Trendlyne Marketwatch
Trendlyne Marketwatch
11 Dec 2024
Market closes higher, UGRO Capital secures a patent for its GRO Score credit scoring model
By Trendlyne Analysis

 

Nifty 50 closed at 24,641.80 (31.8, 0.1%), BSE Sensex closed at 81,526.14 (16.1, 0.0%) while the broader Nifty 500 closed at 23,358.15 (43.3, 0.2%). Market breadth is neutral. Of the 2,279 stocks traded today, 1,167 showed gains, and 1,088 showed losses.

Indian indices closed in the green, with the benchmark Nifty 50 index closing at 24,641.8 points. The Indian volatility index, Nifty VIX, fell 3.7% and closed at 13.3 points. Vishal Mega Mart's Rs 8,000 crore IPO received bids for 0.4X the available 75.7 crore shares on offer on the first day of bidding. The retail investor quota got bids for 0.5X the available 37.8 crore shares.

Nifty Midcap 100 and Nifty Smallcap 100 closed higher. Nifty Realty and Nifty Consumer Durables closed in the green. According to Trendlyne’s sector dashboard, Hardware Technology & Equipment emerged as the best-performing sector of the day, with a rise of 3.2%.

European indices are trading mixed. Major Asian indices closed mixed. US index futures are trading mixed, indicating a cautious start to the trading session as markets await the consumer price index (CPI) inflation print. CPI inflation is expected to rise to 2.7% in November from 2.6% in October.

  • Money flow index (MFI) indicates that stocks like Varroc Engineering, Asahi Glass, Trident, and eClerx Services are in the overbought zone.

  • Inox Green Energy Services is rising as it expands into the solar energy business through Inox Solar. Inox Solar plans an initial capacity of 5 GW of solar modules and 2.5 GW of solar cell manufacturing capacity by 2026 with a capex of Rs 1,500 crore.

  • DEE Development Engineers is rising as it secures a purchase order worth $16.5 million (approximately Rs 140 crore) from a new customer to supply prefabricated pipe spools.

  • UGRO Capital receives a patent for its proprietary credit scoring model, GRO Score. The patent, Method and System for Modelling Credit Scorecards, highlights the company’s approach to credit evaluation for underserved borrowers.

  • Tesla is reportedly in early talks with a real estate firm to secure a location in New Delhi. The company seeks 3,000-5,000 square feet for its showroom, a larger space for delivery and service operations, and a consumer experience centre. In April, CEO Musk had planned to meet Prime Minister Modi during an India trip, which was later cancelled.

  • One MobiKwik Systems' Rs 572 crore IPO receives bids for 4.5X the available 1.2 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 18.3X the available 21.6 lakh shares.

  • Vishal Mega Mart's Rs 8,000 crore IPO receives bids for 0.3X the available 75.7 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 0.4X the available 37.8 crore shares.

  • Infosys is rising as its joint venture (JV) with Temasek, Infosys Compaz, partners with Singapore-based StarHub to accelerate operations and drive innovation. Infosys Compaz will transform the company into a cloud-based enterprise, focusing on AI, cloud technology, cybersecurity, and digital change.

  • Jefferies maintains its 'Buy' rating on State Bank of India, with a target price of Rs 1,030. The brokerage highlights the bank's strong asset quality and robust earnings outlook. It adds that the bank is well-positioned to manage interest rate cuts, given that its loans are linked to the marginal cost of funds-based lending rate (MCLR).

  • Hinduja Global Solutions is rising as its arm, HGS CX Technologies' board of directors, approves the merger of five of its US subsidiaries with itself. The merging subsidiaries include Hinduja Global Solutions LLC, HGS Digital LLC, HGS (USA) LLC, HGS Canada Holdings LLC, and Teklink International LLC.

  • PNC Infratech surges as its subsidiary, Hathras Highways, completes a Rs 738 crore highway project in Uttar Pradesh, involving the four-laning of NH-530B. The project was completed on October 31, 2024, well ahead of its December 31 deadline.

  • Aurionpro Solutions is rising as it signs a deal with one of the largest banks in the Kingdom of Saudi Arabia (KSA) to modernise its corporate banking technology using Aurionpro’s global transaction banking platform, iCashpro+.

  • Swiggy declines over 3% as the one-month lock-in period for anchor investors expires today. Approximately 6.5 crore shares (3% stake) of the company are eligible for trading, giving anchor investors the option to offload up to 50% of their holdings if required. The lock-in period for the remaining 50% of shares held by anchor investors will end on February 9, 2025.

  • Housing and Urban Development Corp (HUDCO) signs a memorandum of understanding (MoU) with Delhi Development Authority (DDA) to organise capacity-building programmes for DDA officials. The company will also provide consultancy for residential, commercial, institutional, residential & commercial, and institutional projects undertaken by the DDA.

  • BEML rises sharply as it secures a Rs 136 crore contract from the Defence Ministry to supply high-mobility vehicles for the battlefield surveillance system (BFSS). The vehicles will feature advanced designs and operate efficiently in extreme terrains and altitudes.

  • Bharat Global Developers rises to its 5% upper limit as it secures a Rs 650 crore contract from Tata Agro & Consumer Products. The contract involves the annual supply of premium agricultural commodities, including tea leaves, coffee beans, organic pulses, and dry fruits.

  • Adani Ports & Special Economic Zone announces it will finance the Colombo West International Terminal project in Sri Lanka using its internal accruals, opting out of US DFC funding. Adani Group received $553 million (approximately Rs 4,600 crore) in funding last year from the US International Development Finance Corporation for this project.

  • Geojit BNP Paribas upgrades Britannia Industries to 'Buy' from 'Hold' but lowers the target price to Rs 5,290 per share. This indicates a potential upside of 8.5%. The brokerage believes that despite high inflation, the company's ability to balance volume growth with pricing strategy and optimise its distribution network will drive profitability. It expects the firm's revenue to grow at a CAGR of 8.9% over FY25-26.

  • Saakshi Medtech & Panels surges as it secures a Rs 250 crore letter of business award (LoBA) from Mahindra & Mahindra. The five-year contract, valid until 2029, involves supplying EV panels with a three-year warranty.

  • LTIMindtree enters a partnership with GitHub to develop AI-driven software engineering. This partnership will utilise GitHub's development operations (DevOps) AI-driven pair programming with LTIMindtree's knowledge in digital engineering and AI transformation to drive enterprise innovation.

  • Avenue Supermarts (DMart) is falling as Goldman Sachs reiterates its ‘Sell’ rating and cuts the target price to Rs 3,425. The brokerage is bearish on the company due to increasing competition. It adds that DMart lacks an advantage in fresh food in urban areas, and much of India’s grocery market is beyond its reach.

  • Reports suggest that 85.3 lakh shares (12% equity) worth Rs 606 crore of Awfis Space Solutions have changed hands in a block deal. Promoter Peak XV Partners Investments and shareholders Bisque and Link Investment Trust are likely the sellers in the transaction.

  • NTPC Green Energy is rising as its wholly-owned subsidiary, NTPC Renewable Energy, secures a 500 MW solar power project from the Solar Energy Corporation of India (SECI). The project includes the development of a 250 MW/1000 MWh Energy Storage System (ESS) alongside the solar capacity.

  • Indian Overseas Bank is rising as it receives a tax refund order worth Rs 1,359.3 crore from the Income Tax (IT) Department for the assessment year FY16.

  • HG Infra Engineering is rising as it receives a letter of acceptance (LoA) worth Rs 763.1 crore from the Ministry of Road Transport and Highways (MoRTH). The project involves upgrading National Highway 227B, from Bahuvan Madar Majha to Jagarnathpur in Uttar Pradesh, to a two-lane road with paved shoulders.

  • Nifty 50 was trading at 24,616 (6.0, 0.0%) , BSE Sensex was trading at 81,568.39 (58.3, 0.1%) while the broader Nifty 500 was trading at 23,332.80 (17.9, 0.1%)

  • Market breadth is ticking up strongly. Of the 1,962 stocks traded today, 1,410 were on the uptrend, and 508 went down.

Riding High:

Largecap and midcap gainers today include Indian Railway Finance Corporation Ltd. (164.91, 5.1%), Tata Communications Ltd. (1,839.95, 3.7%) and Dalmia Bharat Ltd. (1,964, 3.4%).

Downers:

Largecap and midcap losers today include Avenue Supermarts Ltd. (3,708.30, -2.9%), Adani Green Energy Ltd. (1,148.05, -2.4%) and Indian Bank (583.15, -2.3%).

Volume Shockers

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

Top high volume gainers on BSE included PNC Infratech Ltd. (347.90, 12.4%), Jupiter Wagons Ltd. (552.30, 11.1%) and Jubilant Ingrevia Ltd. (849.95, 8.2%).

G R Infraprojects Ltd. (1,612, 0.0%) was trading at 10.2 times of weekly average. Titagarh Rail Systems Ltd. (1,312.85, 6.6%) and Prism Johnson Ltd. (196.63, 2.3%) were trading with volumes 10.1 and 9.8 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

16 stocks hit their 52 week highs, while 1 stock tanked below their 52 week lows.

Stocks touching their year highs included - Bajaj Holdings & Investment Ltd. (11,167.75, -0.3%), EID Parry (India) Ltd. (911, -0.6%) and Indian Hotels Company Ltd. (836.40, -0.3%).

Stock making new 52 weeks lows included - ZF Commercial Vehicle Control Systems India Ltd. (11,763.65, -2.0%).

20 stocks climbed above their 200 day SMA including Jupiter Wagons Ltd. (552.30, 11.1%) and Titagarh Rail Systems Ltd. (1,312.85, 6.6%). 15 stocks slipped below their 200 SMA including Trident Ltd. (36.68, -2.3%) and Cera Sanitaryware Ltd. (7,803.50, -2.0%).

 
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