Trendlyne Marketwatch
Trendlyne Marketwatch
13 Sep 2024
Market closes flat, Godfrey Phillips' board to consider a 2-for-1 bonus share issue
By Trendlyne Analysis

 

Nifty 50 closed at 25,356.50 (-32.4, -0.1%) , BSE Sensex closed at 82,890.94 (-71.8, -0.1%) while the broader Nifty 500 closed at 23,928.20 (20.9, 0.1%). Market breadth is in the green. Of the 2,268 stocks traded today, 1,396 were on the uptick, and 840 were down.

Indian indices pared their gains in the afternoon session to close flat. The Indian volatility index, Nifty VIX, declined by 4.8% and closed at 12.6 points. Adani Enterprises closed in the red as the Swiss Court reportedly froze $310 million (approx. Rs 2,600.4 crore) across multiple bank accounts in the country. This came as part of the ongoing investigation which showed significant financial activity tied to investment structures in offshore tax havens which owned Adani Group stocks.

Nifty Midcap 100 and Nifty Smallcap 100 closed in the green. BSE Realty and Nifty Media were among the top index gainers today. According to Trendlyne’s Sector dashboard, Hardware Tecnology Services emerged as the best-performing sector of the day, with a jump of over 2.2%.

Most Asian indices closed higher, except Japan’s Nikkei 225 which closed 0.8% lower. European indices are trading in the green. US index futures traded in the green, indicating a positive start to the trading session. Brent crude oil futures are trading in the green. U.S. stock futures climbed in anticipation of a 25 bps cut in interest rates next week. 30,000 Boeing employees vote to go on a strike over demands of higher pay.

  • Money flow index (MFI) indicates that stocks like FDC, Glenmark Life Sciences, Gujarat Fluorochemicals, and Jubilant Pharmova are in the overbought zone.

  • Max Healthcare partners with Lakshdeep Group to acquire a 64% stake in Jaypee Healthcare (JHL), following National Company Law Appellate Tribunal (NCLAT) approval. The deal includes an option to acquire an additional 36% stake and involves raising up to Rs 1,000 crore in short-term loans.

  • Adani Enterprises is falling as the Swiss Court reportedly freezes $310 million (approx. Rs 2,600.4 crore) across multiple bank accounts in the country. This comes as part of the ongoing investigation which showed significant financial activity tied to investment structures in offshore tax havens, like the British Virgin Islands (BVI), Mauritius, and Bermuda that owned Adani stocks.

  • RailTel Corporation of India surges as it a receives a work order worth Rs 19.7 crore from Northern Railways to provide double distant signals for dedicated freight corridor feeder routes in the Lucknow division.

  • According to Prime Database, the Indian real estate sector is enjoying a remarkable year in the capital markets, having raised Rs 14,572 crore through equity issuances such as IPOs and QIPs by August 2024. This positions 2024 as the second-best year on record since the peak of 2007.

  • Foreign institutional investors buy equity worth Rs 8,909.3 crore in the market over the past week, according to Trendlyne's FII dashboard. Index options witness the highest outflow of Rs 32,336.2 crore from foreign investors. Meanwhile, mutual funds are net buyers in the equity market, investing Rs 727.9 crore during the same period.

  • Great Eastern Shipping Co sells its 2005-built Suezmax crude tanker, Jag Lalit, with a deadweight tonnage of about 158,344. The company will deliver the vessel to the new owner by Q3FY25.

  • Godfrey Phillips surges to its all-time high of Rs 7,431 as its board of directors are scheduled to meet on September 20 to consider issuing a 2-for-1 bonus shares to its equity shareholders.

  • Ford Motor plans to reopen a manufacturing plant in Tamil Nadu, India, specifically for exports. The company has submitted a letter of intent to the state's government, following discussions with the chief minister. Ford ceased domestic car production in India in 2021 due to low volumes and ended its export operations in 2022.

  • Sharekhan retains its 'Buy' call on Marico with an upgraded target price of Rs 821. This indicates a potential upside of 20.9%. The brokerage believes that the company's portfolio diversification to premium foods and personal care products will improve revenue growth in the long-term. It expects the company's revenue to grow at a CAGR of 11.4% over FY25-27.

  • Panacea Biotech surges to its 52-week high of Rs 317.9 per share as it receives a long-term loan worth $20 million from the US International Development Finance Corp (DFC). The proceeds from the loan will be used to expand the capacity of drug substance antigens manufacturing used in its hexavalent vaccine EasySix.

  • Transformers & Rectifiers (India) surges as it secures an order worth Rs 114 crore from Rajasthan Rajya Vidyut Prasaran Nigam (RRVPNL) to manufacture a 50 Mega Volt-Ampere (MVA), 132/33 Kilovolt (KV) power transformer.

  • Manappuram Finance and Muthoot Finance rise as high gold prices boost loan growth for gold loan companies and improve the loan-to-value ratio. Gold reached a record high after rising more than 2% yesterday, driven by the continued decline of the US dollar ahead of an anticipated Federal Reserve rate cut next week.

  • Zee Entertainment Enterprises rises as it receives approval from the National Company Law Tribunal (NCLT) to withdraw its merger application with Sony Pictures Networks India and Bangla Entertainment, reversing the previous sanction order from August 10, 2023.

  • HCL Technologies completes acquisition of Paris-based software company Zeenea SAS for aprrox. Rs 222.3 crore (€23.9 million). Zeenea’s platform offers metadata management, data cataloging, and governance solutions, enabling organizations to better manage their data assets.

  • BLS International signs an agreement to acquire a 100% stake in Citizenship Invest (CI), a Dubai-based advisory firm, for $31 million (approximately Rs 260 crore). This acquisition expands BLS's services in visas and consular support, particularly for long-term visas such as citizenship and residency.

  • The Solvent Extractors’ Association of India (SEA) reports that India's edible oil imports in August 2024 totaled 15.63 lakh tonnes, down 16% YoY. The share of palm oil imports decreased slightly to 57% from 59%, while the share of soft oils increased marginally to 43% from 41% compared to the previous year.

  • HPL Electric rises as it bags an order worth Rs 143.8 crore to supply smart and conventional meters for a repeat customer.

  • Tata Power rises as it signs a memorandum of understanding (MoU) with its subsidiary, Tata Power EV Charging Solutions, to set up 200 fast-charging stations for electric commercial vehicles (CVs) in Mumbai, Delhi, Chennai, Bengaluru, and Kolkata.

  • Bharat Petroleum Corp is rising as it plans a capex of Rs 1,138 crore to expand its capacity of the Cochin Coimbatore Karur (CCKPL) and Irugur Devangonthi (IDPL) pipelines. CCKPL's capacity will grow to 7 million metric tonnes per annum (MMTPA) from 3.3 MMTPA, while IDPL's capacity will increase to 3.5 MMTPA from 2.4 MMTPA.

  • State Bank of India (SBI) approves a Rs 10,050 crore loan for Damodar Valley Corporation (DVC) to support its 1,600 MW ultra-supercritical thermal power project in Koderma, Jharkhand. The Ministry of Power has designated this project as a key capacity addition initiative for 2030.

  • Godrej Agrovet surges as 24.7 lakh share (or a 1.3% stake), worth Rs 194.1 crore, reportedly change hands in a block deal at an average price of Rs 785 per share.

  • Patanjali Foods falls sharply as 1.2 crore shares (or a 3.3% stake), worth Rs 2,223.4 crore, reportedly change hands in a block deal. Patanjali Group is the likely seller in the transaction.

  • Nazara Technologies is rising as it acquires a 47.7% stake in Moonshine Technology for Rs 832 crore. The company will also invest an additional Rs 150 crore as primary capital in Moonshine in exchange for compulsory convertible preference shares.

  • H.G. Infra Engineering receives an order worth Rs 716.1 crore from Central Railway to construct a new broad-gauge line between the Dhule and Nardana sections under the engineering, procurement, and construction mode.

  • Nifty 50 was trading at 25,343.50 (-45.4, -0.2%) , BSE Sensex was trading at 83,091.55 (128.8, 0.2%) while the broader Nifty 500 was trading at 23,907.40 (0.1, 0%)

  • Market breadth is highly positive. Of the 1,931 stocks traded today, 1,322 were on the uptick, and 564 were down.

Riding High:

Largecap and midcap gainers today include Linde India Ltd. (8,229.35, 8.5%), IDBI Bank Ltd. (94.92, 7.9%) and Oracle Financial Services Software Ltd. (12,261.90, 5.9%).

Downers:

Largecap and midcap losers today include Zomato Ltd. (272.90, -3.9%), Patanjali Foods Ltd. (1,860.95, -3.7%) and Adani Power Ltd. (633.45, -2.7%).

Movers and Shakers

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

Top high volume gainers on BSE included Jubilant Pharmova Ltd. (1,191, 13.8%), Linde India Ltd. (8,229.35, 8.5%) and IDBI Bank Ltd. (94.92, 7.9%).

Top high volume loser on BSE was Patanjali Foods Ltd. (1,860.95, -3.7%).

Godrej Agrovet Ltd. (795.45, 1.8%) was trading at 31.1 times of weekly average. Home First Finance Company India Ltd. (1,203.15, 6.6%) and Westlife Foodworld Ltd. (853.30, 6.6%) were trading with volumes 24.1 and 14.9 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

57 stocks overperformed with 52 week highs,

Stocks touching their year highs included - Apollo Hospitals Enterprise Ltd. (7012, -0.7%), Aurobindo Pharma Ltd. (1,565, 0.2%) and Bajaj Auto Ltd. (11,737.15, 0.1%).

28 stocks climbed above their 200 day SMA including IIFL Finance Ltd. (521.45, 7.2%) and Westlife Foodworld Ltd. (853.30, 6.6%).

 
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