Trendlyne Marketwatch
Trendlyne Marketwatch
20 Dec 2024
Market closes lower, Steel Strips Wheels secures a €15 million order from a European OEM
By Trendlyne Analysis

 

Nifty 50 closed at 23,587.50 (-364.2, -1.5%), BSE Sensex closed at 78,041.59 (-1176.5, -1.5%) while the broader Nifty 500 closed at 22,319.40 (-432.8, -1.9%). Market breadth is sharply down. Of the 2,388 stocks traded today, 411 showed gains, and 1,952 showed losses.

Indian indices closed in the red, with the benchmark Nifty 50 index closing at 23,587.5 points. The Indian volatility index, Nifty VIX, rose 3.9% and closed at 15.1 points. NBCC (India) won an order worth Rs 200.6 crore from Oil India to set up a new OIL hospital in Assam. The company's subsidiary, HSCC (India), also won an order worth Rs 98.2 crore from the Director of Medical Education Research (DMER).

Nifty Midcap 100 and Nifty Smallcap 100 closed in the red, following the benchmark index. BSE Realty Index and Nifty Realty were among the top index losers today. According to Trendlyne’s Sector dashboard, Hardware Technology & Equipment emerged as the worst-performing sector of the day, with a fall of 4%.

Asian indices closed lower and European indices are trading in the red with an exception of Russia’s MOEX & RTSI index. US index futures traded in the red, indicating a cautious start to the trading session. US futures extended their losses after a slight decline in Thursday evening trading, following the rejection of a spot-gap spending bill supported by President-elect Donald Trump. The bill was voted down 174-235 in the House of Representatives, increasing the likelihood of a government shutdown.

  • Money flow index (MFI) indicates that stocks like Varroc Engineering, BLS International, Persistent Systems, and Coforge are in the overbought zone.

  • GAIL (India)'s board approves forming a wholly-owned subsidiary to operate as a finance company at the International Financial Services Centre (IFSC) in Gujarat International Finance Tec-City (Gift City), Gujarat. The subsidiary will handle ship leasing and corporate treasury activities or any other approved activities.

  • Restaurant Brands Asia's board of directors approves the qualified institutional placement (QIP) of equity shares for up to Rs 500 crore.

  • Geojit BNP Paribas retains its 'Buy' call on PI Industries with a higher target price of Rs 4,480 per share. This indicates a potential upside of 16.4%. The brokerage believes the company is well positioned to capitalise on increasing demand due to its strong product pipeline, including four new brands launched in H1FY25 and sustained momentum in new enquiries. It expects the firm's revenue to grow at a CAGR of 15.9% over FY25-26.

  • Bharti Airtel makes an early payment of Rs 3,626 crore ($426.4 million) to the Department of Telecom, settling its pending spectrum fees from the 2016 auction. The company has prepaid a total of Rs 28,320 crore of spectrum liabilities in 2024.

  • Steel Strips Wheels is rising as it receives a €15 million (~Rs 132.4 crore) nomination for a steel wheel business from a leading European original equipment manufacturer (OEM). The export order is to be executed over six years, starting in late CY26.

  • Alembic Pharmaceuticals receives approval from the US FDA for its abbreviated new drug application (ANDA) for Divalproex Sodium Delayed-Release Capsules, used to treat certain types of seizures. The capsules are equivalent to AbbVie’s Depakote Sprinkle Capsules, with an estimated market size of approx. $61.1 million in the year ending September 2024, according to IQVIA.

  • NBCC (India) is rising as it bags an order worth Rs 200.6 crore from Oil India to set up a new OIL hospital in Duliajan, Assam, on a turnkey basis. The company's subsidiary, HSCC (India), also wins an order worth Rs 98.2 crore from the Director of Medical Education Research (DMER) to set up an e-library as a unified platform for 22 government medical colleges and three dental colleges.

  • Himanshu Baid, MD of Poly Medicure, reaffirms his forecast of over 20% growth in domestic revenue and 26% growth in export revenue for FY25. He projects Indian medical device exports to grow at 15-20% annually in the coming years and anticipates no significant punitive tariffs on Indian medical device exports from the US.

  • Uno Minda is rising as the National Company Law Tribunal (NCLT) approves the merger of Kosei Minda Aluminum Company, Kosei Minda Mould, and Minda Kosei Aluminum Wheel with itself.

  • Tata Power's subsidiary, Tata Power Renewable Energy (TPREL), partners with Canara Bank to promote rooftop solar systems under the PM Surya Ghar Scheme. The partnership aims to improve access to solar energy for Indian households by providing financing options.

  • Dhanlaxmi Bank is rising as its board of directors approves the rights issue of 14.2 crore shares worth Rs 297.5 crore. The board also sets the issue price at Rs 21 per share and a record date of December 27.

  • Nuvama Institutional Equities forecasts Zomato will see inflows of $513 million (Rs 4,295 crore) after joining the 30-share BSE Sensex index, effective December 23. The firm believes the exclusion of Mahindra & Mahindra, ITC, Infosys, and Sun Pharma will likely reduce their weight in the index, leading to a combined outflow of $106 million (Rs 882 crore).

  • Knowledge Marine & Engineering Works rises sharply as its board of directors approves raising funds by issuing equity shares through a private placement, qualified institutional placement (QIP), or other modes.

  • Reports suggest that 32 lakh shares (1.3% equity) of Granules India, worth Rs 191 crore, have changed hands in a block deal at an average price of Rs 596 per share. It is likely a clean-out trade by a global foreign institution, with domestic funds emerging as buyers in the transaction.

  • Amber Enterprises India is rising as 3.5 lakh shares (1% stake) worth approximately Rs 210 crore reportedly change hands in a block deal at an average price of Rs 6,075 per share.

  • Amara Raja Energy & Mobility signs an agreement with Hyundai Motor India to equip Hyundai's domestic models with AMARON’s Absorbent Glass Mat (AGM) 4-wheeler batteries. HMIL plans to feature these locally manufactured AGM batteries in its vehicles by Q4FY25, becoming the first auto OEM in India to adopt this localized AGM technology.

  • MTAR Technologies is rising as it secures new orders worth Rs 226 crore from international clients to supply various products in the Clean Energy and Aerospace sectors. These include a Rs 191 crore order from Bloom Energy and orders worth Rs 35 crore from Rafael Advanced Defence Systems, IMI Systems, and IAI.

  • BASF India rises sharply as its board of directors approves the demerger of its agricultural solutions business into a separate listed entity.

  • International Gemmological Institute’s shares debut on the bourses at a 22.3% premium to the issue price of Rs 417. The Rs 4,225 crore IPO received bids for 33.8 times the total shares on offer.

  • Jefferies initiates coverage on Sagility India with a 'Buy' rating and a target price of Rs 52. The brokerage highlights that Sagility is a leading US healthcare-focused business process management (BPM) firm with strong domain expertise, positioning it for double-digit revenue growth. It projects a 12% CAGR in revenue and a 40% PAT CAGR over FY25-27.

  • Exide Industries is rising as its subsidiary, Exide Energy Solutions (EESL), partners with Hyundai Motor India to manufacture and supply lithium-ion battery cells for its electric vehicles in India.

  • InterGlobe Aviation (IndiGo) is rising as it grants a $43 million (approx. Rs 366 crore) unsecured loan to its subsidiary, InterGlobe Aviation Financial Services IFSC (IndiGo IFSC), to procure aircraft.

  • KPI Green Energy is rising as it signs a memorandum of understanding (MoU) with the Government of Rajasthan to develop hybrid solar and wind power projects in Jaisalmer (Ramgarh), Rajasthan. The company sets January 3 as the record date for issuing bonus shares.

  • GE Vernova T&D India rises to its all-time high of Rs 2,158 per share as it bags an order worth Rs 400 crore from Sterlite Grid 32. As per the order, GE Vernova will supply and supervise high-voltage (HV) equipment for an undisclosed tariff-based competitive bidding project over the next two years.

  • Nifty 50 was trading at 23,909.05 (-42.7, -0.2%), BSE Sensex was trading at 79,335.48 (117.4, 0.2%) while the broader Nifty 500 was trading at 22,758.20 (6.1, 0.0%).

  • Market breadth is surging up. Of the 1,918 stocks traded today, 1,399 were gainers and 472 were losers.

Riding High:

Largecap and midcap gainers today include General Insurance Corporation of India (501, 13.2%), Dr. Reddy's Laboratories Ltd. (1,343.65, 1.4%) and Honeywell Automation India Ltd. (41,199.90, 0.8%).

Downers:

Largecap and midcap losers today include Siemens Ltd. (6,868.90, -10%), Torrent Power Ltd. (1,479.20, -9.4%) and LTIMindtree Ltd. (5,824.30, -6.4%).

Volume Rockets

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

Top high volume gainers on BSE included General Insurance Corporation of India (501, 13.2%), Aegis Logistics Ltd. (825.80, 9.3%) and Network18 Media & Investments Ltd. (74.34, 5.9%).

Top high volume losers on BSE were Siemens Ltd. (6,868.90, -10%), Torrent Power Ltd. (1,479.20, -9.4%) and RBL Bank Ltd. (152.79, -7.0%).

Go Digit General Insurance Ltd. (341.85, 3.2%) was trading at 17.9 times of weekly average. JSW Steel Ltd. (917.35, -0.9%) and Pfizer Ltd. (4,669.95, -6.8%) were trading with volumes 16.3 and 11.6 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

9 stocks took off, crossing 52 week highs, while 17 stocks tanked below their 52 week lows.

Stocks touching their year highs included - Crisil Ltd. (5,566, -4.1%), KPR Mill Ltd. (1,139, -0.6%) and Muthoot Finance Ltd. (2,075.65, -2.9%).

Stocks making new 52 weeks lows included - IndusInd Bank Ltd. (929.45, -3.6%) and Nestle India Ltd. (2,163.50, 0.1%).

13 stocks climbed above their 200 day SMA including BASF India Ltd. (5,713.65, 4.6%) and Dr. Reddy's Laboratories Ltd. (1,343.65, 1.4%). 36 stocks slipped below their 200 SMA including Torrent Power Ltd. (1,479.20, -9.4%) and Pfizer Ltd. (4,669.95, -6.8%).

 
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