are trading in the green, helping it to surge more than 2%.

  • Century Textiles & Industries surges to its all-time high of Rs 2,530 as it acquires approximately 10-acre land in Worli, Mumbai, for Rs 1,100 crore from Nusli Wadia. This land adds an estimated booking value potential of Rs 14,000 crore.

  • ICICI Securities maintains its 'Buy' call on Va Tech Wabag with an upgraded target price of Rs 1,541 per share. This indicates a potential upside of 12.9%. The brokerage believes the company is well positioned to capture the increasing capex in the water segment due to its end-to-end solutions platform, strong brand, and asset-light business mode. It expects the firm's revenue to grow at a CAGR of 19.2% over FY25-26.

  • The Competition Commission of India (CCI) introduces stricter regulations for global mergers and acquisitions in the digital sector. Companies with significant Indian operations now require CCI approval for deals where the target firm has over 10% of its global customers in India and transactions valued at Rs 2,000 crore (about $240 million) or more.

  • Action Construction Equipment rises as it receives an order from the Ministry of Defence (MoD) to supply 99 forklifts.

  • LE Travenues Technology (Ixigo) rises sharply as its bus business, AbhiBus, partners with European bus services provider FlixBus. This partnership will help FlixBus to expand its services in South India. FlixBus tickets will now be available on AbhiBus at a starting price of Rs 99.

  • Lemon Tree Hotels surges as it signs a license agreement for a new hotel in Nashik, Maharashtra, set to open in FY26. The property will be managed by Lemon Tree's wholly-owned subsidiary, Carnation Hotels. It will feature 57 rooms, a restaurant, a banquet hall, a meeting room, a swimming pool, and a spa.

  • Mutual Funds' net equity inflows grow 3% MoM to Rs 38,239 crore in August, according to data released by the Association of Mutual Funds in India (AMFI). However, debt inflows decline 62% YoY. The total AUM of the industry stands at 66.4 lakh crore.

  • SEPC surges to its 5-year high of Rs 32.2 per share as it bags an order worth Rs 182.6 crore from the Irrigation Division, Gov. of Bihar to supply, install, test, operate, and maintain irrigation equipment for drinking water.

  • Zaggle Prepaid Ocean Services surges as it signs an agreement with HDFC ERGO General Insurance to provide its Zaggle Propel reward platform, which includes channel rewards and recognition.

  • ITI rises sharply as it bags an order worth Rs 300 crore from the Bihar Renewable Energy Development Authority (BREDA) to supply and install 1 lakh solar street light systems in the state.

  • Saurabh Gadgil, Managing Director of P N Gadgil Jewellers, forecasts a revenue of Rs 10,000 crore with double-digit margins for FY27. He expects 15% of this revenue to come from studded jewellery. Gadgil highlights the company's goal to reach 60 stores by FY27 and expand to 100-120 stores over the following six years. The bidding process for the company's IPO started today.

  • India Opportunities Growth fund sells 1.1 crore shares (1.7% stake) in Electrosteel Castings, worth approximately Rs 219.5 crore, at an average price of Rs 7,020 per share in a block deal.

  • Ecos (India) Mobility & Hospitality surges to its all-time high of Rs 524.7 as 4 lakh shares (0.7% stake), worth approximately Rs 18.4 crore, change hands in a block deal on Monday at an average price of Rs 460.3 per share. Plutus Wealth Management is the buyer in the transaction.

  • JTL Industries rises after expanding the capacity of its galvanised iron (GI) plant in Maharashtra by 5,000 MT per quarter.

  • Goldman Sachs maintains its ‘Buy’ rating with a target price of Rs 715. The brokerage expects the India business to grow in double digits from FY25. It also projects the foods and premium personal care businesses to grow by 2X in the next three years.

  • Dodona Holdings sells 10.2 crore shares (0.3% stake) in Trent, worth approximately Rs 716 crore, at average price of Rs 7,020 per share in a block deal. Siddharth Yog is the buyer in the transaction.

  • JSW Energy is rising as its subsidiary, JSW Neo Energy, bags an order from Maharashtra State Electricity Distribution (MSEDCL) for a 600 MW wind-solar hybrid project with a 400 MW greenshoe option.

  • HG Infra Engineering surges as it receives a letter of award worth Rs 781.1 crore from the Ministry of Road Transport & Highways (MoRTH) to upgrade the existing 6-lane road, including an elevated corridor, on NH 47 in Gujarat.

  • Prataap Snacks, Gopal Snacks, and Bikaji Foods rise as the Union Finance Minister, Nirmala Sitharaman, announces a GST rate cut from 18% to 12% for namkeens and savoury items at the 54th GST Council meeting.

  • Indian Renewable Energy Development Agency rises sharply as it reportedly signs a memorandum of understanding (MoU) with SJVN and GMR Energy to set up the Karnali hydro-electric project in Nepal with a capacity of 900 MW.

  • GMR Airports Infrastructure is rising as it acquires an additional 10% stake in Delhi International Airport (DIAL) for $126 million (approx. Rs 1,057.9 crore) from Fraport AG Frankfurt Airport Services Worldwide. The acquisition will take GMR Airports' holding in DIAL to 74%.

  • Dixon Technologies (India) rises as its wholly-owned subsidiary, Padget Electronics, signs a memorandum of understanding (MoU) with HP India Sales to manufacture notebooks, desktops, and all-in-one PCs.

  • Ahluwalia Contracts rises sharply as it bags two orders worth Rs 1,307 crore from Signatureglobal Business Park and Signatureglobal Homes for civil structure and finishing works for the Project De-luxe DXP and Iconic Tower in Gurugram.

  • Nifty 50 was trading at 24,974.05 (37.7, 0.2%), BSE Sensex was trading at 81,768.72 (209.2, 0.3%) while the broader Nifty 500 was trading at 23,593.05 (90.9, 0.4%).

  • Market breadth is ticking up strongly. Of the 1,937 stocks traded today, 1,607 were on the uptrend, and 289 went down.

Riding High:

Largecap and midcap gainers today include Tata Power Company Ltd. (445.35, 6.6%), Linde India Ltd. (7,789.95, 5.6%) and Suzlon Energy Ltd. (78.05, 5.0%).

Downers:

Largecap and midcap losers today include HDFC Life Insurance Company Ltd. (702.90, -4.5%), Vedanta Ltd. (440, -4.4%) and Oil India Ltd. (608.90, -4.0%).

Volume Shockers

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

Top high volume gainers on BSE included Prism Johnson Ltd. (208.10, 19.6%), Sumitomo Chemical India Ltd. (608.85, 14.5%) and Aether Industries Ltd. (1,059.35, 8.7%).

ITI Ltd. (300.40, 6.1%) was trading at 14.8 times of weekly average. Atul Ltd. (8,000, 0.6%) and Divi's Laboratories Ltd. (5,426.45, 4.9%) were trading with volumes 4.6 and 4.3 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

34 stocks overperformed with 52 week highs,

Stocks touching their year highs included - Ajanta Pharma Ltd. (3,426.50, 3.9%), Akzo Nobel India Ltd. (3,847.75, 1.9%) and Britannia Industries Ltd. (5,969.90, 0.5%).

22 stocks climbed above their 200 day SMA including Latent View Analytics Ltd. (492.95, 6.3%) and ITI Ltd. (300.40, 6.1%). 4 stocks slipped below their 200 SMA including Alok Industries Ltd. (26.62, -0.3%) and Westlife Foodworld Ltd. (799.45, 0.0%).

 
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