Trendlyne Marketwatch
Trendlyne Marketwatch
23 Dec 2024
Market closes higher, Bharat Electronics secures new orders worth Rs 973 crore
By Trendlyne Analysis

 

Nifty 50 closed at 23,753.45 (166.0, 0.7%), BSE Sensex closed at 78,540.17 (498.6, 0.6%) while the broader Nifty 500 closed at 22,412.30 (92.9, 0.4%). Market breadth is in the red. Of the 2,413 stocks traded today, 829 were in the positive territory and 1,547 were negative.

Indian indices closed in the green, with the benchmark Nifty 50 index closing at 23,753.5 points. The Indian volatility index, Nifty VIX, plunged 10.3% and closed at 13.5 points. Larsen & Toubro closed in the green as its precision engineering & systems division secured an order worth Rs 5,000-10,000 crore from the Ministry of Defence.

Nifty Midcap 100 closed in the green, while Nifty Smallcap 100 closed flat. Nifty Realty and Nifty Bank were among the top-performing indices of the day. According to Trendlyne’s sector dashboard, Oil & Gas emerged as the best-performing sector of the day, with a rise of 1.2%.

European indices are trading mixed. Major Asian indices closed in the green. US index futures are trading higher, indicating a positive start to the trading session, as core inflation in the US rises by 2.7%, in-line with estimates.

  • Relative strength index (RSI) indicates that stocks like General Insurance Corp of India, KFIN Technologies, Kaynes Technology, and KPR Mill are in the overbought zone.

  • Bharat Electronics is rising as it secures additional orders worth Rs 973 crore, increasing its total order book for FY25 to Rs 9,801 crore. These new orders include projects like platform screen doors for metro rail, radars, communication equipment, jammers, seekers, upgraded submarine sonar, satcom terminals, test stations, spares, and related services.

  • Eco Recycling surges to its 5% upper circuit as its board of directors approves raising Rs 500 crore through a qualified institutional placement (QIP) of equity shares.

  • Pondy Oxides & Chemicals closes its Rs 175.4 crore QIP offer on December 20, approving an issue price of Rs 860 per share for around 20.3 lakh equity shares. The issue price reflects a 4.8% discount to the QIP floor price.

  • According to data from the Telecom Regulatory Authority of India (TRAI), Vodafone Idea loses 19.3 lakh mobile subscribers on a net basis, compared to a decline of 15.5 lakh in the previous month. Reliance Jio loses 37.6 lakh subscribers in October, totaling 1.7 crore subscribers lost over the past four months. Bharti Airtel gains 5 lakh subscribers, while BSNL adds 5 lakh customers, bringing its total gains over the last four months to 68.1 lakh.

  • Jai Balaji Industries sets January 17 as the record date for its stock split of each equity share of Rs 10 each, fully paid up, into five equity shares of Rs 2 each.

  • Unimech Aerospace and Manufacturing's Rs 500 crore IPO receives bids for 2X the available 47 lakh shares on offer on the first day of bidding. The retail investor quota gets bids for 2.6X the available 23.4 lakh shares.

  • Axis Direct initiates coverage on Shriram Finance with a 'Buy' call and a target price of Rs 3,825 per share. This indicates a potential upside of 32.7%. The brokerage is positive on the stock due to an improvement in commercial vehicle market share, portfolio diversification, and steady asset quality. It expects the lender's net interest income (NII) to grow at a CAGR of 16.1% over FY25-27.

  • Bharat Global Developers hits its 5% lower circuit after SEBI suspends the stock's trading until further notice and bans its promoters from accessing the capital markets due to concerns over financial disclosures.

  • Hindustan Construction Company settles a claims dispute with a major client for Rs 180 crore.

  • Ashoka Buildcon reportedly signs a memorandum of understanding (MoU) with the Bihar Government to set up a Rs 9,000 crore green hydrogen plant in the state. The company will set up a 1,250 MW solar plant to produce green hydrogen by splitting water.

  • UPL is rising as it raises Rs 3,376 crore through a rights issue and approves the share allotment at Rs 360 per share.

  • Akshali Shah, Executive Director of Parag Milk Foods, highlights India's resilient dairy market while the FMCG sector faces sluggish growth. She attributes the sector's success to its adaptability but notes risks due to fluctuating raw milk prices. India's milk production reached 239.3 million tonnes in 2023-24, a 3.8% increase from the previous year.

  • Laurus Labs is rising as its subsidiary, Laurus Bio, receives a Rs 120 crore investment from Eight Roads Ventures and F-Prime Capital.

  • Motilal Oswal maintains its 'Buy' call on Devyani International with a target price of Rs 215 per share. This indicates a potential upside of 22.7%. The brokerage believes that despite lower demand and high inflation, the company's focus on store expansion and portfolio diversification will drive growth. It expects the firm's revenue to grow at a CAGR of 12.7% over FY25-27.

  • Larsen & Toubro is rising as its precision engineering & systems division secures an order worth Rs 5,000-10,000 crore from the Ministry of Defence, Government of India, to supply K9 Vajra-T artillery platforms to the Indian Army.

  • According to Nuvama Alternative and Quantitative Research, India's smallcap companies have accounted for a major portion of the exits by Private Equity (PE) and Venture Capital (VC) firms in 2024, with firms partially or fully divesting their stakes. During the year, 447 companies experienced insider transactions, both buying and selling, leading to net sales amounting to Rs 1.3 lakh crore. Notable stocks seeing significant selling include Five Star Finance, Aster DM Healthcare, and Honasa Consumer.

  • NTPC Green Energy rises as it signs a memorandum of understanding (MoU) with the Department of Industries, Government of Bihar, to develop solar installations, battery storage, and green hydrogen initiatives. The state will assist with necessary approvals for seamless execution.

  • Indian Oil Corp is rising as its board of directors approves setting up a 900 tonnes per day (TPD) yarn manufacturing project in Odisha through its 50:50 joint venture (JV) with MCPI. The project is estimated to cost Rs 4,382.2 crore, with Indian Oil's investment at Rs 657.3 crore.

  • Fortis Healthcare acquires a 7.6% stake in Agilus Diagnostics from International Finance Corp (IFC) for Rs 429.4 crore. This acquisition is part of the company's plans to buy a 31.5% equity in Agilus, including the remaining 23.9% from NYLIM Jacob Ballas India Fund III LLC (NJBIF) and Resurgence PE Investments.

  • HDFC Securities projects India's GDP to grow at 6.4% in 2024-25, highlighting downside risks due to a slowdown in urban demand and limited recovery in private capital expenditure. However, it believes strong rural demand and higher government spending will drive growth for the economy. The brokerage anticipates an improvement in GDP growth to 6.7% in 2025.

  • AGI Greenpac's board of directors approves raising Rs 1,500 crore by issuing shares and other securities through a rights issue, preferential issue, qualified institutional placement (QIP), or other modes.

  • Ultratech Cement receives approval from the Competition Commission of India (CCI) to acquire a 32.7% stake in The India Cements for a total consideration of Rs 3,954 crore.

  • Sterling and Wilson Renewable Energy is rising as it receives a letter of intent (LoI) for a Rs 1,200 crore solar project in Gujarat. The project includes the design, engineering, procurement, and construction (EPC) of the balance of system (BOS) for a 500 MW (AC) solar photovoltaic (PV) project, along with a three-year operations and maintenance (O&M) contract.

  • JBM Auto is rising as its subsidiary, JBM Ecolife Mobility, secures a contract worth Rs 1,800 crore from Ahmedabad Janmarg. The contract involves the procurement, operation, and maintenance of 343 electric buses for Ahmedabad Bus Rapid Transit System and Ahmedabad Municipal Transport Service.

  • Markets rise on early trading, Nifty 50 was trading at 23,755.80 (168.3, 0.7%), BSE Sensex was trading at 78,507.90 (466.3, 0.6%) while the broader Nifty 500 was trading at 22,460.05 (140.7, 0.6%).

  • Market breadth is surging up. Of the 2,012 stocks traded today, 1,525 showed gains, and 448 showed losses.

Riding High:

Largecap and midcap gainers today include Adani Wilmar Ltd. (315.85, 8.6%), Mankind Pharma Ltd. (2,998.40, 6.9%) and Torrent Power Ltd. (1,551.35, 4.9%).

Downers:

Largecap and midcap losers today include FSN E-Commerce Ventures Ltd. (160.05, -4.4%), General Insurance Corporation of India (480.55, -4.1%) and Zomato Ltd. (273.95, -2.9%).

Volume Rockets

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

Top high volume gainers on BSE included Intellect Design Arena Ltd. (962.05, 17.4%), Amber Enterprises India Ltd. (6,907.80, 12.8%) and Star Cement Ltd. (237.30, 11.5%).

Top high volume losers on BSE were Kirloskar Brothers Ltd. (2,020.95, -6.5%), Suven Pharmaceuticals Ltd. (1,130.10, -4.6%) and Shoppers Stop Ltd. (615.10, -4.5%).

India Cements Ltd. (366.25, 8.0%) was trading at 17.6 times of weekly average. Ingersoll-Rand (India) Ltd. (4,102.65, -0.8%) and Vinati Organics Ltd. (1,659.40, -3.0%) were trading with volumes 12.8 and 8.3 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

4 stocks hit their 52 week highs, while 8 stocks tanked below their 52 week lows.

Stocks touching their year highs included - Coromandel International Ltd. (1,862.70, 1.3%), 360 One Wam Ltd. (1,232.70, -1.3%) and Mankind Pharma Ltd. (2,998.40, 6.9%).

Stocks making new 52 weeks lows included - AIA Engineering Ltd. (3,325.70, -1.1%) and Berger Paints (India) Ltd. (443.60, -0.3%).

15 stocks climbed above their 200 day SMA including Intellect Design Arena Ltd. (962.05, 17.4%) and Phoenix Mills Ltd. (1,659.10, 4.3%). 33 stocks slipped below their 200 SMA including Titagarh Rail Systems Ltd. (1,257.20, -4.1%) and Bombay Burmah Trading Corporation Ltd. (2,124.80, -3.0%).

 
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