Trendlyne Marketwatch
Trendlyne Marketwatch
09 Dec 2024
Market closes lower, Biocon's Bengaluru API facility gets a US FDA VAI classification
By Trendlyne Analysis

 

Nifty 50 closed at 24,619 (-58.8, -0.2%), BSE Sensex closed at 81,508.46 (-200.7, -0.3%) while the broader Nifty 500 closed at 23,292 (-20.1, -0.1%). Market breadth is in the green. Of the 2,321 stocks traded today, 1,243 showed gains, and 1,049 showed losses.

Nifty 50 closed lower after switching between gains and losses throughout the day. The Indian volatility index, Nifty VIX, fell 0.2% and closed at 14.1 points. Biocon fell as it received an establishment inspection report (EIR) with a voluntary action indicated (VAI) status from the US FDA for its API facility in Bengaluru, Karnataka.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green. Nifty FMCG and Nifty Media Index were among the top index losers today. According to Trendlyne’s sector dashboard, Telecommunications Equipment emerged as the top-performing sector of the day, with a rise of 4.6%.

Asian indices closed mixed. European indices are trading mixed. US index futures are trading flat as investors await the release of key inflation data, indicating a cautious start to the trading session. Brent crude oil futures are trading higher due to increased uncertainty in the Middle East following the fall of Syrian President Bashar al-Assad's regime.

  • Money flow index (MFI) indicates that stocks like Central Depository of India, Maharashtra Seamless, Laurus Labs, and The Fertilisers & Chemicals Travancore are in the overbought zone.

  • Shree Renuka Sugars rises as the National Company Law Tribunal (NCLT) approves the merger of its subsidiaries, including Monica Trading, Shree Renuka Agri Ventures, and Shree Renuka Tunaport, into the parent company.

  • RailTel Corp of India is rising as it receives multiple work orders worth Rs 29.6 crore. These include Rs 13.4 crore to provide 4G LTE-R infrastructure for South Central Railways and a Rs 16.2 crore order from the Employees Provident Fund Organisation for MPLS services across 140 locations.

  • Geojit BNP Paribas downgrades Manappuram Finance to 'Sell' from 'Buy' with a lower target price of Rs 152 per share. This indicates a potential upside of 11.3%. The brokerage believes the company's regulatory issues will affect its assets under management (AUM) growth in the medium term. It expects the firm's net interest income (NII) to grow at a CAGR of 6.5% over FY25-26.

  • Reports suggest that Flipkart, India's largest e-commerce company, valued at $36 billion (approximately Rs 3 lakh crore), is preparing for an IPO within the next 12-15 months. The Walmart-owned company has relocated its domicile from Singapore to India and plans to launch a public share sale by the end of 2025.

  • Shyam Metalics and Energy's stainless steel sales rise 51% YoY to 6,064 million tonnes (MT) in November. Aluminium foil sales increase 30% YoY to 2,018 MT. The company's speciality alloy sales grow 43% YoY, and carbon sales rise by 15% YoY.

  • Styrenix Performance Materials rises to its new all-time high of Rs 2,895 as its board of directors approves the acquisition of INEOS Styrolution (Thailand) for $20 million (approximately Rs 169.4 crore). INEOS supplies specialty ABS, high-heat ABS, and SAN polymers to customers in Southeast Asia and China. The acquisition improves Styrenix's market position and expands its footprint in the engineering polymers sector.

  • Hyundai Motor India plans to set up 600 public EV fast charging stations across India over the next seven years. The company expects to commission 50 charging stations by the end of 2024.

  • Crude oil futures are rising amid rising tensions in West Asia following the removal of Syrian President Bashar al-Assad. Traders will closely monitor the potential consequences of a regime change in Syria and its impact on the broader Middle East, especially oil production. Although Syria's oil output has been nearly depleted due to the ongoing civil war, the situation remains uncertain.

  • Biocon falls sharply as it receives an establishment inspection report (EIR) with a voluntary action indicated (VAI) status from the US FDA for its API facility in Bengaluru, Karnataka.

  • Servotech Power Systems is rising as it partners with LESSzwei GmbH (LESS2) to develop and deploy 100% solar-powered EV charging infrastructure for micromobility, such as e-bikes, e-scooters, and e-cargo bikes in urban areas of Germany.

  • Welspun Corp rises to its all-time high of Rs 824.4 as it secures two large orders in the US for HSAW and HFIW pipes. The orders involve supplying coated pipes for a natural gas pipeline project, set for execution in FY25 and FY26.

  • Adani Ports & Special Economic Zone rises after its Krishnapatanam Port in Andhra Pradesh gets a Navigational Safety at Ports Committee (NSPC) certificate from the Government for petroleum imports in the country until March 2026.

  • Roto Pumps is rising as it secures over 400 orders for its newly launched Solar Submersible Pumping Systems under the brand 'Roto Rudra' for agriculture, irrigation, and renewable energy projects. The orders are from Australia, South Africa, and the Indian states of Chhattisgarh and Maharashtra.

  • Star Health & Allied Insurance falls sharply as it receives a show-cause notice from the Insurance Regulatory and Development Authority of India (IRDAI) after an inspection in 2022.

  • Easy Trip Planners is rising as it announces three acquisitions to expand into new sectors. It acquires 49% of Dubai-based Pflege Home Health Care Center for Rs 30 crore, entering medical tourism and home healthcare markets. It invests Rs 100 crore for a 50% stake in Jeewani Hospitality for hotel operations and Rs 39.2 crore for 49% of Australia’s Planet Education, entering the global education market.

  • Macquarie maintains a 'Neutral' rating on Godrej Consumer Products with a lower target price of Rs 1,260. The brokerage raises concerns that the ongoing palm inflation will likely delay the normalization of soap volumes and margins. It also aligns with the firm's perspective that the growth impact of insecticides is more seasonal.

  • Rites is rising as it emerges as the top scorer (H-1 bidder) for a $9.7 million (approximately Rs 82.3 crore) engineering services contract in Guyana. The project involves upgrading the Palmyra to Moleson Creek Highway.

  • Suven Pharmaceuticals acquires a 56% stake in US-based NJ Bio for Rs 535 crore. As part of the deal, Suven has invested Rs 411 crore to purchase shares from minority stakeholders and Rs 124 crore in primary equity to fund capacity expansion at NJ Bio's 80,000-square-foot facility in Princeton. The acquisition positions Suven in the $2.7 billion global ADC outsourcing market, expected to grow by 25% annually.

  • Wipro partners with SIAM.AI, a member of the NVIDIA Cloud Partner program in Thailand, to develop an AI-powered digital assistant named "Sukjai" for the Tourism Authority of Thailand. The assistant will provide 24/7 support and information on transportation guidelines and schedules, destinations and lodging availability, activity recommendations, and crowd flow details at popular attractions.

  • Textile companies like Trident and Welspun Living are rising by over 6% following reports that Bangladesh's interim government is considering the sale of ownership in 32 companies under the Beximco Group as a long-term solution to the ongoing workers' unrest over unpaid salaries and allowances.

  • NLC India is rising sharply as it emerges as the successful bidder for the New Patrapara South Coal Mine in Odisha in an auction held by the Ministry of Coal (MoC).

  • Laurus Labs' subsidiary, Laurus Bio, enters an agreement for a Rs 120 crore investment from Eight Roads Ventures and F-Prime Capital. Laurus Labs will also invest Rs 40 crore in the subsidiary.

  • Ceat surges to its all-time high of Rs 3,370.6 per share as it acquires Camso's off-highway construction equipment tyre and tracks business from the Michelin Group for a cash consideration of $225 million (approx. Rs 1,906.6 crore).

  • JSW Energy is rising as it bags a letter of award (LoA) from NTPC to set up a 400 MW Inter-State Transmission System (ISTS) connected solar power project.

  • Nifty 50 was trading at 24,680.95 (3.2, 0.0%), BSE Sensex was trading at 81,568.19 (-140.9, -0.2%) while the broader Nifty 500 was trading at 23,338.65 (26.6, 0.1%).

  • Market breadth is surging up. Of the 2,042 stocks traded today, 1,563 were on the uptrend, and 435 went down.

Riding High:

Largecap and midcap gainers today include Supreme Industries Ltd. (5,012.65, 5.8%), Delhivery Ltd. (371.10, 5.1%) and Bajaj Holdings & Investment Ltd. (11,122, 4.2%).

Downers:

Largecap and midcap losers today include Godrej Consumer Products Ltd. (1,127.85, -8.7%), Syngene International Ltd. (867.90, -5.6%) and Star Health and Allied Insurance Company Ltd. (468.15, -4.2%).

Movers and Shakers

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

Top high volume gainers on BSE included C.E. Info Systems Ltd. (1,908.45, 16.1%), ITI Ltd. (368.10, 14.6%) and Ceat Ltd. (3,415.75, 10.3%).

Top high volume losers on BSE were Godrej Consumer Products Ltd. (1,127.85, -8.7%), Marico Ltd. (607.75, -4.1%) and Laurus Labs Ltd. (571.90, -3.0%).

Trident Ltd. (37.99, 10.2%) was trading at 46.3 times of weekly average. Sundram Fasteners Ltd. (1,181.20, 4.3%) and Varroc Engineering Ltd. (534.85, 3.4%) were trading with volumes 17.6 and 11.5 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

21 stocks made 52 week highs, while 1 stock hit their 52 week lows.

Stocks touching their year highs included - Ceat Ltd. (3,415.75, 10.3%), City Union Bank Ltd. (186.27, 0.7%) and Deepak Fertilisers & Petrochemicals Corporation Ltd. (1,381.55, -3.0%).

Stock making new 52 weeks lows included - Asian Paints Ltd. (2,391.85, -1.6%).

25 stocks climbed above their 200 day SMA including ITI Ltd. (368.10, 14.6%) and Trident Ltd. (37.99, 10.2%). 10 stocks slipped below their 200 SMA including Marico Ltd. (607.75, -4.1%) and MMTC Ltd. (82.01, -2.1%).

 
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