Trendlyne Marketwatch
Trendlyne Marketwatch
07 Jan 2025
Market closes higher, NCC secures a Rs 501 crore order for Bengaluru rail project
By Trendlyne Analysis

 

 

Nifty 50 closed at 23,707.90 (91.9, 0.4%) , BSE Sensex closed at 78,199.11 (234.1, 0.3%) while the broader Nifty 500 closed at 22,341.65 (116.3, 0.5%). Market breadth is highly positive. Of the 2,399 stocks traded today, 1,735 showed gains, and 626 showed losses.

Indian indices closed in the green, with the benchmark Nifty 50 index closing at 23,707.9 points. The Indian volatility index, Nifty VIX, fell 6.3% and closed at 14.7 points. Larsen & Toubro surged as its transmission & distribution (T&D) business bagged orders worth Rs 2,500-5,000 crore in India and the Middle East.

Nifty Smallcap 100 and Nifty Midcap 100 closed higher, following the benchmark index. Nifty Microcap 250 and Nifty Oil & Gas Index were among the top index gainers today. According to Trendlyne’s sector dashboard, Fertilizers emerged as the top-performing sector of the day, with a rise of 3.3%.

Asian indices closed higher, except for Hong Kong’s Hang Seng and China’s FTSE China 50, which closed lower. European indices are trading mixed. US index futures are trading flat, indicating a cautious start to the trading session as investors await for the labor market data. Brent crude oil futures are trading higher.

  • Relative strength index (RSI) indicates that stocks like PTC Industries, ITI, Jubilant Foodworks, and Lloyds Metals & Energy are in the overbought zone.

  • One Mobikwik System surges as its Q2FY25 revenue grows 42.9% YoY to Rs 290.6 crore. However, the company reports a net loss of Rs 3.6 crore compared to a net profit of 5.2 crore in Q2FY24. It features in a screener of stocks outperforming their industry price change in the quarter.

  • NCC rises sharply as it secures a letter of acceptance (LoA) LoA from Rail Infrastructure Development (Karnataka) to construct eight stations for the Bengaluru suburban rail project for Rs 501 crore. The project is to be completed within 24 months.

  • Akzo Nobel India rises sharply as reports suggest that Berger Paints is planning to buy a 74.6% stake in the company as its global promoters look to exit the Indian market. The deal is expected to be valued between Rs 10,000-12,000 crore.

  • ICICI Securities analysts forecast a 9.9% QoQ and 24% YoY increase in Bharti Airtel India's revenue, reaching Rs 34,900 crore in Q3FY25. The brokerage expects the mobile segment to drive growth, with a sequential increase of 5.3% and a YoY rise of 20.9%.

  • Vantage Knowledge Academy rises sharply as its board of directors approves the issue of two bonus shares for every share held in the company.

  • Equinox India Developments rises sharply to its 20% upper limit as it reportedly gets approval from the National Company Appellate Law Tribunal (NCLAT) for its merger with Embassy Office Parks REIT.

  • Zydus Lifesciences rises sharply as it signs an agreement with CVS Caremark to add its ZituvioTM range, including Sitagliptin and combination tablets, to CVS' template formulary, targeting type 2 diabetes treatment.

  • Citi maintains a 'Buy' rating on Indraprastha Gas with a target price of Rs 450. The brokerage emphasizes the in-principle approval for Maharashtra Natural Gas' (MNGL) Rs 1,000 crore IPO. It sees this IPO as a significant value-unlocking opportunity for the company. Citi highlights that MNGL and Central U.P. Gas (CUGL), both subsidiaries of IGL, could collectively contribute Rs 56 per share to IGL's valuation.

  • Ventura upgrades Adani Total Gas to 'Buy' from 'Hold' but lowers the target price to Rs 1,106 per share. This indicates a potential upside of 56.6%. The brokerage is positive on the stock due to its diversified energy platform, including EV charging, compressed biogas (CBG), regasified liquefied natural gas (RLNG), and hydrogen (H2) blending with piped natural gas (PNG), alongside its core city gas distribution (CGD) operations. It expects the firm's revenue to grow at a CAGR of 37.5% over FY25-27.

  • Alkem Laboratories is rising as it plans to sell its Pithampur manufacturing facility to Rubicon Research on a slump sale basis for Rs 149 crore. The facility, located at Special Economic Zone, Pithampur, Madhya Pradesh, includes all rights, assets, liabilities, and the leasehold land of the unit.

  • Nesco rises sharply as National Highways Logistics Management declares it the highest bidder to develop and operate wayside amenities on the Bengaluru-Chennai expressway. The development cost is Rs 75 crore per site (Rs 225 crore for three sites), projected to generate a revenue of Rs 350 crore in four years.

  • Maharashtra Natural Gas (MNGL) receives preliminary approval from BPCL's board to launch an IPO worth over Rs 1,000 crore. The joint venture, which includes BPCL, GAIL, and IGL, focuses on the distribution of compressed and piped natural gas in Maharashtra.

  • Paras Defence and Space Technologies rises sharply as it secures a lifetime license from the Department for Promotion of Industry & Internal Trade (DPIIT) to manufacture light machine guns (LMGs). The license allows the company to manufacture MK-46 and MK-48 belt-fed LMGs, advanced and modern weapons, with an annual production capacity of 6,000 units each.

  • Larsen & Toubro rises as its transmission & distribution (T&D) business bags orders worth Rs 2,500-5,000 crore in India and the Middle East. The domestic order is for an advanced distribution management system in West Bengal, while the export orders involve setting up substations in Saudi Arabia, Kuwait, and Dubai.

  • Kalyan Jewellers' India operations report a revenue growth of 41% YoY in Q3FY25, driven by healthy same-store sales growth. Its Middle East business also records a 22% YoY revenue increase. The company appears in a screener of stocks where mutual funds increased their holding in the past quarter.

  • Data from the Federation of Automobile Dealers Associations (FADA) shows that automobile retail sales increased by 9% YoY in 2024, fueled by robust demand for two-wheelers and passenger vehicles despite a challenging business environment. Passenger vehicle (PV) sales grew by 5%, reaching 40.7 lakh units, compared to 38.7 lakh units in 2023. Two-wheeler sales were up 11%, reaching 1.9 lakh units.

  • Biocon is rising as its subsidiary, Biocon Biologics, gets approval from the Pharmaceuticals and Medical Devices Agency (PMDA) of Japan for its Ustekinumab BS subcutaneous injection used to treat psoriasis vulgaris and psoriatic arthritis (PsA). The company’s exclusive commercial partner, Yoshindo, will commercialize and market it in Japan.

  • Indo Farm Equipment’s shares debut on the bourses at a 19.1% premium to the issue price of Rs 215. The Rs 260.1 crore IPO received bids for 229.7 times the total shares on offer.

  • Adani Enterprises is rising as its subsidiary, Adani Petrochemicals, forms a 50:50 joint venture (JV), Valor Petrochemicals, with Thailand's Indorama Resources to venture into the petrochemicals business.

  • Zomato declines over 4% as Jefferies downgrades its rating to 'Hold', with a lower target price of Rs 275. The brokerage highlights the significant surge in the stock throughout 2024 and concerns about increasing competition in the quick commerce sector. However, it anticipates that 2025 may serve as a breather year, with the stock likely entering a price consolidation phase.

  • Ashoka Buildcon rises sharply as its special purpose vehicle (SPV), Ashoka Bowaichandi Guskara Road, executes a concession agreement with the National Highways Authority of India (NHAI) for an order worth Rs 1,391 crore. The order involves the construction of a four-lane highway from Bowaichandi to Guskara-Katwa in West Bengal.

  • Coal India is rising as it signs a memorandum of understanding (MoU) with IREL (India) for the mining, extraction, and refining of critical minerals.

  • Power Grid Corp of India is rising as it secures two projects to set up an inter-state transmission system under the build, own, operate, and transfer (BOOT) model. The first project includes increasing capacity at the under-construction KPS1 and KPS2 substations in Gujarat. The second project involves expanding the Bidar substation in Karnataka by installing transformers.

  • Mahindra & Mahindra is rising as its sales grow by 14.2% YoY to 66,676 units in Q3FY25, helped by a 19.9% YoY increase in production. Exports improve by 70% YoY to 3,092 units.

  • Nifty 50 was trading at 23,754 (138.0, 0.6%), BSE Sensex was trading at 78,322.08 (357.1, 0.5%) while the broader Nifty 500 was trading at 22,361.75 (136.4, 0.6%).

  • Market breadth is highly positive. Of the 1,985 stocks traded today, 1,600 were on the uptick, and 342 were down.

Riding High:

Largecap and midcap gainers today include Biocon Ltd. (382.35, 6.8%), UPL Ltd. (544.45, 4.4%) and Zydus Lifesciences Ltd. (1,000.85, 4.1%).

Downers:

Largecap and midcap losers today include Zomato Ltd. (252.45, -4.7%), Info Edge (India) Ltd. (8,438.65, -4.3%) and Avenue Supermarts Ltd. (3,830.30, -2.7%).

Volume Rockets

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

Top high volume gainers on BSE included Kirloskar Brothers Ltd. (2,274.80, 16.0%), Aegis Logistics Ltd. (963.95, 13.9%) and Intellect Design Arena Ltd. (978.80, 8.5%).

Top high volume losers on BSE were Zomato Ltd. (252.45, -4.7%), 360 One Wam Ltd. (1,217.30, -3.2%) and PVR INOX Ltd. (1,222.70, -2.2%).

Biocon Ltd. (382.35, 6.8%) was trading at 10.7 times of weekly average. Minda Corporation Ltd. (530.50, 4.2%) and Sanofi India Ltd. (5,975.70, -1.9%) were trading with volumes 5.8 and 5.6 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

11 stocks overperformed with 52 week highs, while 10 stocks hit their 52 week lows.

Stocks touching their year highs included - Abbott India Ltd. (29,959.65, 0.0%), Aegis Logistics Ltd. (963.95, 13.9%) and Apollo Hospitals Enterprise Ltd. (7,436.75, 0.1%).

Stocks making new 52 weeks lows included - Container Corporation of India Ltd. (755.50, -1.1%) and Kajaria Ceramics Ltd. (1,083.70, -2.1%).

22 stocks climbed above their 200 day SMA including Intellect Design Arena Ltd. (978.80, 8.5%) and Rashtriya Chemicals & Fertilizers Ltd. (180.97, 7.6%). 25 stocks slipped below their 200 SMA including Whirlpool of India Ltd. (1,754.60, -2.4%) and Bosch Ltd. (32,959.70, -1.5%).

 
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