Market this week 9-12-2022

With a retail inflation rate of 6.95 percent in March the RBI has now seen three consecutive months of inflation above its 6 percent tolerance level. 1

For Rs. 410 crores, JSPL buys the power plant from Monnet Power.

According to sources with knowledge of the situation, Jindal Steel & Power Ltd. has purchased a Monnet Power Company under-construction facility for Rs. 410 crore through the insolvency resolution procedure.

Adani Power was one of the candidates for the plant. The 1,050 MW power station is situated in the Angul district of Odisha, close to Malibrahmani. On November 2, 2022, the coal-fired power plant was put up for auction with a reserve price of Rs 400 crore on a slump sale basis.

The facility will be used by JSPL to power its Angul steel factories. In the area are the JSPL-owned Utkal C, B1, and B2 coal mines.

Sun Pharma trades lower as the USFDA issues a “import alert” for the Halol facility.

The stock of pharmaceutical company Sun Pharmaceutical fell more than 3% as a result of the US health regulator pulling the company up and placing its Halol facility in Gujarat under “import alert.”

The stock’s National Stock Exchange quote was Rs 993.85 at 10.45 am, down 2.3 percent. Two times as many shares were traded as the 20-day average volume of 1.8 million, or 3.5 million shares.

Because of the import alert, the US market may refuse to accept any shipments of goods made at this facility in the future until it complies with current good manufacturing practise (CGMP) standards.

From April 26 to May 9, 2022, the US Food and Drug Administration (USFDA) inspected Sun Pharma’s Halol facility. 14 products have been exempted from this import alert under certain restrictions.

After the promoter sells their stake, Triveni Engineering drops by 4%.

Triveni Engineering, a manufacturer of sugar, opened 4 percent lower on December 8 after 23.6 million shares were traded in four bunches during the block deal window, according to data from Bloomberg.

Although the buyers and sellers were not immediately identified, promoter Dhruv Sawhney was reportedly planning to sell a 7.03 percent interest.

The stock was down 4.73 percent and trading at Rs 280 a share on the National Stock Exchange at 9.30 am. The 20-day average trading volume on the NSE was 7.34 lakh shares, which was 16 times higher at 11 million shares.

In the event that Sawhney has sold a 7 percent stake, his ownership would drop to 8 percent. He held a 15.43 percent stake in the sugar company as of September 2022.

A stellar debut is made by Dharmaj Crop Guard, which lists at a 12% premium to the IPO price.

Despite the extreme volatility in the markets, agrochemical business Dharmaj Crop Guard achieved a great launch on bourses on December 8. This was in line with analyst projections of double-digit gains.

The stock was offered at a 12 percent premium to its Rs 237 issue price. On the NSE and BSE, it opened at Rs 266.

The Rs 251-crore public offering of the Ahmedabad-based company was subscribed 35.5 times, with high net worth individuals and qualified institutional buyers placing bids for 48 times and 52 times their respective quotas. Retail investors submitted bids for 21.5 times the number of shares allotted to them. The offer’s price range was Rs 216-237 per share.

According to analysts, the IPO’s price at the upper end of the price range (20x FY22 earnings) represented a fair valuation.

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On December 7, amid elevated volatility and a sideways market, the Nifty finished in the negative below its crucial support zone of 18,600. On the hourly timeframe, Nifty was seen to be making higher highs and higher lows, which indicates positivity. It will be interesting to see how the market behaves in the coming sessions as Nifty is close to all-time high levels. On the daily chart, Nifty has made a bearish candle below the lows of the last five days.

On the daily chart, the relative strength index (RSI), a momentum oscillator, is currently at about 59, while the India VIX has surged from 14.04 to 14.07 levels below its 200 EMA (days exponential moving average).

Nifty has significant support levels around 18,600, 18,500, and 18,350, and resistance levels at 18,650, 18,720, and 18,850.

The Rs 251-crore public offering of the Ahmedabad-based company was subscribed 35.5 times, with high net worth individuals and qualified institutional buyers placing bids for 48 times and 52 times their respective quotas. Retail investors submitted bids for 21.5 times the number of shares allotted to them. The offer’s price range was Rs 216-237 per share.

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