Trendlyne Marketwatch
Trendlyne Marketwatch
21 Feb 2025
Market closes lower, Can Fin Homes awards a Rs 297 crore contract to IBM India for cybersecurity
By Trendlyne Analysis

 

Nifty 50 closed at 22,795.90 (-117.3, -0.5%), BSE Sensex closed at 75,311.06 (-424.9, -0.6%) while the broader Nifty 500 closed at 20,690.25 (-140.9, -0.7%). Market breadth is in the red. Of the 2,424 stocks traded today, 945 were on the uptick, and 1,447 were down.

Indian indices closed in the red, with the benchmark Nifty 50 index closing at 22,795.9 points. The Indian volatility index, Nifty VIX, declined 0.8% and closed at 14.6 points. Tata Steel acquired an additional 191.1 crore shares in its Singapore subsidiary, T Steel Holdings, for $300 million (~ Rs 2,603.2 crore).

Nifty Smallcap 100 closed flat, while Nifty Midcap 100 closed in the red. BSE Metal was the top index gainer today. According to Trendlyne’s Sector dashboard, Forest Materials emerged as the best-performing sector of the day, with a rise of 2.3%.

Asian indices closed mixed, while European indices are trading higher. US index futures traded in the green, indicating a positive start to the trading session. Brent crude oil futures are trading in the red. Walmart's disappointing Q4 earnings sent shockwaves through other retailers, with Target Corporation and Costco also trading lower. However, Truist Securities viewed the pullback in Walmart as a chance for investors to "aggressively" buy the stock, citing gains in market share and improved margins.

  • Money flow index (MFI) indicates that GlaxoSmithKline Pharmaceuticals is in the overbought zone.

  • Pfizer signs a five-year marketing and supply agreement with Mylan Pharmaceuticals to expand the distribution of Ativan and Pacitane in India. Mylan will handle sales of these drugs, which are used for anxiety disorders and neurological conditions.

  • Cipla receives a Form 483 with two observations from the US FDA following a good manufacturing practices (GMP) inspection at its wholly owned subsidiary, Sitec Labs' analytical testing facility in Navi Mumbai.

  • NTPC Green Energy signs a memorandum of understanding (MoU) with Bharat Light and Power (BLP) to explore the off-take of green hydrogen and its derivatives from NTPC Green.

  • The FTSE India March 2025 semi-annual review announcement is scheduled today, with adjustments set for March 21. IIFL Capital expects 10 potential inclusions in the FTSE, including 360 One Wam, Blue Star, Fortis Healthcare, Apar Industries, and Bajaj Housing. The brokerage forecasts that Fortis Healthcare could see inflows exceeding $60 million (Rs 495 crore).

  • Vedanta secures approval from its creditors and shareholders to demerge into five entities. The demerger will create Vedanta, Vedanta Aluminium Metal, Talwandi Sabo Power, Malco Energy, and Vedanta Iron and Steel as separate companies.

  • Can Fin Homes awards a Rs 297 crore contract to IBM India to upgrade and manage its core business systems. The company will handle loan processing, document management, accounting, and risk management. It will also provide cybersecurity solutions, including threat monitoring and access control.

  • Maharashtra Scooters' board of directors approves the closure of its manufacturing plant in Satara. The board also approves the sale of its land lease rights, machinery and spares for a total consideration of Rs 145.8 crore.

  • Morgan Stanley initiates coverage with an ‘Overweight’ rating on JSW Energy and a target price of Rs 545. The brokerage's positive outlook is based on the company's market share growth, achieved through competitive pricing, and its strong growth potential in the renewable energy sector. The brokerage projects an EBITDA CAGR of 24% for JSW Energy from FY24 to FY28.

  • Easy Trip Planners signs a memorandum of understanding (MoU) with the Korea Tourism Organisation (KTO) to promote Korea to Indian tourists. The company will launch a microsite with travel plans, key attractions, and essential information. It will also run digital campaigns with blogs, videos, and social media promotions on Korea’s culture, cities, and landscapes.

  • ITI surges to its 5% upper circuit as it receives a revised order from the Administrative Mechanism for Resolution of Commercial Disputes (AMRCD) to transfer 22.3 acres of land in Electronic City, Bangalore, to the Centre for Development of Telematics (C-DoT) through a sale deed for Rs 200 crore.

  • Global Health receives approval from the National Company Law Tribunal (NCLT) to merge Medanta Holdings with itself.

  • Sanjay Sethi, MD and CEO of Chalet Hotels, announces the acquisition of Mahananda Spa & Resorts for an all-cash deal of Rs 530 crore. He expects this hotel's occupancy to rise to 60%, up from the previous 45%. Sethi highlights that the company's debt will increase to Rs 2,100 crore following this acquisition.

  • Senores Pharmaceuticals is rising as its subsidiary, Senores Pharmaceuticals USA, signs an agreement to acquire the US FDA-approved Abbreviated New Drug Application (ANDA) for Roflumilast tablets from Towa International's subsidiary, Breckenridge Pharmaceutical. The drug treats severe chronic obstructive pulmonary disease (COPD) with chronic bronchitis. Its US market size is estimated at $46 million for the year ending September 2024, according to IQVIA.

  • Tata Steel is rising as it acquires an additional 191.1 crore shares in its Singapore subsidiary, T Steel Holdings, for $300 million (~ Rs 2,603.2 crore).

  • HG Infra Engineering sells its entire 100% stake in Rewari Bypass to Highways Infrastructure Trust for Rs 133 crore.

  • MTAR Technologies declines over 2% as its promoter, K Shalini, acquires 1.1 lakh equity shares of the company through an open market transaction, bringing her total stake to 1.3% from 0.3% earlier. Meanwhile, Graviton Research Capital LLP sells approx 2 lakh shares worth Rs 28.7 crore through a bulk deal.

  • Jyoti Structures plans to restart its second manufacturing unit in Nasik by the end of FY25, adding 33,000 metric tonnes (MT) to its existing capacity. The company also plans to add a new galvanising plant and three new CNC fabrication machines in addition to refurnishing the seven CNC machines already at the plant.

  • JTL Industries is rising as it receives approval from the National Company Law Tribunal (NCLT) to commence operations at the RCI Industries & Technologies plant. The company will produce up to 200 metric tonnes of copper and brass alloys monthly through job work.

  • Ceigall India rises sharply as it achieves financial closure worth Rs 2,498.5 crore to implement two projects to construct 4/6 lane highways in Ayodhya.

  • Jefferies sees the healthcare sector as a strong investment opportunity due to its robust earnings visibility in an uncertain market. The brokerage highlights growing positive sentiment around hospital stocks, driven by aggressive capacity expansion as companies capitalise on India's underdeveloped healthcare market. It favours hospitals with substantial brownfield bed expansion plans, naming Max Healthcare its top pick.

  • Narayana Hrudayalaya rises to its 52-week high of Rs 1,430 per share as it plans an investment of Rs 900 crore to set up a 1,100-bed hospital in Kolkata.

  • Grindwell Norton is rising as its board appoints Venugopal Shanbhag as the new Managing Director (MD), succeeding B Santhanam, effective April 1.

  • CIE Automotive is falling as its Q3FY25 revenue falls 5.8% YoY to Rs 2,109.9 crore due to a reduction in exports to Europe. However, net profit grows 9.5% YoY to Rs 185 crore, helped by lower raw materials, employee benefits, finance, and tax expenses. It shows up in a screener of stocks with high market cap but lower public shareholding.

  • Action Construction Equipment secures an order worth Rs 420 crore from the Ministry of Defence (MoD) to supply 1,121 rough terrain fork lift trucks (RTFLTs) with attachments and accompanying accessories.

  • Nifty 50 was trading at 22,906.60 (-6.6, 0.0%), BSE Sensex was trading at 75,612.61 (-123.4, -0.2%) while the broader Nifty 500 was trading at 20,887.45 (56.4, 0.3%)

  • Market breadth is highly positive. Of the 1,962 stocks traded today, 1,599 were on the uptick, and 334 were down.

Riding High:

Largecap and midcap gainers today include JSW Infrastructure Ltd. (259.30, 8.8%), JSW Energy Ltd. (496.60, 6.0%) and L&T Technology Services Ltd. (5,123.10, 4.2%).

Downers:

Largecap and midcap losers today include Mahindra & Mahindra Ltd. (2,669.35, -6.0%), Godrej Properties Ltd. (1,991.35, -4.1%) and Biocon Ltd. (322.50, -4.0%).

Volume Shockers

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

Top high volume gainers on BSE included Godrej Industries Ltd. (1,131.50, 11.8%), JSW Infrastructure Ltd. (259.30, 8.8%) and JSW Energy Ltd. (496.60, 6.0%).

Top high volume losers on BSE were Divi's Laboratories Ltd. (5,757.05, -3.7%), Mahindra & Mahindra Financial Services Ltd. (270.45, -3.6%) and CIE Automotive India Ltd. (420.85, -2.4%).

Century Plyboards (India) Ltd. (771.45, 3.2%) was trading at 22.7 times of weekly average. Sundram Fasteners Ltd. (970, -1.4%) and NMDC Steel Ltd. (38.92, 4.4%) were trading with volumes 12.3 and 4.6 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

3 stocks overperformed with 52 week highs, while 12 stocks were underachievers and hit their 52 week lows.

Stocks touching their year highs included - Redington Ltd. (251.51, 0.8%), UPL Ltd. (646.35, -0.1%) and Narayana Hrudayalaya Ltd. (1,396.80, -0.6%).

Stocks making new 52 weeks lows included - Cera Sanitaryware Ltd. (5,826.60, -2%) and Grindwell Norton Ltd. (1,504.25, -1.5%).

17 stocks climbed above their 200 day SMA including Godrej Industries Ltd. (1,131.50, 11.8%) and Affle (India) Ltd. (1,546, 4.4%). 7 stocks slipped below their 200 SMA including Asahi India Glass Ltd. (673.30, -5.7%) and Piramal Pharma Ltd. (209.05, -4.3%).

 
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