Trendlyne Marketwatch
Trendlyne Marketwatch
29 Nov 2024
Market closes higher, Power Mech bags an order worth Rs 510 crore from Adani Power
By Trendlyne Analysis

 

 

Nifty 50 closed at 24,131.10 (217.0, 0.9%) , BSE Sensex closed at 79,802.79 (759.1, 1.0%) while the broader Nifty 500 closed at 22,687 (172.7, 0.8%). Market breadth is in the green. Of the 2,263 stocks traded today, 1,357 were in the positive territory and 867 were negative.

Nifty 50 maintained its gains in the afternoon session to close higher. The Indian volatility index, Nifty VIX, declined 5.1% and closed at 14.4 points. NCC closed over 2% higher as it secured an order worth Rs 3,389.5 crore from the Ken-Betwa Link Project Authority under the Ministry of Jal Shakti, Government of India. 

Nifty Midcap 100 and Nifty Smallcap 100 closed higher. Nifty Consumer Durables and Nifty Auto closed in the green. According to Trendlyne’s sector dashboard, Fertilizers emerged as the best-performing sector of the day, with a rise of 5.4%.

European indices are trading mixed. Major Asian indices closed mixed. US index futures are trading higher, indicating a positive start to the trading session. Brent crude oil prices fell 0.5%. Investors are now focusing on the upcoming OPEC+ meeting scheduled for December 5.

  • Relative strength index (RSI) indicates that stocks like Coforge, Aster DM Healthcare, Laurus Labs, and CCL Products India are in the overbought zone.

  • Nazara Technologies' subsidiary, NODWIN Gaming, acquires gaming agency Trinity Gaming for Rs 24 crore. The deal involves Rs 4.8 crore in cash and Rs 19.2 crore in equity shares, with completion expected in 60 days.

  • ITC's wholly-owned subsidiary, Russell Credit (RCL), acquires the entire share capital (4.2 crore equity shares of Rs 10 each) of Greenacre Holdings (GHL) for Rs 42.1 crore.

  • Pharma stocks like Divi's Laboratories, Torrent Pharma, Alkem Laboratories, and Cipla rise more than 3% in trade, helping the Nifty Pharma index to surge 2.5%.

  • Ajmera Realty & Infra India rises over 2% as it repays Rs 100 crore of its corporate debt, reducing outstanding borrowings to Rs 693 crore from Rs 793 crore. The debt reduction was funded through a recent equity offering of Rs 225 crore.

  • Dr. Reddy's Laboratories is rising as it launches Toripalimab (Loqtorzi) in India, a drug used to treat nasopharyngeal carcinoma (NPC), a form of head and neck cancer.

  • Aster DM Healthcare is rising as it reportedly nears an agreement to merge with Blackstone-backed Quality Care India. The combined entity will consist of over 10,000 beds, making it one of India’s largest hospital chains in terms of revenue and bed capacity.

  • Geojit BNP Paribas upgrades Exide Industries to 'Buy' from 'Hold' but lowers the target price to Rs 517 per share. This indicates a potential upside of 14.8%. The brokerage is positive about the company's medium and long-term outlook due to its focus on developing EV batteries, greenfield expansion of Li-ion batteries, and strong order book. It expects the firm's revenue to grow at a CAGR of 8.2% over FY25-26.

  • Zomato completes its qualified institutional placement (QIP), raising Rs 8,500 crore by issuing 33.7 crore shares at Rs 252.6 each. The company intends to use the proceeds primarily to expand its quick commerce unit, Blinkit, and advertising & marketing initiatives.

  • Fine Organic Industries announces the resumption of manufacturing operations on November 28, following a fire incident at a nearby plant in Badlapur, Maharashtra, in January. The company is working to restore all other plant activities to normalcy.

  • Foreign institutional investors buy equity worth Rs 13,454.4 crore in the market over the past week, according to Trendlyne's FII dashboard. Index options witness the highest outflow of Rs 18,965.1 crore from foreign investors. Meanwhile, mutual funds are net sellers in the equity market, divesting Rs 1,528.1 crore during the same period.

  • Adani Ports is rising as it reportedly signs an agreement with the Kerala government to develop the Vizhinjam Seaport. Under the agreement, Adani Ports will continue the phased development of the Vizhinjam International Seaport. The first phase commissions next month, while the second and third phases are scheduled for completion by 2028.

  • Saurabh Gupta, CFO of Dixon Technologies (India), expects their EBITDA margins to improve by 100-120 bps over the next 24-28 months as mobile component production increases. He projects a revenue of Rs 35,000-40,000 crore for FY25. Gupta highlights plans to collaborate with more Android companies to manufacture phones.

  • PCBL announces the commissioning of the final 20,000 MTPA phase of its 40,000 MTPA specialty chemical capacity at Mundra, Gujarat. This increases the company's total manufacturing capacity to 7.9 lakh MTPA.

  • ICICI Direct retains its 'Buy' call on Brigade Enterprises with a higher target price of Rs 1,450 per share. This indicates a potential upside of 17.7%. The brokerage expects the sustained recovery in commercial leasing & hospitality to drive a stable growth momentum. It expects the firm's revenue to grow at a CAGR of 17.5% over FY25-26.

  • Zee Entertainment Enterprises is rising as its shareholders reject CEO & Managing Director Punit Goenka's reappointment as Managing Director.

  • CreditAccess Grameen falls sharply as Goldman Sachs downgrades its rating to ‘Sell’ from ‘Buy’ earlier, and lowers the target price to Rs 564. According to the brokerage, the earnings visibility looks dim since asset quality remains a concern. It adds that the accelerating decline in asset quality was a negative surprise (gross NPAs rose to 2.4% in Q2), and predicts further deterioration under the new MFI guidelines.

  • Steel Authority of India (SAIL) signs a memorandum of understanding (MoU) with John Cockerill Group's Indian arm to adopt green technologies in iron and steelmaking. The partnership focuses on green steel, silicon steel, and advanced cold rolling processes for sustainable production.

  • Newgen Software Technologies is rising as it receives a purchase order worth Rs 32.4 crore from the Reserve Bank of India (RBI). The order includes the implementation and maintenance of the Regulatory Application Management System (RAMS).

  • Enviro Infra Engineers’ shares debut on the bourses at a 48.7% premium to the issue price of Rs 148. The Rs 650.4 crore IPO received bids for 89.9 times the total shares on offer.

  • Japan's largest banks, including Mizuho, Sumitomo Mitsui, and Mitsubishi UFJ, intend to continue supporting the Adani Group despite the bribery charges against Gautam Adani in the US. While some global banks are reassessing their exposure, Japanese lenders remain confident in Adani's ability to repay loans, citing the group's stable, cash-generating assets.

  • The Ministry of Power appoints NHPC's Chairman and Managing Director (CMD), Raj Kumar, as the new CMD of SJVN for three months.

  • NCC is rising as it secures an order worth Rs 3,389.5 crore from the Ken-Betwa Link Project Authority under the Ministry of Jal Shakti, Government of India. The project involves planning, design, engineering, and hydro-mechanical works for the Daudhan Dam on an engineering, procurement, and construction (EPC) basis.

  • PC Jeweller rises sharply as its board of directors approves the stock split of equity shares from one equity share with a face value of Rs 10 into ten equity shares with a face value of Rs 1; sets December 16 as the record date.

  • Reliance Industries’ wholly-owned subsidiary, Reliance Finance and Investments USA, enters a stock purchase agreement with Wavetech Helium to acquire a 21% stake for a total investment of Rs 101.4 crore ($12 million).

  • Nifty 50 was trading at 23975.65 (61.5, 0.3%) , BSE Sensex was trading at 79032.99 (-10.8, 0.0%) while the broader Nifty 500 was trading at 22570.25 (55.9, 0.3%)

  • Market breadth is highly positive. Of the 1894 stocks traded today, 1312 were gainers and 542 were losers.

Riding High:

Largecap and midcap gainers today include Adani Green Energy Ltd. (1,323.90, 21.8%), Adani Energy Solutions Ltd. (840.50, 15.6%) and Life Insurance Corporation of India (985.50, 5%).

Downers:

Largecap and midcap losers today include Colgate-Palmolive (India) Ltd. (2,889.75, -3.7%), Oil India Ltd. (490.60, -2.8%) and Cholamandalam Investment & Finance Company Ltd. (1,233.95, -2.7%).

Movers and Shakers

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

Top high volume gainers on BSE included Easy Trip Planners Ltd. (17.99, 10.2%), Piramal Pharma Ltd. (268.75, 9.5%) and Lloyds Metals & Energy Ltd. (1,049.90, 8.4%).

Top high volume losers on BSE were CreditAccess Grameen Ltd. (902, -8.6%), Poonawalla Fincorp Ltd. (354.45, -4.9%) and TVS Holdings Ltd. (1,1620, -2.3%).

Zee Entertainment Enterprises Ltd. (129.16, 4.9%) was trading at 5.8 times of weekly average. Life Insurance Corporation of India (985.50, 5%) and Gujarat State Fertilizer & Chemicals Ltd. (224.13, 4.8%) were trading with volumes 5.7 and 4.9 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

7 stocks hit their 52 week highs, while 3 stocks hit their 52 week lows.

Stocks touching their year highs included - Caplin Point Laboratories Ltd. (2,196.35, 4.2%), Laurus Labs Ltd. (567.15, 2.8%) and Dixon Technologies (India) Ltd. (15,807.40, 1.3%).

Stocks making new 52 weeks lows included - CreditAccess Grameen Ltd. (902, -8.6%) and Intellect Design Arena Ltd. (715.45, -0.2%).

22 stocks climbed above their 200 day SMA including Gujarat State Fertilizer & Chemicals Ltd. (224.13, 4.8%) and Rashtriya Chemicals & Fertilizers Ltd. (179.04, 3.9%). 5 stocks slipped below their 200 SMA including Kirloskar Oil Engines Ltd. (1,122.45, -3.0%) and Oil India Ltd. (490.60, -2.8%).

 
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