Trendlyne Marketwatch
Trendlyne Marketwatch
27 Nov 2024
Market closes higher, Siemens' Q2FY25 net profit grows 45.4% YoY to Rs 830.7 crore
By Trendlyne Analysis

 

Nifty 50 closed at 24,274.90 (80.4, 0.3%), BSE Sensex closed at 80,234.08 (230.0, 0.3%) while the broader Nifty 500 closed at 22,691.70 (129.3, 0.6%). Market breadth is highly positive. Of the 2,264 stocks traded today, 1,521 were on the uptick, and 710 were down.

Nifty 50 closed higher after rising in the afternoon session. The Indian volatility index, Nifty VIX, fell 4.4% and closed at 14.6 points. Adani Group stocks rose after the company clarified that its chairman, Gautam Adani, and other executives are not facing bribery charges, according to the US Department of Justice.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green. S&P BSE Utilities and BSE Power Index were among the top index gainers today. According to Trendlyne’s sector dashboard, Commercial Services & Supplies emerged as the top-performing sector of the day, with a rise of 6%.

Asian indices closed mixed, while European indices are trading mixed. US index futures are also trading mixed, indicating a cautious start to the trading session. Brent crude oil futures are trading higher as traders assess the potential impact of a ceasefire deal between Israel and Hezbollah, alongside an unexpected, substantial draw in US oil inventories.

  • Money flow index (MFI) indicates that stocks like Eris Lifesciences, Indian Hotels, Mastek, and Krishna Institute of Medical Sciences are in the overbought zone.

  • BCL Industries rises sharply after it secures a letter of acceptance (LoA) to supply 60 lakh litres of Extra Neutral Alcohol (ENA) from its Bathinda distillery to Rajasthan State Ganganagar Sugar Mills over six months, with a potential 50% order increase.

  • Aptus Value Housing Finance India rises as 32.9 lakh shares (0.7% stake), worth approximately Rs 105.4 crore, change hands in a bulk deal on Tuesday at an average price of Rs 320.4 per share. Westbridge Crossover Fund is the seller in the transaction.

  • Sharekhan downgrades MOIL to 'Hold' from 'Buy' with a higher target price of Rs 330 per share. This indicates a potential upside of 5.8%. The brokerage expects the company's volumes to grow, led by higher domestic demand for steel, however, it believes that the uncertain pricing environment for manganese ore and steel will offset revenue growth. It expects the firm's revenue to grow at a CAGR of 18.1% over FY25-27.

  • Adani Group companies rise sharply after Adani Green Energy clarifies that Gautam Adani, Sagar Adani, and senior executive Vneet Jaain have been cleared of all bribery charges by the US Department of Justice. However, three charges are still part of the indictment.

  • Siemens rises as its Q2FY25 net profit grows 45.4% YoY to Rs 830.7 crore, led by lower inventory costs and a deferred tax credit of Rs 74.5 crore. Revenue increases 11.3% YoY to Rs 6,373.6 crore, driven by improvements in the energy, smart infrastructure, mobility, and digital industries segments. It features in a screener of stocks outperforming their industry price change in the quarter.

  • Indian Overseas Bank is rising as it receives a tax return of Rs 1,238.3 crore from the Income Tax Department for FY20.

  • RailTel Corp of India is rising as it receives a work order worth Rs 15.2 crore from Kakinada Smart City Corp (KSCCL) for the supply, installation, testing, commissioning, and maintenance of the existing integrated command communication center in Kakinada.

  • Cyient DLM rises over 3% as HDFC Mutual Fund raises its stake in the company by 2.2% or 17.4 lakh shares, increasing its holding from 7.7% to 9.9%. The fund now owns a total of 78.1 lakh shares of the company.

  • Dabur India receives a tax demand order worth Rs 320.6 crore, including interest, from the CGST Commissionerate, Chandigarh.

  • TARC rises sharply as it sells 50% of its TARC Ishva residential project for Rs 1,350 crore. The project was launched in September 2024, and the company anticipates selling the remaining inventory soon.

  • Suprajit Engineering is rising as it signs a memorandum of understanding (MoU) with Chuo Spring, Japan. The partnership establishes a 50:50 joint venture (JV) in India to design, manufacture, and supply transmission cables. It also includes a technical assistance agreement, giving the JV access to Chuo Spring’s proprietary Japanese transmission cable technology.

  • Morgan Stanley has an 'Overweight' rating on LTIMindtree with a target price of Rs 7,050. The brokerage notes that while discretionary spending may remain pressured, the company’s sales momentum will stay positive, driven by a strong deal pipeline and new client acquisitions. However, other brokerages, like Nomura, remain cautious, highlighting the ongoing challenges in discretionary spending that could impact near-term growth.

  • NBCC (India) is rising as it secures a Rs 316 crore order from the Odisha government's ST & SC development department for upgrading primary school hostels under the state sector scheme.

  • CG Power and Industrial Solutions is rising as its subsidiary G.G.Tronics India secures a KAVACH order worth approx. Rs 500-600 crore from Chittaranjan Locomotive Works, West Bengal, Government of India. The order includes the supply, installation, testing, and commissioning of onboard KAVACH equipment as per RDSO specifications, including 11 years of annual maintenance.

  • Talbros Automotive Components surges as it secures orders worth Rs 475 crore, along with its joint ventures (JVs), in the domestic and export markets. These include a Rs 75 crore order for the EV segment, Rs 145 crore for exports, and various products like gaskets, heat shields, chassis, and hoses.

  • Morgan Stanley initiates coverage on Coal India with an ‘Overweight’ rating with a target price of Rs 525. The brokerage believes the increasing power demand outlook for India will help improve the company’s volumes and earnings growth. It adds that the strong balance sheet will support investments.

  • Kotak Mahindra Bank is rising as the Competition Commission of India (CCI) approves the bank's Rs 4,100 crore acquisition of Standard Chartered Bank's unsecured personal loans portfolio in India.

  • Zaggle Prepaid Ocean Services rises to its 5% upper limit as it enters an agreement with Mastercard Technology. Under this partnership, Mastercard will recommend Zaggle's SaaS platform, payment solutions, and card products to corporate customers and other ecosystem entities on a referral basis.

  • NTPC Green Energy’s shares debut on the bourses at a 3.2% premium to the issue price of Rs 108. The Rs 10,000 crore IPO received bids for 2.4 times the total shares on offer.

  • Amnish Aggarwal, Head of Research at Prabhudas Lilladher, believes the capital goods sector is currently one of the best performers in terms of financial results, as profit growth and order books for companies in this sector have been strong. He lists ABB and Siemens as the leading and most formidable industry players.

  • NTPC is rising as its subsidiary, NTPC Green Energy, signs a memorandum of understanding (MoU) with Chhattisgarh State Power Generation (CSPGCL) to develop 2000 MW renewable energy projects in the state. NTPC Green also forms a 50:50 joint venture with Maharashtra State Power Generation (MAHAGENCO) to develop, operate, and maintain renewable energy parks in the state.

  • Lumax Auto Technologies is rising as it acquires a 60% stake in Greenfuel Energy Solutions' alternate fuels business for Rs 153.1 crore through its wholly-owned subsidiary, Lumax Resources, to enter into the green and alternate fuels segment.

  • Olectra Greentech is rising as it gives a guarantee to REC for a loan worth Rs 2,500 crore issued by its promoter's step-down subsidiary, Evey Trans (MSR). Evey Trans will use the proceeds to manufacture buses.

  • Wipro rises to its 52-week high of Rs 596 per share as it extends its partnership with Marelli for the next four years. As part of the agreement, Wipro's FullStride cloud will migrate Marelli's Milan data centre and other local server rooms to the cloud to centralise their operations.

  • Nifty 50 was trading at 24,196.65 (2.2, 0.0%), BSE Sensex was trading at 80,121.03 (117.0, 0.2%) while the broader Nifty 500 was trading at 22,563.75 (1.3, 0.0%).

  • Market breadth is overwhelmingly positive. Of the 1,891 stocks traded today, 1,308 were in the positive territory and 535 were negative.

Riding High:

Largecap and midcap gainers today include Adani Total Gas Ltd. (694.05, 19.8%), Adani Power Ltd. (523.05, 19.5%) and Adani Enterprises Ltd. (2,397.80, 11.5%).

Downers:

Largecap and midcap losers today include UNO Minda Ltd. (1,046.50, -2.9%), Bajaj Holdings & Investment Ltd. (10,221.85, -2.4%) and Ipca Laboratories Ltd. (1,529, -2.4%).

Volume Shockers

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

Top high volume gainers on BSE included Engineers India Ltd. (201.85, 9.7%), Aster DM Healthcare Ltd. (478.60, 8.8%) and Aditya Birla Real Estate Ltd. (2,796.20, 7.6%).

Top high volume loser on BSE was ZF Commercial Vehicle Control Systems India Ltd. (12,427.95, -13.7%).

Quess Corp Ltd. (691.75, 6.2%) was trading at 15.4 times of weekly average. R R Kabel Ltd. (1,464, 0.2%) and HBL Power Systems Ltd. (616.40, 6.5%) were trading with volumes 5.6 and 4.6 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

11 stocks hit their 52 week highs, while 5 stocks were underachievers and hit their 52 week lows.

Stocks touching their year highs included - eClerx Services Ltd. (3,462.85, 2.5%), Federal Bank Ltd. (212.88, -0.4%) and HDFC Bank Ltd. (1,812.30, 1.5%).

Stocks making new 52 weeks lows included - Adani Energy Solutions Ltd. (660.80, 10%) and ZF Commercial Vehicle Control Systems India Ltd. (12,427.95, -13.7%).

14 stocks climbed above their 200 day SMA including KEI Industries Ltd. (4,319.75, 6.1%) and Indian Energy Exchange Ltd. (171.71, 3.4%). 6 stocks slipped below their 200 SMA including Sunteck Realty Ltd. (511.55, -2.3%) and Craftsman Automation Ltd. (4,990.60, -2.1%).

 
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