Trendlyne Marketwatch
Trendlyne Marketwatch
16 Sep 2024
Market closes higher, Reliance Power bags an order from SECI for battery storage project
By Trendlyne Analysis

 

Nifty 50 closed at 25,383.75 (27.3, 0.1%) , BSE Sensex closed at 82,988.78 (97.8, 0.1%) while the broader Nifty 500 closed at 23,968.20 (40, 0.2%). Market breadth is holding steady. Of the 2,302 stocks traded today, 1,110 were in the positive territory and 1,168 were negative.

Indian indices closed higher after hitting a new all-time high of Rs 25,445.7, due to anticipation of Federal Reserve rate cut this week. The Indian volatility index, Nifty VIX, fell 0.7% and closed at 12.4 points. Torrent Power plans a capital expenditure of Rs 64,200 crore to establish 10 GW of renewable energy by 2030 and to set up a 1 lakh kilo tonnes per annum (KTPA) green ammonia production facility.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green. S&P BSE Utiliti and BSE Power Index were among the top index gainers today. According to Trendlyne’s Sector dashboard, Utilities emerged as the best-performing sector of the day, with a rise of 1.9%.

Asian indices closed higher, except for Japan’s Nikkei 225, which closed lower. European indices are trading mixed. US index futures are trading mixed, indicating a cautious start to the trading session. Brent crude oil futures are trading higher.

  • Relative strength index (RSI) indicates that stocks like Jubilant Pharmova, Gujarat Fluorochemicals, Godrej Industries, and Bajaj Auto are in the overbought zone.

  • JSW Energy's subsidiary, JSW Renew Energy Two, commissions a 300 MW wind power project awarded by Solar Energy Corporation of India (SECI) in Tuticorin, Tamil Nadu. An additional 150 MW project in Dharapuram, also awarded by SECI, nears completion with 138 MW already operational.

  • Lumax Auto Technologies rises sharply as its subsidiary, Lumax Resources, acquires a 60% stake in Greenfuel Energy Solutions for Rs 221 crore. This acquisition will help the company to diversify its solutions for original equipment manufacturers (OEMs).

  • GMR Airports Infrastructure rises as its passenger traffic increases 9% YoY to 1.1 crore in August, while aircraft movements grow by 8% YoY to 69,786.

  • George Alexander Muthoot, Managing Director of Muthoot Finance, notes that the demand for gold loans is picking up, and they may revise assets under management (AUM) guidance of 15% for H2FY25. He adds that their cost of borrowings has peaked, and housing finance division is growing well. He expects Belstar MFI to grow by 20%.

  • Godrej Agrovet rises as V-Sciences Investments, an arm of Temasek Holdings, sells 27.1 lakh shares (1.4% stake) through a Rs 212 crore bulk deal at an average price of Rs 785.1 per unit.

  • Emkay initiates coverage on Bajaj Finserv with a 'Buy' call and a target price of Rs 2,150 per share. This indicates a potential upside of 15.9%. The brokerage believes the company is well-positioned to capture growth in financial products like lending, investing, and protecting owing to its strong portfolio and large customer base. It expects the company's net profit to grow at a CAGR of 23.6% over FY25-27.

  • Reliance Power rises sharply as it reportedly secures a contract for a 500 MW/1000 MWh battery energy storage systems (BESS) project from the Solar Energy Corporation of India (SECI).

  • The government plans to make automakers recycle a set percentage of steel from old vehicles, aiming to enhance the steel circular economy and increase scrap availability. Based on the draft Extended Producer Responsibility (EPR) regulations for end-of-life vehicles released on January 30, the Environment Ministry is expected to mandate that from FY26, automakers recycle or recover at least 8% of the steel from vehicles sold in 2005-06.

  • Jindal Steel and Power signs a memorandum of understanding (MoU) with Jindal Renewable Power to launch India's largest green hydrogen project in the steel industry. The initiative includes 4,500 tonnes of annual green hydrogen production, 36,000 tonnes of oxygen generation for Angul steelworks, and 3GW of renewable energy supply, reducing the steelmaker's dependence on coal-fired energy by 50% in two to three years.

  • Dixon Technologies (India) surges to its all-time high of Rs 13,848.2 as its wholly owned subsidiary, Padget Electronics, signs a memorandum of understanding (MoU) with Asus India to manufacture information technology products, specifically notebooks.

  • Torrent Power rises as it plans a capex worth Rs 64,200 crore to establish 10 GW of renewable energy by 2030 and to set up a 1 lakh kilo tonnes per annum (KTPA) green ammonia production facility. The projects are expected to generate employment for 26,000 people.

  • Shares of rice companies such as KRBL, LT Foods, and Kohinoor Foods rise following the government's removal of the $950/tonne (Rs 79,693/tonne) minimum export price for basmati rice. This move has increased global demand, with exporters now fielding inquiries from buyers around the world for Indian basmati rice.

  • Tolins Tyres' shares debut on the bourses at a 0.9% premium to the issue price of Rs 226. The Rs 230 crore IPO received bids for 23.9 times the total shares on offer.

  • Kross' shares make a flat debut on the bourses at Rs 240. The Rs 500 crore IPO received bids for 16.8 times the total shares on offer.

  • Bajaj Housing Finance's shares debut on the bourses at a 114.3% premium to the issue price of Rs 70. The Rs 6,560 crore IPO received bids for 63.6 times the total shares on offer.

  • Infosys partners with LIC to speed up digital transformation. Through this collaboration, it will develop NextGen Digital Platform designed to offer LIC’s customers seamless omnichannel engagement and data-driven, hyper-personalized experiences.

  • Apollo Micro Systems rises sharply as it receives orders from Economic Explosives and Defence Research and Development Organisation (DRDO) worth Rs 4.7 crore and emerges as the lowest bidder for a project worth Rs 72.3 crore from Munitions India for GNC Kit.

  • Systematix Corporate Services rises to its all-time high of Rs 1,688 per share as it approves a fundraise worth Rs 103.1 crore through a preferential allotment of shares for Rs 1,531 per share.

  • EIH rises as its board of directors approves a capex of Rs 972 crore to set up a Trident Hotel with 175 rooms and a commercial project with retail outlets in Pune. The company also acquires a 51% stake in Muttha Towers II for Rs 254 crore to jointly develop the projects.

  • In August, Adani Energy Solutions and Ambuja Cement attracted the most mutual fund investments, totaling Rs 1,541 crore and Rs 1,308 crore, respectively. Mutual fund interest in Adani Group companies has been steadily increasing, with net buying surpassing Rs 4,200 crore in August alone.

  • Phoenix Mills surges as its board of directors approves a bonus issue of shares to equity holders in the ratio of 1:1. The record date for the issue is September 21.

  • Sanvardhana Motherson International is rising as it acquires 36.4 lakh shares (or an 11% stake) in REE Automotive for a cash consideration of $15 million (approx. Rs 125.8 crore).

  • Adani Power surges as it signs a long-term power purchase agreement (PPA) with Maharashtra State Electricity Distribution Company (MSEDCL) to supply 5 GW of solar power from its renewable energy park in Khavda, Kutch District, Gujarat, to Maharashtra state.

  • Thermax rises as its subsidiary, Thermax Babcock & Wilcox Energy Solutions, bags an order worth Rs 516 crore from Jindal Energy Botswana for two 550 tonnes per hour (TPH) circulating fluidised bed combustion (CFBC) boilers.

  • Nifty 50 was trading at 25,395.30 (38.8, 0.2%), BSE Sensex was trading at 82,985.33 (94.4, 0.1%) while the broader Nifty 500 was trading at 23,986.70 (58.5, 0.2%).

  • Market breadth is overwhelmingly positive. Of the 2,014 stocks traded today, 1,377 were on the uptick, and 581 were down.

Riding High:

Largecap and midcap gainers today include Adani Green Energy Ltd. (1,930.80, 8.0%), Dixon Technologies (India) Ltd. (13,990.30, 7.4%) and Adani Power Ltd. (665.95, 5.1%).

Downers:

Largecap and midcap losers today include LIC Housing Finance Ltd. (680.75, -5.9%), Varun Beverages Ltd. (621.05, -4.0%) and Godrej Properties Ltd. (2,838.50, -3.8%).

Volume Shockers

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

Top high volume gainers on BSE included Galaxy Surfactants Ltd. (3,293.30, 8.4%), Adani Green Energy Ltd. (1,930.80, 8.0%) and Dixon Technologies (India) Ltd. (13,990.30, 7.4%).

Top high volume losers on BSE were LIC Housing Finance Ltd. (680.75, -5.9%), Emami Ltd. (751.95, -4.6%) and Schneider Electric Infrastructure Ltd. (787.65, -4.1%).

KRBL Ltd. (322.15, 5.9%) was trading at 21.6 times of weekly average. Vinati Organics Ltd. (1,948, 0.8%) and Maharashtra Scooters Ltd. (10,945, 4%) were trading with volumes 8.3 and 7.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

45 stocks overperformed with 52 week highs,

Stocks touching their year highs included - Bajaj Finserv Ltd. (1,857.60, -2.0%), Blue Star Ltd. (1,934.90, 2.5%) and Bombay Burmah Trading Corporation Ltd. (2,695, 0.2%).

16 stocks climbed above their 200 day SMA including KRBL Ltd. (322.15, 5.9%) and Chemplast Sanmar Ltd. (515.75, 5.2%). 7 stocks slipped below their 200 SMA including Engineers India Ltd. (215.59, -3.3%) and Medplus Health Services Ltd. (688, -2.8%).

 
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