Trendlyne Marketwatch
Trendlyne Marketwatch
17 Mar 2025, 03:58PM
Market closes higher, Blackstone to buy up to 66% of Kolte-Patil for around Rs 1,800 crore
By Trendlyne Analysis

 

 

Nifty 50 closed at 22,508.75 (111.6, 0.5%), BSE Sensex closed at 74,169.95 (341.0, 0.5%) while the broader Nifty 500 closed at 20,288.30 (112.3, 0.6%). Market breadth is in the red. Of the 2,481 stocks traded today, 821 were on the uptrend, and 1,630 went down.

Indian indices closed higher after paring its losses in the morning session. The Indian volatility index, Nifty VIX, rose 1% and closed at 13.4 points. Ola Electric plunged to an all-time low of Rs 47.3 per share as Rosmerta Digital Services filed an insolvency petition before the National Company Law Tribunal (NCLT) against its subsidiary, Ola Electric Technologies. This came after alleged defaults from Ola on payments to Rosmerta for vehicle registration services.

Nifty Smallcap 100 closed in the red, while Nifty Midcap 100 closed in the green. Nifty Pharma and Nifty Financial Services were among the highest-performing indices of the day. According to Trendlyne’s sector dashboard, Diversified emerged as the best-performing sector of the day, with a rise of 2.3%.

European indices are trading in the green. Major Asian indices closed higher, except Indonesia’s IDX Composite index, which closed 0.6% lower. US index futures are trading in the green, indicating a positive start to the trading session, in anticipation of positive growth in the retail sales data.

  • Relative strength index (RSI) indicates that stocks like Aavas Financiers and Avanti Feeds are in the overbought zone.

  • Dalmia Bharat begins commercial production of its 2.4 MTPA cement grinding unit at Lanka, Assam. This is part of the company’s planned investment of Rs 3,642 crore. With this, the Group's total cement manufacturing capacity in the North-East stands at 8 MTPA and 49 MTPA across India.

  • Blackstone to acquire up to a 66% stake in Kolte-Patil Developers (KPDL) for about Rs 1,800 crore. KPDL is issuing around 1.3 crore shares (14.3%) to Blackstone Real Estate funds. Blackstone is also buying 25.7% shares from KPDL promoters, bringing its total stake to about 40%. To further increase its shareholding, Blackstone is making an open offer to acquire up to 26% from the public.

  • Mahanagar Telephone Nigam (MTNL) falls sharply as it defaults on loan payments worth Rs 8,277.3 crore to a group of banks including Union Bank of India, Bank of India, State Bank of India, and Punjab National Bank among others.

  • Reports indicate that SBI plans to postpone its fundraising plans via the bond sale of Rs 15,000 crore, originally scheduled before the end of March. This decision comes amid consistently high bond yields despite recent rate cuts and liquidity support from the central bank. The bank is expected to approach the market in FY26.

  • Hindustan Petroleum Corp is rising as its board of directors approves the appointment of Vikas Kaushal as the new Chairman and Managing Director (MD) for the next five years, effective March 17. Hindustan Petroleum Corp is rising as its board of directors approves the appointment of Vikas Kaushal as the new Chairman and Managing Director (MD) for the next five years, effective March 17.

  • Indian Bank is rising as its board of directors schedules a meeting on March 20 to consider a fund-raising proposal.

  • Ajmera Realty & Infra India secures a project to redevelop the Ascot Co-operative Housing Society in Andheri West, Mumbai. The project is expected to generate sales revenue of Rs 320 crore, with a total estimated carpet area of 71,300 sq. ft. This development aligns with Ajmera Realty's strategy to diversify its portfolio through asset-light acquisitions, focusing on redevelopment projects.

  • Cantor Fitzgerald Research initiates coverage on Adani Green Energy with an 'Overweight' rating and a target price of Rs 1,222. Cantor projects the company’s revenue and EBITDA to grow at a CAGR of 21.3% and 25.9% over FY25-30. By FY30, AGEL’s EBITDA is expected to reach $3.3 billion (Rs 27,600 crore), compared to its current enterprise value of approximately $24 billion (Rs 1,98,000 crore).

  • Hindustan Construction is rising as its joint venture (JV) with Tata Projects bags an order worth Rs 2,191 crore from the Madhya Pradesh Metro Rail Corp (MPMRCL) to construct an 8.7 km corridor including underground tunnels and stations.

  • SAIL plans to invest Rs 30,000 crore to expand the Rourkela Steel Plant (RSP) to 9 MTPA (million tonnes per annum) to boost supply for defence, oil & gas, and automobile sectors. SAIL’s total steelmaking capacity stands at 20.3 MTPA, with RSP contributing 4.4 MTPA. The management projects that RSP will contribute 25% to SAIL’s 35 MTPA production target by 2030.

  • Antique Broking initiates coverage on Coromandel International with a ‘Buy’ rating and a target price of Rs 2,280. The brokerage expects the company's revenue to grow at 9%, EBITDA at 16%, and PAT at 19% CAGR over FY25-27.

  • IndusInd Bank rises after the Reserve Bank of India (RBI) reassures its customers that the bank remains "well-capitalized" and financially stable. The central bank also instructs the board to resolve the estimated Rs 2,100 crore accounting discrepancy by the end of this month.

  • Welspun Corp bags an order worth Rs 2,400 crore from the US to supply coated pipes for natural gas pipeline projects.

  • Lupin is rising as it receives tentative approval from the US FDA for its abbreviated new drug application (ANDA) for Amifampridine tablets. The drug is a bioequivalent equivalent to Catalyst Pharma's Firdapse, used to treat Lambert-Eaton myasthenic syndrome in adults and pediatric patients. It has an estimated market size of $306 million for the year ending December 2024, according to IQVIA.

  • Hitachi Energy India rises sharply as it raises Rs 2,520 crore through a qualified institutional placement (QIP) of 21.9 lakh shares at an issue price of Rs 11,507 per share.

  • India's WPI inflation rises to a two-month high of 2.4% in February, up from 2.3% in the previous month. This increase came despite a slowdown in food inflation, driven by higher inflation in manufactured goods.

  • Ola Electric plunges to an all-time low of Rs 47.3 per share as Rosmerta Digital Services files an insolvency petition before the National Company Law Tribunal (NCLT) against its subsidiary, Ola Electric Technologies. This comes after alleged defaults from Ola Electric on payments to Rosmerta Digital for vehicle registration services.

  • Transformers & Rectifiers (India) rises sharply as it secures an order worth Rs 726 crore from Gujarat Energy Transmission Corp (GETCO) to manufacture and supply auto transformers and bus reactors.

  • The Ministry of Communications, Department of Telecommunications, awards Tejas Networks a Rs 123.45 crore PLI (Production Linked Incentive) scheme for telecom and networking products.

  • Maruti Suzuki India announces a price hike of up to 4% for its vehicles, effective April 1, 2025. This decision is driven by increasing input costs and operational expenses, which are impacting the company's profitability.

  • Zydus Lifesciences is rising as it receives final approval from the US FDA to manufacture Eluxadoline Tablets. The drug is used for the treatment of irritable bowel syndrome with diarrhoea (IBS-D) and has a market size of $243.7 million for the yea ending January 2025, according to IQVIA.

  • Ceigall India is rising as it receives a letter of award (LoA) worth Rs 923 crore from the National Highways Authority of India (NHAI) to develop a 6-lane greenfield southern Ludhiana bypass as part of the Ludhiana-Ajmer Economic Corridor.

  • G R Infraprojects is rising as it secures an order worth Rs 4,262.8 crore from the National Highways Authority of India (NHAI) for the Agra-Gwalior Greenfield Road project. The project includes building a six-lane, access-controlled highway from Deori (Agra) to Susera (Gwalior) and upgrading the existing Agra-Gwalior section of NH-44 with safety improvements.

  • KEC International is rising as it secures new orders worth Rs 1,267 crore across its businesses. Its transmission & distribution (T&D) business receives orders for transmission lines in India from Power Grid Corp of India (PGCIL) and for supplying towers, hardware, and poles in America. In the cables segment, it secures orders for various cables and conductors in India and overseas.

  • Nifty 50 was trading at 22,492.10 (94.9, 0.4%), BSE Sensex was trading at 73,946.77 (117.9, 0.2%), while the broader Nifty 500 was trading at 20,260.30 (84.3, 0.4%).

  • Market breadth is surging up. Of the 2,051 stocks traded today, 1,455 were on the uptick, and 526 were down.

Riding High:

Largecap and midcap gainers today include Coromandel International Ltd. (1,888.85, 5.1%), Muthoot Finance Ltd. (2,290.20, 4.3%) and UPL Ltd. (626.15, 4.1%).

Downers:

Largecap and midcap losers today include Thermax Ltd. (3,240.30, -3.9%), Tube Investments of India Ltd. (2,838, -3.0%) and Prestige Estates Projects Ltd. (1,099.50, -2.7%).

Volume Rockets

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

Top high volume gainers on BSE included Elgi Equipments Ltd. (505.05, 13.9%), KEC International Ltd. (718.30, 7.0%) and Indian Energy Exchange Ltd. (162.67, 5.9%).

Top high volume losers on BSE were Firstsource Solutions Ltd. (279, -7.8%), G R Infraprojects Ltd. (908.25, -5.3%) and Rainbow Childrens Medicare Ltd. (1,244.35, -1.3%).

Syngene International Ltd. (675.15, 1.3%) was trading at 7.3 times of weekly average. Bajaj Finserv Ltd. (1,871.60, 3.6%) and Ingersoll-Rand (India) Ltd. (3,388, -0.5%) were trading with volumes 4.4 and 4.3 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

2 stocks hit their 52 week highs, while 39 stocks hit their 52 week lows.

Stocks touching their year highs included - Kotak Mahindra Bank Ltd. (1,993.10, 0.4%) and SRF Ltd. (3,011.30, 2.0%).

Stocks making new 52 weeks lows included - CCL Products India Ltd. (554.80, -2.7%) and Central Bank of India (41.01, -1.1%).

6 stocks climbed above their 200 day SMA including Hitachi Energy India Ltd. (12,650, 5.1%) and Coforge Ltd. (7,365.05, 1%). 5 stocks slipped below their 200 SMA including Aether Industries Ltd. (860.10, -3.5%) and Cholamandalam Financial Holdings Ltd. (1,565, -1.8%).

 
More from Trendlyne Marketwatch
More from Trendlyne Analysis
Recommended
Musk, Adani, and the double-edged sword of politics | Screener: Stocks with high buy calls from analysts
The Baseline | 15 Mar 2025
Five Interesting Stocks Today - March 13, 2025
The Baseline | 13 Mar 2025
Markets close higher, Rakesh Jhunjhunwala buys a 2.2% stake in Indiabulls Housing Finance
Trendlyne Marketwatch | 22 Jul 2021