Trendlyne Marketwatch
Trendlyne Marketwatch
25 Sep 2024
Market closes higher, Mirae Asset MF buy a 6.4% stake in CarTrade Tech for Rs 278 cr
By Trendlyne Analysis
 

Nifty 50 closed at 26,004.15 (63.8, 0.3%) , BSE Sensex closed at 85,169.87 (255.8, 0.3%) while the broader Nifty 500 closed at 24,371.25 (-18.5, -0.1%). Market breadth is in the red. Of the 2,280 stocks traded today, 902 were on the uptrend, and 1,357 went down.

Nifty50 closed higher after rising in the afternoon session. The Indian volatility index, Nifty VIX, fell 4.9% and closed at 12.7 points. KEC International’s board of directors approved the issuance of shares worth Rs 4,500 crore through a qualified institutional placement (QIP) at a floor price of Rs 976.6 per share.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the red. Nifty Media and S&P BSE Utiliti. Indexes 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 rise of 3.3%.

Asian indices closed mixed, while European indices are trading mixed. US index futures are trading flat, indicating a cautious start to the trading session as markets await comments from Federal Reserve Governor Adriana Kugler on last week's major interest rate cut. Brent crude oil futures are trading lower.

  • Relative strength index (RSI) indicates that stocks like Bajaj Auto, Bharti Airtel, Campus Activewear, and VIP Industries are in the overbought zone.

  • CarTrade Tech rises sharply to hit its new 52-week high of Rs 1,034 as Mirae Asset Mutual Fund acquires 30 lakh shares (6.4% stake), amounting to Rs 278 crore, through a block deal at an average price of Rs 920 per unit.

  • Hinduja Global Solutions falls sharply as the Income Tax (IT) Department accuses the company of tax evasion worth Rs 2,500 crore. The IT Department claims the company merged with a loss-making firm after selling its profitable healthcare division to avoid taxes.

  • Shriram Properties surges as it launches its new apartment project, 'Pudhiya Chennai' in Thirumazhisai, West Chennai, with a development area of 1.1 million sq ft and a revenue potential of Rs 550-600 crore.

  • Goldman Sachs maintains its ‘Buy’ rating on Power Grid Corp of India with a target price of Rs 370. The brokerage notes that the Centre has upgraded the transmission capex estimate to $110 billion and believes the company is poised to benefit from the same. It adds that the firm is a play on grid capex supercycle with a large balance sheet.

  • IT stocks like Tech Mahindra, MphasiS, and LTIMindtree fall more than 2% in trade. All constituents of the broader Nifty IT index are trading in the red.

  • Motilal Oswal downgrades Bharat Forge to 'Neutral' from 'Buy' with a target price of Rs 1,470 per share. The brokerage is positive due to the company's Rs 5,400 crore defense order backlog and strong growth in the aerospace segment. However, weak growth in Europe may delay the recovery of its overseas subsidiaries. It expects the firm's revenue and net profit to grow at a CAGR of 12.7% and 54% over FY25-26.

  • Emkay retains its 'Buy' call on Aarti Industries with a lower target price of Rs 675 per share. This indicates a potential upside of 15.1%. The brokerage expects the company's growth rate to slow due to delays in the agrochemicals market recovery, volatile energy business, and increasing pricing pressure due to Chinese dumping. It expects the firm's revenue to grow at a CAGR of 18.8% over FY25-27.

  • Jefferies highlights that the recent tariff hikes by private telecom operators in early July are likely to slow subscriber growth across the sector. The brokerage believes BSNL may capture some market share due to its lower tariffs, but it is unlikely to threaten the market share trajectory of Bharti Airtel or Jio in the medium term.

  • Snowman Logistics falls sharply as its Chief Executive Officer (CEO) & Whole-time Director Sunil Prabhakaran Nair tenders his resignation, effective November 30. The company appoints Padamdeep Singh Handa as his successor.

  • Waaree Renewable Technologies' parent entity, Waaree Energies, receives approval from SEBI for its proposed initial public offering (IPO). The IPO features a fresh equity share issue of up to Rs 3,000 crore and an offer for sale of 32 lakh shares.

  • HEG surges as its board sets October 18 as the record date for its stock split, dividing existing equity shares from a face value of Rs 10 into shares with a face value of Rs 2.

  • Ajay Singh, CEO of Spicejet, projects the expansion of the company's fleet to 100 from 28 in two years. He anticipates a significant reduction in the company's outstanding dues and believes the market cap gap with Interglobe Aviation will narrow. Singh notes that many pilots are looking to rejoin the airline following its Rs 3,000 crore fundraising through a QIP issue.

  • Mazagon Dock Shipbuilders surges as it begins production of its first multipurpose cargo vessel (MPV) for Navi Merchants of Denmark. The contract, valued at about Rs 700 crore, includes six vessels, with an option for four more, each capable of carrying 7,500 deadweight tons (DWT).

  • Hindustan Foods announces the merger with promoter-owned Avalon Cosmetics (ACPL) to boost its manufacturing capabilities in Nashik, Maharashtra. ACPL operates a food manufacturing facility in Sinnar MIDC, Nashik.

  • KEC International rises sharply as its board of directors approves the issuance of shares worth Rs 4,500 crore through a qualified institutional placement (QIP) at a floor price of Rs 976.6 per share.

  • Bharti Airtel introduces an advanced AI-based technology to combat spam calls and messages in India; a first in India. This solution will automatically block spam for all Airtel users. MD & CEO Gopal Vittal notes that 60% of Indian customers receive more than three spam calls daily. He adds the company is open to sharing this solution with other operators, but emphasizes the need to implement it on its network first.

  • Sarda Energy & Minerals surges to its all-time high of Rs 466.7 as it gets approval from the Chhattisgarh Environment Conservation Board to increase production at the Gare Palma IV/7 Coal Mine (Karwahi Open Cast Coal Mine) from 1.44 million tonnes per annum (MTPA) to 1.68 MTPA.

  • Gillette India falls as Procter & Gamble (P&G) Bangladesh terminates its distribution agreement, effective December 31, 2024. The agreement accounted for 2% of the company’s total net sales in FY24.

  • Hariom Pipe Industries rises as its board approves raising funds by issuing equity shares or other eligible securities. The company plans to do this through one or more public or private offerings, including a qualified institutional placement, for a total amount not exceeding Rs 700 crore.

  • Online food and grocery delivery platform Swiggy reportedly receives approval from the Securities and Exchange Board of India after its confidential filing of draft share sale documents. The company is looking to raise Rs 11,000 crore, with a fresh issue worth Rs 5,000 crore, and is likely to launch the IPO in November.

  • Delta Corp rises sharply as its board of directors approves the demerger of its hospitality and real estate business into a newly incorporated subsidiary, Delta Penland, which will be listed on the markets after the demerger.

  • Easy Trip Planners falls sharply as its promoter reportedly sells nearly 4.6 crore shares (2.6% stake), worth Rs 176.5 crore, in a block deal at a floor price of Rs 38 per share.

  • PC Jewellers surges to its 5-year high of Rs 157.4 per share as its board of directors schedules a meeting for September 30 to consider a proposal for a stock split.

  • Solar Industries India rises as the National Company Law Tribunal (NCLT) approves the merger of Rajasthan Explosives and Chemicals (RECL) with Solar Industries' subsidiary, Emul tek.

  • Nifty 50 was trading at 25,926.20 (-14.2, -0.1%) , BSE Sensex was trading at 84,761 (-153.0, -0.2%) while the broader Nifty 500 was trading at 24,362.35 (-27.4, -0.1%)

  • Market breadth is in the green. Of the 1,951 stocks traded today, 1,103 showed gains, and 804 showed losses.

Riding High:

Largecap and midcap gainers today include Tata Communications Ltd. (2,127.70, 5.2%), Power Grid Corporation of India Ltd. (363.75, 3.9%) and Godrej Properties Ltd. (3,327.45, 3.9%).

Downers:

Largecap and midcap losers today include PB Fintech Ltd. (1,722.05, -6.4%), Dabur India Ltd. (627, -4.4%) and Max Healthcare Institute Ltd. (989.85, -3.9%).

Volume Shockers

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

Top high volume gainers on BSE included Zee Entertainment Enterprises Ltd. (134.60, 5.7%), eClerx Services Ltd. (2,879.60, 5.7%) and HEG Ltd. (2,433.90, 5.4%).

Top high volume losers on BSE were Easy Trip Planners Ltd. (34.32, -16.3%), Dabur India Ltd. (627, -4.4%) and Endurance Technologies Ltd. (2,411.55, -0.8%).

Craftsman Automation Ltd. (6,600.50, 1.5%) was trading at 12.9 times of weekly average. Piramal Pharma Ltd. (226.31, 4.0%) and Mahindra Lifespace Developers Ltd. (575.45, 5.2%) were trading with volumes 10.3 and 9.2 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

24 stocks took off, crossing 52 week highs, while 1 stock hit their 52 week lows.

Stocks touching their year highs included - Bajaj Finserv Ltd. (1,928.50, 1.3%), Blue Star Ltd. (2,057.50, 1.6%) and Bosch Ltd. (36,961.25, 0.7%).

Stock making new 52 weeks lows included - Easy Trip Planners Ltd. (34.32, -16.3%).

6 stocks climbed above their 200 day SMA including Narayana Hrudayalaya Ltd. (1,254.45, 2.4%) and PNC Infratech Ltd. (441.50, 1.2%). 6 stocks slipped below their 200 SMA including Bharat Dynamics Ltd. (1,118.45, -2.0%) and Route Mobile Ltd. (1,564.05, -1.9%).

 
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