Trendlyne Marketwatch
Trendlyne Marketwatch
23 Sep 2024
Market closes higher, NBCC's subsidiary, HSCC, bags an order worth Rs 1,261 crore
By Trendlyne Analysis

 

Nifty 50 closed at 25,939.05 (148.1, 0.6%) , BSE Sensex closed at 84,928.61 (384.3, 0.5%) while the broader Nifty 500 closed at 24,379.20 (185.4, 0.8%). Market breadth is in the green. Of the 2,295 stocks traded today, 1,404 were in the positive territory and 872 were negative.

Indian indices extended their gains in the afternoon session to close in the green. The Indian volatility index, Nifty VIX, rose by 7.8% and closed at 13.8 points. Adani Total Gas closed deep in the green as it secured funding worth $375 million (approx. Rs 3,131.2 crore) from a group of lenders including, BNP Paribas, DBS Bank, Mizuho Bank, MUFG Bank, and Sumitomo Mitsui Banking Corp.

Nifty Midcap 100 and Nifty Smallcap 100 closed in the green, taking cues from the benchmark index. Nifty PSU Bank and BSE Oil & Gas were among the top index gainers today. According to Trendlyne’s Sector dashboard, Hardware Technology & Equipment emerged as the best-performing sector of the day, with a jump of over 2.8%.

Asian indices closed mixed while European indices are trading in the green except UK’s FTSE 100 and France’s CAC 40 which are trading flat and 0.35 lower, respectively. US index futures traded in the green, indicating a positive start to the trading session. Apollo Global Management reportedly plans to invest $5 billion in Intel against the company’s shares.

  • Relative strength index (RSI) indicates that stocks like Concord Biotech, Campus Activewear, Max Healthcare Institute, and ICICI Bank are in the overbought zone.

  • Motilal Oswal retains its 'Sell' call on United Breweries with a target price of Rs 1,800 per share. This indicates a potential downside of 16.2%. The brokerage believes the company is facing strong competition from local and international brands in India, combined with regulatory headwinds in the industry. It expects the firm's revenue to grow at a CAGR of 12.9% over FY25-26.

  • Astec Lifesciences falls as Anurag Roy files his resignation as Whole-Time Director & Chief Executive Officer (CEO), effective October 25.

  • Biocon receives three observations from the US FDA following a surveillance inspection at its API facility in Bengaluru, Karnataka.

  • Christopher Wood, Global Head of Equity Strategy at Jefferies, notes a correction of over 10% could spur foreign investment in Indian equities, as global emerging market investors are currently underweight. This is due to India's rising neutral weighting from strong performance and foreign hesitance due to high valuations. Foreign portfolio investors (FPIs) have bought shares worth over Rs 26,000 crore in the cash market this month.

  • NBCC (India) rises as its subsidiary, HSCC (India), bags an order worth Rs 1,261 crore from the Ministry of Health and Family Welfare for the establishment work of AIIMS in Darbhanga, Bihar.

  • Bajaj Healthcare rises sharply as it signs a development and supply agreement for an active pharmaceutical ingredient (API) with a European entity. The API will be supplied in small quantities for clinical trials, with larger quantities sourced from Bajaj’s FDA-approved facility in Vadodara, Gujarat, if successful.

  • Aster DM Healthcare rises as its wholly owned subsidiary, Sri Sainatha Multispecialty Hospitals, enters into a lease agreement with Aparna Constructions and Estates to establish a new 300-bed Aster Woman and Children Hospital in Hyderabad, with an investment of Rs 220 crore.

  • Chintan Thakkar, CFO of Info Edge (India), highlights that the company delivered double-digit revenue growth in Q1, and expects this trend to continue, with margins around 55%. He anticipates Jeevansathi (matrimony business) and 99 acre (real estate business) to break even this year.

  • Unichem Laboratories' board schedules a meeting on September 30 to consider the integration and consolidation of the US generics formulations business of Bayshore Pharmaceuticals LLC into Unichem Pharmaceuticals (USA). This move is a part of the company's plans to consolidate all of Ipca Group's US generics formulations business under one entity.

  • Axis Direct maintains its 'Buy' call on Pitti Engineering with a target price of Rs 1,572 per share. This indicates a potential upside of 23.2%. The brokerage expects revenue growth driven by robust capex and capacity addition, strong order book, recent acquisitions, and the PCL merger. It expects the company's revenue to grow at a CAGR of 36.6% over FY25-26.

  • KBC Global rises as its subsidiary, KBC International, Ghana, signs a memorandum of understanding (MoU) with the Liberia Special Economic Zone Authority. The agreement includes the construction of residential building complexes, low-cost housing, and commercial spaces in the SEZ, with an estimated cost of $12.5 million (approximately Rs 104.4 crore).

  • Samvardhana Motherson International successfully concludes its fundraising via a qualified institutional placement (QIP), raising $771 million (approximately Rs 6,441.3 crore) from investors amid robust demand, with over 95% of allocations going to prominent long-only investors. The company plans to use the funds to repay debt and improve its financial position, allowing it to seize growth opportunities.

  • Hind Rectifiers surges to its 5% upper circuit as it secures a Rs 200 crore supply order from Indian Railways, set for completion by FY26.

  • PSP Projects is rising as it bags two orders worth Rs 554.9 crore to construct the Gold Stone Hotel, commercial towers in Bangalore, and residential towers in Ahmedabad.

  • Inox Wind rises to its all-time high of Rs 261.9 as it signs a consortium agreement with a group of banks, led by ICICI Bank, for a credit limit of approximately Rs 2,200 crore.

  • The ministerial panel on GST rate rationalization will meet on September 25 to discuss potential adjustments to tax slabs and rates. The six-member Group of Ministers (GoM), led by Bihar Deputy Chief Minister Samrat Chaudhary, last convened on August 22 and submitted a status report to the GST Council on September 9. Presently, the goods and services tax operates under a four-tier structure with rates of 5%, 12%, 18%, and 28%.

  • HFCL rises to its all-time high of Rs 171 per share as it enters a partnership with General Atomics Aeronautical Systems Incorporated (GA-ASI) to develop and supply critical sub-systems for its advanced unmanned aircraft systems (UAS).

  • Adani Total Gas rises sharply as it secures funding worth $375 million (approx. Rs 3,131.2 crore) from a group of lenders including, BNP Paribas, DBS Bank, Mizuho Bank, MUFG Bank, and Sumitomo Mitsui Banking Corp. The company will use this funding to expand its city gas distribution (CGD) across 13 states in the country.

  • Aarti Drugs falls as it receives Form 483 with seven observations from the US FDA following an inspection at its API manufacturing facility in Tarapur, Maharashtra.

  • Nomura initiates a ‘Neutral’ on Indegene with a target price of Rs 700. The brokerage notes the company is a niche play on digitalising the life sciences industry. It highlights that Indegene is well-positioned to capitalise on the growing digital adoption across life sciences companies.

  • Spicejet rises sharply as its board of directors approves the qualified institutional placement (QIP) of shares worth Rs 3,000 crore at an issue price of Rs 61.6 per share.

  • Bharat Heavy Electricals surges as it receives an order worth Rs 6,100 crore from NTPC to execute an engineering, procurement, and construction (EPC) package for an 800 megawatt (MW) unit at the Sipat Supercritical Thermal Power Project Stage-III in Bilaspur, Chhattisgarh.

  • Vodafone Idea rises sharply as it approves a capex for $3.6 billion (approx. Rs 30,090 crore) to supply network equipment for the next three years to Nokia, Ericsson, and Samsung.

  • KEC International secures orders worth Rs 1,003 crore across its businesses. These include a tunnel ventilation system for railways, civil and mechanical works for a steel plant, and cable supply orders in India and overseas.

  • Nifty 50 was trading at 25,881.70 (90.8, 0.4%), BSE Sensex was trading at 84,766.02 (221.7, 0.3%) while the broader Nifty 500 was trading at 24,275.30 (81.5, 0.3%).

  • Market breadth is highly positive. Of the 2,025 stocks traded today, 1,366 showed gains, and 602 showed losses.

Riding High:

Largecap and midcap gainers today include Godrej Properties Ltd. (3,192.35, 6.8%), Adani Total Gas Ltd. (835.35, 5.9%) and Indian Bank (536.85, 5.4%).

Downers:

Largecap and midcap losers today include Voltas Ltd. (1,882.45, -2.4%), Torrent Power Ltd. (1,862, -2.1%) and One97 Communications Ltd. (651.55, -1.9%).

Movers and Shakers

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

Top high volume gainers on BSE included Amber Enterprises India Ltd. (4,994.65, 14.9%), VIP Industries Ltd. (556.85, 11.6%) and Finolex Cables Ltd. (1,526.65, 10.1%).

Top high volume loser on BSE was Supreme Petrochem Ltd. (866, -2.5%).

Adani Total Gas Ltd. (835.35, 5.9%) was trading at 8.7 times of weekly average. Bank of Maharashtra (63.12, 8.1%) and Tata Investment Corporation Ltd. (6,945.90, 3.1%) were trading with volumes 5.1 and 4.7 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

45 stocks hit their 52 week highs, while 1 stock hit their 52 week lows.

Stocks touching their year highs included - Apollo Hospitals Enterprise Ltd. (7,152.80, 1.0%), Bajaj Auto Ltd. (12,338.95, 3.3%) and Bajaj Finserv Ltd. (1,919.95, 0.2%).

Stock making new 52 weeks lows included - Gujarat Ambuja Exports Ltd. (126.50, 1.3%).

22 stocks climbed above their 200 day SMA including VIP Industries Ltd. (556.85, 11.6%) and Bank of Maharashtra (63.12, 8.1%).

 
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