Trendlyne Marketwatch
Trendlyne Marketwatch
24 Feb 2025
Market closes lower, NBCC wins a Rs 264.2 crore contract for construction at NIT Kurukshetra
By Trendlyne Analysis

 

 

Nifty 50 closed at 22,553.35 (-242.6, -1.1%), BSE Sensex closed at 74,454.41 (-856.7, -1.1%) while the broader Nifty 500 closed at 20,468.45 (-221.8, -1.1%). Market breadth is highly negative. Of the 2,455 stocks traded today, 602 were on the uptick, and 1,812 were down.

Indian indices closed in the red amid global trade war concerns as well as persistent selling by foreign investors (FIIs). The Indian volatility index, Nifty VIX, fell 0.6% and closed at 14.4 points. Healthcare Global Enterprises closed 2.1% higher after private equity firm KKR & Co. signed an agreement to acquire a 54% stake worth approx Rs 3,350 crore from CVC Asia. 

Nifty Smallcap 100 and Nifty Midcap 100 closed in the red. Nifty Metal and Nifty PSU Bank closed lower. According to Trendlyne’s sector dashboard, Telecommunications Equipment emerged as the worst-performing sector of the day, with a fall of 2.7%.

European indices are trading mixed. Major Asian indices closed flat or lower. US index futures are trading higher, indicating a positive start to the trading session. US consumer confidence fell for the second consecutive month in February, due to concerns about Trump’s tariff plans and their potential impact on households. The consumer confidence index dropped to 102.9 from 106 in January. Meanwhile, investors look ahead to NVIDIA's earnings release, scheduled for this week.

  • Relative strength index (RSI) indicates that stocks like Godrej Industries and Hindalco Industries are in the overbought zone.

  • Bharat Forge's subsidiary, Kalyani Powertrain, partners with Advanced Micro Devices (AMD) to enter the Indian server market.

  • Zaggle Prepaid Ocean Services is rising as it partners with Gujarat International Finance Tec-City (GIFT City) to provide a co-branded prepaid citizen card and visitor management system for GIFTCL.

  • Easy Trip Planners wins Madhya Pradesh’s first inter-city electric bus tender through its subsidiaries, YoloBus and Easy Green Mobility. YoloBus will manage operations, while Easy Green Mobility will handle manufacturing. The first batch is set for deployment in August 2025.

  • Citi maintains its ‘Buy’ rating on InterGlobe Aviation (IndiGo) with a higher target price of Rs 5,200. The brokerage also opens a 90-day catalyst watch on the company due to the pick-up in overall air traffic demand. It notes the positive contribution of the Maha Kumbh Mela to IndiGo’s market share. Citi believes this increased traffic will translate into better yields for the company in Q4.

  • Swiggy is rising as its board of directors approves investing Rs 1,000 crore in its subsidiary, Scootsy Logistics, through a rights issue in multiple tranches. The investment will be used for working capital requirements and other capex as part of the company's expansion plans.

  • Manappuram Finance is rising as Bain Capital is reportedly in talks to acquire a controlling stake for $1 billion (approx. Rs 8,672 crore).

  • NBCC secures a Rs 264.2 crore engineering, procurement, and construction (EPC) contract from NIT Kurukshetra for building construction in Haryana. The project includes academic, hostel, residential blocks, a director’s residence, and external development work.

  • Anil Gupta, Managing Director of KEI Industries, notes the heathy demand environment, and highlights there is more traction in the cables business compared to wires. He adds that exports contribution will increase to 18-20% by FY26-27. Gupta projects revenue of Rs 13,400 crore and PAT of around Rs 1,000 crore for FY27.

  • Axis Direct maintains its 'Buy' call on NCC with a higher target price of Rs 213 per share. This indicates a potential upside of 15.6%. The brokerage believes the company is well positioned for revenue growth owing to a strong order book, robust bidding pipeline, and diversified portfolio. It expects the firm's revenue to grow at a CAGR of 14% over FY25-27.

  • Ujjivan Small Finance Bank approves the sale of a Rs 364.5 crore micro banking loan pool to an asset reconstruction company (ARC). The pool includes Rs 294.5 crore in NPAs and Rs 70 crore in written-off loans, with a 66.5% provision coverage.

  • Syngene International is falling as it receives Form 483 with five observations from the US FDA following a pre-approval and good manufacturing practices (GMP) inspection at its Bengaluru facility.

  • Companies like 360 One Wam, Ajanta Pharma, BSE, IndusInd Bank, and Kaynes Technology, among others, are set to join the FTSE India Index, with adjustments effective March 21, 2025. This semi-annual review is expected to bring a net inflow of $1.4 billion for India.

  • Brigade Enterprises plans to invest Rs 1,500 crore in Kerala over the next five years to set up a second World Trade Centre (WTC), a residential project in Kochi, and a luxury island resort in Vaikom.

  • Ami Organics is rising as its board of directors approves the stock split of one equity share with a face value of Rs 10, fully paid up, into two equity shares of Rs 5 each.

  • Rail Vikas Nigam emerges as the lowest bidder for a Rs 156.4 crore South Western Railway project. The contract involves engineering, procurement, and construction (EPC) work for 2x25 KV overhead electrification (OHE) and power systems over 99.5 route kilometres (RKM), to be completed in 18 months.

  • Mahindra & Mahindra is rising as Jefferies reiterates its ‘Buy’ rating with a target price of Rs 4,075. The brokerage views the recent decline in share price as a buying opportunity, and finds its valuation attractive. It prefers Mahindra & Mahindra over Maruti Suzuki and Hyundai, citing favourable industry demand tailwinds and improving market share in tractors and SUVs. In addition, Jefferies sees limited impact from Tesla’s potential entry into India.

  • Quality Power Electrical Equipments' shares debut on the bourses at a 1.2% premium to the issue price of Rs 425. The Rs 858.7 crore IPO received bids for 1.3 times the total shares on offer.

  • EPL is falling as its promoter, Epsilon Bidco, a unit of Blackstone, sells 7.9 crore shares (24.9% stake) to Indorama Netherlands for Rs 1,907 crore at Rs 240 per share.

  • Oil India signs a memorandum of understanding (MoU) with Mineral Exploration and Consultancy (MECL) to collaborate in the exploration and development of critical mineral blocks in India and overseas.

  • Healthcare Global Enterprises is rising as private equity firm KKR & Co. signs an agreement with its promoter entity CVC Asia to acquire a majority stake worth approx Rs 3,350 crore. KKR will acquire up to 54% equity in the company from CVS at Rs 445 per share and launch an open offer to purchase additional shares from public shareholders. The transaction is expected to close by Q3FY26, subject to regulatory approvals.

  • Bajaj Auto's board of directors approves an investment worth Euro 150 million (~ Rs 1,364 crore) in its Dutch subsidiary, Bajaj Auto International Holdings BV, in one or more tranches, in the form of equity capital, preference capital, or other modes.

  • Granules India is rising as it acquires Senn Chemicals AG, a Swiss-based contract development and manufacturing organisation (CDMO) specialising in peptides, for CHF 20 million (around Rs 192 crore).

  • Zydus Lifesciences is rising as it receives final approval from the US FDA to manufacture Ibuprofen and famotidine tablets. The combination is used for the treatment of rheumatoid arthritis and osteoarthritis and to decrease the risk of developing upper gastrointestinal ulcers. The drugs have a market size of $3.6 million for the year ending December 2024, according to IQVIA.

  • RailTel Corp of India is rising as it secures a work order worth Rs 288.1 crore from East Central Railway to implement Kavach, an indigenous Train Collision Avoidance System, on a low-density railway track.

  • Gloom in markets in early trading. Nifty 50 was trading at 22,645 (-150.9, -0.7%), BSE Sensex was trading at 74,893.45 (-417.6, -0.6%) while the broader Nifty 500 was trading at 20,489.55 (-200.7, -1.0%).

  • Market breadth is highly negative. Of the 2,021 stocks traded today, 257 showed gains, and 1,721 showed losses.

Riding High:

Largecap and midcap gainers today include GlaxoSmithKline Pharmaceuticals Ltd. (2,638.15, 5.2%), Varun Beverages Ltd. (499.95, 4.7%) and Abbott India Ltd. (29,813.50, 3.0%).

Downers:

Largecap and midcap losers today include Info Edge (India) Ltd. (7,151.80, -5.1%), LTIMindtree Ltd. (5,047.45, -4.7%) and L&T Technology Services Ltd. (4,885.60, -4.6%).

Volume Rockets

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

Top high volume gainers on BSE included Happiest Minds Technologies Ltd. (721.50, 7.3%), Data Patterns (India) Ltd. (1,642.90, 5.8%) and 360 One Wam Ltd. (1,009.40, 2.9%).

Top high volume losers on BSE were LTIMindtree Ltd. (5,047.45, -4.7%), Cera Sanitaryware Ltd. (5,576.20, -4.3%) and HCL Technologies Ltd. (1,644.05, -3.3%).

Pfizer Ltd. (4,192.75, 2.4%) was trading at 19.7 times of weekly average. Tata Communications Ltd. (1,436.05, -1.0%) and Century Plyboards (India) Ltd. (765.25, -0.8%) were trading with volumes 3.7 and 3.4 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

45 stocks hit their 52 week lows.

Stocks making new 52 weeks lows included - AIA Engineering Ltd. (3,258.75, -4.0%) and Alembic Pharmaceuticals Ltd. (795.10, -1.0%).

8 stocks climbed above their 200 day SMA including 360 One Wam Ltd. (1,009.40, 2.9%) and Star Cement Ltd. (212.47, 2.7%). 24 stocks slipped below their 200 SMA including Info Edge (India) Ltd. (7,151.80, -5.1%) and L&T Technology Services Ltd. (4,885.60, -4.6%).

 
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