Trendlyne Marketwatch
Trendlyne Marketwatch
19 Nov 2024
Market closes higher, Godawari Power to acquire a 51% stake in Jammu Pigments for Rs 255 cr
By Trendlyne Analysis

 

 

Nifty 50 closed at 23,518.50 (64.7, 0.3%) , BSE Sensex closed at 77,578.38 (239.4, 0.3%) while the broader Nifty 500 closed at 22,004.35 (105.0, 0.5%). Market breadth is in the green. Of the 2,257 stocks traded today, 1,388 showed gains, and 846 showed losses.

Indian indices closed in the green, with the benchmark Nifty 50 index closing at 23,518.5 points. The Indian volatility index, Nifty VIX, rose 3.2% and closed at around 15.7 points. NTPC Green Energy's Rs 10,000 crore IPO received bids for 0.2X the available 59.3 crore shares on offer on the first day of bidding. The retail investor quota got bids for 1X the available 8.6 crore shares.

Nifty Midcap 100 and Nifty Smallcap 100 closed higher. Nifty Media and BSE Realty Index closed in the green. According to Trendlyne’s sector dashboard, Hardware Technology & Equipment emerged as the best-performing sector of the day, with a rise of 3.5%.

European indices are trading lower. Major Asian indices closed mixed. US index futures are trading lower, indicating a negative start to the trading session. Walmart is set to release its Q3 results later today. Analysts expect the retailer’s Q3 revenue to grow by more than 4% YoY, reaching $167.3 billion.

  • Relative strength index (RSI) indicates that stocks like Restaurant Brands Asia, TCI Express, and Suraj Estate Developers are in the oversold zone.

  • Bank of America sells around 18.2 lakh shares (0.9% stake) worth Rs 62 crore in Tilaknagar Industries via a block deal on Monday. Meanwhile, Societe Generale picks up a stake in the company.

  • DCM Shriram hits its all-time high of Rs 1,371.1 as it completes 2,100 tonnes of cane crushed per day (TCD) capacity expansion at its sugar plant in Loni, Uttar Pradesh, boosting cane crushing capacity to 9,400 TCD, to meet local supply.

  • Morgan Stanley revises its India's growth forecast for FY25 from 7% to 6.7%, citing weaker-than-expected high-frequency growth data in Q2, projected to expand at a slower pace of 6.3%. However, the firm expects growth to pick up in the second half of the year, with a rebound to around 6.7-6.8%, helped by stronger agricultural output and increased government spending.

  • Reports suggest that 52 lakh shares (0.2% stake) of Axis Bank, worth approximately Rs 589 crore, have changed hands in a block deal at an average price of Rs 1,130 per share.

  • NTPC Green Energy's Rs 10,000 crore IPO receives bids for 0.2X the available 59.3 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 1X the available 8.6 crore shares.

  • Akums Drugs & Pharmaceuticals hits its 5% upper circuit as it signs a master sales agreement with South Korea's Caregen. The agreement grants Akums exclusive rights to sell, package, and market Caregen’s nutraceutical products in India under Caregen's, Akums', or its clients' trademarks.

  • Adani Group is reportedly in an advanced stage of negotiations to buy a stake in PSP Projects. They are likely looking to acquire a 60.1% stake in the company from its promoters. This transaction is expected to trigger an open offer for 26% of PSP's publicly held shares.

  • NBCC (India) is rising as it receives work orders worth Rs 112 crore from the ST & SC Development, Minorities and Backward Classes Welfare Department. These include orders to upgrade a high school to a higher secondary school in Malkangiri and ashram schools to high schools in Koraput and Nuapada in Odisha.

  • AstraZeneca Pharma is rising as it announces the launch of Breztri Aerosphere in India in January 2025. The drug, approved by the Drugs Controller General of India in December 2023, treats chronic obstructive pulmonary disease (COPD), relieving symptoms and preventing exacerbations in adults.

  • Kitex Garments surges to its 5% upper circuit as its board of directors schedules to meet on November 22 to consider and approve the issue of bonus shares to its shareholders.

  • Godawari Power & Ispat's board approves the acquisition of a 51% stake in Jammu Pigments for Rs 255 crore. Jammu Pigments is engaged in the recycling of non-ferrous metals, with operations covering the recycling of lead acid batteries and other secondary lead waste.

  • Havells India is rising as it announces plans to set up a Rs 480 crore refrigerator manufacturing facility in Rajasthan. The plant will add 14 lakh units to its capacity, with the expansion expected to be completed by Q2FY27.

  • Media stocks like Sun TV Network, PVR INOX, Network18 Media & Investment, and Zee Entertainment Enterprises are rising in trade. All constituents of the broader Nifty Media index are also trading in the green, causing it to rise by over 3%.

  • NTPC's subsidiary, NTPC Green Energy, and ONGC's subsidiary, ONGC Green Energy, establish a 50:50 joint venture, ONGC NTPC Green, to develop renewable energy projects, including offshore wind initiatives, through Greenfield developments and acquisitions.

  • CLSA maintains its 'Outperform' rating on Mahindra & Mahindra with a target price of Rs 3,440. The brokerage expects new product launches to drive growth in FY25–26. It notes the company has strategically reshaped its domestic passenger vehicle (PV) portfolio over the past five years, boosting its SUV share from 35% to 55%. Future growth will emphasize mid and premium SUV segments, shifting away from entry-level models.

  • NTPC Green Energy raises Rs 3,960 crore from anchor investors ahead of its IPO by allotting around 36.7 crore shares at Rs 108 each. Investors include Goldman Sachs, Morgan Stanley, Abu Dhabi Investment Authority, Capital World, GIC, LIC, White Oak, and Baroda BNP MF.

  • Waaree Energies’ net profit grows 14.8% YoY to Rs 361.7 crore in Q2FY25, helped by lower raw material and finance costs, and a deferred tax credit of Rs 17.3 crore. Revenue increases 1% YoY to Rs 3,574.4 crore, due to improvements in the power generation and EPC contracts segments. It features in a screener of companies with zero promoter pledge.

  • ITI is rising as it receives a contract worth Rs 95 crore from the Directorate of Geology and Mining, Government of Uttarakhand, for the mining digital transformation and surveillance system (MDTSS) project. The company will develop and implement MDTSS at 40 check gates across Dehradun, Haridwar, Udham Singh Nagar, and Nainital districts over five years.

  • Morgan Stanley upgrades Suzlon Energy to 'Overweight' rating with a target price of Rs 71. The brokerage anticipates an increase in domestic market share to 35-40% by FY27. It also projects 32 GW of new capacity additions in India's wind energy, generating $31 billion in demand for wind OEMs between FY25-30. The company has a strong 5.1 GW order backlog, to be executed over the next two years, with a strategic emphasis on orders that offer greater offtake visibility.

  • Shilpa Medicare rises sharply as its wholly-owned subsidiary, Shilpa Pharma Lifesciences, receives a certificate of suitability (CEP) from the European Directorate for the Quality of Medicines & Healthcare (EDQM) for its active pharmaceutical ingredient (API), Octreotide, used to treat acromegaly, severe diarrhea, and other related medical conditions. The global Octreotide market was valued at $2.7 billion in 2023 and is estimated to reach $3 billion in 2024.

  • GMR Airports is rising as its passenger traffic increases 9.2% YoY to 1.1 crore in October, while aircraft movements grow by 9% YoY to 71,598.

  • Zee Entertainment Enterprises’ Managing Director and CEO, Punit Goenka, resigns from the position of MD, effective November 18. However, he will retain his position as the CEO of the company.

  • PG Electroplast's wholly-owned subsidiary, PG Technoplast, signs an agreement with Spiro Mobility to exclusively manufacture electric vehicles, lithium-ion batteries, and components in India, managing production and procurement while Spiro oversees R&D and distribution.

  • Nifty 50 was trading at 23,590.05 (136.3, 0.6%) , BSE Sensex was trading at 77,548 (209.0, 0.3%) while the broader Nifty 500 was trading at 22,041.95 (142.6, 0.7%)

  • Market breadth is overwhelmingly positive. Of the 1,934 stocks traded today, 1,637 showed gains, and 271 showed losses.

Riding High:

Largecap and midcap gainers today include Tube Investments of India Ltd. (3,611.30, 5.3%), Suzlon Energy Ltd. (62.22, 5.0%) and Indian Railway Finance Corporation Ltd. (145.18, 5.0%).

Downers:

Largecap and midcap losers today include Max Financial Services Ltd. (1,189.60, -3.9%), Adani Green Energy Ltd. (1,412.70, -3.0%) and Gujarat Fluorochemicals Ltd. (3,878.10, -3.0%).

Volume Shockers

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

Top high volume gainers on BSE included Jindal Worldwide Ltd. (336.70, 20.0%), Craftsman Automation Ltd. (5,009.25, 7.5%) and Apar Industries Ltd. (9,479.30, 7.5%).

Top high volume losers on BSE were Honasa Consumer Ltd. (264.10, -11.2%), SBI Life Insurance Company Ltd. (1,522.90, -2.5%) and ICICI Prudential Life Insurance Company Ltd. (682.95, -1.5%).

Zee Entertainment Enterprises Ltd. (122.54, 6.2%) was trading at 10.3 times of weekly average. Ratnamani Metals & Tubes Ltd. (3,403.80, -1.4%) and EID Parry (India) Ltd. (822.25, 7.3%) were trading with volumes 5.6 and 5.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

8 stocks made 52 week highs, while 6 stocks tanked below their 52 week lows.

Stocks touching their year highs included - DCM Shriram Ltd. (1,297.30, -1.9%), Federal Bank Ltd. (206.65, 3.2%) and Fortis Healthcare Ltd. (657.80, 1.4%).

Stocks making new 52 weeks lows included - Indraprastha Gas Ltd. (320.45, -1.4%) and IndusInd Bank Ltd. (1,000.20, -0.4%).

37 stocks climbed above their 200 day SMA including Craftsman Automation Ltd. (5,009.25, 7.5%) and V-Guard Industries Ltd. (425.55, 7.3%). 10 stocks slipped below their 200 SMA including Thermax Ltd. (4,632.55, -4.7%) and Carborundum Universal Ltd. (1,408.40, -2.9%).

 
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