Trendlyne Marketwatch
Trendlyne Marketwatch
28 Nov 2024
Market closes lower, Godrej Properties' board approves QIP of shares worth Rs 6,000 crore
By Trendlyne Analysis

 

 

Nifty 50 closed at 23,914.15 (-360.8, -1.5%) , BSE Sensex closed at 79,043.74 (-1190.3, -1.5%) while the broader Nifty 500 closed at 22,514.35 (-177.4, -0.8%). Market breadth is in the green. Of the 2,257 stocks traded today, 1,269 were in the positive territory and 961 were negative.

Indian indices closed in the red, with the benchmark Nifty 50 index closing at 23,914.2 points. The Indian volatility index, Nifty VIX, increased by 3.9% and closed at 15.2 points. KEC International’s transmission & distribution (T&D) business secured new orders worth Rs 1,704 crore from Power Grid Corp of India.

Nifty Midcap 100 and Nifty Smallcap 100 closed in the green. Nifty High Beta 50 and S&P BSE IPO were among the top index gainers today. According to Trendlyne’s Sector dashboard, Utilities emerged as the best-performing sector of the day, with a rise of 2.4%.

Asian indices closed in the red except for Japan’s Nikkei 225 index, which closed in the green while European indices are trading higher. US index futures traded in the green, indicating a positive start to the trading session. Brent crude oil futures are trading in the green. OPEC+ has postponed its meeting on output cuts to December 5. Crude prices are currently around $75 per barrel, which is below the level for many OPEC members to meet their budgetary requirements.

  • HDFC Life Insurance sees a short buildup in its November 28 futures series, with open interest increasing by 50.8% and a put-call ratio of 0.8.

  • Vardhman Textiles' board approves a 31 million metre per annum increase in processed fabric capacity at Vardhman Fabrics, Budhni, Madhya Pradesh. The expansion aims to meet the growing demand for processed fabric in the export and domestic markets, with a total capital investment of approximately Rs 350 crore.

  • Godrej Properties' board of directors approves the qualified institutional placement (QIP) of shares worth Rs 6,000 crore at a floor price of Rs 2,727.4 per share.

  • Emkay maintains its 'Reduce' call on Mahindra & Mahindra with a target price of Rs 2,700 per share, indicating an upside of 7.3%. The brokerage cites concerns over slower electric vehicle (EV) sales, despite new launches, due to customer worries about charging infrastructure and resale value. It believes these issues may worsen with rising competition and competitive pricing in the EV sector over the next 6-12 months.

  • Amit Dahanukar, CMD of Tilaknagar Industries, highlights the launch of a new luxury brandy, Monarch Legacy, priced at Rs 6,750 for 750 ml in Maharashtra, and adds the company is receiving export orders. Dahanukar notes that brandy makes up 94% of the company’s sales and 20% of India's overall alcohol market. He projects a revenue of Rs 1,600-1,700 crore for FY25.

  • Servotech Power Systems rises sharply as it bags an order worth Rs 30.2 crore from Uttarakhand New and Renewable Energy Development Agency (UREDA) to develop a 5.6 MW on-grid rooftop solar power plant.

  • Borosil Renewables is rising as its board appoints Melwyn Moses as the new Chief Executive Officer (CEO) of the company, effective December 2.

  • NTPC Green Energy rises sharply as its subsidiary, NTPC Renewable Energy, begins commercial operations of 55 MW out of 105 MW at the Shajapur solar project in Madhya Pradesh.

  • ZF Group sells a 4.3% stake in its Indian subsidiary, ZF Commercial Vehicles Control Systems India, for Rs 1,022 crore. The move aims to increase financial flexibility for ZF's growth plans while maintaining its majority shareholding in the Indian market leader. Aditya Birla Sun Life Mutual Fund was among the buyers, and Wabco Asia's holding in the company has come down to 63.2% from 67.5%.

  • GAIL (India) is rising as its subsidiary, GAIL Mangalore Petrochemicals, re-engages with the process licensor, INEOS, to support the revitalisation of its 1.3 million metric tonnes per annum (MMTPA) purified terephthalic acid (PTA) manufacturing plant.

  • Sonata Software secures a multi-million dollar modernization deal in Australia with an access solutions client. The deal will help streamline the client’s operations across 13 countries in the Asia-Pacific (APAC) region by upgrading systems, improving data management, and enhancing reporting.

  • Tata Consultancy Services partners with the Indian Institute of Technology Kharagpur to set up an advanced research centre. The centre will focus on high-quality research in digital health, robotics, and intelligent systems, utilizing edge computing, embedded systems, and artificial intelligence.

  • Nuvama initiates coverage on consumer electronics makers - Electronics Mart India & Aditya Vision with a 'Buy' rating and a target price of Rs 237 and Rs 672, respectively. The brokerage notes that India’s electronic retailing is highly localized, making it hard to displace established players. It adds that both companies are competitors in the same segment but have adopted distinct and successful growth strategies, focusing on non-overlapping markets.

  • Lloyds Engineering Works is rising as it enters a partnership with Fincantieri SpA to jointly manufacture products for the Indian Navy and Coast Guard.

  • Ashoka Buildcon is rising as it secures an order worth Rs 192.7 crore from Madhya Pradesh Poorv Kshetra Vidyut Vitaran (MPPKVVCL), Jabalpur. The project includes setting up 11 kV lines, LT lines, transformer substations, and related works to separate mixed feeders and transformers.

  • Natco Pharma sells a 14.4-acre land parcel in Telangana for a cash consideration of Rs 115.6 crore, including infrastructure costs.

  • Sumit Gupta, Research Analyst at Centrum Broking, notes that Indian pharma companies are well-positioned to benefit from opportunities arising from the US Biosecure Act. After a solid Q2 performance, US market-focused companies will likely outperform their peers focused on the domestic market. Gupta’s top picks in the sector are Sun Pharmaceutical Industries and Dr. Reddy's Laboratories.

  • NBCC (India) rises sharply as it signs a memorandum of understanding (MoU) with Housing & Urban Development Corp (HUDCO) to develop a 10-acre institutional plot in Noida Sector 62. NBCC will serve as the project management consultant, and the project is estimated to cost Rs 600 crore.

  • Ujjivan Small Finance Bank rises sharply as it sells its written-off loans portfolio and non-performing assets (NPAs) worth Rs 270.4 crore to an asset reconstruction company (ARC) for Rs 40.6 crore.

  • BEML is rising as it secures an order worth Rs 2,501 crore from Chennai Metro Rail to design, manufacture, supply, test, and commission standard gauge metro rolling stock. The contract also includes a 15-year comprehensive maintenance agreement and personnel training.

  • One97 Communications (Paytm) is rising as UBS maintains its ‘Neutral’ rating but raises the target price to Rs 1,000. The brokerage highlights that the new target price reflects a significant improvement in the company’s share price. It anticipates revenue-driven growth as most of the cost optimization is already complete. UBS also expects the company to achieve an adjusted EBITDA breakeven by Q4FY25.

  • Nazara Technologies rises as its board of directors approves the preferential allotment of 89.6 lakh equity shares worth Rs 855 crore at an issue price of Rs 954.3 per share.

  • KEC International rises to a new all-time high of Rs 1,094.7 as its transmission & distribution (T&D) business secures new orders worth Rs 1,704 crore from Power Grid Corp of India. The contract includes the design, supply, and installation of 765 kV transmission lines and GIS substations.

  • PCBL is rising as the Andhra Pradesh government allots a 116.6-acre land parcel to the company to set up a chemical manufacturing facility in the state with an expected capex of Rs 3,718 crore.

  • Waaree Renewable Technologies rises sharply as it receives a term sheet for a Rs 1,233.5 crore project to set up a 2,012.5 megawatt peak direct current (MWp DC) ground-mount solar photovoltaic (PV) project.

  • Nifty 50 was trading at 24,289.35 (14.5, 0.1%), BSE Sensex was trading at 80,297.56 (63.5, 0.1%) while the broader Nifty 500 was trading at 22,732.70 (41, 0.2%).

  • Market breadth is highly positive. Of the 1,881 stocks traded today, 1,352 showed gains, and 488 showed losses.

Riding High:

Largecap and midcap gainers today include Adani Total Gas Ltd. (803.85, 15.8%), Adani Green Energy Ltd. (1,087.20, 10%) and Adani Energy Solutions Ltd. (726.85, 10%).

Downers:

Largecap and midcap losers today include SBI Life Insurance Company Ltd. (1,428.60, -5.1%), Max Financial Services Ltd. (1,140.30, -4.0%) and Mahindra & Mahindra Ltd. (2,898.70, -3.5%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Adani Total Gas Ltd. (803.85, 15.8%), ITI Ltd. (295.67, 7.3%) and Ujjivan Small Finance Bank Ltd. (35.84, 6.9%).

Top high volume losers on BSE were SBI Life Insurance Company Ltd. (1,428.60, -5.1%), Max Financial Services Ltd. (1,140.30, -4.0%) and HDFC Life Insurance Company Ltd. (657.70, -3.4%).

Prism Johnson Ltd. (192.12, 2.1%) was trading at 14.8 times of weekly average. Indian Renewable Energy Development Agency Ltd. (208.41, 5.7%) and Birla Corporation Ltd. (1,208, 4.9%) were trading with volumes 5.3 and 4.7 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

10 stocks took off, crossing 52 week highs,

Stocks touching their year highs included - Caplin Point Laboratories Ltd. (2,107.35, 1.2%), eClerx Services Ltd. (3,463, 0%) and EID Parry (India) Ltd. (866.70, 1.7%).

20 stocks climbed above their 200 day SMA including ITI Ltd. (295.67, 7.3%) and Indian Renewable Energy Development Agency Ltd. (208.41, 5.7%). 13 stocks slipped below their 200 SMA including HDFC Life Insurance Company Ltd. (657.70, -3.4%) and Indigo Paints Ltd. (1,430.75, -2.0%).

 
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