Trendlyne Marketwatch
Trendlyne Marketwatch
12 Dec 2024
Market closes lower, Gland Pharma gets US FDA nod for Phytonadione Injectable ampules
By Trendlyne Analysis

 

Nifty 50 closed at 24,548.70 (-93.1, -0.4%), BSE Sensex closed at 81,289.96 (-236.2, -0.3%) while the broader Nifty 500 closed at 23,256.40 (-101.8, -0.4%). Market breadth is moving down. Of the 2,275 stocks traded today, 664 were gainers and 1,588 were losers.

Indian indices closed in the red, with the benchmark Nifty 50 index closing at 24,548.7 points. The Indian volatility index, Nifty VIX, fell 0.6% and closed at 13.2 points. Shakti Pumps (India) closed deep in the green as it received a contract worth Rs 754.3 crore from Maharashtra State Electricity Distribution Company (MSEDCL).

Nifty Midcap 100 and Nifty Smallcap 100 closed lower. Nifty IT and Nifty Metal closed in the green. According to Trendlyne’s sector dashboard, Forest Materials emerged as the best-performing sector of the day, with a rise of 3.4%.

European indices are trading in the green. Major Asian indices closed mixed. US index futures are trading in the red, indicating a cautious start to the trading session as CPI inflation rises to 2.7% in November from 2.6% in October.

  • Dehlivery sees a long buildup in its December 26 futures series, with open interest increasing by 36.8% and a put-call ratio of 0.2.

  • GHCL surges to its all-time high of Rs 759.4 as it receives environmental clearance from the Ministry of Environment, Forest and Climate Change (MoEFCC) for its soda ash greenfield project in Kutch, Gujarat.

  • Gopal Snacks falls sharply as it faces disruption following a major fire at its Rajkot facility. The company announces that it has ramped up operations at the Modasa and Nagpur plants and is collaborating with third-party manufacturers for additional capacity.

  • BOB Capital Markets downgrades Ajanta Pharma to 'Sell' from 'Buy' with a lower target price of Rs 2,528 per share. This indicates a potential upside of 9.9%. The brokerage is negative on the stock due to its plans to avoid diversifying into newer therapies in India over the next two years and lower EBITDA margin compared to its domestic-focused peers. It expects the firm's revenue to grow at a CAGR of 10.8% over FY25-26.

  • Aye Finance, a non-banking finance company focused on SMEs, plans to raise up to Rs 1,450 crore through an initial public offering (IPO). The IPO will consist of a fresh issue of equity shares worth up to Rs 885 crore and an offer for sale (OFS) amounting to Rs 565 crore.

  • One MobiKwik Systems' Rs 572 crore IPO receives bids for 13.2X the available 1.2 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 45.2X the available 21.6 lakh shares.

  • Vishal Mega Mart's Rs 8,000 crore IPO receives bids for 1X the available 75.7 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 0.9X the available 37.8 crore shares.

  • Tata Consultancy Services (TCS) rises as it extends its partnership with Telenor Denmark. TCS inks a five-year deal to manage Telenor's IT infrastructure, using advanced automation to enhance operations and user experiences.

  • Britannia Industries is falling after CEO Rajneet Kohli warns of challenging quarters ahead. He notes the impact of persistent inflation on the industry, with improved rural demand but slower urban growth expected to continue for 1-2 quarters. Britannia has raised prices on biscuits, rusks, and cakes amid rising input costs, with further hikes planned for the January-March quarter.

  • ACME Solar Holdings rises as it secures a 250 MW renewable energy project at Rs 4.56/unit in NHPC’s e-reverse auction. The project includes a greenshoe option, potentially expanding capacity to 500 MW as part of a 1,200 MW initiative.

  • Gland Pharma is rising as it receives approval from the US FDA for its Phytonadione Injectable Emulsion ampules, used to treat coagulation disorders caused by vitamin K deficiency. The product is equivalent to Hospira's Vitamin K1 injectable emulsion, with an estimated market size of $15 million in the year ending September 2024, according to IQVIA.

  • Indian Railway Finance Corp is falling as it receives a Goods & Services Tax (GST) demand order worth Rs 230.6 crore from the Office of the Assistant Commissioner (ST).

  • Analysts expect India's retail inflation to ease in the range of 5.4-5.8% in November, following a rise to 6.2% in October. Barclays sees signs of economic momentum, suggesting that inflation has peaked. The firm anticipates a potential 25 basis points cut in the policy repo rate by the Monetary Policy Committee in February, depending on the inflation outlook and its impact on economic growth.

  • Neuland Laboratories is falling as 4.9 lakh shares (3.8% stake), worth approximately Rs 780.3 crore, reportedly change hands in a block deal at an average price of Rs 15,900 per share. Smallcap World Fund is likely the seller in the transaction.

  • Shriram Finance is falling as it sells its entire 84.4% stake in its subsidiary, Shriram Housing Finance, to Warburg Pincus-owned Mango Crest Investment for a total consideration of Rs 3,929 crore.

  • Nuvama Wealth Management falls sharply as 30 lakh shares (8.4% stake), worth Rs 2,100 crore, reportedly change hands in a block deal at an average price of Rs 7,025 per share. Edel Finance Company and Ecap Equities are the likely sellers in the transaction.

  • Macquarie maintains its 'Outperform' rating on Delhivery with a target of Rs 460. The brokerage notes the company's target to increase market share through pricing strategies. It believes the threat posed by quick commerce (QC) to e-commerce companies is exaggerated. Macquarie expects the scaling up of part truckload (PTL) business to enhance operational efficiencies.

  • Shakti Pumps (India) rises to its 5% upper limit as it receives a contract worth Rs 754.3 crore from Maharashtra State Electricity Distribution Company (MSEDCL). The contract involves the design, manufacture, supply, transport, installation, testing, and commissioning of 25,000 standalone off-grid DC solar photovoltaic water pumping systems (SPWPS) under the Magel Tyala Saur Krushi Pump Scheme.

  • Waaree Energies rises as it receives a letter of award (LoA) from Rewa Ultra Mega Solar (RUMSL) to develop a 170 MW solar plant in Madhya Pradesh. The project will supply energy to Madhya Pradesh Power Management Company and Indian Railways through the titer-state transmission system (ISTS).

  • Reliance Power is rising as its subsidiary, Reliance NU Suntech, secures a 930 MW solar energy contract from the Solar Energy Corporation of India (SECI). The company will also install a 465 MW battery energy storage system (BESS).

  • Morgan Stanley sees green shoots in India's steel industry in 2025 and anticipates price growth. It maintains an 'Overweight' rating on JSW Steel and Jindal Steel & Power, 'Equal-weight' on Tata Steel, and an 'Underweight' rating on SAIL. The brokerage forecasts a 7% growth in steel demand in FY26 and an increase in domestic prices as the gap with global prices narrows. Morgan Stanley notes the pace of demand recovery in China will be a key factor.

  • PC Jeweller is rising as its board of directors approves the preferential issue of 5.2 crore shares worth up to Rs 1,510 crore at an issue price of Rs 292 per share. The company will use these funds to partially settle outstanding debts.

  • Sammaan Capital is rising as its board of directors approves raising funds worth Rs 2,500 crore through a qualified institutional placement (QIP) of equity shares.

  • Afcons Infrastructure is rising as its joint venture (JV), Afcons – Hindustan, emerges as the lowest bidder (L1) for a water supply project worth Rs 503.9 crore. The project, awarded under the Jal Jeevan Mission by the Government of Rajasthan, aims to provide water supply to 353 villages in Dungarpur district.

  • Godawari Power & Ispat is rising as it signs an agreement with GAIL (India) to supply regasified liquefied natural gas (RLNG) to its upcoming pellet plant over seven years.

  • Nifty 50 was trading at 24,650.65 (8.9, 0.0%), BSE Sensex was trading at 81,493.23 (-32.9, 0.0%) while the broader Nifty 500 was trading at 23369.15 (11, 0.1%).

  • Market breadth is in the green. Of the 1,943 stocks traded today, 1,059 were gainers and 839 were losers.

Riding High:

Largecap and midcap gainers today include Adani Green Energy Ltd. (1,217.95, 6.1%), Adani Power Ltd. (539.85, 4.0%) and Adani Energy Solutions Ltd. (818.15, 3.4%).

Downers:

Largecap and midcap losers today include Jubilant Foodworks Ltd. (672.10, -5.0%), Indus Towers Ltd. (343.85, -4.4%) and Syngene International Ltd. (870.05, -3.8%).

Movers and Shakers

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

Top high volume gainers on BSE included Chalet Hotels Ltd. (1,017, 9.7%), Star Cement Ltd. (220.24, 9.5%) and Adani Green Energy Ltd. (1,217.95, 6.1%).

Top high volume losers on BSE were National Aluminium Company Ltd. (230.78, -7.5%), Nuvama Wealth Management Ltd. (6,945.40, -4.8%) and Network18 Media & Investments Ltd. (74.19, -4.1%).

Tata Teleservices (Maharashtra) Ltd. (85.39, 5.6%) was trading at 16.7 times of weekly average. Century Plyboards (India) Ltd. (852.65, 4.7%) and Gland Pharma Ltd. (1,772, -0.2%) were trading with volumes 12.0 and 8.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

24 stocks made 52 week highs, while 2 stocks were underachievers and hit their 52 week lows.

Stocks touching their year highs included - eClerx Services Ltd. (3,829.95, 0.9%), EID Parry (India) Ltd. (941.75, 3.4%) and Firstsource Solutions Ltd. (383.70, 0.3%).

Stocks making new 52 weeks lows included - Asian Paints Ltd. (2,389.55, -1.2%) and ZF Commercial Vehicle Control Systems India Ltd. (11,699, -0.6%).

8 stocks climbed above their 200 day SMA including Star Cement Ltd. (220.24, 9.5%) and Tata Teleservices (Maharashtra) Ltd. (85.39, 5.6%). 20 stocks slipped below their 200 SMA including Hatsun Agro Products Ltd. (1,080, -4.9%) and Indus Towers Ltd. (343.85, -4.4%).

 
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