Trendlyne Marketwatch
Trendlyne Marketwatch
03 Oct 2024
Market closes lower, Alembic Pharma receives USFDA approval for Lamotrigine tablets
By Trendlyne Analysis

 

Nifty 50 closed at 25,250.10 (-546.8, -2.1%) , BSE Sensex closed at 82,497.10 (-1,769.2, -2.1%) while the broader Nifty 500 closed at 23,755.45 (-515.9, -2.1%). Market breadth is moving down. Of the 2,319 stocks traded today, 444 were on the uptrend, and 1,849 went down.

Indian indices closed in the red, with the benchmark Nifty 50 index closing at 25,250.1 points. The Indian volatility index, Nifty VIX, increased by 9.9% and closed at 13.2 points. Maruti Suzuki India's total wholesales rose 1.9% YoY to 1.8 lakh units in September due to a 23.2% YoY increase in exports.

Nifty Midcap 100 and Nifty Smallcap 100 closed in the red, following the benchmark index. S&P BSE Midsmallcap and S&P BSE Large MidCap 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 0.9%.

Asian indices closed mixed while European indices are trading lower. US index futures traded in the red, indicating a cautious start to the trading session. Brent crude oil futures are trading in the green. Tesla reported disappointing Q3 deliveries, even after cutting prices and introducing new incentives to attract customers. The company delivered 4,62,890 cars from July to September, a 6.4% YoY increase, but fell short of Wall Street's expectations of 4,69,828 units.

  • Relative strength index (RSI) indicates that stocks like Lloyds Metals & Energy, Britannia Industries, Himadri Speciality Chemical, and National Aluminium Company are in the overbought zone.

  • Bandhan Bank falls by over 3% after the credit rating agency ICRA downgrades its non-convertible debentures (NCD) to ‘AA-’ from ‘AA’ and changes the outlook to 'Stable' from 'Negative'. However, the agency reaffirms its ‘A1+’ rating for the bank's certificates of deposit.

  • Shivalik Rasayan surges as the USFDA approves its API manufacturing facility in Dahej, Gujarat. The company receives the establishment inspection report (EIR), confirming compliance and allowing it to expand its operations in the US market.

  • GE Power India receives a purchase order worth Rs 20.9 crore from MP Power Generating to supply boiler parts for the Sanjay Gandhi Power Station.

  • Prasanna Kumar Motupalli, CMD of NLC India, expects demand for electricity to increase by 7-8% till 2031-32 under the National Electricity Plan (NEP). He projects the capacity to increase from 6 GW to 20 GW by 2030 and anticipates renewable energy to make up 50% of the mix.

  • Alembic Pharma rises sharply as it receives USFDA approval for Lamotrigine Extended-Release tablets, used to manage specific seizures. The market size of these tablets is estimated to be around $163 million as of June 2024.

  • RailTel Corp of India receives two work orders from Bangalore Metro Rail Corporation. These include a Rs 75 crore order to supply, install, test, and commission (SITC) IT network infrastructure at stations & depots and a Rs 69.5 crore order to upgrade the CCTV system.

  • Knowledge Marine & Engineering Works is rising as it receives a work order worth Rs 17.8 crore from Dredging Corp of India (DCI) for maintenance dredging and salvage work at Kandla Port.

  • Indian stock markets attract strong interest from foreign portfolio investors (FPIs) so far in FY25, fueled by improving macroeconomic conditions, declining inflation, and a major rate cut by the US Federal Reserve. In H1FY25, FPIs invested Rs 89,717 crore in Indian equities, continuing their buying trend after a record Rs 2 lakh crore inflow in FY24.

  • KPI Green Energy's subsidiary, KPIG Energia, secures approval from the Chief Electrical Inspector (CEIG) for a 5 MW solar power project under its Captive Power Plant (CPP) business segment.

  • Yes Bank's deposits grow by 18.3% YoY to Rs 2.8 lakh crore, and advances increase 13.1% YoY to Rs 2.4 lakh crore in Q2FY25. The bank's CASA deposits grow by 28.4% YoY during the quarter.

  • Dabur India falls more than 5% as its management expects a 'mid-single-digit decline' in consolidated revenue for Q2FY25. The company highlights the impact of heavy rains and floods in certain regions on consumer offtake. The topline also experiences a decline following efforts to move towards 'correct distributor inventory' in the general trade channel.

  • HSBC maintains its 'Buy' rating on ITC with a higher target price of Rs 580. The brokerage highlights the company is trading at a larger discount compared to its FMCG peers. It adds that a stable tax regime for cigarettes will be crucial for ITC's business and boost its earnings growth prospects in the FMCG sector.

  • J Kumar Infraprojects is rising as it receives an order worth Rs 1,847.7 crore from the Mumbai Metropolitan Region Development Authority (MMRDA) to design and construct an elevated road in Thane, from Anand Nagar to Saket, on the Eastern Express Highway.

  • Adani Ports & Special Economic Zone's cargo volumes rise 14% YoY to 37.5 million metric tonnes (MMT) in September, primarily driven by an increase in containers (31% YoY) and liquids & gas(11% YoY). The company reports an 8.5% YoY growth in cargo volumes at 219.8 MMT in H1FY25.

  • Transformers & Rectifiers (India) surges as it secures an order worth Rs 565 crore from Power Grid Corp of India to manufacture and supply transformers and reactors. The equipment ranges from 80 megavolt amperes reactive (MVAr) to 500 megavolt amperes (MVA) and 420 kilovolt (kV) to 765 kV class.

  • Venkatraman Narayanan, Managing Director and Chief Financial Officer at Happiest Minds Technologies, highlights the firm is targeting an exit run rate of $280-300 million in FY25, with a projected growth of 30-35%. He anticipates this year will be the strongest since its public debut in September 2020. Narayanan adds that the firm has doubled its size over the past three financial years, achieving a growth rate of 115%.

  • ITD Cementation surges to its 20% upper circuit as it bags an order worth Rs 1,937 crore to construct a multi-story commercial building in Uttar Pradesh.

  • Maruti Suzuki India's total wholesales rise 1.9% YoY to 1.8 lakh units in September due to a 23.2% YoY increase in exports.

  • KRN Heat Exchanger and Refrigeration’s shares debut on the bourses at a 118.2% premium to the issue price of Rs 220. The Rs 341.5 crore IPO received bids for 214.4 times the total shares on offer.

  • JP Morgan maintains its ‘Overweight’ rating on Cipla with a target price of Rs 1,165. The brokerage believes the domestic outlook is healthy. It highlights the company’s focus on peptides and complex generics in the US. It adds that China will likely become a key market for Cipla.

  • Hero MotoCorp's monthly wholesales rise 18.7% YoY to 6.4 lakh units in September due to higher motorcycle sales and domestic business. However, its exports grow by 21.7% YoY to 20,344 units during the month.

  • NMDC's total sales rise 13.8% YoY to 3.5 million tonnes (MT) in September as its production grows marginally to 3 MT.

  • TVS Motor’s wholesales rise 20% YoY to 4.8 lakh units in September, driven by a 22% YoY increase in two-wheelers and a 42% YoY growth in electric vehicles. Exports surge 11% YoY during the same period.

  • JSW Energy's wholly owned subsidiary, JSW Neo Energy, receives an order from Maharashtra State Electricity Distribution Co (MSEDCL) to supply 1,500 MW / 12,000 MWh of pumped hydro energy storage.

  • Indian markets slumped today. Nifty 50 was trading at 25530.45 (-266.5, -1.0%) , BSE Sensex was trading at 83002.09 (-1264.2, -1.5%) while the broader Nifty 500 was trading at 24004.65 (-266.7, -1.1%)

  • Market breadth is moving down. Of the 2045 stocks traded today, 328 were in the positive territory and 1668 were negative.

Riding High:

Largecap and midcap gainers today include Petronet LNG Ltd. (364.45, 5.9%), Jindal Steel & Power Ltd. (1,051.05, 1.5%) and Aurobindo Pharma Ltd. (1,458.60, 1.4%).

Downers:

Largecap and midcap losers today include Hindustan Petroleum Corporation Ltd. (415.05, -6.7%), Dabur India Ltd. (580.20, -6.3%) and Godrej Properties Ltd. (3,071.15, -5.6%).

Volume Rockets

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

Top high volume gainers on BSE included Amber Enterprises India Ltd. (5,163.85, 6.6%), Petronet LNG Ltd. (364.45, 5.9%) and Jubilant Ingrevia Ltd. (818.25, 5.6%).

Top high volume losers on BSE were Dabur India Ltd. (580.20, -6.3%), Crisil Ltd. (4,495, -3.2%) and Krishna Institute of Medical Sciences Ltd. (541, -2.7%).

Eris Lifesciences Ltd. (1,316, -0.6%) was trading at 13.6 times of weekly average. Just Dial Ltd. (1,192.75, 2.4%) and HBL Power Systems Ltd. (640.65, 1.8%) were trading with volumes 6.2 and 5.8 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

14 stocks overperformed with 52 week highs, while 3 stocks were underachievers and hit their 52 week lows.

Stocks touching their year highs included - Britannia Industries Ltd. (6,331.75, -1.8%), Deepak Fertilisers & Petrochemicals Corporation Ltd. (1,125.75, 1.4%) and EID Parry (India) Ltd. (853, -1.9%).

Stocks making new 52 weeks lows included - RBL Bank Ltd. (199.23, -2.0%) and Equitas Small Finance Bank Ltd. (75.12, -2.6%).

3 stocks climbed above their 200 day SMA including Angel One Ltd. (2,742.15, 5.5%) and Dalmia Bharat Ltd. (1,952, -0.2%). 27 stocks slipped below their 200 SMA including Titagarh Rail Systems Ltd. (1,133.70, -4.6%) and L&T Technology Services Ltd. (5,099.95, -4.6%).

 
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