Trendlyne Marketwatch
Trendlyne Marketwatch
01 Oct 2024
Market closes flat, GE Power bags a contract worth Rs 240.4 crore from Blue Energy
By Trendlyne Analysis

 

 

Nifty 50 closed at 25,796.90 (-14.0, -0.1%) , BSE Sensex closed at 84,266.29 (-33.5, 0.0%) while the broader Nifty 500 closed at 24,271.30 (26.1, 0.1%). Market breadth is in the green. Of the 2,298 stocks traded today, 1,341 were gainers and 931 were losers.

Nifty 50 closed flat after switching between losses and gains throughout the day. The Indian volatility index, Nifty VIX, fell 6.3% and closed at 11.9 points. NTPC signed a memorandum of understanding (MoU) with the Government of Rajasthan to set up renewable energy projects with a total capacity of 25 gigawatts (GW).

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green. Nifty Media and S&P BSE SME IPO 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 2.5%.

Asian indices closed mixed, and European indices are trading mixed as investors await for key inflation data. US index futures are trading in the red, indicating a negative start to the trading session as investors anticipate key economic data and react to Federal Reserve Chair Jerome Powell’s comments that the central bank is not rushing to cut interest rates. Brent crude oil futures are trading lower.

  • Money flow index (MFI) indicates that stocks like Westlife Foodworld, Saregama India, Lloyds Metals & Energy, and Shree Renuka Sugars are in the overbought zone.

  • Rail Vikas Nigam emerges as the lowest bidder for an east coast railway project worth Rs 283.7 crore. The project involves executing the balance earthwork, constructing minor and major bridges, and completing P-way linking works between Jarapada and Talcher road over the next 24 months.

  • Senco Gold rises sharply to hit its all-time high of Rs 1,544 as it schedules a meeting on October 4 to consider fundraising and a stock split in its board meeting.

  • GE Power India receives a contract worth Rs 240.4 crore from Blue Energy to design and supply turbine and generator systems for the 100 MW Super Trishuli Hydropower project. The company will also install, test, and commission the supplied equipment.

  • MOIL cuts prices of ferro grade MN-44% manganese ore by 20% but increases prices of ferro grades below MN-44% manganese and all SMGR (MN-30% & MN-25%), fines and chemical grades by 5%. The company keeps the basic price of Electrolytic manganese dioxide (EMD) at Rs 2,05,000 per metric tonne.

  • NTPC signs a memorandum of understanding (MoU) with the Government of Rajasthan to set up renewable energy projects with a total capacity of 25 gigawatts (GW).

  • Godrej Properties rises as its board approves raising up to Rs 6,000 crore via issuance of equity shares, debentures, and other securities. The funds will be raised in one or more tranches via public or private offerings, including a qualified institutional placement (QIP), rights issue, and further public offer (FPO).

  • Alphageo (India) rises to its 5% upper circuit as it receives an order worth Rs 131.6 crore from Oil India for 2D seismic data acquisition in the Ganga-Punjab Basin.

  • NMDC reportedly raises lump ore prices by Rs 400 per tonne to Rs 5,750/ tonne, effective today. The company's lump & fines prices were down by Rs 1,000-1,100 since May.

  • Sharekhan retains its 'Buy' call on Larsen & Toubro with a higher target price of Rs 4,550 per share. This indicates a potential upside of 24.3%. The brokerage expects the company to benefit from healthy order intake in the international segment led by the Middle East and a pick up in domestic order inflows in H2FY25. It expects the firm's revenue to grow at a CAGR of 13.3% over FY25-27.

  • Spicejet rises sharply as Plutus Wealth Management LLP acquires 85 lakh shares (0.7% stake) worth Rs 51 crore through a block deal, at an average price of Rs 59.9 per unit.

  • Rites receives a letter of award (LoA) worth $4.3 million (approximately Rs 35.9 crore) from Tsiko Africa Logistics to supply, commission, and provide a one-year onsite warranty for overhauled Cape Gauge 3100 HP diesel-electric locomotives.

  • Shares of Muthoot Finance and Manappuram Finance are falling as the Reserve Bank of India (RBI) identifies several irregular practices among gold loan financiers. RBI has noted issues such as improper application of risk weights, inadequate monitoring of the loan-to-value (LTV) ratio, and a lack of transparency in the auction process for gold ornaments and jewellery when customers default on loans.

  • Blue Dart Express rises sharply as it announces a general price increase (GPI) of shipments ranging from 9-12%, effective January 2025. The company attributes the price hike to rising long-term costs.

  • Welspun Corp hit an all-time high of Rs 794.8 per share as it bags a Rs 2,400 crore order in the US for supplying coated HSAW pipes for a natural gas pipeline project; to be executed by FY26.

  • Mahindra & Mahindra rises as its wholesales grow 16% YoY to 87,839 units in September. Passenger vehicle wholesales increase 24% YoY, while commercial vehicle sales rise 5.7% YoY.

  • Oil marketing companies announce an immediate price hike for commercial LPG gas cylinders, effective today. The cost of a 19 kg commercial LPG cylinder increases by Rs 48.5, while the price of 5 kg Free Trade LPG cylinders rises by Rs 12. Domestic LPG cylinder prices remain unchanged at Rs 803 for a 14 kg cylinder. This increase comes just before major festivals like Dussehra and Diwali.

  • PC Jeweller surges to its 5-year high of Rs 187.1 per share as its board approves the sub-division (stock split) of its existing equity shares from one equity share with a face value of Rs 10 into ten equity shares with a face value of Re 1.

  • Escorts Kubota's total wholesales rise 2.5% YoY to 12,380 units in September, while its exports decline 47.1% to 395 units. The company's domestic wholesales increase by 5.7% to 11,985 units.

  • Ipca Laboratories is falling as its subsidiary, Bayshore Pharmaceuticals, sells nine abbreviated new drug applications (ANDAs) and generic formulations business to Unichem Laboratories for $12.7 million (approx. Rs 106 crore). This move is part of Unichem's plans to consolidate Ipca's USA generic formulations business under one entity.

  • Investec initiates coverage on Aadhar Housing Finance with a target price of Rs 600. The brokerage is confident about growth in the near term due to its diversified sources, and presence across different states and union territories. It expects assets under management to grow at a 21% CAGR over FY25-27.

  • Newgen Software Technologies' US subsidiary receives orders worth $1.5 million (approx. Rs 12.6 crore) to provide and implement an enterprise content management solution.

  • Tata Steel is falling as it ceases operations at Blast Furnace 4, including associated iron and steelmaking assets in Port Talbot. However, the company plans to invest £1.25 billion (approx. Rs 14,012 crore) to set up an electric arc furnace at the Port Talbot facility and expects it to be operational by CY27-28.

  • Kalpataru Projects International surges as it secures orders worth Rs 1,241 crore from domestic and international markets. These include projects in the transmission & distribution (T&D) sector and residential & commercial building projects in India.

  • Piramal Pharma is rising as its subsidiary, Piramal Pharma Solutions, plans an investment worth $80 million (approx. Rs 670.4 crore) to expand its sterile injectables facility in Kentucky, US. The company also plans to add 24,000 square feet of manufacturing space with new labs and machines, increasing the plant's capacity to 240 annual batches from 104 annual batches currently.

  • Nifty 50 was trading at 25,897.35 (86.5, 0.3%), BSE Sensex was trading at 84,257.17 (-42.6, -0.1%) while the broader Nifty 500 was trading at 24,317.75 (72.6, 0.3%).

  • Market breadth is highly positive. Of the 1,972 stocks traded today, 1,376 were gainers and 562 were losers.

Riding High:

Largecap and midcap gainers today include PB Fintech Ltd. (1730.45, 6.8%), One97 Communications Ltd. (731.35, 6.3%) and Polycab India Ltd. (7326.55, 5.3%).

Downers:

Largecap and midcap losers today include Muthoot Finance Ltd. (1955.90, -3.7%), Jubilant Foodworks Ltd. (658.80, -3.4%) and Jindal Stainless Ltd. (767.40, -2.9%).

Volume Shockers

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

Top high volume gainers on BSE included Caplin Point Laboratories Ltd. (2078.20, 9.5%), Welspun Living Ltd. (175.01, 6.9%) and Star Cement Ltd. (213.67, 6.5%).

Top high volume losers on BSE were Global Health Ltd. (1000.65, -2.1%), Jyothy Labs Ltd. (547.10, -2.0%) and Krishna Institute of Medical Sciences Ltd. (556.15, -0.1%).

Blue Dart Express Ltd. (8601, 4.8%) was trading at 25.5 times of weekly average. BASF India Ltd. (7852, 6.3%) and Olectra Greentech Ltd. (1749.65, 5.7%) were trading with volumes 11.6 and 7.7 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

19 stocks hit their 52 week highs, while 1 stock tanked below their 52 week lows.

Stocks touching their year highs included - BASF India Ltd. (7852, 6.3%), Bombay Burmah Trading Corporation Ltd. (2884.90, 0.6%) and Britannia Industries Ltd. (6446.05, 1.7%).

Stock making new 52 weeks lows included - RBL Bank Ltd. (203.19, -0.5%).

9 stocks climbed above their 200 day SMA including Star Cement Ltd. (213.67, 6.5%) and Olectra Greentech Ltd. (1749.65, 5.7%). 9 stocks slipped below their 200 SMA including Intellect Design Arena Ltd. (925.60, -3.8%) and Rites Ltd. (334.25, -3.2%).

 
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