Trendlyne Marketwatch
Trendlyne Marketwatch
21 Nov 2024
Market closes lower, Adani Group denies bribery allegations from the US DOJ and the SEC
By Trendlyne Analysis

 

 

Nifty 50 closed at 23,349.90 (-168.6, -0.7%) , BSE Sensex closed at 77,155.79 (-422.6, -0.5%) while the broader Nifty 500 closed at 21,820.85 (-183.5, -0.8%). Market breadth is moving down. Of the 2,255 stocks traded today, 614 were on the uptrend, and 1,626 went down.

Nifty 50 closed lower after extending losses in the morning session. The Indian volatility index, Nifty VIX, rose 2.1% and closed at 15.9 points. Adani Group strongly denied bribery allegations from the US Department of Justice and the Securities and Exchange Commission.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the red. S&P BSE Utiliti. and Nifty PSU Bank Index were among the top index losers today. According to Trendlyne’s sector dashboard, Commercial Services & Supplies emerged as the worst-performing sector of the day, with a fall of 9.5%.

Asian indices closed in the red, except for Korea’s KOSPI and Sri Lanka’s CSE All-Share, which closed higher. European indices are trading in the red. US index futures are trading in the red, indicating a negative start to the trading session. Brent crude oil futures are trading higher.

  • Money flow index (MFI) indicates that stocks like Syrma SGS Technology, and Mastek are in the overbought zone.

  • Supreme Court rules in favor of Indus Towers, granting telecom companies the right to claim Central Value-Added Tax (Cenvat) credits on duties paid for infrastructure components. The ruling is expected to reduce its liability by Rs 3,704 crore.

  • Kilburn Engineering enters a share purchase agreement with Monga Strayfield to acquire a 100% stake for Rs 123 crore. Monga is an engineering company engaged in manufacturing radio frequency dryers and heating solutions. This acquisition will help Kilburn improve manufacturing capabilities and expand its dryers portfolio.

  • HDFC Bank, Bharti Airtel, ICICI Bank, and Reliance Industries outperform their respective industries over 10 years in terms of price change.

  • Moody's flags the US court indictment against the Adani Group as a credit negative. The agency states that its primary focus in evaluating the Adani Group is the ability of the group's companies to secure capital to meet liquidity needs and their governance practices.

  • Adani Group strongly denies bribery allegations from the US Department of Justice and the Securities and Exchange Commission. Meanwhile, Adani Green Energy cancels plans to raise $600 million in US dollar-denominated bonds, which were priced before the charges against Gautam Adani.

  • NTPC Green Energy's Rs 10,000 crore IPO receives bids for 0.9X the available 59.3 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 2.2X the available 8.6 crore shares.

  • Gujarat Narmada Valley Fertilizers & Chemicals signs a memorandum of understanding (MoU) with INEOS Acetyls International, United Kingdom, to form a 50:50 joint venture. The venture will focus on constructing and operating an acetic acid plant in India.

  • Honasa Consumer declines by 10% following concerns raised by the All India Consumer Products Distributors Federation about unethical stock dumping practices by the company. Global brokerage CLSA notes Honasa's flagship brand, Mamaearth, has grown into one of India's largest Beauty and Personal Care (BPC) brands, however, its growth has recently decelerated.

  • Tata Technologies signs a memorandum of agreement (MoA) with the Department of Industries & Commerce, Government of Tripura, to upgrade 19 ITIs across the state. The project, worth Rs 95.6 crore, covers upgrades, training, maintenance, and related services over 5 years and 9 months.

  • Dr Reddy's Laboratories falls after the US FDA issues Form 483 with seven observations following an inspection at its API manufacturing facility in Bollaram, Hyderabad.

  • Zaggle Prepaid Ocean Services surges to its 5% upper limit as it enters an agreement with Strada India. The partnership aims to provide Zaggle’s SaaS platform, payment, and card products to Strada's corporate customers.

  • Bernstein maintains its 'Outperform' rating on One97 Communications (Paytm) with a higher target price of Rs 1,000. The brokerage expects Paytm to benefit from lending partly from its own balance sheet and improved payment margins, projecting a 100% upside to its base case EPS estimates. However, in a negative scenario, it warns of a potential 40% downside risk to its base case estimates.

  • NBCC (India) secures an order worth Rs 202 crore from Rajasthan State Industrial Development and Investment Corp for project management consultancy services to construct Unity Mall (PM-Ekta Mall) in Jaipur, Rajasthan.

  • NLC India rises as it announces an investment of up to Rs 3,720 crore in renewable projects. The company will also acquire a stake in its subsidiary, NLC India Renewables (NIRL), to transfer renewable assets under its asset monetisation plan.

  • Garden Reach Shipbuilders & Engineers secures a contract worth Rs 226.2 crore from the West Bengal Transport Department for 13 hybrid ferries. Out of the 13 ferries, six will feature twin decks, accommodating 200 passengers each.

  • JP Chalasani, Group CEO of Suzlon Energy, notes India's total RE capacity has reached a new milestone of 200 GW. He adds that 100 GW of wind power will be required to meet the energy demand by 2030. He believes that wind power is cheaper than solar power and highlights that the company is adding renewable energy capacity which places them well on the growth path.

  • All Adani Group stocks plunge over 20% in trade today after Gautam Adani was indicted in New York for paying $250 million in bribes to secure $2 billion in solar contracts.

  • Bharat Global Developers rises to its 5% upper limit as its wholly-owned subsidiary secures multiple orders worth Rs 251 crore (AED 109 million) to process and supply high-value precious stones like diamonds, rubies, emeralds, and sapphires to wholesalers and custom jewellery boutiques.

  • BEML secures a supply order worth Rs 246.8 crore from Central Coalfields (CCL). The order includes 48 advanced BH60M rear dump trucks, spares, and consumables for five years, including after-sales service support.

  • Britannia Industries declines over 2% as the Food Safety and Standards Authority of India (FSSAI) issues a notice over the use of a preservative in a batch of one of its products and prohibits its sale.

  • UPL's board of directors approves the rights issue of 9.4 crore shares worth Rs 3,378 crore at an issue price of Rs 360 per share. The board sets November 26 as the record date for the rights issue.

  • Tata Power partners with Bhutan's Druk Green Power Corporation (DGPC), a subsidiary of Druk Holding and Investments, to collaborate and develop at least 5,000 MW of clean energy generation capacity in Bhutan.

  • Godrej Properties acquires a 53-acre land parcel in Joka, Kolkata, offering 13 lakh sq. ft. of residential plots for development. The project has an estimated revenue potential of Rs 500 crore.

  • PSP Projects signs a share purchase agreement between promoter Prahaladbhai Patel and Adani Infra, where Adani Infra will acquire up to 30.1% stake from the promoter for Rs 685 crore. Adani Infra has also announced an open offer to acquire up to 1 crore shares at Rs 642.1 per share.

  • Nifty 50 was trading at 23,371.95 (-146.6, -0.6%) , BSE Sensex was trading at 77,530.45 (-47.9, -0.1%) while the broader Nifty 500 was trading at 21,859.75 (-144.6, -0.7%)

  • Market breadth is moving down. Of the 1,974 stocks traded today, 572 showed gains, and 1,329 showed losses.

Riding High:

Largecap and midcap gainers today include Suzlon Energy Ltd. (65.33, 5%), Indian Hotels Company Ltd. (786.80, 4.4%) and One97 Communications Ltd. (845.40, 3.8%).

Downers:

Largecap and midcap losers today include Adani Enterprises Ltd. (2,183.65, -22.6%), Adani Energy Solutions Ltd. (697.25, -20%) and Adani Green Energy Ltd. (1,145.70, -18.9%).

Volume Rockets

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

Top high volume gainers on BSE included VIP Industries Ltd. (493.40, 7.2%), NLC India Ltd. (253, 6.8%) and Crisil Ltd. (5,595.50, 6.2%).

Top high volume losers on BSE were Adani Enterprises Ltd. (2,183.65, -22.6%), Adani Energy Solutions Ltd. (697.25, -20%) and Adani Green Energy Ltd. (1,145.70, -18.9%).

Ambuja Cements Ltd. (484.15, -11.9%) was trading at 28.6 times of weekly average. ACC Ltd. (2,027.20, -7.3%) and Adani Ports & Special Economic Zone Ltd. (1,114.65, -13.6%) were trading with volumes 25.7 and 22.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

4 stocks hit their 52 week highs, while 30 stocks were underachievers and hit their 52 week lows.

Stocks touching their year highs included - Federal Bank Ltd. (210.88, 2.1%), Fortis Healthcare Ltd. (680.70, 3.5%) and Indian Hotels Company Ltd. (786.80, 4.4%).

Stocks making new 52 weeks lows included - Adani Energy Solutions Ltd. (697.25, -20%) and AIA Engineering Ltd. (3,407.25, -1.2%).

10 stocks climbed above their 200 day SMA including NLC India Ltd. (253, 6.8%) and Brigade Enterprises Ltd. (1,179.50, 2.6%). 23 stocks slipped below their 200 SMA including Whirlpool of India Ltd. (1,728, -5.9%) and ITI Ltd. (279.44, -4.4%).

 
More from Trendlyne Marketwatch
More from Trendlyne Analysis
Recommended
Chart of the week: India’s changing consumer demand, policy support is driving domestic market growth
The Baseline | 07 May 2025, 05:07PM
Five stocks to buy from analysts this week - May 06, 2025
The Baseline | 06 May 2025, 05:14PM
Markets close higher, Rakesh Jhunjhunwala buys a 2.2% stake in Indiabulls Housing Finance
Trendlyne Marketwatch | 22 Jul 2021