Trendlyne Marketwatch
Trendlyne Marketwatch
26 Dec 2024
Market closes flat, Redtape's board approves a 3-for-1 bonus issue of shares
By Trendlyne Analysis

 

Nifty 50 closed at 23,750.20 (22.6, 0.1%) , BSE Sensex closed at 78,472.48 (-0.4, 0%) while the broader Nifty 500 closed at 22,430.35 (27.7, 0.1%). Market breadth is in the red. Of the 2,398 stocks traded today, 900 were gainers and 1,461 were losers.

Nifty 50 closed flat after paring gains from the morning session. The Indian volatility index, Nifty VIX, rose 6.5% and closed at 14 points. National Aluminium surged as it signed a mining lease agreement with the District Collector, Angul, to mine coal from the Utkal-D and Utkal-E coal blocks. 

Nifty Smallcap 100 and Nifty Midcap 100 closed flat, taking cues from the benchmark index. S&P BSE Services and Nifty200 Momentum 30 Index were among the top index gainers today. According to Trendlyne’s sector dashboard, Transportation emerged as the top-performing sector of the day, with a rise of 2.6%.

Asian indices closed mixed. US index futures are trading in the red, indicating a negative start to the trading session. Brent crude oil futures are trading higher due to China's new $411 billion stimulus measures and a decline in US crude inventories.

  • Bank of India sees a long buildup in its December 26 futures series, with open interest increasing by 135.6% and a put-call ratio of 2.5.

  • Redtape is rising as its board of directors approves a bonus issue of shares to equity holders in the ratio of 3:1. This means that each shareholder will receive three fully paid-up equity shares with a face value of Rs 2 for every share they hold on the record date.

  • Indian Railway Catering and Tourism Corporation (IRCTC) falls as its platform experiences downtime due to maintenance activities. The company has confirmed the outage and states that the issue stands resolved.

  • Unimech Aerospace and Manufacturing's Rs 500 crore IPO receives bids for 118.5X the available 47 lakh shares on offer on the third day of bidding. The retail investor quota gets bids for 45.6X the available 23.4 lakh shares.

  • Venkatraman Narayanan, Executive Director of Happiest Minds Technologies, maintains a growth target of 30-35% for FY25. He highlights the second half of the year looks stronger than H1 and expects stability in the EdTech and Healthcare segments, along with a gradual recovery in the Retail and CPG sectors. Narayanan also adds that the company aims to maintain a margin range of 20-22%.

  • India Cements' board of directors approves the resignation of its Managing Director (MD) and Chief Executive Director (CEO), N Srinivasan, effective December 25.

  • Ola Electric Mobility rises as it expands its network to 4,000 stores nationwide, a four-fold increase. The company aims to drive EV adoption with over 3,200 new stores featuring service facilities across India.

  • NTPC Green Energy is falling as anchor investors offload their stake after the first lock-in period ends. As a result, approximately 18.3 crore shares, or 2.2% of the company’s outstanding equity, become eligible for trading in the open market.

  • Nuvama Institutional Equities expects CG Power, Rail Vikas Nigam, and Indus Towers to move from the 'midcap' to 'large cap' category, ahead of the Association of Mutual Funds of India's (AMFI) semi-annual rejig for H1CY25. The brokerage expects that Adani Total Gas, NHPC, and Bharat Heavy Electricals will likely shift from large caps to midcaps.

  • Vantage Knowledge Academy is rising sharply as its board of directors schedules a meeting for January 7 to consider a proposal for a bonus issue of shares. The board will also consider approving an interim dividend for its shareholders.

  • One Mobikwik Systems rises to its all-time high of Rs 698.3 as 18.6 lakh shares (2.4% stake) worth approximately Rs 118 crore reportedly change hands in a block deal at an average price of Rs 635 per share.

  • Bharat Petroleum Corp wins NTPC's 1200 MW solar tender as the lowest bidder, securing 150 MW. The Rs 756.5 crore project will be developed in two years, generating Rs 100 crore revenue annually from 400 million clean energy units.

  • According to Anarock, Indian housing sales decline 4% this year across seven major cities, totaling nearly 4.6 lakh units. Meanwhile, average housing prices increase by 21% due to higher costs of land, labor, and certain building materials. However, the brokerage notes the overall sales value of housing units has grown by 16% annually, reaching Rs 5.7 lakh crore in 2024, up from Rs 4.9 lakh crore in 2023.

  • Motilal Oswal maintains its 'Buy' call on PNB Housing Finance with a higher target price of Rs 1,160 per share. This indicates a potential upside of 37.3%. The brokerage believes the company is well-positioned to navigate the headwinds in net interest margin (NIM) growth and further offset it with an improved product mix. It expects the firm's revenue to grow at a CAGR of 26.6% over FY25-27.

  • Welspun Corp is rising as its associate company, East Pipes Integrated Company for Industry (EPIC), secures multiple contracts worth over SAR 57 million (approximately Rs 130 crore). The contracts are from Saudi Real Estate Infrastructure Company (Binyah) and Al Rashid Trading and Contracting Company to manufacture and supply steel pipes with coatings.

  • Surya Roshni is rising as it receives approval from the NSE and BSE for a bonus issue of 10.9 crore shares in the ratio of one share for every share held in the company. The company sets January 2 as the record date of the issue.

  • Reports suggest that Welspun Group's Goenka family is exploring options to reduce their stake in Welspun One, a warehousing and logistics firm with key assets in India. The promoters are said to be in direct discussions with overseas investors, including some from Japan, without the involvement of banks. The company plans to raise funds to grow its assets under management (AUM) to $1 billion (Rs 83,000 crore) by 2026.

  • Bharat Forge's board of directors approves a €39 million (Rs 345 crore) investment in its German subsidiary, Bharat Forge Global Holding GmbH (BFGH), to address borrowings and strengthen the financial position of its European units.

  • National Aluminium is rising as it signs a mining lease agreement with the District Colletor, Angul, to mine coal from the Utkal-D and Utkal-E coal blocks. The company plans to increase the coal production capacity to 4 MTPA to supply coal to the captive power plant.

  • Jammu & Kashmir Bank is rising as its board appoints Amitava Chatterjee as the new Managing Director (MD) and Chief Executive Officer (CEO), succeeding Baldev Prakash, for three years, effective December 30.

  • Elara Capital retains its 'Buy' rating on Oberoi Realty with a target price of Rs 2,350. The brokerage highlights the company’s foray into the uber-luxury segment in Alibaug, Mumbai, and anticipates gross development value (GDV) of around Rs 4,000-4,500 crore. It considers large deal closures as the near term catalysts for the company. Elara also highlights the company's industry-leading profitability.

  • Panacea Biotech surges to its 5% upper circuit as it bags an order worth $15 million (~ Rs 127 crore) from the United Nations Children's Fund (UNICEF) to supply 11.5 crore bivalent oral polio vaccine (bOPV) in 2025.

  • Garware Technical Fibres is surging as it receives approval from the NSE for a bonus issue of 7.9 crore equity shares. Shareholders will get four shares with a face value of Rs 10 for every share held in the company.

  • Ramky Infrastructure is rising as it receives a letter of acceptance (LoA) worth Rs 215.1 crore from the Hyderabad Metropolitan Water Supply and Sewerage Board (HMWSSB). The contract covers the maintenance of sewage treatment plants (STPs) and related interception and diversion (I&D) systems for five years.

  • Ceigall India rises sharply as its subsidiary, Ceigall Ludhiana Bathinda Greenfield Highway, signs a concession agreement worth Rs 981 crore with the National Highways Authority of India (NHAI). As per the agreement, the company will develop the 6-lane access controlled Ludhiana-Bathinda Greenfield highway section.

  • Nifty 50 was trading at 23,835.40 (107.8, 0.5%), BSE Sensex was trading at 78,557.28 (84.4, 0.1%) while the broader Nifty 500 was trading at 22,480.95 (78.3, 0.4%).

  • Market breadth is highly positive. Of the 1,969 stocks traded today, 1,399 were gainers and 524 were losers.

Riding High:

Largecap and midcap gainers today include Adani Ports & Special Economic Zone Ltd. (1,243.95, 5.2%), CG Power and Industrial Solutions Ltd. (743.75, 4.2%) and Adani Green Energy Ltd. (1,064.25, 3.2%).

Downers:

Largecap and midcap losers today include Page Industries Ltd. (47,083.35, -3.6%), SBI Cards and Payment Services Ltd. (679.20, -2.4%) and Bharti Hexacom Ltd. (1,457.05, -2.3%).

Volume Shockers

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

Top high volume gainers on BSE included Intellect Design Arena Ltd. (1,051.90, 14.9%), Godfrey Phillips India Ltd. (5,511, 8.9%) and PNC Infratech Ltd. (330.10, 7.1%).

Top high volume losers on BSE were Chemplast Sanmar Ltd. (493.60, -2.7%) and Cummins India Ltd. (3,364.25, -0.4%).

Rajesh Exports Ltd. (235.81, 3.0%) was trading at 56.9 times of weekly average. Blue Dart Express Ltd. (7,400, 4.7%) and Jammu & Kashmir Bank Ltd. (102.01, 3.9%) were trading with volumes 24.7 and 6.0 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

5 stocks overperformed with 52 week highs, while 10 stocks tanked below their 52 week lows.

Stocks touching their year highs included - Amber Enterprises India Ltd. (7,867.70, 8.5%), 360 One Wam Ltd. (1,245, 0.7%) and Lloyds Metals & Energy Ltd. (1,167.30, -1.8%).

Stocks making new 52 weeks lows included - Asian Paints Ltd. (2,262.40, -1.0%) and Astral Ltd. (1,671.50, -1.3%).

18 stocks climbed above their 200 day SMA including Intellect Design Arena Ltd. (1,051.90, 14.9%) and Blue Dart Express Ltd. (7,400, 4.7%). 19 stocks slipped below their 200 SMA including Usha Martin Ltd. (362.40, -3.1%) and Chemplast Sanmar Ltd. (493.60, -2.7%).

 
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