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Trendlyne Marketwatch
Trendlyne Marketwatch
05 Aug 2022
Market closes flat, Eris Lifesciences Q1 net profit falls 11.3% YoY to Rs 94.5 crore

Trendlyne Analysis

Nifty 50 closed flat, with the volatility index, India VIX, falling below 19%. Reserve Bank of India raised the repo rate by 50 bps to 5.4% during its bi-monthly monetary policy meeting to tackle inflationary pressures. Major European indices traded flat to lower while the Asian indices closed higher than Thursday’s levels. The US indices closed mixed on Thursday as the tech-heavy NASDAQ 100 rose 0.4% and the Dow Jones closed 0.3% lower. US stocks closed mixed as investors await US July jobs report on Friday for cues on the pace of interest rate hikes by the US Federal Reserve. On Thursday, The Bank of England raised the interest rates by 50 bps and warned of a recession in the UK. Crude oil extends losses and traded lower amid demand concerns.

Nifty Smallcap 100 and Nifty Next 50 closed in the green, following the benchmark index. Nifty Realty and Nifty Bank closed higher than Thursday’s levels. Nifty IT closed in the green, tracking the NASDAQ 100, which closed higher on Thursday.

Nifty 50closed at 17,389.05 (7.1, 0.0%), BSE Sensex closed at 58,387.93 (89.1, 0.2%) while the broader Nifty 500closed at 14,889.40 (-3.1, 0.0%)

Market breadth is in the green. Of the 1,893 stocks traded today, 979 were on the uptick, and 848 were down.

  • Krishna Institute of Medical Sciences, Indian Bank, Symphony, and Motilal Oswal Financial Services are trading with higher volumes as compared to Thursday.

  • NMDC sees a long build-up in its August 25 future series as its open interest rises 16.1% with a put-call ratio of 0.82.

  • Alkem Laboratories is falling as its Q1FY23 net profit plunges by 72.7% YoY to Rs 127.6 crore due to a high base from Q1FY22 and price erosion in the US. Revenue falls 5.7% YoY as the sales from the India business and international business decline. EBITDA margin falls by 13.8 percentage points YoY due to high input costs.

  • Auto stocks like Maruti Suzuki India, Tata Motors, Mahindra & Mahindra, Bajaj Auto and Eicher Motors are falling in trade. The broader sectoral index Nifty Auto is also trading in the red.

  • Titan is rising as its Q1FY23 net profit increases 44X to Rs 785 crore. Increase in sales of jewellery and eyecare products aids in a 23.5% YoY growth to Rs 8,975 crore in revenue. The growth in sales of jewellery is driven by buyer demand and ticket sizes.

  • Eris Lifesciences falls after it reports a decline in net profit by 11.3% YoY to Rs 94.5 crore in Q1FY23. Revenue increases 14.1% YoY with Zomelis Mother brand sales improving significantly, and a revival in the cardio-metabolic business. The company maintains revenue guidance of 30% for FY23. Eris' finance costs have surged 9.3X YoY on account of its acquisition of Oaknet Healthcare. The company has declared an interim dividend of Rs 7.35 per share for FY23.

  • Tata Elxsi and Navin Fluorine International hit their 52 week-highs. Tata Elxsi rises for four consecutive days and Navin Fluorine International trades higher for three sessions.

  • Manappuram Finance is rising despite its Q1FY23 net profit falling by 35.4% YoY to Rs 282.1 crore. Profit declines as interest income reduces by 4% YoY, while finance and employee costs increase. However, the company’s assets under management rise 24.3% YoY to Rs 30,760 crore.

  • Mahindra & Mahindra is falling despite reporting a profit of Rs 2,360.7 crore in Q1FY23, against a loss of Rs 331.7 crore in Q1FY22. The company's revenue is up 47.8% YoY to Rs 28,412.4 crore on the back of robust sales volumes for the auto segment.

  • Crompton Greaves Consumer Electricals is trading with more than 16 times its weekly average trading volume. Bayer Cropscience, Blue Star, FDC, and Balkrishna Industries are trading at more than four times their weekly average trading volumes.

  • Steel stocks like JSW Steel, Vedanta, APL Apollo Tubes are rising in trade. The stocks are up after reports that the government is considering reducing or eliminating the export duty on steel products.

  • RBI Governor Shaktikanta Das says that the Indian rupee depreciated systematically and is in a better position than other emerging market currencies. He also adds that RBI will monitor liquidity and focus on stabilizing the rupee.

  • Easy Trip Planners and SpiceJet rise as EaseMyTrip Thai, a subsidiary Easy Trip Planners inks a general sales agreement with SpiceJet to sell, promote and market tickets and services to passengers travelling to Thailand, effective September 1. With this arrangement, both companies are trying to expand their foothold in the Thailand market.

  • HDFC Securities maintains its ‘Buy’ rating on Gujarat Gas but reduces its target price to Rs 575 from Rs 625. This indicates an upside of 24.2%. The brokerage cut its target price due to the company’s sales volume growth being lower than expected. However, the brokerage remains positive on Gujarat Gas' prospects given its rising margins, extensive geographical presence, and higher return ratios compared to its peers. It estimates that its revenue will grow at a CAGR of 22.3% over FY22-24.

  • LIC Housing Finance is rising as its net profit surges 6X YoY to Rs 926.8 crore on the back of robust credit growth and significantly lower provisions. Total disbursements rise by 76% YoY to Rs 15,201 crore. The company’s net interest income has jumped 26% YoY as its net interest margin improves.

  • Welspun Corp is falling as its Q1FY23 net profit drops 95.6% YoY to Rs 4.1 crore. The company's revenue sinks 10.2% YoY amid a rise in raw material and finance costs.

  • Canadian Pension Fund’s arm Ivanhoe Op India Inc sells 70.2 lakh shares (1.46% stake) in Macrotech Developers worth Rs 736 crore in a bulk deal

  • Balkrishna Industries is falling as its net profit declines by 7.1% YoY to Rs 307 crore. Profit falls as raw material costs and logistics costs remain high - freight and forwarding expenses jump by 3X YoY. The management expects a fall in input costs to start from Q4FY23. Revenue rises 45.3% YoY as sales volumes improve on the back of healthy demand. However, the rise in sales volume is offset by elevated input costs leading to the operating margin falling by 11.4 percentage points YoY.

  • Reserve Bank of India raises repo rate by 50 bps to 5.4% during its bi-monthly monetary policy meeting, amid inflationary pressures.

  • Adani Enterprises touches a 52-week high as its Q1FY23 net profit rises 73% YoY to Rs 469.4 crore and revenues surge 3.2X YoY. Maximum revenue came in from integrated resource management, mining and airport segments with revenue from airports zooming 18X YoY. However, a surge in foreign exchange expenses because of a volatile rupee along with an increase in employee benefit expense, finance costs and operating expenses dent the operating margin by 6.1 percentage points to 2.7%.

  • Britannia’s Q1FY23 net profit falls 13% YoY to Rs 337.4 crore despite an increase in revenue by 9%. The company’s sales volumes are also down but may increase from Q2FY23. Despite the company increasing prices across a range of its products, the operating margin of the company fell 269 bps YoY because of an increase in input costs due to inflation. The management expects a fall in commodity prices and additional price hikes to improve profitability in the coming quarters.

Riding High:

Largecap and midcap gainers today include Oil India Ltd. (197.80, 5.24%), Tata Communications Ltd. (1,101.35, 4.79%) and InterGlobe Aviation Ltd. (2,080.90, 4.77%).

Downers:

Largecap and midcap losers today include Balkrishna Industries Ltd. (2,162.80, -6.77%), Adani Transmission Ltd. (3,313.55, -6.14%) and Zomato Ltd. (54.60, -5.62%).

Volume Rockets

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

Top high volume gainers on BSE included Manappuram Finance Ltd. (108.15, 6.39%), Lemon Tree Hotels Ltd. (72.85, 6.27%) and FDC Ltd. (272.55, 5.80%).

Top high volume losers on BSE were Balkrishna Industries Ltd. (2,162.80, -6.77%), GAIL (India) Ltd. (132.90, -5.14%) and Amber Enterprises India Ltd. (2,268.00, -4.81%).

Crompton Greaves Consumer Electricals Ltd. (373.85, -3.86%) was trading at 17.6 times of weekly average. Bayer Cropscience Ltd. (5,482.05, 3.69%) and NMDC Ltd. (110.90, 3.26%) were trading with volumes 17.0 and 12.0 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

14 stocks took off, crossing 52-week highs, while 1 stock was an underachiever and hit its 52-week lows.

Stocks touching their year highs included - Adani Transmission Ltd. (3,313.55, -6.14%), Cholamandalam Investment & Finance Company Ltd. (771.20, 1.07%) and Deepak Fertilisers & Petrochemicals Corporation Ltd. (809.80, -3.55%).

Stock making new 52 weeks lows included - Alembic Pharmaceuticals Ltd. (672.65, -4.31%).

20 stocks climbed above their 200 day SMA including Redington (India) Ltd. (144.80, 3.76%) and Restaurant Brands Asia Ltd. (125.10, 3.69%). 16 stocks slipped below their 200 SMA including Balkrishna Industries Ltd. (2,162.80, -6.77%) and Garware Technical Fibres Ltd. (3,020.25, -6.49%).

 
Trendlyne Marketwatch
Trendlyne Marketwatch
04 Aug 2022
Market closes flat, PI Industries’ Q1 profit increases 40.2% YoY

Trendlyne Analysis

Nifty 50 closed flat after gyrating between losses and gains on a volatile day of trade. European stocks traded marginally higher as investors await the Bank of England's monetary policy committee meeting scheduled later today. Most major Asian indices closed in the green, tracking the US indices, which closed sharply higher on Wednesday. However, Taiwanese stocks closed lower as China began military drills around Taiwan after US House Speaker Nancy Pelosi’s visit. US stocks rose on Wednesday on the back of decent economic data and strong corporate earnings. The tech-heavy index, NASDAQ 100, rose 2.7% while the Dow Jones closed 1.3% higher. Brent crude oil futures traded higher after closing at a multi-month low on Wednesday due to demand concerns.

Nifty Next 50 closed higher, despite the benchmark index closing flat. Nifty Metal and Nifty Pharma closed higher than Wednesday’s levels. Nifty IT closed in the green, tracking the NASDAQ 100, which rose 2.7% on Wednesday.

Nifty 50closed at 17,364.00 (-24.2, -0.1%), BSE Sensexclosed at 58,298.80 (-51.7, -0.1%) while the broader Nifty 500closed at 14,879.20 (1.2, 0.0%)

Market breadth is in the red. Of the 1,889 stocks traded today, 814 were in the positive territory and 1,025 were negative.

  • EPL, Mahindra Logistics, Aptus Value Housing Finance India, and Ajanta Pharmaare trading with higher volumesas compared to Tuesday.

  • Lupin sees a long build-up in its August 25 future series as its open interest rises 19.2% with a put-call ratio of 1.32.

  • KR Choksey initiates its coverage on Ashok Leyland with an ‘accumulate’ rating with a target price of Rs 168. This indicates an upside of 13.3%. As the commodity costs are falling, the brokerage expects the company’s profitability to improve due to higher gross margins. Higher volumes could enable operating leverage, which could also boost profits. The brokerage estimates Ashok Leyland’s revenue CAGR of 32.4% over FY22-24.

  • Energy stocks like Reliance Industries, Adani Transmission, Adani Green Energy, Oil and Natural Gas Corp, among others, are falling in trade. The broader sectoral index Nifty Energy is also trading in the red.

  • Stocks like Adani Transmission, Metro Brands, Adani Enterprises, and Asian Paintsare in the overbought zone, according to the technical indicator relative strength index or RSI.

  • Public sector banks like State Bank of India, Bank of Baroda, Canara Bank, Punjab National Bank, Bank of India, among others, are falling in trade. The broader sectoral index Nifty PSU Bank is also trading in the red.

  • Indian rupee depreciates 66 paise to Rs 79.82 against the dollar in trade today on speculation of a 50 bps rate hike by US Feds. The rupee hit a record low of Rs 80.06 on July 21.

  • Tiger Global Fund’s Internet Fund VI Pte cuts its stake in Zomato to 2.7% from 5.1% between July 25 and August 2.

  • Mahindra & Mahindra and Eicher Motors hit their 52-week highs of Rs 1,265 and Rs 3,196.5, respectively. While Mahindra & Mahindra trades higher for nine consecutive days, Eicher Motors rises for four sessions.

  • Macrotech Developers is trading with more than 33 times its weekly average trading volume. Kalyan Jewellers India, HLE Glasscoat, Tata Consumer Products, and Lupinare trading at more than eight times their weekly average trading volumes.

  • HDFC Bank issues clarification on reports of fundraising, to pay off the liability arising from the merger of HDFC. The bank says that the liabilities of HDFC Limited will be transferred to the Bank post merger.

  • IEX is falling as its July power trading volume decreases 1.7% YoY to 7,151 million units. According to the data given by National Load Dispatch Center, energy consumption was also down 2.3% YoY in July. Peak demand fell because of a good monsoon in the last two months.

  • PI Industries is rising as its Q1FY23 net profit increases 40.2% YoY to Rs 262.4 crore. A 42% YoY rise in exports helps its revenue rise 29.2% YoY to Rs 1,543.2 crore. Price hikes in the domestic business and a favourable product mix helps its domestic revenue rise during the quarter.

  • Uber sells 61.2 crore shares of Zomato worth Rs 3,087.9 crore in a bulk deal on Wednesday. Fidelity Investment buys 5.4 crore shares in Zomato worth Rs 273.6 crore and ICICI Prudential Life Insurance buys 4.5 crore shares in the company worth Rs 226.1 crore in a bulk deal.

  • Lupin is rising despite the company posting a net loss for the second consecutive quarter of Rs 89.1 crore in Q1FY23. A fall in net sales by 14.9% YoY and a rise in raw materials expenses, employee benefits expenses and finance costs result in a fall in EBITDA margin by 16.8 percentage points YoY. The management says that the company continues to face price erosion in its US business and inflation in raw materials, however, the India business continues to grow ahead of the market.

  • Metal stocks like APL Apollo Tubes, Hindalco Industries, Jindal Steel & Power, and NMDC, among others, are rising in trade. The broader sectoral index Nifty Metal is also trading in green.

  • Retail sales for the automotive industry are down in July as total retail sales fall 8% YoY to 14.4 lakh units, according to data from the Federation of Automotive Dealers' Association. Two-wheeler retail sales fall 10.92% YoY to 10 lakh units. Retail sales of car makers also fall slightly by 4.7% YoY to 2.5 lakh units. Three-wheeler and commercial vehicle retail sales grow by 80% and 27% YoY respectively.

  • Hindalco rises as its subsidiary Novelis reports an increase in revenue by 32% YoY to % $5.1 billion. But its net profit increases only 1.3% YoY in Q1FY23. According to reports, brokerage JP Morgan maintains its 'Overweight' stance on the stock despite its profit rising only marginally. Shipments in the North American market increase on strong demand for can and automotive equipment as semi-conductor supplies improve. However, shipments in the European, Asian and South American markets decline because of inflationary cost pressures.

  • All IT stocks are trading in the green. Stocks like Infosys, MindTree, Mphasis and L&T Technology Services are up by more than 2%. The broader sectoral index Nifty IT is also rising in trade.

  • Vodafone Idea is falling as its net loss widens in Q1FY23 to Rs 7,296.7 crore against Rs 6,563 crore in Q4FY22. However, revenue from services increases marginally by 1.7% QoQ as the average revenue per user rises 3.2% QoQ. The company’s finance costs and network expenses also rise more than 11% QoQ. Its total gross debt stands at Rs 1.9 lakh crore in Q1FY23.

  • InterGlobe Aviation’s Q1FY23 loss narrows to Rs 1,064.3 crore as compared to Rs 3,174.2 crore in Q1FY22. Revenue surges 4.3X YoY as flight operations pick up pace post-Covid restrictions. However, aircraft fuel expenses jump nearly 5X YoY because of an increase in aviation turbine fuel prices. Airport fees and charges surge 2.3X YoY. The management plans to increase operational capacity by 70%-80% and says that with high revenue growth and controlled fuel costs the airline may become profitable by Q2FY23.

Riding High:

Largecap and midcap gainers today include Varun Beverages Ltd. (1,003.75, 6.49%), Zydus Lifesciences Ltd. (364.60, 5.24%) and Lupin Ltd. (659.95, 5.15%).

Downers:

Largecap and midcap losers today include Macrotech Developers Ltd. (1,037.25, -6.12%), Gujarat Gas Ltd. (444.45, -3.98%) and Vodafone Idea Ltd. (8.75, -3.85%).

Volume Shockers

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

Top high volume gainers on BSE included HLE Glasscoat Ltd. (3,495.05, 12.13%), Redington (India) Ltd. (139.55, 9.11%) and Rashtriya Chemicals & Fertilizers Ltd. (94.05, 7.49%).

Top high volume losers on BSE were Macrotech Developers Ltd. (1,037.25, -6.12%), Gujarat Gas Ltd. (444.45, -3.98%) and Cera Sanitaryware Ltd. (4,700.60, -3.65%).

Kalyan Jewellers India Ltd. (70.30, 5.71%) was trading at 19.6 times of weekly average. Lupin Ltd. (659.95, 5.15%) and Tata Consumer Products Ltd. (789.25, -2.89%) were trading with volumes 12.8 and 12.0 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

20 stocks made 52-week highs, while 2 stocks were underachievers and hit their 52-week lows.

Stocks touching their year highs included - Adani Power Ltd. (347.25, 2.25%), Adani Transmission Ltd. (3,530.45, 0.72%) and Blue Dart Express Ltd. (8,866.70, -0.96%).

Stocks making new 52 weeks lows included - GlaxoSmithKline Pharmaceuticals Ltd. (1,395.65, 0.94%) and Zensar Technologies Ltd. (246.70, -1.28%).

12 stocks climbed above their 200 day SMA including Ipca Laboratories Ltd. (1,024.95, 4.81%) and Au Small Finance Bank Ltd. (636.60, 4.43%). 20 stocks slipped below their 200 SMA including Angel One Ltd. (1,253.20, -4.56%) and Balrampur Chini Mills Ltd. (364.50, -4.05%).

 
Trendlyne Marketwatch
Trendlyne Marketwatch
03 Aug 2022
Market closes higher, eClerx Services' board mulls a bonus issue of shares

Trendlyne Analysis

Nifty 50 recovered over 160 points from its day’s low and closed in the green on a volatile day of trade. Indian indices closed higher for a sixth straight session. India’s July Services Purchasing Managers' Index or PMI missed analysts’ forecast and fell to 55.5 from 59.2 in June. European indices traded lower than Tuesday’s levels.

Major Asian indices closed mixed as investors keep an eye on the China-US tensions as US House Speaker Nancy Pelosi landed in Taiwan on Tuesday, despite warnings from China. In reaction, China said the action was “extremely dangerous” by the US. On Tuesday, US indices closed in the red, led by the Dow Jones, which fell 1.2%. The tech-heavy index, NASDAQ 100, closed 0.3% lower while the S&P 500 fell 0.7%. Brent crude oil futures hovered around $100 levels after falling over 7% in the last three days due to demand concerns.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the red, despite the benchmark index closing in the green. Nifty Realty and Nifty Pharma closed lower than Tuesday’s levels. Nifty IT closed in the green, despite the tech-focused index, NASDAQ 100, closing lower on Tuesday.

Nifty 50closed at 17,392.90 (47.5, 0.3%), BSE Sensexclosed at 58,350.53 (214.2, 0.4%) while the broader Nifty 500closed at 14,880.00 (3.4, 0.0%)

Market breadth is moving down. Of the 1,895 stocks traded today, 614 were gainers and 1,233 were losers.

  • Gland Pharma, Endurance Technologies, V-Guard Industries, and Sun Pharma Advanced Research Companyare trading with higher volumes as compared to Tuesday.

  • Cipla sees a long build-up in its August 25 future series as its open interest rises 1.9% with a put-call ratio of 0.7.

  • Indian rupee appreciates to 78.7 against the US dollar in early trade today, but gives up its gains and falls for the first time in five days.

  • eClerx Services is surging in trade after announcing that its board of directors will mull a bonus issue of shares on Tuesday. The board will also approve the company's Q1FY23 results on the same day.

  • Auto stocks like Bosch, Bharat Forge, Tata Motors and Maruti Suzuki India, among others, are falling in trade. The broader sectoral index Nifty Auto is also trading in red.

  • City gas distributor Mahanagar Gas announces a second price hike within a month. It hikes prices for CNG by Rs 6 per kg and PNG by Rs 4 per unit with immediate effect.

  • Sun Pharma's Chairman Israel Makov will retire on August 29 after the completion of his tenure. He will also step down from the company's board of directors.

  • ICICI Direct maintains its ‘Buy’ rating on Ashok Leyland with a target price of Rs 180, indicating an upside of 17%. The brokerage expects the company to be the largest beneficiary of the cyclical recovery in the commercial vehicle space given its large market share and extensive product portfolio. It also believes the company’s sales volume growth and cost control measures will increase profitability in the coming quarters. The brokerage estimates the company’s net profit to grow at a CAGR of 60.8% over FY22-24.

  • SpiceJet rises as the airline’s promoter Ajay Singh looks at the option of a partial stake sale, according to reports. This could include a 24% stake sale to an investor, which could include a seat on the company's board. Ajay Singh holds a 60% stake in SpiceJet, as of June 30.

  • MOIL is trading with more than 30 times its weekly average trading volume. eClerx Services, The New India Assurance Company, General Insurance Corporation of India, and Brigade Enterprises are trading at more than ten times their weekly average trading volumes.

  • Zomato is falling in trade as reports suggest Uber sells its 7.8% stake in the company worth Rs 3,087 crore.

  • Telecommunication companies like Indus Towers, Vodafone idea, Tejas Networks, Tata Teleservices, and Sterlite Technologies are falling in trade. The broader sectoral index S&P BSE Telecom is also trading in the red.

  • Bosch is falling despite its Q1FY23 net profit rising 28.3% YoY to Rs 334.1 crore. Rise in sales of automotive products helps the revenue to increase 45% YoY to Rs 3,544.4 crore. Original equipment manufacturers’ (OEM) long waiting periods for delivery and strong order books aids in the rise in revenue of automotive products. This gives the company sustained demand in the passenger cars and utility vehicles segments.

  • Lemon Tree Hotels is falling despite turning profitable in Q1FY23, after posting a loss for nine consecutive quarters. The company posts a net profit of Rs 13.9 crore in Q1FY23 as compared to a loss of Rs 40.1 crore in Q1FY22. Revenue grows 4.5X YoY mainly due to a significant rise in corporate travel. The company’s occupancy rate rises 35.5 percentage points YoY to 65.1% as demand from the corporate travel and leisure travel segment improves.

  • India’s July Services Purchasing Managers' Index (PMI) falls to 55.5 compared to 59.2 in June due to inflationary pressures.

  • Nomura Singapore buys 11.5 lakh shares (0.5% stake) in Easy Trip Planners at an average price of Rs 399 per share in a bulk deal on Tuesday.

  • Rakesh Jhunjhunwala buys 0.9% stake in Leading Leasing Finance and Investment worth Rs 73.5 lakh in a bulk deal on Monday.

  • The Centre cut export taxes on diesel to Rs 5 per litre from Rs 11 per litre on Tuesday. This comes after India’s trade deficit hit a record high in July. The Centre also raises export tax on domestically produced crude oil to Rs 17,750 per tonne from Rs 17,000 per tonne.

  • Mahindra & Mahindra Financial Services’ disbursements in July grows 63% YoY to Rs 3,912 crore on the back of an improving macro environment. The company’s asset quality improves as its collection efficiency rises 200 bps YoY to 97%. The management expects the asset quality to improve further in Q2FY23.

  • Subex – a Telecom Analytics Solutions company ties up with Jio Platforms to provide artificial intelligence (AI) for Jio’s 5G product line. With this, Jio Platforms will give its Cloud Native 5G core to telecom companies globally, combining it with Subex’s AI for network automation, better performance and customer experience.

  • Siemens’ Q1FY23 net profit surges 2.2X YoY to Rs 300.7 crore in Q1FY23 as revenue jumps 50.5% YoY. Revenue rises across segments, with energy increasing 52.3% and smart infrastructure rising 40.5% YoY. Revenue from mobility and digital industries also grew by 171% and 45.7%, respectively. The management attributes revenue growth to a robust order book. However, it is also concerned about the global demand scenario and may slowdown capex in case of a slowdown.

Riding High:

Largecap and midcap gainers today include IDBI Bank Ltd. (41.25, 13.32%), The New India Assurance Company Ltd. (89.50, 6.67%) and One97 Communications Ltd. (804.55, 6.46%).

Downers:

Largecap and midcap losers today include Indus Towers Ltd. (206.45, -5.88%), Siemens Ltd. (2,614.65, -4.46%) and YES Bank Ltd. (16.45, -4.08%).

Volume Shockers

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

Top high volume gainers on BSE included IDBI Bank Ltd. (41.25, 13.32%), Spicejet Ltd. (50.10, 12.97%) and The New India Assurance Company Ltd. (89.50, 6.67%).

Top high volume losers on BSE were Indus Towers Ltd. (206.45, -5.88%), Siemens Ltd. (2,614.65, -4.46%) and Thermax Ltd. (2,010.40, -3.90%).

Johnson Controls-Hitachi Air Conditioning India Ltd. (1,534.80, -2.19%) was trading at 42.5 times of weekly average. MOIL Ltd. (166.50, 4.91%) and eClerx Services Ltd. (2290.50, 4.29%) were trading with volumes 37.6 and 25.8 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

14 stocks overperformed with 52-week highs, while 1 stock tanked below its 52-week lows.

Stocks touching their year highs included - Adani Power Ltd. (339.60, 3.36%), Adani Transmission Ltd. (3,505.35, 2.45%) and AIA Engineering Ltd. (2,489.75, -0.22%).

Stock making new 52 weeks lows included - GlaxoSmithKline Pharmaceuticals Ltd. (1,382.60, -2.31%).

15 stocks climbed above their 200 day SMA including Star Cement Ltd. (93.70, 5.52%) and MOIL Ltd. (166.50, 4.91%). 21 stocks slipped below their 200 SMA including Balrampur Chini Mills Ltd. (379.90, -5.21%) and Alkyl Amines Chemicals Ltd. (3,036.40, -3.27%).

 
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The Baseline
03 Aug 2022
Chart of the week: European customers are paying much more for petrol, compared to India
By Abdullah Shah

With energy demand rising  to pre-covid levels since March 2022, and the Ukraine-Russia war leading to sanctions on Russian crude oil exports, motor fuel prices are going through the roof.

Although pump prices in India are elevated with the average price of petrol hovering over Rs 100, Indians aren’t really the worst affected. European countries are worse off - the United Kingdom’s pump prices for petrol (in rupee terms) are among the highest in the world at Rs 178.9/litre, as of July 25. 

The UK’s high pump prices are also a function of the shortage in fuel supply due to environmentalist groups blocking supply of fuel, which resulted in long queues at petrol pumps. This was compounded by the recent depreciation of the pound sterling against the US dollar.

Petrol prices in France and Germany are the second and third highest with petrol prices at Rs 150.8/litre and Rs 141.3/litre, respectively. In rupee terms, India, China and Japan’s petrol prices are lower than European countries. 

China has a marginally higher pump price at Rs 111/litre as compared to India’s average of Rs 104/litre. Japan’s petrol price is lower than India's at Rs 96.8/litre.

With many Indian states and the Centre cutting sales and excise taxes on motor fuel, Indian petrol prices have been lower than global averages.. India’s fuel prices haven’t changed since April 7. 

 
Trendlyne Marketwatch
Trendlyne Marketwatch
02 Aug 2022
Market closes flat, Godrej Properties' Q1 profit up 168% YoY

Trendlyne Analysis

Nifty 50 closed flat, with the volatility index, India VIX, rising over 18.5%. European indices followed the global trend and traded lower than Monday’s levels. Major Asian indices closed in the red, led by the Chinese and Taiwanese stocks ahead of a possible visit by US House Speaker Nancy Pelosi to Taiwan, despite warnings from China. The White House national security spokesman John Kirby said that China may respond to Nancy Pelosi’s visit with military provocations. The US indices closed flat to lower on Monday. The tech-heavy index, NASDAQ 100, closed flat while the S&P 500 fell 0.3%. Brent crude oil futures, which lost about 7% in the last two trading sessions, traded lower over demand concerns.

Nifty Smallcap 100 and Nifty Midcap 100 closed higher, despite the benchmark index closing flat. Nifty Realty and Nifty Metal closed lower than Monday’s levels. Nifty IT closed in the red, taking cues from NASDAQ 100 futures, which is trading lower.

Nifty 50 closed at 17,294.85 (-45.2, -0.3%) , BSE Sensex closed at 58,136.36 (20.9, 0.0%) while the broader Nifty 500 closed at 14,836.60 (-10.3, -0.1%)

Market breadth is in the green. Of the 1,891 stocks traded today, 1,026 were on the uptrend, and 818 went down.

  • Medplus Health Services, Chalet Hotels, Cholamandalam Financial Holdings, and Infosysare trading with higher volumes as compared to Monday.

  • State Bank of India sees a long build-up in its August 25 future series as its open interest rises 7.1% with put to call ratio of 0.66.

  • Centre’s Ministry of Power eases the 10% mandatory coal import norms for blending purposes.

  • Adani Ports & Special Economic Zone’s cargo volumes in July rises 13% YoY to 31.23 million metric tonnes (MMT). From April 2022 to July 2022, the company handled 122.12 MMT of cargo, indicating a growth of 9% YoY.

  • All Public sector banks are trading in the green. Stocks like Bank of Baroda, Canara Bank, Punjab National Bank, Bank of India, among others are up by more than 3%. The broader sectoral index Nifty PSU Bank is also rising in trade.

  • Godrej Properties' Managing Director and Chief Executive Officer Mohit Malhotra resigns on Tuesday. His resignation is effective from December 31.

  • Utility stocks like Adani Transmission, JSW Energy, PTC India, and Reliance Power, among others, are rising in trade. The broader sectoral index S&P BSE Utilities is also trading in green.

  • HDFC Securities initiates coverage on Star Health and Allied Insurance with a ‘Buy’ rating and a target price of Rs 860. This indicates an upside of 15.1%. The brokerage is positive on the prospects of the company given its extensive distribution network, high customer stickiness, and large market share. It expects the company’s net profit to grow 82.7% in FY24 over FY23.

  • YES Bank rises in trade as HDFC Bank’s ex-MD Aditya Puri may get a seat on the bank's board, on behalf of PE Firm Carlyle, according to reports.

  • Godrej Properties is falling despite an increase in net profit by 168% YoY to Rs 45.5 crore in Q1FY23. The company’s revenue also rises 2.8X YoY as booking value surges (407%). However, the cost of raw materials shoots up 6X YoY because of high inflation.

  • Kansai Nerolac Paints is trading with more than 21 times its weekly average trading volume. Indigo Paints, Triveni Turbine, Venky's (India), and Lux Industries are trading at more than six times their weekly average trading volumes.

  • Castrol India is rising as its Q1FY23 net profit rises 47.3% YoY to Rs 206.3 crore. Profit grows as the company hikes prices to offset rising input costs. Revenue grows 39.6% YoY as sales volume improves. Price hikes and sales volume growth aid in margin expansion amid high input costs. Operating margin rises 84 bps YoY to 23%.

  • NielsenIQ says that India's FMCG industry has grown 10.9% in the June quarter for Q2 CY22. Urban markets contribute to positive volume growth compared to the rural markets. NielsenIQ's forecast indicates a 8-10% growth for this year.

  • Paint stocks like Kansai Nerolac Paints, Asian Paints, Indigo Paints among others rise as crude oil prices fall for the second consecutive session.

  • NMDC is falling as its July iron ore production declines 33% YoY to 2.05 million tonnes. Total production declines as iron ore production in Chhattisgarh drops 46% YoY. The company’s monthly sales also fall by 10% YoY to 2.95 million tonnes, mainly due to a 40.2% YoY decline in sales from its operations in Chhattisgarh.

  • Finance Minister Nirmala Sitharaman says there are no fears of recession or stagflation for the Indian economy, during the ongoing Parliament session, on Monday. She says the Centre is focused on curbing inflation.

  • Hero MotoCorp is falling as its total two-wheeler wholesales for July 2022 drops 1.9% YoY to 4.4 lakh units. Both motorcycle and scooter wholesales fell by 0.7% YoY and 19.7% YoY, respectively, which resulted in its July 2022 wholesales being lower than July 2021.

  • SpiceJet rises as it settles its outstanding principal dues with the Airport Authority of India (AAI). AAI will soon release a Rs 50-crore bank guarantee which will provide additional liquidity for the company. With this, the airline will now be paying in advance to AAI, instead of a ‘cash and carry’ process, for its daily flight operations.

  • Ashish Kacholia buys a 2.8% stake in Agarwal Industrial Corp worth Rs 18.8 crore and sells a 1.8% stake in Mastek worth Rs 116.1 crore on Monday, in bulk deals.

  • Zomato is rising despite reporting a loss of Rs 185.7 crore in Q1FY23. However, the company’s loss reduces on a YoY basis from Rs 356.2 crore last year. Even as revenue rises 67.4% YoY, a nearly 2X YoY surge in delivery charges dents the company’s margins. Revenue grows as the company’s gross order value rises 41.6% YoY driven by growth in order volumes and average order value.

  • UPL falls despite its Q1FY23 net profit rising 29.5% YoY to Rs 877 crore. Profits rose because of higher sales volumes and a favourable exchange rate. Revenue is up 27% with revenues from both agro and non-agro segments rising. However, raw material costs also increase 26% YoY affecting operating margins marginally, as it rises 3 bps YoY. The management expects demand to improve in the coming quarters. The company revises its FY23 revenue guidance to 12%-15%.

  • Metal stocks like Tata Steel, Steel Authority of India (SAIL), Jindal Steel & Power among others, are falling in trade. The broader Nifty Metal is also trading in the red.

  • ITC’s Q1FY23 net profit rises 34% YoY to Rs 4,389.7 crore as revenue increases 38.9%. Revenue grew across all segments with revenue from its cigarette segment growing 28.6% YoY and revenue from agri-business rising 82%. Revenue from agri-business grew because of an increase in wheat, rice and tobacco leaf exports. Hotel (334%) and paper and packaging segments (43.3%) also see decent growth. Demand for paper rose despite commodity prices rising as educational institutions open and Covid restrictions wane.

Riding High:

Largecap and midcap gainers today include Zomato Ltd. (55.55, 19.98%), Kansai Nerolac Paints Ltd. (508.30, 17.78%) and YES Bank Ltd. (17.15, 12.46%).

Downers:

Largecap and midcap losers today include GAIL (India) Ltd. (141.50, -3.94%), Indus Towers Ltd. (219.35, -3.67%) and UPL Ltd. (739.60, -3.62%).

Movers and Shakers

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

Top high volume gainers on BSE included Kansai Nerolac Paints Ltd. (508.30, 17.78%), YES Bank Ltd. (17.15, 12.46%) and Indigo Paints Ltd. (1,549.45, 10.07%).

Top high volume losers on BSE were Escorts Kubota Ltd. (1,633.45, -5.20%), Godrej Properties Ltd. (1,464.10, -3.18%) and Jubilant Pharmova Ltd. (361.00, -2.89%).

Triveni Turbine Ltd. (192.95, 6.63%) was trading at 13.5 times of weekly average. Star Cement Ltd. (88.80, 1.08%) and Lux Industries Ltd. (1,965.85, 6.83%) were trading with volumes 12.5 and 10.5 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

29 stocks hit their 52 week highs,

Stocks touching their year highs included - Adani Transmission Ltd. (3,421.45, 4.90%), AIA Engineering Ltd. (2,495.35, 0.84%) and Bank of Baroda (121.75, 4.69%).

32 stocks climbed above their 200 day SMA including Kansai Nerolac Paints Ltd. (508.30, 17.78%) and IRB Infrastructure Developers Ltd. (234.95, 7.70%). 11 stocks slipped below their 200 SMA including Escorts Kubota Ltd. (1,633.45, -5.20%) and Anupam Rasayan India Ltd. (795.55, -5.04%).

 
Trendlyne Marketwatch
Trendlyne Marketwatch
01 Aug 2022
Market closes higher, Maruti Suzuki's domestic passenger vehicle wholesales rise 6.8% YoY

Trendlyne Analysis

Nifty 50 closed in the green, with the volatility index, India VIX, rising significantly. Indian indices closed higher for a fourth straight session. GST collection rises 28% YoY in July to Rs 1.49 lakh crore. Centre GST revenue stands at Rs 25,751 crore, State GST is at Rs 32,807 crore and Integrated GST is at Rs 79,518 crore. India's manufacturing purchasing managers' Index (PMI) rises to an eight-month high of 56.4 in July compared to 53.9 in June.

European indices traded higher than Friday’s levels. Asian indices trade mixed as China’s PMI fell to 49 in July from 50.2 in June. US indices closed higher on Friday led by the tech-heavy index, NASDAQ 100, which rose 1.8%. The Dow Jones closed 1% higher while the S&P 500 rose 1.4%. Crude oil futures traded lower on the back of weak Chinese PMI data ahead of a crucial OPEC+ meeting scheduled on Wednesday.

Nifty Smallcap 100 and Nifty Next 50 closed higher, following the benchmark index. Nifty Auto and Nifty Energy closed sharply higher than Friday’s levels. Nifty IT closed in the green, taking cues from the NASDAQ 100, which closed sharply higher on Friday.

Nifty 50 closed at 17,332.30 (174.1, 1.0%) , BSE Sensex closed at 58,115.50 (545.3, 1.0%) while the broader Nifty 500 closed at 14,842.15 (176.5, 1.2%)

Market breadth is surging up. Of the 1,926 stocks traded today, 1,346 were in the positive territory and 520 were negative.

  • IIFL Wealth Management, EPL, Sanofi India, and CESC are trading with higher volumes as compared to Friday.

  • Tata Steel sees a long build-up in its August 25 future series as its open interest rises 8% with put to call ratio of 0.46.

  • Maruti Suzuki is rising as its domestic passenger vehicle wholesales increase by 6.8% YoY to 1.4 lakh units. Increase in wholesales of mini, compact and mid-sized passenger cars by 16.9% YoY aids the rise in domestic wholesales of passenger vehicles.

  • Mahindra & Mahindra is rising as its July monthly overall auto wholesales rise 30.6% YoY to 56,148 units. The growth in auto wholesales is driven by a rise in domestic wholesales of utility vehicles and commercial vehicles by 34% YoY and 18.6% YoY, respectively. However, farm equipment wholesales fall 14% YoY to 21,684 units as domestic farm equipment wholesales decline 16% YoY. Domestic farm equipment wholesales fall as July marks the beginning of the sowing season.

  • Media stocks like Zee Entertainment Enterprises, PVR, Saregama India, Inox Leisure, Network 18 Media & Investments, among others, are rising in trade. The broader sectoral index Nifty Media is also trading in the green.

  • Ashok Leyland rises to a three-year high of Rs 158.2 as its commercial vehicle wholesales increase 58% YoY to 13,625 units. The rise in commercial vehicle wholesales is due to a 113% rise in wholesales of medium and heavy commercial vehicles.

  • Edelweiss maintains its ‘Buy’ rating on Zydus Wellness with a target price of Rs 2,271. This indicates an upside of 41%. The brokerage expects the company’s growing product portfolio to drive profitability in FY23. It remains positive on the company’s prospects on the back of new product launches, expansion in distribution reach, high advertising & promotion expenditure, and price hikes. The brokerage estimates the company’s net profit to grow at a 23.2% CAGR over FY22-24.

  • Bajaj Auto is rising despite its July two-wheeler wholesales falling 5% YoY to 3.2 lakh units. The drop in two-wheeler wholesales comes due to a 14% YoY fall in exports. However, the company's commercial vehicle wholesales rise 3% YoY.

  • Godfrey Phillips India is trading with more than 10 times its weekly average trading volume. Nazara Technologies,Metro Brands,Mastek, and IDFC First Bank are trading at more than seven times their weekly average trading volumes.

  • India's digital payments platform-Unified Payments Interface (UPI) processes transactions worth Rs 10.6 lakh crore, a record high since its launch in 2016. Value of transactions rise 75% YoY.

  • Tata Motors’ total domestic wholesales rise 52% YoY with commercial vehicle wholesales increasing 43% YoY. As the economy picks up pace, passenger carrier vehicles’ wholesales rise 319% YoY. Despite semi-conductor shortages, domestic passenger vehicle wholesales are up 57% in July.

  • Escorts Kubota is falling as its monthly tractor wholesales in July are down by 18.3% YoY to 5,360 units. The decline in tractor wholesales is due to a 22.3% YoY fall in domestic tractor wholesales. The company's construction equipment monthly wholesales declines by 17.7% YoY.

  • Bank of Baroda is rising as its net profit rises 79.4% YoY to Rs 2,168 crore due to a 39% YoY fall in provision for bad loans. Net interest income rises 12% YoY on the back of its overall gross advances growing to Rs 8.4 lakh crore. Credit growth is led by the expansion of the bank's retail loan portfolio, driven by personal loans, auto loans and educational loans. The bank’s asset quality improves significantly as its net NPA ratio falls 145 bps YoY to 1.6%.

  • Indian Oil Corp falls as it posts a loss of Rs 279.4 crore at the consolidated level in Q1FY23, the first time in eight quarters. Revenue rises 63.2% YoY to Rs 2.5 lakh crore. The company’s net profit falls despite gross refining margin (GRM) rising 383.4% YoY to $ 31.8 per barrel.

  • Metropolis Healthcare’s Chief Executive Officer Vijender Singh resigns on Friday due to personal reasons. The resignation is effective from November 30.

  • India’s Manufacturing Purchasing Managers' Index (PMI) rises to 56.4 in July compared to 53.9 in June.

  • DLF is falling despite its net profit rising 39.3% YoY to Rs 469.6 crore. Profit grows on robust demand in the super luxury category of residential homes. Revenue rises by 26.5% YoY on the back of new product launches. New sales booking in the residential business jumps 2X YoY to Rs 2,040 crore. The company generates surplus cash of Rs 421 crore, which aided in reducing its net debt to Rs 2,259 crore. However, the company’s operating margin falls by 6 percentage points YoY as the cost of land, plots, and constructed properties rises 26.7% YoY.

  • Airline stocks like InterGlobe Aviation (Indigo) and Spicejet are rising in trade after jet fuel prices go down by 12% amid a fall in international crude oil prices.

  • Metro Brands rises and hits an all-time high as it reports a net profit of Rs 105.7 crore in Q1FY23 against a net loss of Rs 12 crore in Q1FY22. Revenue shoots up 3.8X YoY as sales increase across product categories and regions with digital sales growing 106% YoY. Gross margin improves by 40 bps to 59.7% because of better sales mix and minimal contribution of discounted sales. The company also adds 20 more stores in Q1FY23.

  • NTPC is falling despite its Q1FY23 net profit rising 16.9% YoY to Rs 3,676.4 crore. Its revenue surges 47% YoY with revenue from power generation growing 47.7%. However, its expenses shoot up with fuel costs rising 76.5% YoY because of rise in crude oil prices. This affected operating margin as it fell 5.6 percentage points to 17.5%

  • Cipla’s Q1FY23 net profit falls 4% YoY to Rs 686 crore as revenue dips 2.8% YoY. The management says margins are within its guidance (21.3%) because of a steady increase in prices which offset the rise in costs. Revenue from pharma segment is down 3% YoY. The company’s India revenue also falls 8.4% YoY to Rs 2,483 crore because of normalization in share of Covid-19 drugs.

Riding High:

Largecap and midcap gainers today include IDFC First Bank Ltd. (41.95, 11.72%), Kansai Nerolac Paints Ltd. (431.55, 7.89%) and PB Fintech Ltd. (504.20, 7.68%).

Downers:

Largecap and midcap losers today include Star Health and Allied Insurance Company Ltd. (709.75, -5.01%), Tube Investments of India Ltd. (2,023.00, -2.83%) and Sun Pharmaceutical Industries Ltd. (918.70, -2.60%).

Volume Shockers

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

Top high volume gainers on BSE included Metro Brands Ltd. (737.20, 15.23%), V Mart Retail Ltd. (3,123.55, 12.69%) and IDFC First Bank Ltd. (41.95, 11.72%).

Top high volume losers on BSE were Multi Commodity Exchange of India Ltd. (1,322.60, -5.32%), Blue Star Ltd. (960.75, -2.49%) and Emami Ltd. (444.75, -1.13%).

Punjab & Sind Bank (14.90, -0.33%) was trading at 16.2 times of weekly average. Godfrey Phillips India Ltd. (1,185.60, 3.91%) and Mastek Ltd. (2,185.30, 4.01%) were trading with volumes 13.0 and 9.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

24 stocks hit their 52 week highs,

Stocks touching their year highs included - Adani Transmission Ltd. (3,261.75, 4.89%), AIA Engineering Ltd. (2,474.65, 3.17%) and Ashok Leyland Ltd. (154.25, 3.52%).

40 stocks climbed above their 200 day SMA including Alkyl Amines Chemicals Ltd. (3,188.05, 8.82%) and Grindwell Norton Ltd. (1,890.35, 7.60%). 2 stocks slipped below their 200 SMA including India Cements Ltd. (193.80, -1.55%) and Granules India Ltd. (304.30, 1.55%).

 
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The Baseline
01 Aug 2022
Five analyst stock picks with revenue and profit growth in Q1FY23

As results come in for Q1, we look at companies that have analysts bullish on their prospects, and have delivered over 10% revenue and net profit growth YoY this quarter. 

  1. Larsen & Toubro: HDFC Securities maintains its ‘Buy’ rating on this construction and engineering company, but reduces the target price to Rs 2,135 from Rs 2,296. This indicates an upside of 17.9%. In Q1FY23, the company’s net profit rose 44.9% YoY to Rs 1,702.1 crore and revenue increased 18.2% YoY to Rs 35,853.2 crore.

The company beat the brokerage’s Q1 revenue and profit estimates by 1% and 1.1%, respectively. Analysts Parikshit D Kandpal, Nikhil Kanodia, and Manoj Rawat remain positive on the company’s prospects given “its record high order book of Rs 3.6 lakh crore.” They also see its plans to cut its stake in the Hyderabad metro project and revival in private capex as key positives. 

The analysts reduced their target price on account of Mindtree’s proposed merger with Larsen & Toubro Infotech, both subsidiaries of the company. Orders from India constitute 72% of the order book and 73% of all the orders are infrastructure projects, at the end of June 2022. The analysts anticipate the company’s revenue to grow at a CAGR of 13.2% over FY22-24.

  1. Coforge: Chola Wealth Direct maintains its ‘Buy’ rating on this IT consulting & software company with a target price of Rs 4,760. This indicates an upside of 20.2%. In Q1FY23, the company’s net profit rose 21.1% YoY to Rs 149.7 crore and revenue was up 25.2% YoY to Rs 1,829.4 crore.

Analyst Mugilan K expects the company’s profits to increase on the back of “strong growth in repeat business, improving order book, and increasing offshore revenues”. The analyst believes the near record-high total contract value of $315 million including two-large deal wins this quarter will boost profit growth in FY23. 

Mugilan added that executable projects in the order book stood at $745 million at the end of Q1FY23, which suggests high growth visibility in the medium term. He sees the company increasing its revenue growth guidance for FY23 to 20% or more as a key positive. He also anticipates the company’s EBITDA margin to expand 150-200 bps YoY “on account of continued offshoring, improvement in utilisation and pyramid rationalisation”, and expects the company’s profit to grow at a CAGR of 18.7% over FY22-24.  

  1. Asian Paints: Prabhudas Lilladher gives a ‘Buy’ call to this paint company with a target price of Rs 3,363. This indicates an upside of 1.2%. In Q1FY23, the company’s profit grew by 78.9% YoY to Rs 1,016.9 crore and revenue grew 53.4% YoY to Rs 8,705.9 crore. 

Amnish Aggarwal, Harish Advani, and Aashi Rara remain positive on the company on the back of market share gains in decorative paints, increased distribution, innovations & focus on high-growth waterproofing/wood finishes segment, as well as scalability plans in home décor. They added, “We expect Asian Paints to sustain premium valuations given strong growth visibility. The analysts are cautious given Grasim’s aggressive entry plans in decorative paints in FY24. The company expects commodity prices to remain volatile in the near term despite strong demand.

The analysts lower upside expectation from current levels on the stock may be because the company’s current TTM PE of 91.3, which is higher than its three-year and five-year PE ratios of  81.1 and 73, respectively.

  1. SRF: ICICI Direct retains a ‘Buy’ call on this specialty chemicals company. This indicates an upside of 12.1%. In Q1FY23, the company reported profit growth of 53.8% to Rs 608 and revenue growth of 43.9% to Rs 3,904.6 crore. 

According to analysts Siddhant Khandekar and Dhavan Shah, the company’s revenue growth was better than their estimates, led by chemicals, and packaging film segments. The analysts added, “The growth from the chemical segment was driven by robust demand for flagship products.” Operating margins for the quarter expanded 60 basis points YoY to 25.5%. The analysts believe that higher operating margins led to strong performance.

The company has planned capex of approximately Rs 560 crore towards projects like a dedicated facility to produce agrochemical intermediate, pharmaceutical intermediates, and belting fabrics, among others. Khandekar and Dhavan said, “continuous capex towards specialty chemicals on the back of higher consumption of fluoro compounds across agrochemical and pharma supports strong business performance in the years to come.”

  1. Axis Bank: Edelweiss reaffirms its ‘Buy’ rating on this bank with a target price of Rs 727, indicating an upside of 30.6%. In Q1FY23, the bank’s profit grew by 85.9% YoY to Rs 4,380.6 crore and revenue by 11.8% YoY to Rs 22,686.5 crore.

The bank’s advances grew 14% YoY to Rs 7 lakh crore, and deposits grew 12.6% to Rs 8 lakh crore. Net interest income (NII) increased by 20.9% YoY to Rs 9,384 crore, and analyst Raj Jha said that this was driven mainly by net interest margin (NIM) expansion. NIM increased by 14 basis points YoY to 3.6%.

Jha noted, “We believe this (the growth in NII and NIM) is a very positive outcome achieved through both the impact of asset repricing and changes in business mix.”  He observes that the bank performed well in terms of operating parameters and asset quality.” He adds, “We believe credit growth will remain in the mid-to-high teens over FY22-24, as the wholesale segment makes a comeback.” He concludes that eventual growth in NIM expansion should result in a steady increase in the bank’s return ratios.

Note: These recommendations are from various analysts and are not recommendations by Trendlyne

 
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The Baseline
30 Jul 2022
India keeps growing as global economy struggles, brokers upgrading stocks in past one month
By Deeksha Janiani

The phrase may you live in interesting times can easily be a curse. That's where we are in the global economy - every day there is fresh drama. We check the daily news with some nervousness: what has Putin done now? Is there a new Covid variant? Are the inflation numbers out?

In these interesting times, where does India stand?

In this week’s Analyticks:

  • India keeps growing in a tough global climate
  • Screener: Stocks with new target price/recommendation upgrades from brokers

Let’s get into it.

India keeps its head up in a tough global environment 

The United States' dominance in the global economy meant that everytime it caught a cold, the world sneezed. The US has gone into an economic recession three times since the start of the 21st century. How did Asia fare during these situations? 

Each of these times, Asian countries underperformed the US economy in real GDP growth rate by a percent or more. For instance, when real GDP for the US fell 3% YoY between Q1 2008 and Q1 2009, Asian GDP (excluding Japan) proved to be more vulnerable, and fell by close to 6%. 

Cut to 2022, the US saw its real GDP shrink by 1.6% YoY in Q1 2022. It may shrink further in Q2 this year, according to Atlanta Federation’s economy tracker. In simple terms, an economic recession is defined to occur when there is a fall in national output for two back-to-back quarters. 

The situation in the European Union is not encouraging either. Its Purchasing Managers index (PMI) fell below the psychological mark of 50 in July 2022. This indicates contraction in economic activity last seen only in the pandemic months, and in June 2013. 

The key question here is whether emerging economies, particularly the Asian behemoths India and China, will behave differently should a recession in the US happen now. 

Decoupling?: India’s inflation levels ease, as situation worsens in US and Europe

The consumer price inflation (CPI) levels in the US climbed to 40-year highs in June 2022 led by a spike in energy prices. Meanwhile, the European Union (EU)’s inflation rate has been rising sharply over the past one year. 

The European economy is heavily reliant on Russian natural gas for its energy needs. But gas flows from Russia to the EU are being reduced, with the Russians giving increasingly hard to believe, dog-ate-my-homework reasons for not restoring gas supplies, like 'maintenance' and 'engine failure'.

As a result fuel and electricity prices are soaring in EU. This is pushing inflation levels up and setting the stage for a difficult winter, with looming fuel shortages for heating. German winters have temperatures that regularly fall below zero degrees.

On the other hand India's inflation levels remain lower than that of US and Europe. CPI for India fell from peak levels seen in April 2022. This was backed by lower fuel prices and the rate hikes by RBI. 

If there is one country that has significantly beaten the global inflationary trend, it is China. Although its inflation levels touched a 2-year high in June, they are very low compared to others. Reports suggest that lower consumer demand, Covid lockdowns, and the export-oriented nature of the Chinese economy are key reasons. 

Indonesia’s inflation levels have also remained lower at 4.4% in June, owing to robust commodity exports as inflation this time is largely due to supply-side constraints. It's been one of the best performing markets in 2022 so far. 

Economic recovery uneven for India, as growth slows down in China

India’s composite PMI level has been on a sustained uptrend since the past six months and remained at healthy levels in June 2022. This growth is led by the expansion in services activity which touched a 11-year high last month.

However, the rate of expansion in manufacturing activity dropped between February and June. 

More evidence of a slowdown in manufacturing activity comes in the Index of Industrial Production (IIP), a measure of India’s industrial output. Manufacturing output in May 2022 fell 1% compared to the pre-Covid era. Within the manufacturing sector, it is base metals and chemicals which saw some real recovery, while pharma, electronics and textiles lagged May-19 levels. 

Now we come to China, the biggest emerging economy in the world by GDP, which stood at $17.7 trillion at the end of 2021. A distant second is India, whose GDP is just 19% of China’s national output. Hence, a growth slowdown in the poster boy of emerging nations changes the equation altogether.  

If we go by the PMI figures, the Chinese economy saw a consistent contraction between March and May due to strict Covid related lockdowns in key economic centres like Shanghai. Moreover, the ‘official’ real GDP growth for the country was nearly zero for Q2 2022. 

Other systemic risks are also emerging for the Chinese economy. There is a wave of homeowners refusing to pay their mortgage instalments due to stalled construction work. According to China’s major banks, there are about $311 million worth of loans at risk from this. 

India set to register fastest economic growth in 2022 and 2023

According to a recent IMF release, the world economic outlook has become gloomier and more uncertain in FY23. This is backed by higher-than expected inflation and disrupted supply chains, leading to reduced consumer demand across major nations. 

Further, the dragon is losing its fire. China’s GDP growth rate is set to fall to just 4% in 2022. And this could have spill-over effects on other emerging nations. This is a country whose GDP growth rate averaged 9.5% between 1978 and 2018.

India is a bright spot here, and set to be the fastest growing economy in the world over the next two years. However, the US Fed announced a federal funds rate hike of 75 bps this week, and there are more hikes likely from the US Central Bank.

This may lead to fresh capital flight in the short term from emerging nations like India, possibly causing their currencies to weaken further. A weaker rupee is a key challenge for India as it is a net importer of crude oil and commodities. 

The next few months are crucial for India. If it comes through the current global turmoil unscathed, this decade could be the one when this South Asian giant fulfills its long awaited economic promise. 

Screener:Retail sales and banks’ credit growth revives in Q1FY23

As Q1 results come in, analysts have been picking out their potential winners. This screener reflects 20 companies, all within the Nifty 500 group, for which the brokers have either upgraded the recommendation or the target price in the past one month. Avenue Supermarts stands out in this list as the company received the highest number of broker recommendation upgrades. 

This retail major saw its revenues nearly double YoY in Q1FY23 backed by rising customer footfalls, high store additions and a low base effect. This is also indicative of improving consumer sentiments at the retail level. 

Mid-tier IT companies like L&T Infotech and L&T Technology Services also turn up in this list. These companies managed to beat their larger peers in terms of sequential revenue growth in Q1FY23. However, they are cautious on the outlook for H2FY23 considering the slowdown in developed world, and they saw a sharp jump in valuations during the recent bull run.

Meanwhile, large-cap and mid-cap banks like ICICI Bank, Axis Bank, IndusInd Bank and Federal Bank received a good no. of target price upgrades from analysts. These banks saw double-digit growth in their loan advances, leading to higher net interest income in Q1FY23. 

You can find some popular screeners here.

 
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The Baseline
29 Jul 2022
Five Interesting Stocks Today
  1. Tanla Platforms: This internet software services company’s stock is down almost 57.7% over the past three months. The stock crashed 20% on the bourses on Tuesday locking into the lower circuit after a dismal Q1 performance and hit a 52-week low of Rs 731. The company’s profit fell both on a sequential (28.6%) and YoY basis (3.9%) to Rs 100 crore, and hence shows up in the screener of companies that declared results in the past week with declining net profit.

Although both profit and margins are down in Q1FY23, the CEO’s message remains positive because of upcoming projects in its platform segment in Q2FY23. He also talks about the problems faced in Q1FY23 - the company’s margins were hit because of internal and external factors of pricing issues with select customers and the fall of the euro against the US dollar.

Brokerages like YES Securities and HDFC Securities maintain a ‘Buy’ rating on the stock. They believe that the seasonally weak quarter will not impact revenue growth for FY23. HDFC Securities expects the Platform business to drive revenue CAGR of 35% for Tanla. The management is positive of maintaining the margin in the range of 19%-20% in Q2 and Q3FY23.

The company also believes that their recent deals with VI and Truecaller will begin to show results by the next quarter which will boost revenue and ease out margins. Right now, the stock is underperforming its industry by 42% in the past 90 days. It’ll be interesting to see how the company bounces back in the next quarter given the fear of recession looming around in the American and European economies.

  1. Craftsman Automation:This auto ancillary company’s stock touched a 52-week high on Wednesday, two days after its Q1FY23 results. The stock outperformed the Nifty 50 by over 15% in the last one month alone.

Craftsman Automation’s net profit rose nearly 2.4X to Rs 55.6 crore led by its revenue rising over 55% YoY to Rs 677.1 crore in Q1FY23. Although there was a low base in Q1FY22, a healthy revival in demand from OEMs (original equipment manufacturers) also helped boost its profit. In fact, the company’s Q1FY23 revenue beat Trendlyne Forecaster’s estimates by 8%. Craftsman manufactures critical engine and transmission components, especially for the medium and heavy commercial vehicle segment. Though it does cater to the two-wheeler and passenger vehicle segment as well, more than 70% of its annual revenue comes from commercial vehicles (54%) and tractor makers (18%).

Listed commercial vehicle (CV) makers like Ashok Leyland, Eicher Motors and Mahindra & Mahindra crossed pre-pandemic wholesales levels in Q1FY23. However, Tata Motors’ CV wholesales were still at 75% of the pre-Covid figure, although they rose 2X on a YoY basis in Q1FY23. Based on these positive trends in wholesales and a rebound in industrial activity, Crisil recently upgraded the credit rating of Craftsman’s long-term loans to A+ from A, while its outlook remained ‘stable’. Consensus estimates from Trendlyne’s Forecaster shows that revenues of this company may grow close to 20% in FY23, in line with the management’s commentary. It’s no surprise that the consensus among analysts is a ‘Strong Buy’ for this auto component player.

  1. Zomato: This restaurant aggregator and food delivery company’s stock fell over 23% in two days at the beginning of the week after the one-year lock-in period on the shares held by its pre-IPO (initial public offering) investors ended. The lock-in period applies to institutional investors who were allotted shares just before the IPO. Though the stock recovered about 8% of its losses by Thursday, it is down 73% from its all-time high of Rs 169 seen on November 16, 2021, and trades below its IPO issue price of Rs 76.

The company is backed mainly by private equity and venture capital funds and has no listed promoter. A diverse shareholding could’ve contributed to the sell-off after the one-year freeze on pre-IPO investors’ holding ended. The sell-off continued on Tuesday with Zomato's pre-IPO investor Moore Strategic Ventures selling its entire stake for Rs 187 crore.

Despite a sharp fall in Zomato’s share price, foreign brokerages like Jefferies and Credit Suisse maintain a positive outlook on the company, according to reports. Both brokerages’ target price for the stock indicates an upside of over 100%. Credit Suisse maintained its ‘outperform’ rating with a target price of Rs 90 as it believes the company is on a “clear road” to profitability with its existing customers driving the food business. However, investors continue to reassess the profitability timeline post its acquisition of Blinkit for Rs 4,447 crore in July. Zomato’s Q1Y23 results are to be declared on Monday and may throw some light on the company’s road to profitability.

  1. Tata Steel: This steel maker’s stock was very volatile and closed 2.3% lower on Tuesday after it announced its Q1FY23 results. Elevated coking coal prices and the export duty on steel impacted the overall performance of the company in Q1. Its net profit fell 12.8% to Rs 7,765 crore as raw material costs rose 56.7% YoY. Revenue, on the other hand, grew 18.8% YoY to Rs 63,430 crore driven by higher steel realisations in India and Europe. Even though the company’s profit fell YoY, it managed to beat Trendlyne’s Forecaster profit estimates by 26.1%.

The silver lining in Q1 for the company was its European business achieving its highest quarterly EBITDA of 621 million pounds (or Rs 6,037 crore), up more than 2X YoY. This made up for the 39% YoY fall in the Indian business’ EBITDA. The margin expansion was driven by long-term contracts and a healthy product mix.

This is surprising considering the European business dragged the overall performance of the company for many quarters. EBITDA per tonne jumped nearly 4.3X YoY to Rs 28,220. In India, even though its steel deliveries marginally fell due to a reduction in exports, revenue per tonne rose 11.4% QoQ aided by a robust marketing network.

Going forward the management expects the rest of FY23 to be challenging for the Indian steel industry due to the Russia-Ukraine war, elevated input costs and imposition of export duty. However, sales volumes and margins are expected to improve from H2FY23 onwards as demand may improve  and rising raw material costs ease, the management added. The company anticipates a rise in demand from H2FY23 as the monsoon season ends. It expects a revival in the automobile sector and the Centre’s increased spending on infrastructure to boost steel demand.

  1. Navin Fluorine International: This chemical company rose 11.1% on Monday after announcing its Q1FY23 results. The surge in its stock price was mainly due to the company’s Q1FY23 EBITDA margin expanding 110 bps YoY to 24.9%. Margins improved due to price hikes and a change in the product mix towards high-margin products. The company’s net profit grew 33.1% YoY to Rs 74.4 crore and revenue rose 21.7% YoY to Rs 397.5 crore. 

However, it missed Trendlyne’s Forecaster revenue and profit estimates by 6.4% and 3.9%, respectively. The revenue growth was driven by the speciality chemicals and high-performance products (HPP) segments. The HPP segment involves mostly the production of refrigerant gas and inorganic fluorides. The company also shows up on this screener that has companies outperforming their industries over the past 90 days. 

The company’s margin expansion beat the street’s expectation, according to Edelweiss. Its margin rose amid concerns over margin pressure faced by chemical companies in India due to rising fuel costs. Surprisingly, the company’s specialty chemicals and HPP segments derive a majority of their revenue from the Indian market. According to the company, repeat orders drove the speciality chemicals segment’s revenue growth, and higher volume and better realisations drove the HPP segment’s revenue growth.

Going forward, the management expects strong demand for fluorine-based specialty chemicals in FY23. Motilal Oswal expects the demand for fluorine from the pharmaceutical and agriculture industries in the coming quarters. The company plans to expand its product portfolio through capacity expansion and new product launches to meet rising demand over the long term.

Trendlyne's analysts identify stocks that are seeing interesting price movement, analyst calls, or new developments. These are not buy recommendations.

 
Trendlyne Marketwatch
Trendlyne Marketwatch
29 Jul 2022
Market closes higher, ICICI Direct keeps 'Buy' rating on Maruti Suzuki

Trendlyne Analysis

Nifty 50 rose over 220 points and closed at a three-month high, with the volatility index, India VIX, falling below 17%. The Nifty 50 closed above the 17,100 mark and ended the session higher than its 200-day simple moving average or SMA. European stocks traded higher as Eurozone’s GDP rose 0.7% in the second quarter, topping analysts’ expectations. However, Eurozone inflation hits a record high of 8.9% in July.

Major Asian indices closed mixed despite the US indices closing higher on Thursday. The tech-heavy index, NASDAQ 100, rose 0.9% while the S&P 500 closed 1.2% higher. US GDP falls 0.9% in Q2CY22 and shrinks for a second consecutive quarter, which is one of the common criteria for a recession. This fall in GDP may push the US Federal Reserve to re-assess the aggressive rate hikes going forward. 

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, following the benchmark index. Nifty Metal and Nifty Auto closed higher than Thursday’s levels. Nifty IT closed sharply higher, tracking the NASDAQ 100, which closed in the green on Thursday.

Nifty 50closed at 17,158.25 (228.7, 1.4%), BSE Sensexclosed at 57,570.25 (712.5, 1.3%) while the broader Nifty 500closed at 14,665.65 (196.6, 1.4%)

Market breadth is in the green. Of the 1,884 stocks traded today, 1,187 showed gains, and 644 showed losses.

  • Chemplast Sanmar, Cholamandalam Financial Holdings, Zydus Wellness, and Procter & Gamble Hygiene & Healthcareare trading with higher volumesas compared to Thursday.

  • Sun Pharma reports an increase in net profit by 42.7% YoY to Rs 2,060.8 crore, against a net loss of Rs 2,277.2 crore in Q4FY22. Expenses increase 14% YoY causing EBITDA margin to fall 190 bps to 26.8%. The management continues to focus on expanding the specialty business globally and improve its market share.

  • Ashok Leyland is rising as it posts a net profit of Rs 5.3 crore in Q1FY23 compared to a loss of Rs 273.9 crore last year. The softening of steel prices along with a more than 2X YoY rise in revenue aids profit growth. Revenue grows on the back of robust volume growth in the medium and heavy commercial vehicles (MHCV) segment. The company’s MHCV market share in Q1 rises by 300 bps YoY to 30%. Revenue from the commercial vehicle segment rises 2.3X YoY.

  • Deepak Fertilisers & Petrochemicals' Q1FY23 net profit rises 233.5% YoY to Rs 435.7 crore as its margins improve. EBITDA margins rise 910 bps YoY to 24.3%. Increase in revenue of chemicals segment by 59.4% YoY to Rs 3,031.1 crore aids revenue growth.

  • All commodity stocks are trading in the green. Stocks like UltraTech Cement, Oil and Natural Gas Corp, JSW Steel, NTPC, among other are up by 1.5%. The broader sectoral index Nifty Commodities is also rising in trade.

  • HDFC is rising as its Q1FY23 net profit is up 22% YoY to Rs 3,668.8 crore. Net interest income rises 7.8% YoY as assets under management also increase 17% YoY to Rs 6.7 lakh crore. The management says that despite the rate hikes, demand for home loans remains strong with 92% of home loan applications coming in through digital channels.

  • Glenmark Pharmaceuticals’ US arm receives US FDA approval for its Norethindrone Acetate and Ethinyl Estradiol Capsules. These drugs, which are used as contraceptives, have a market size of $ 85.9 million.

  • PNC Infratech is rising as its signs a concession agreement with the National Highways Authority of India for a hybrid annuity mode project worth Rs 864 crore. The project involves the upgradation of an existing road to a four-lane bypass in Hardoi district of Uttar Pradesh.

  • GMM Pfaudler rises as its Q1FY23 net profit jumps 17.2X YoY to Rs 44.5 crore. Its revenue is also up 34% YoY with overseas revenue increasing 32%. The board also approves the acquisition of 100% stake in Hydro Air Research Italia for 4.96 million euros.

  • ICICI Direct maintains its ‘Buy’ rating on Maruti Suzuki India with a target price of Rs 10,000. This indicates an upside of 15%. The brokerage believes the company is well-placed to capitalise on the growing demand for passenger vehicles and sport utility vehicles in India. It also sees the company’s robust order book and encouraging customer responses towards its new product launches as key positives. The brokerage expects the company’s net profit to grow at a CAGR of 63.5% over FY22-24.

  • TVS Motor Co rises and touches an all-time high of Rs 953 as it is back in black with a net profit of Rs 305.4 crore in Q1FY23 against a loss of Rs 10.6 crore in Q1FY22. It missed Trendlyne’s Forecaster estimate by 1.5%. Revenue is up 56% YoY with revenue from automotive vehicle and parts rising 57%.

  • GMM Pfaudleris trading with more than 20 times its weekly average trading volume. Westlife Development, Finolex Cables, The Fertilisers and Chemicals Travancore, and SBI Life Insurance Company are trading at more than five times their weekly average trading volumes.

  • Punjab National Bank is falling as its net profit falls 70% YoY to Rs 308.4 crore as provisions for non-performing assets (NPAs) rise 48% YoY. The asset quality of the bank fell as gross and net NPA falls 306 bps and 156 bps YoY, respectively. However, net interest income rises 4.3% YoY in Q1FY23.

  • Vedanta is rising as its Q1FY23 net profit grows despite high production costs as power and fuel costs rise 2.3X YoY to Rs 8,953 crore. Net profit rises 4.7% YoY to Rs 4,421 crore. Revenue grows 35.9% YoY on the back of higher sales volume and strategic hedging gains. The domestic zinc and lead segment drives revenue growth, as it rises 54.6% YoY to Rs 8,066 crore. However, high input costs dent margins, as the operating margin falls by 8.3 percentage points YoY to 26.4%

  • Yes Bank’s board to consider raising funds today, according to reports. Private Equity firms like Carlyle and Advent are looking for a 10% stake each as a part of funding.

  • IFB Industries posts its first profit in two quarters in Q1FY23 at Rs 1.9 crore. This was helped by the company posting an EBITDA of Rs 34.4 crore during the quarter compared to an operating loss of Rs 31.6 crore in Q1FY22. Revenue from home appliances and engineering segments aided the company's revenues to grow 86.6% YoY to Rs 1,067.4 crore.

  • All metal stocks are trading in the green. Stocks like JSW Steel, Tata Steel, Hindalco Industries, Jindal Steel & Power, Steel Authority of India (SAIL), among others are up by more than 2.5%. The broader sectoral index Nifty Metal is also rising in trade.

  • Dr. Reddy’s Laboratories is falling despite net profit surging more than 3X YoY to Rs 1,189 crore. Profit jumps as the company recognizes Rs 563 crore in Q1 as other income from a settlement agreement with Indivior Inc. It received $ 50 million or (Rs 397.3 crore) out of the total $ 72 million which is receivable by March 31, 2024. Revenue rises 6% YoY driven by new product launches across businesses and divestment of a few non-core brands in India. However, high commodity prices hurt the company’s margins, gross margin falls 230 bps YoY to 49.9%.

  • Indus Towers Managing Director and Chief Executive Officer Bimal Dayal resigns on Thursday to pursue opportunities outside the company. His relieving date is under discussion.

  • Kalpataru Power Transmission (KPTL) receives new orders worth Rs 1,842 crore on a consolidated basis for metro rail electrification, railway projects and other overseas projects. Its subsidiary, JMC Projects, also receives orders worth Rs 631 crore in its buildings and factories business. KPTL’s order book now stands at Rs 8,000 crore for the current year.

  • SBI Life Insurance’s Q1FY23 net profit rises 17.8% YoY to Rs 262.8 crore as annualized premium equivalent (APE) rises 80% YoY. Also, the company’s gross written premium (new business premium + renewal premium) is up 35% YoY. With the pandemic effects waning out, the company sees a surge in value of new business premiums (VNB) by 130% YoY. This lead to an improvement in margins by 6.7 percentage points to 30.4%.

Riding High:

Largecap and midcap gainers today include SBI Life Insurance Company Ltd. (1,294.40, 8.64%), Dr. Lal Pathlabs Ltd. (2,303.60, 7.42%) and Tata Steel Ltd. (107.60, 7.22%).

Downers:

Largecap and midcap losers today include Shriram Transport Finance Company Ltd. (1,379.75, -5.56%), Mahindra & Mahindra Financial Services Ltd. (186.70, -5.32%) and Dr. Reddy's Laboratories Ltd. (4,090.35, -3.98%).

Volume Shockers

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

Top high volume gainers on BSE included GMM Pfaudler Ltd. (1,599.40, 19.06%), Route Mobile Ltd. (1,400.60, 13.37%) and Westlife Development Ltd. (584.30, 9.32%).

Top high volume losers on BSE were Intellect Design Arena Ltd. (630.40, -5.47%), Dr. Reddy's Laboratories Ltd. (4,090.35, -3.98%) and Shriram City Union Finance Ltd. (1,941.65, -1.95%).

Sundaram Clayton Ltd. (4,676.75, 2.70%) was trading at 24.4 times of weekly average. Finolex Cables Ltd. (424.55, 6.75%) and HEG Ltd. (1,176.05, 8.18%) were trading with volumes 13.8 and 8.5 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

19 stocks took off, crossing 52-week highs, while 1 stock tanked below its 52-week lows.

Stocks touching their year highs included - Adani Transmission Ltd. (3,109.60, 3.22%), Ashok Leyland Ltd. (149.00, 2.37%) and Blue Dart Express Ltd. (8,587.45, 3.45%).

Stock making new 52 weeks lows included - Sanofi India Ltd. (6335.00, -0.08%).

43 stocks climbed above their 200 day SMA including GMM Pfaudler Ltd. (1,599.40, 19.06%) and Devyani International Ltd. (178.95, 8.22%). 2 stocks slipped below their 200 SMA including Gillette India Ltd. (5,201.30, -0.38%) and Granules India Ltd. (299.65, -0.17%).