Trendlyne Marketwatch
Trendlyne Marketwatch
28 Feb 2025
Market closes lower, Solar Industries bags Rs 2,150 crore export orders for defence products
By Trendlyne Analysis

 

Nifty 50 closed at 22,124.70 (-420.4, -1.9%), BSE Sensex closed at 73,198.10 (-1,414.3, -1.9%) while the broader Nifty 500 closed at 19,880.90 (-434.7, -2.1%). Market breadth is highly negative. Of the 2,430 stocks traded today, 340 showed gains, and 2,077 showed losses.

Indian indices closed lower with the Nifty 50 closing at 22,124.7 due to the MSCI reshuffle, FII sell-off, and rising US bond yield. The Indian volatility index, Nifty VIX, rose 4.5% and closed at 13.9 points. Granules India closed 8.9% lower as it received a warning letter from the US FDA with an official action indicated (OAI) following an inspection at its Gagillapur facility.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the red. Nifty IT and Nifty Auto were among the worst-performing indices of the day. According to Trendlyne’s sector dashboard, Telecom Services emerged as the worst-performing sector of the day, with a fall of 5.1%.

European indices are trading in the red, except the UK’s FTSE 100 index, which is trading 0.2% higher. Major Asian indices closed lower. US index futures are trading lower after President Donald Trump’s announcement that tariffs on Canada and Mexico would proceed as planned.

  • Relative strength index (RSI) indicates that stocks like Sonata Software, TCS, Dr Lal Pathlabs and KNR Construction are in the oversold zone.

  • MPS' board approves raising funds up to Rs 300 crore through the issuance of equity shares. The company plans to do this through one or more public or private offerings, including a qualified institutional placement.

  • Zen Technologies secures a patent for its Automated Hard Kill Firearm Mounting System. The system enhances defense capabilities by autonomously detecting and engaging targets, reducing response times and improving operational efficiency in combat.

  • Angel One falls sharply as it reports a compromise of some Amazon Web Services (AWS) resources and potential unauthorized access to client data. The company has hired an external forensic partner to investigate the impact.

  • The Union Ministry of Ports, Shipping and Waterways establishes regulations to set up jetties and terminals by various entities, including private, public, and joint ventures, on national waterways across the country. This regulation aims to promote the use of inland waterways and increase participation from the private sector. 

  • Anupam Rasayan India is rising as it signs a letter of intent (LoI) with US-based Elementium Materials to supply essential chemicals for an advanced electrolyte used in electric vehicle (EV) batteries. The supply begins by the end of FY26 under a potential five-year agreement valued at $350-450 million (approximately Rs 3,000-4,000 crore).

  • ICICI Securities upgrades AU Small Finance Bank to 'Buy' from 'Hold' with a higher target price of Rs 725 per share. This indicates a potential upside of 30.8%. The brokerage expects the bank to maintain its RoA at 1.6% in FY25 and improve to around 1.8% by FY27, in line with management guidance. It expects the firm's net interest income (NII) to grow at a CAGR of 21.7% over FY25-27.

  • Solar Industries India receives export orders worth Rs 2,150 crore from international clients to supply defence products, with deliveries scheduled over six years.

  • India's Contract Research Development and Manufacturing Organisation sector reportedly requests the government to reduce regulatory bottlenecks and to increase rate of approvals for raw materials imports.

  • KSB rises as its Q3FY25 net profit grows 33.2% YoY to Rs 73.1 crore owing to lower finance costs and inventory destocking. Revenue jumps 21% YoY to Rs 736.6 crore, driven by a higher contribution from the pumps and valves segments. It appears in a screener of stocks with consistently high returns over the past five years.

  • PSP Projects secures work orders worth Rs 1,764.1 crore for various infrastructure and construction projects in Ahmedabad, primarily in the institutional and residential sectors.

  • GE Power India secures an additional Rs 273.5 crore contract from GREENKO KA01 IREP for the Saundatti Hydro project in Karnataka. The contract covers electromechanical work for an additional 320 MW unit at the pumped storage facility.

  • European Commission (EC) President Ursula von der Leyen indicates that the EU is in agreement with the Indian Government to conclude the free trade deal by the end of 2025. The EC and the Indian Government will meet today and tomorrow to highlight key sectors for cooperation as part of the partnership.

  • Granules India plunges as it receives a warning letter from the US FDA with an official action indicated (OAI) following an inspection at its Gagillapur facility.

  • Tata Consultancy Services extends its partnership with Norway’s DNB Bank ASA for five years. TCS continues to support DNB’s digital transformation, application development, security improvements, and innovation.

  • Transrail Lighting rises sharply as it secures orders worth Rs 2,752 crore, mainly in the transmission and distribution (T&D) segment.

  • Analysts at ICICI Bank expect India's GDP to grow by 6.3% in Q3FY25 due to an improvement in rural consumption, agriculture output and an increase in the government's capex and industrial activity. However, lower urban consumption and a decline in real estate activity are expected to dampen growth. The brokerage expects a growth of 6.3% in FY25 and 6.5% in FY26. 

  • Life Insurance Corp of India receives a Rs 479.9 crore demand order for goods & services tax, interest and penalty from the Commissioner of State Tax, Mumbai.

  • Rajoo Engineers' board of directors schedules a meeting for March 4 to consider a proposal to raise funds via a qualified institutional placement (QIP) of equity shares.

  • Coal India is rising as its board of directors approves imposing an additional charge of Rs 300 per tonne across NLC mines. The board estimates an additional revenue of Rs 3,877.5 crore.

  • The Securities and Exchange Board of India (SEBI) appoints Finance Secretary, Tuhin Kanta Pandey, as the new Chairperson for the next three years, replacing Madhabi Puri Buch. 

  • Rail Vikas Nigam receives a letter of acceptance worth Rs 135.7 crore from Central Railway for setting up a 132/55 kV traction substation and related infrastructure in the Bhusaval-Khandwa section. The project, under the EPC mode, supports a 3,000 MT loading target.

  • Mankind Pharma receives approval from the National Company Law Tribunal (NCLT) for the merger of Shree Jee Laboratory, JPR Labs and Jaspack Industries with itself.

  • Schaeffler India is rising as its Q3FY25 net profit grows 13.2% YoY to Rs 237.3 crore, helped by lower finance costs. Revenue jumps 14% YoY to Rs 2,170.9 crore, driven by an improvement in the vehicle lifetime solutions and bearings & industrial solutions segments. It features in a screener of stocks outperforming their industries over the past quarter.

  • Tata Power's subsidiary, TP Solar, secures a Rs 632 crore contract from the Solar Energy Corporation of India (SECI) to supply 292.5 MWp Domestic Content Requirement (DCR) solar modules to a designated site in Ramagiri, Andhra Pradesh.

  • Market sinks in morning trading. Nifty 50 was trading at 22,322.05 (-223, -1.0%) , BSE Sensex was trading at 74,039.40 (-573.0, -0.8%) while the broader Nifty 500 was trading at 20,041.10 (-274.5, -1.4%)

  • Market breadth is highly negative. Of the 1,949 stocks traded today, 193 were on the uptick, and 1,720 were down.

Riding High:

Largecap and midcap gainers today include Star Health and Allied Insurance Company Ltd. (375.30, 3.0%), Phoenix Mills Ltd. (1,548.10, 2.4%) and HDFC Bank Ltd. (1,732.40, 1.9%).

Downers:

Largecap and midcap losers today include Jubilant Foodworks Ltd. (626.10, -6.7%), Indian Railway Finance Corporation Ltd. (112.42, -6.6%) and Jio Financial Services Ltd. (207.61, -6.4%).

Movers and Shakers

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

Top high volume gainers on BSE included Home First Finance Company India Ltd. (1,018.65, 10.1%), Craftsman Automation Ltd. (4,501.85, 7.7%) and Shoppers Stop Ltd. (536.40, 3.8%).

Top high volume losers on BSE were TBO Tek Ltd. (1,200.85, -11.7%), Granules India Ltd. (461.80, -8.9%) and Sun Pharma Advanced Research Company Ltd. (112.39, -7.7%).

Sanofi India Ltd. (5,011.55, 0.5%) was trading at 29.7 times of weekly average. JK Lakshmi Cement Ltd. (671.60, -3.1%) and IndusInd Bank Ltd. (990.10, -5.4%) were trading with volumes 19.6 and 14.6 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

157 stocks tanked below their 52 week lows.

Stocks making new 52 weeks lows included - 3M India Ltd. (26,297.30, -0.6%) and ACC Ltd. (1,818.55, -0.4%).

4 stocks climbed above their 200 day SMA including Home First Finance Company India Ltd. (1,018.65, 10.1%) and Five-Star Business Finance Ltd. (761.50, 4.2%). 28 stocks slipped below their 200 SMA including Deepak Fertilisers & Petrochemicals Corporation Ltd. (953.15, -7.4%) and Zensar Technologies Ltd. (738.45, -7.4%).

 
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