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India Market Wrap 23 July 2023
This week's market action in less than 5 mins!
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This week’s market action in one line
Reliance births a new company, market consolidates, global inflation nose dives, recession….what is recession
This week far more stocks ended in red than in green - as market consolidates and momentum takes a breather. In terms of indexes, Nifty PSU Bank was the best performing index for the week - returning 3.96% while worst was Nifty IT, returning a -3.47%. Infosys downward revenue guidance really spooked the investors.
Some stocks are still making double digit moves in a week but there is no common theme among them. Some noteworthy moves this week comes from Dodla Dairy (🔼 23.92%), Newgen Software Technologies (🔼 23.98%), Sterling and Wilson Solar (🔼26.6%).
We are in the thick of the earnings seasons and percentage of stocks above 40W EMA are close to all time high. My expectation is markets will continue to consolidate at least till the end of the earnings season.
Current environment is not a good risk:reward scenario to open new positions and you have to be increasingly company specific going forward instead of sector specific.
I don’t like to cover too much macros here, but since its important, would like to highlight that inflation across the globe is reaching close to long term averages and those recession fears are done and dusted.
India is expected to be the highest growing economy for next 6 years starting 2024.
Here are couple of interesting charts for the upcoming week.
Parag Milk Foods
Here is a link to all 440 stocks in my watchlist for the upcoming week.
Here are this week’s important insider trades.
AVG Logistics - Promoters bought 22.04cr (equivalent of 7% of shareholding)
Patanjali Foods - Promoter sold 2900cr (equivalent of 6% of shareholding)
HAL to establish a JV with Safran to manufacture helicopter engines in India
Deep Industries enters into a JV with Focus Energy
Menon Bearings to set up new Aluminum Castings and Engine Bearings capacity
Selan Exploration beings commercial gas sales from its Karjisan field
Shree Ajit Pulp and Paper starts commercial production from its new unit
Praveg new hotel in Gujarat
Som Distilleries receives approval to supply in Rajasthan
Ramkrishna Forgings starts commercial production from new plant
Shyam Metallics starts commercial production of TMT and Long Products
Lemon Tree opens a new hotel in Lucknow
Captain Pipes new capacity to add 20% sales volume
RDB Rasayans to expand flexible bulk container business in Odisha
Rudra Global increases TMT Bar production capacity by 50%
Olectra Greentech to construct a new EV factory in Telangana
Torrent Power commissions 115MW Wind Project in Gujarat
Venus Pipes triples capacity
Spray King Agro new facility at Jamnagar
Mergers and Spin Offs
Saregama demerger record date is 27th July
Demerger details of Metro Brands spin off
AlphaGeo India wins order worth 39cr from ONGC
Alphalogic (recently listed) order win from Haldirams
RPP Infra Projects wins order worth 138.24cr
Taylormade Renewables receives order worth 1.54cr from Asian Paints for effluent treatment
IRCON wins order for 144cr
Ashok Leyland new order worth 800cr
BL Kashyap secures order worth 369cr from DLF
Newgen secures order worth 34cr
LTTS wins order worth USD 50 Million
PNC Infra signs agreements worth 3264.43cr with NHAI
Kings Infra 200cr order win
Shah Metallics receives new export order worth 40cr
L&T secures a 7000cr order for civil infra business
Acquisition and Open Offers
Sheela Foam acquires 94.66% of Kurl On for 2035cr and 35% of Furlenco for 300cr
Endurance Technologies increases stake in Maxwell, a battery management system company
Jupiter Wagons acquires a bankrupt company via IBC
7NR Retail Ltd acquires 8.62% stake in Magenta Lifecare
Tata Chemicals increases stake in Rallis by 5%
DB Realty acquires a realty firm in bankruptcy
HCG consolidates stake in cancer clinic in Nagpur
Mastek acquires a Cloud Services firm in US
Bikaji Foods acquires stake in Bhujialalji brand
Vishnu chemicals acquires baryte ores company for 26cr
Ramkrishna Forgings acquires a automobile casting company for 212cr
Brooks Lab rights issue
Credent Global Finance rights issue
Ashnoor Textiles rights issue
IRB Infra Trust rights issue
Vidli Restaurants Preferential Allotment
Federal Bank to issue shares to IFC for ~965cr
Sagar Soya Products preference issue
Jammu & Kashmir Bank to raise 1750cr
Texmaco Rail and Engineering to raise 500cr
Happiest Minds raises 500cr via QIP
BSE SME to BSE Main Board Growington Ventures India
First Presentation or Concall
Magnum Ventures first presentation
Eco Recycling Limited first conference call
Cyient DLM first presentation
Other Important Announcements
Adani Group starts supplying power from India to Bangladesh
Surana Telecom and Power sells its wind energy business
Indsil Hydro Power and Manganese Ltd shuts plant due to high electricity tariffs impacting 37% of topline
Sundaram Clayton will now be known as TVS Holdings
Toyam Sports new deal with Major League Cricket
Godrej Agrovet gets 47,000 acre land from Telangana to cultivate and produce oil palm trees
Gravita's recycled lead is now approved to be delivered against MCX lead futures
Rama Steel Tubes strategic alliance with JSW Steel
Ransomware attack at ITL Industries
Plant shut down for DCW Ltd
Shree Cements to undergo detailed inspection of books and premises as per 'order of inspection' from Ministry of Corporate Affairs
CEO CFO and Auditor change at Lotus Chocolates
Krsnaa Diagnostics loses contract with Govt of Rajasthan
GAIL to explore bio-recycling of carbon waste to fuels and chemicals
Argentina to buy Light and Medium Utility Helicopters from HAL
East Bridge continuous selling in Teja Networks
SJVN and REC to finance renewable projects worth 50,000cr
Fire at Bhageria Industries Plant
Trident Ltd gets a patent in Europe
Power Finance Corporation signs agreements worth 2.37lakh cr to fund clean and renewable energy projects
SEBI issues a show cause notice to TCNS Clothing Ltd
Sterling and Wilson commencing federal litigation against two customers in US
Drone Destination - A drone training and consultancy
AccelerateBS India - An IT Services company
Ahasolar Technologies - A Solar Consultancy
Kaka Industries - A PVC Doors and other home product manufacturer
Utkarsh Small Finance Bank - A Small Finance Bank (duh!)
That was 5 mins!
Go enjoy the rest of your weekend, see you next Sunday!
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