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Trendlyne Marketwatch
Trendlyne Marketwatch
23 Apr 2024
Market closes flat, NBCC's (India) FY24 order wins rise 250% YoY to Rs 23,500 crore
By Trendlyne Analysis

Nifty 50 closed at 22,368 (31.6, 0.1%), BSE Sensex closed at 73,738.45 (89.8, 0.1%) while the broader Nifty 500 closed at 20,652.65 (77.8, 0.4%). Market breadth is in the green. Of the 2,078 stocks traded today, 1,262 showed gains, and 774 showed losses.

Indian indices fell from their day highs and closed marginally higher. The volatility index, Nifty VIX, fell sharply by 19.7% and closed at 10.2 points. Rallis India fell and closed in the red after its revenue declined by 16.6% YoY to Rs 436 crore in Q4FY24 due to weak export demand. 

Nifty Smallcap 100 and Nifty Midcap 100 closed higher, outperforming the benchmark index. Nifty IT and Nifty FMCG closed higher than their Monday close. According to Trendlyne’s sector dashboard, Telecommunications Equipment emerged as the best-performing sector of the day, with a rise of 4.3%.

Major Asian indices closed in the green, except for India’s BSE Sensex index closing flat. European indices traded in the green amid positive global cues. US index futures traded marginally higher, indicating a positive start to the trading session. Brent crude oil futures fell from their day highs and traded marginally higher on a volatile day of trade.

  • Money flow index (MFI) indicates that stocks like Just Dial, Motilal Oswal Financial Services, Elecon Engineering and Hindustan Aeronautics are in the overbought zone.

  • NBCC (India) rises as its FY24 order wins rise 250% YoY to Rs 23,500 crore. Significant business orders include a development project from the Kerala State Housing Board, the construction of grain storage facilities for the agri-infrastructure sector, and various infrastructure works for SAIL in Bhilai, Bokaro, etc.

  • One 97 Communications (Paytm) reportedly gets approval from the National Payments Corporation of India (NPCI) to enable the transfer of its users' UPI payments to other banks like Axis Bank and HDFC Bank. Users with current UPI IDs ending in "@paytm" will be assigned new IDs corresponding to these banks.

  • Himadri Specialty Chemical, Glenmark Lifesciences, UTI Asset Management Co and Aavas Financiers surge by 18.8%, 6.2%, 4.1% and 3.4% respectively over the past week, ahead of their Q4FY24 results on Thursday.

  • KR Choksey retains its 'Buy' rating on Bajaj Auto with an upgraded target price of Rs 10,263 per share. This indicates a potential upside of 16.3%. The brokerage forecasts that the company's growth will be driven by its entry into new export markets, expansion of the Triumph brand domestically and internationally, and an increase in the electric two-wheeler and three-wheeler network. It expects the company's revenue to grow at a CAGR of 13.1% over FY24-26.

  • RPP Infra Projects rises as its joint venture with V Sathyamoorthy & Co. wins an order worth Rs 412.8 crore to upgrade Raipur Railway Station.

  • Goldman Sachs prefers Power Grid Corporation of India and Hitachi Energy India in the power transmission and distribution (T&D) space. It predicts that by FY50, India's power transmission investment needs will exceed $500 billion, about 30% of the total for its energy transition. High electricity demand is also boosting earnings and prospects in the power industry.

  • JNK India's Rs 649.5 crore IPO gets bids for 0.4X the available 1.1 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 0.3X the available 56.1 lakh shares on offer.

  • Inox Wind's board of directors is set to meet on Thursday to discuss the issuance of bonus shares to its equity shareholders. It features in a screener of companies where mutual funds have increased shareholding in the past month.

  • Anand Rathi initiates coverage on Coal India with a 'Buy' rating and a target price of Rs 520 per share. This indicates a potential upside of 17.4%. The brokerage expects the company's productivity to improve on the back of its cost-saving measures and infrastructure-improvement projects. It expects the company's revenue to grow at a CAGR of 8.5% over FY23-26.

  • Vikas Gupta, MD of PG Electroplast, expects robust growth in the first half of this year, along with a 35-40% increase in the AC segment. He adds that there has been a moderation of 8-10% in AC prices due to softening commodity prices. The penetration of ACs in the Indian market remains around 9%.

  • Telecom stocks like Tejas Networks, Vodafone Idea, Tata Teleservices and ITI are rising in trade. The broader sectoral index, BSE Telecom, is also trading in the green.

  • Indian Overseas Bank's board of directors approves fundraising of Rs 5,000 crore via multiple instruments like a follow-on public offer, rights issue, qualified institutional placement or preferential issue of shares.

  • HPL Electric & Power surges by 10% following the launch of HPL Fans in the Middle East, Africa, and SAARC countries (Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka).

  • R R Kabel announces the termination of Chief Executive Officer (CEO) Dinesh Aggarwal, effective April 22, 2024. Managing Director Shreegopal Rameshwarlal Kabra will assume the responsibilities of CEO.

  • India’s flash manufacturing PMI remains unchanged at 59.1 in April. The flash services PMI rises to 61.7 in April from 61.2 in March. Business activity marks the highest increase in three months.

  • BlackRock acquires a 1.3% stake in PTC India today. It now holds a 5.8% stake in the company.

  • Realty stocks like DLF, Macrotech Developers, Godrej Properties, and Prestige Estate Projects are rising in trade. All constituents of the broader Nifty Realty are trading in the green, causing the index to rise more than 2%.

  • Hatsun Agro Product surges as its net profit grows 108.8% YoY to Rs 52.2 crore in Q4FY24. Revenue increases by 14.4% YoY to Rs 2,046.9 crore, helped by capacity expansion in curd and milk products, and market assets. The company features in a screener of stocks where mutual funds have increased their shareholding in the past quarter.

  • Sandeep Kalra, CEO of Persistent Systems, highlights the company's target to generate $2 billion in revenue and increase margins by 200–300 basis points. He expects a healthy outperformance for FY25, driven by a robust order book and pipeline.

  • JNK India raises Rs 195 crore from anchor investors ahead of its IPO by allotting 46.9 lakh shares at Rs 415 each. Investors include Goldman Sachs, Mirae, Edelweiss Trusteeship, Allianz Global Investors Fund, DSP Mutual Fund, Nippon Life India, Aditya Birla Sun Life Insurance and HDFC Mutual Fund.

  • Mahindra & Mahindra Financial Services falls after detecting fraud at a branch in the North East concerning retail vehicle loans. The fraud involved the forgery of KYC documents and resulted in the embezzlement of company funds. The estimated financial impact of this incident is around Rs 150 crore.

  • Rallis India falls sharply as its revenue declines by 16.6% YoY to Rs 436 crore in Q4FY24 due to weak export demand. However, its net loss contracts by 69.6% YoY to Rs 21 crore during the quarter, helped by reduced raw material costs. It features in a screener of stocks with declining revenue for the past two quarters.

  • Tejas Networks surges as it reports net profit of Rs 146.8 crore in Q4FY24, as against a loss of Rs 11.5 crore in Q4FY23. The profit rise is attributed to a 291.1% YoY growth in sales to Rs 1170.5 crore. The company appears in a screener for stocks with no debt.

  • Reliance Industries' Q4FY24 revenue grows by 10.8% YoY to Rs 2.6 lakh crore, helped by the retail, digital services and oil & gas segments. However, its net profit remains flat at Rs 21,243 crore due to increased inventory, excise duty and employee benefit expenses. The company shows up in a screener of stocks near their 52-week highs, with significant volumes.

  • Nifty 50 was trading at 22,419.35 (83.0, 0.4%), BSE Sensex was trading at 73,955.50 (306.9, 0.4%) while the broader Nifty 500 was trading at 20,665.15 (90.3, 0.4%).

  • Market breadth is surging up. Of the 1,837 stocks traded today, 1,427 were gainers and 359 were losers.

Riding High:

Largecap and midcap gainers today include Vodafone Idea Ltd. (14.35, 11.2%), Aditya Birla Capital Ltd. (216.85, 7.0%) and Linde India Ltd. (7,630.50, 4.8%).

Downers:

Largecap and midcap losers today include Mahindra & Mahindra Financial Services Ltd. (263.45, -5.5%), Sun Pharmaceutical Industries Ltd. (1,484.65, -3.6%) and ABB India Ltd. (6,307.45, -3.3%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Tejas Networks Ltd. (1,088.25, 20%), Cochin Shipyard Ltd. (1,251.95, 13.3%) and Aditya Birla Fashion and Retail Ltd. (263.50, 9.5%).

Top high volume losers on BSE were Mahindra & Mahindra Financial Services Ltd. (263.45, -5.5%), Sun Pharmaceutical Industries Ltd. (1,484.65, -3.6%) and Gillette India Ltd. (6,342, -1.8%).

Hatsun Agro Products Ltd. (1,116.40, 9%) was trading at 57.8 times of weekly average. Tata Teleservices (Maharashtra) Ltd. (84.90, 9.3%) and Welspun Living Ltd. (161.10, 8.2%) were trading with volumes 22.3 and 10.3 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

31 stocks made 52 week highs,

Stocks touching their year highs included - Amara Raja Energy & Mobility Ltd. (1,160.20, 11.4%), Bharti Airtel Ltd. (1,342.35, 3.5%) and Indus Towers Ltd. (359.50, 2.8%).

24 stocks climbed above their 200 day SMA including Tejas Networks Ltd. (1,088.25, 20%) and Tata Teleservices (Maharashtra) Ltd. (84.90, 9.3%). 4 stocks slipped below their 200 SMA including Sapphire Foods India Ltd. (1,412, -4.1%) and Crisil Ltd. (4,194.10, -2.7%).

 
Trendlyne Marketwatch
Trendlyne Marketwatch
22 Apr 2024
Market closes higher, Jio Financial Services' Q4 profit increases 237.7% YoY to Rs 77.8 crore
By Trendlyne Analysis

Nifty 50 closed at 22,336.40 (189.4, 0.9%), BSE Sensex closed at 73,648.62 (560.3, 0.8%) while the broader Nifty 500 closed at 20,574.85 (189.7, 0.9%). Market breadth is surging up. Of the 2,106 stocks traded today, 1,526 were on the uptrend, and 532 went down.

Indian indices extended the gains from the afternoon session and closed in the green. The volatility index, Nifty VIX, dropped by 5.6% and closed at 12.7 points. Jio Financial Services' Q4FY24 profit increased 237.7% YoY to Rs 77.8 crore, and its total income surged over 6x YoY. Interest income has been the primary contributor to this revenue growth.

Nifty Midcap 100 and Nifty Smallcap 100 closed higher following the benchmark index. Nifty PSU Banks and Nifty Pharma closed higher than Friday’s closing level. According to Trendlyne’s sector dashboard, telecommunication equipment emerged as the top-performing sector of the day, with a rise of over 7.1%. 

Most European indices trade in the green, except for Italy’s FTSE MIB and Switzerland’s SMI trading lower. US indices futures trade higher, indicating a positive start. Software firm Salesforce Inc.'s share price gained 3% in the pre-market hours after reports emerged that the firm has dropped plans to acquire database firm Informatica.

  • Relative strength index (RSI) indicates that stocks like Vedanta, Thermax, Exide Industries and Indus Towers are in the overbought zone.

  • Voltas hits an all-time high of Rs 1,395 as UBS reportedly upgrades its rating to ‘Buy’ and raises the target price to Rs 1,800. The brokerage expects a potential increase in the company's market share in the room air conditioner (RAC) segment to around 23% by FY26. UBS also notes improvements in the cost structure, as the company has reworked its supply chain in the RAC segment.

  • Lloyds Engineering Works surges as it wins an order worth Rs 81 crore to supply naval equipment like ship steering gear and ship stabiliser systems.

  • Suraj Estates Developers acquires a 1,073.4 square meter land in Mumbai for Rs 33.1 crore. The land has a gross development value (GDV) of Rs 120 crore.

  • Honasa Consumer's skincare brand, The Derma Co, achieves an annual revenue rate (ARR) of Rs 500 crore, up from Rs 350 crore in September 2023. The brand sold over one crore units in FY24.

  • Jio Financial Services rises as its Q4FY24 profit increases 237.7% YoY to Rs 77.8 crore, and its total income surges over 6x YoY. Interest income has been the primary contributor to this revenue growth. The company appears in a screener for stocks that hit new 52-week highs today.

  • Vodafone Idea's Rs 18,000 crore IPO gets bids for 6.3X the available 1,260 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 0.9X the available 630 crore shares on offer.

  • Escorts Kubota is rising as it increases the prices of its tractors, effective May 1. The price hikes will vary across models and locations.

  • Zomato hikes its platform fee from Rs 4 to Rs 5 per order in selective markets, marking its fourth convenience fee hike in the past year. Elara Capital forecasts that Zomato will process 85-90 crore orders in FY25 and expects a future increase in the platform fee to Rs 8-10 per order in select metro markets over the medium term. The brokerage also notes that the impact on EBITDA will be positive at 1-2%, as the fee hikes are targeted at specific markets.

  • Emkay upgrades HDFC Life Insurance to a 'Buy' rating with an improved target price of Rs 725 per share. This indicates a potential upside of 19.6%. The brokerage cites increased synergy with HDFC Bank, branch expansion plans, and improving productivity at newer partnerships as key drivers for growth in FY25. It expects the company's gross written premium (GWP) to grow at a CAGR of 16% over FY24-27.

  • Consumer durables stocks like Voltas, Whirlpool of India, Aditya Birla Fashion & Retail and Havells India surge more than 3% in trade. All constituents of the broader BSE Consumer Durables index are also trading in the green, helping it to rise more than 2%.

  • Lupin rises as it launches Mirabegron extended-release tablets in the US market, used to treat bladder problems, after receiving approval from the US FDA. The product has annual sales of $2.4 billion.

  • Anil Gupta, CMD of KEI Industries, notes rising demand in the EHV (extra high voltage) cables segment and highlights the company's focus on the real estate & infrastructure and industrial segments. He adds that the company's revenue has grown at a CAGR of 16-17% over the past 15 years, and he expects this growth trend to continue.

  • Persistent Systems' net profit grows 1% QoQ to Rs 315.3 crore in Q4FY24, driven by lower finance costs. Its revenue is up 3.7% QoQ to Rs 2,590.5 crore, led by its BFSI and healthcare segments. It features in a screener of companies with increasing revenue every quarter for the past four quarters.

  • IREDA surges as its net profit grows by 33% YoY to Rs 337.4 crore in Q4FY24, helped by a reduction in the impairment of financial instruments. Revenue also increases by 33.7% YoY to 1,391.6 crore during the quarter. It appears in a screener of stocks with improving net profit and profit margin YoY.

  • Welspun Corp is rising as it bags multiple orders worth Rs 872 crore in India and overseas markets. The order includes the supply of concrete-coated LSAW (longitudinally submerged arc welding) pipes and bends for an oil transportation project in the Middle East.

  • Stefan Borgas, Global CEO of RHI Magnesita, expects the company's overall market share in India to rise to around 40% and its exports to increase to 25% by 2025. He adds that currently acquired assets are at 60% utilization, with plans to boost this to 75-80%.

  • PSU bank stocks like State Bank of India, Punjab National Bank, Bank of Baroda, Indian Overseas Bank and, Union Bank of India are rising in trade. All constituents of Nifty PSU Bank are trading in the green.

  • Rakesh Jhunjhunwala's portfolio sells a 0.9% stake in Geojit Financial Services in Q4FY24. It now holds a 7.3% stake in the company.

  • Porinju Veliyath adds Mitsu Chem Plast to his portfolio in Q4FY24. He buys a 1.7% stake in the company.

  • GSPL plunges by 20% following a revised tariff order from the Petroleum and Natural Gas Regulatory Board (PNGRB), which mandates a 46.8% reduction in the current price of its high-pressure pipeline to Rs 18.1 per million British thermal units (mmbtu). This new tariff will take effect in May. As a result, brokerages like Systematix, CLSA, and Citi have downgraded the stock to a 'Sell' rating.

  • Ashish Kacholia adds Walchandnagar Industries to his portfolio in Q4FY24. He buys a 3.2% stake in the company.

  • HDFC Bank is falling as its asset quality declines with gross and net NPAs increasing by 12 bps YoY and 6 bps YoY respectively in Q4FY24. Its net profit grows by 37% YoY to Rs 16,511.9 crore, and revenue surges by 66.5% YoY to Rs 89,639 crore. It appears in a screener of stocks with increasing revenue for the past eight quarters.

  • KPIT Technologies is rising as its board of directors approves the acquisition of a 100% stake in PathPartner Technology for Rs 191 crore. The acquisition will help the company gain early access to semiconductor technologies, leveraging PathPartner's centres and technical assets for automotive OEMs and Tier 1 suppliers.

  • Wipro's net profit grows by 5.2% QoQ to Rs 2,834.6 crore in Q4Y24 due to reduced inventory, sub-contracting & technical fees, travel, communication, and marketing & brand building expenses. However, its revenue remains flat at Rs 22,208.3 crore, impacted by its Americas and APMEA business. The company appears in a screener of stocks with increasing net profit and profit margin (QoQ).

  • Upbeat trading today, as Nifty 50 was trading at 22,254.60 (107.6, 0.5%), BSE Sensex was trading at 73,088.33 (599.3, 0.8%) while the broader Nifty 500 was trading at 20,532.75 (147.6, 0.7%).

  • Market breadth is overwhelmingly positive. Of the 1,884 stocks traded today, 1,687 showed gains, and 167 showed losses.

Riding High:

Largecap and midcap gainers today include Union Bank of India (150.60, 7.0%), Voltas Ltd. (1,383.15, 6.4%) and YES Bank Ltd. (25.20, 5.2%).

Downers:

Largecap and midcap losers today include Persistent Systems Ltd. (3,508.50, -9.7%), Sona BLW Precision Forgings Ltd. (661.20, -2.9%) and Coromandel International Ltd. (1,094, -2.5%).

Movers and Shakers

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

Top high volume gainers on BSE included Tejas Networks Ltd. (906.90, 16.9%), ITI Ltd. (279.45, 12.6%) and Sterling and Wilson Renewable Energy Ltd. (617.65, 10%).

Top high volume losers on BSE were Gujarat State Petronet Ltd. (303.85, -19.5%) and Persistent Systems Ltd. (3,508.50, -9.7%).

Bombay Burmah Trading Corporation Ltd. (1,570.30, 4.9%) was trading at 19.8 times of weekly average. Maharashtra Scooters Ltd. (7961.95, 6.2%) and Voltas Ltd. (1,383.15, 6.4%) were trading with volumes 7.5 and 6.9 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

21 stocks took off, crossing 52 week highs, while 1 stock were underachiever and hit their 52 week lows.

Stocks touching their year highs included - Bharti Airtel Ltd. (1,297.55, 0.7%), Eicher Motors Ltd. (4,466.95, 2.8%) and Hindustan Copper Ltd. (379.05, 4.1%).

Stock making new 52 weeks lows included - Sheela Foam Ltd. (912.50, -2.3%).

17 stocks climbed above their 200 day SMA including Tejas Networks Ltd. (906.90, 16.9%) and Whirlpool of India Ltd. (1,525.70, 5.8%). 8 stocks slipped below their 200 SMA including Gujarat State Petronet Ltd. (303.85, -19.5%) and Coromandel International Ltd. (1,094, -2.5%).

 
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The Baseline
19 Apr 2024
Five Interesting Stocks Today - April 19, 2024

1. Ambuja Cement:

This cement manufacturer is currently trading near its 52-week high of Rs 640.8. This comes after promoter Adani Group invested an additional Rs 8,339 crore in the company. With this, the Adani family’s total infusion into Ambuja Cement reaches Rs 20,000 crore, via preferential warrants. The group had acquired Switzerland-based Holcim’s 63.1% stake in Ambuja Cements in September 2022. It invested Rs 5,000 crore in October 2022 and Rs 6,661 crore in March 2024. Their stake in Ambuja Cements has now increased to 70.3%. 

The additional capital from the Adani family will enable Ambuja Cements to fast-track its expansion plans. The cement manufacturer is looking to establish dominance in the cement space, and plans to double its production capacity to 140 million tonnes per annum by FY28. Ajay Kapur, CEO of Ambuja Cements said, "This infusion of funds enables various initiatives including debottlenecking capex, to enhance operational performance and bring efficiencies across resources, supply chain”. 

Ambuja has expanded its capacity by 15% (9.9 MTPA) in the past year. The majority of capacity expansion was on account of the acquisition of Sanghi Industries (6.1 MTPA) and Asian Concrete & Cements (2.8 MTPA). In addition, Ambuja is doing a brownfield expansion of 12 MTPA. 

Ambuja Cement’s net profit TTM stands at Rs 3,166.6 crore, up 63.4% YoY, and revenue TTM at 32,231.6 crore. According to Trendlyne’s Forecaster, the company’s net profit is expected to grow by 47.2% YoY in Q4FY24.  

Earlier this week, Ambuja Cements signed an agreement to acquire My Home Group's 1.5 MTPA cement grinding unit in Tuticorin, Tamil Nadu for Rs 413.75 crore. This is expected to boost the company’s coastal footprint across southern markets of Tamil Nadu and Kerala.

ICICI Securities maintains its ‘Buy’ with a target price of Rs 831 (factoring in the equity dilution post-warrant conversion). The brokerage is optimistic about the company’s growth prospects and believes it has the potential to outperform its peers in capacity growth.

2. Phoenix Mills:

This realty company achieved an all-time high of Rs 3,265 on Thursday after rising 18.5% in the past month. This rise came after the company reported its business update for Q4 & FY24, which showed a 22% YoY increase in retail consumption in FY24  to Rs 11,327 crore. Global brokerages reiterated their bullish stance on the stock post-update.

Morgan Stanley reaffirmed its 'Overweight' rating, noting that same-store consumption has surpassed consensus expectations, indicating a revival in growth. Trendlyne’s Forecaster estimates a 36% YoY revenue growth to Rs 3,589 crore in FY24, with a 42.1% increase in EPS. According to the data released by the Ministry of Statistics, Indian households are spending less on food, and more on discretionary items. This justifies Phoenix’s growth, as 70% of its revenue comes from malls that deal in discretionary items.

Phoenix Mills aims to expand its office portfolio by 5.1 million square feet near its existing malls in the next three years, boosting its operational office space to 7 million square feet by 2027, a significant increase from the current 2 million square feet.

Managing Director, Shishir Shrivastava, noted the strong rebound in office space demand, nearing pre-pandemic levels in major cities like Mumbai, Pune, Bengaluru, and Chennai, where the company intends to develop office spaces. He emphasized the high demand for quality office space, reflected in low vacancy rates and strong rental trends in grade-A buildings in these cities.

The Hong Kong-based brokerage CLSA has maintained its outperform rating on the stock and increased its target price to Rs 3403 from the previous target of Rs 2825. This suggests a potential upside of 9% from the current levels.

3. Ramkrishna Forgings:

This industrial products manufacturer has risen by 11.9% in the past week after winning two orders. The firm bagged a Rs 270 crore order from the Bharat Heavy Electricals-Titagarh Rail Systems consortium for Vande Bharat train components. It also secured approval to supply powertrain components to the USA’s largest electric passenger vehicle producer.  The company appears in a screener for stocks outperforming the industry over a month.

In the past week, the company announced a ~9% increase in production capacity to 2,29,150 tonnes per annum, with an investment of around Rs 54.6 crore to cater to the growing customer demand. 

Trendlyne’s Forecaster expects Ramkrishna Forgings to report a 37% YoY growth in net profit in FY24 and a revenue increase of 10.3% YoY. Despite what the management calls challenging business conditions, they expect order growth and better capacity utilization (currently at 95.6%). They also estimate a 15-20% growth in volume over the medium term, supported by new client additions. The company has guided for a turnover of Rs 5,600-6,075 crore annually by FY26. 

“Our ongoing restructuring with arms like ACIL, JMT, MultiTech, and Mal Metalliks will streamline our approach and provide cross-selling opportunities to marquee clientele," says Managing Director Naresh Jalan. 

Ramkrishna Forgings is in diversification mode, looking to enhance its global presence, expand into non-auto products and electric vehicles. The company has expanded its international customer base and grown its export mix from 30.1% in FY19 to 41.5% in 9MFY24. The approval to supply components for electric vehicles enables its entry into the international electric passenger vehicle segment. The firm’s acquisition of JMT Auto will enhance revenue potential in the oil & gas segment, with an expected turnover of Rs 400-500 crore from JMT Auto in FY26. 

The company’s acquisition of Multitech Auto is also projected to result in an EBITDA growth of 18% by FY26. The firm has also planned the acquisition of ACIL to extend its reach into the tractors and passenger vehicles segment.

Sharekhan maintains a ‘Buy’ call on Ramkrishna Forgings on the back of its inorganic growth plan, diversification strategies, and focus on high operating margins.

4. Angel One: 

This capital markets stock declined 12.6% in two sessions after opening in the green on Thursday after the company posted its Q4FY24 results. The stock fell due to its EBITDA margin contracting by 7.7 percentage points YoY to 39% during the quarter. The company spent more on client acquisition and technological upgrades to fend off competition from online brokers such as Zerodha, Groww and Upstox.

Angel One’s net profit increased by 27.4% YoY to Rs 339.9 crore, while revenue rose by 64.4% YoY to Rs 1,357.3 crore on the back of increasing gross client acquisition and average daily turnover (ADTO). Its net profit and revenue beat Trendlyne’s Forecaster estimates by 13.9% and 48.6%. It appears in a screener of stocks with increasing revenue QoQ for the past three quarters.

In the company’s business update for Q4FY24, its overall average daily turnover (ADTO) improved by 139.9% YoY to Rs 44.3 lakh crore. Its client base also increased by 61.5% YoY to 2.2 crore, helped by a 123.7% growth in client acquisition. The company’s average daily turnover (ADTO) in the futures & options (F&O) segment also grew by 141.5% YoY. Despite the rise in ADTO, the company’s overall and FnO market share declined 470 bps and 300 bps YoY, respectively, due to increasing competition.

Speaking on the company’s results, its Chairman and Managing Director, Dinesh Thakkar, said, “Our digital outreach has enabled us to gain clients from tier 1 and 2 cities. We are not yet seeing price pressures or product fatigue in the space, and there are still opportunities for growth. For example, in the cash segment we are among the few players who are not charging customers.”

Post results, Motilal Oswal retains its ‘Buy’ rating on Angel One with an upgraded target price of Rs 4,200 per share. This indicates a potential upside of 56%. The brokerage believes that the company is well positioned to grow business across client acquisition, orders and MTF book due to its Rs 1,500 crore fundraising. It expects the company’s revenue to grow at a CAGR of 20.6% over FY24-26.

5. Bajaj Auto:

This 2&3 wheelers manufacturer’s stock declined by 2.4% on Friday after the company posted its Q4FY24 results on Thursday. The firm beat the Trendlyne Forecaster’s estimates for Q4FY24 for revenue by 0.9%, however missed the net profit estimate by 2.6%. For Q4FY24 the company’s net profit rose by 17.9% YoY to Rs 2,011.4 crore, while its revenue rose by 29.9% YoY on the back of 29.1% rise in the automotive segment revenue. The stock shows up in a screener for companies with low debt.

In Q4FY24 the company reported a 25.5% YoY increase in its total vehicle sales to 3.7 lakh units. The 2-wheeler domestic sales rose by 20% YoY in Q4 to 1.8 lakh units. The company emerged as the largest 125 cc+ player in FY24 where the growth rate was 8X the rest of the industry. In the commercial vehicle segment the company came close to 80% market share for the first time in FY24.

Rakesh Sharma, Executive Director, said: “We are looking for double-digit volume growth in FY25 if the industry grows at 7-8%. The export business environment remained challenging through the quarter and volumes were down sequentially by 20% MoM, largely because business came to a near standstill in Nigeria on account of election-related unrest, as well as demonetization.” However, retail has bounced back post elections”.

Bajaj Auto is managing inventory across 96 countries, of which 40 are key markets. Goldman Sachs revised its target price for Bajaj Auto to Rs 9,380 from Rs 8,780 earlier, with a “Neutral” rating. The brokerage raised the target price due to unexpected volume growth, falling EV battery costs, stable raw material prices, rupee depreciation aiding exports, and price adjustments on Pulsar models affecting the export mix.

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

 
Trendlyne Marketwatch
Trendlyne Marketwatch
19 Apr 2024
Market closes higher, ICICI Securities' Q4 net profit rises 104.4% YoY
By Trendlyne Analysis

Nifty 50 closed at 22,147 (151.2, 0.7%), BSE Sensex closed at 73,088.33 (599.3, 0.8%) while the broader Nifty 500 closed at 20,385.20 (60.5, 0.3%). Of the 2,068 stocks traded today, 923 showed gains, and 1,104 showed losses.

Indian indices recovered from their day lows and closed in the green. The Indian volatility index, Nifty VIX, rose 3.2% and closed at 12.3 points. Infosys closed lower after its Q4FY24 revenue declined by 2.3% QoQ to Rs 37,923 crore, impacted by the financial services, retail, manufacturing, and life sciences segments.

Nifty Smallcap 100 closed flat while the Nifty Midcap 100 closed in the red, underperforming the benchmark index. Nifty Bank and Nifty Metal closed higher than their Thursday close. According to Trendlyne’s sector dashboard, Telecom Services emerged as the top-performing sector of the week, with a rise of 6.3%.

Major Asian indices closed in the red, except for India’s BSE Sensex index closing in the green. European indices traded in the red, amid weak global cues. US index futures traded lower, indicating a negative start to the trading session. Brent crude oil futures pared their gains from the early trading session and traded marginally lower on a volatile day of trade.

  • Syngene International sees a short buildup in its April 25 future series as its open interest rises 11.2% with a put-call ratio of 0.6.

  • Elecon Engineering rises as its Q4FY24 net profit increases 52.6% YoY to Rs 103.7 crore and revenue improves 33% YoY. This is attributed to the performance of the transmission equipment segment. The company appears in a screener for stocks with no debt.

  • Hindustan Zinc is falling as its Q4FY24 net profit declines 21.1% YoY to Rs 2,038 crore. Its revenue drops 12% YoY to Rs 7,285 crore on lower zinc and lead prices and a dip in lead volumes. The company features in a screener of stocks with high promoter pledges.

  • ICICI Securities' Q4FY24 net profit rises 104.4% YoY to Rs 535.4 crore. Revenue grows by 74% YoY to Rs 1,544.4 crore, driven by an increase in broking income from the cash segment and growth in the investment banking segment. The company appears in a screener for stocks with rising mutual fund holdings.

  • Indo Count acquires a home fashion brand Wamsutta from US-based Beyond for a cash consideration of $10.25 million. The company aims to strengthen its brand portfolio and enhance its position in the premium market segment through this acquisition.

  • Indus Towers hits a new 52-week high of Rs 359.5 after signing a memorandum of understanding (MoU) with NTPC Green Energy to explore joint development of grid-connected renewable energy-based power projects.

  • Vodafone Idea's Rs 18,000 crore IPO gets bids for 0.3X the available 1,260 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 0.1X the available 630 crore shares on offer.

  • Motilal Oswal Financial Services rises as it plans to consider a bonus issue of shares on April 26, pending shareholder approval.

  • Adani Group releases Rs 26,500 crore worth of pledged shares in FY24, with Adani Power benefiting the most, followed by Adani Ports & SEZ and Adani Green Energy. In March 2023, Adani Power pledged 72.7 crore promoter shares, which have since been reduced to 44.6 crore.

  • The Food Safety and Standards Authority of India to investigate public claims that Nestle India adds an average of 3 grams of sugar per serving to its Cerelac baby food products.

  • Foreign institutional investors sell Rs 14,438 crore in Indian equities in the past two weeks, according to Trendlyne's FII dashboard. Meanwhile, domestic institutional investors buy equities worth Rs 9,381.5 crore during the same period.

  • Anand Rathi gives a 'Buy' rating to Pricol with a target price of Rs 495 per share. This indicates a potential upside of 17.4%. The brokerage expects the company's revenue to surge on the back of demand for 2-wheelers, commercial vehicles, tractors and off-road vehicles. It expects the company's revenue to grow at a CAGR of 10.6% over FY23-25.

  • Citigroup maintains its 'Sell' rating on TVS Motors with an upgraded target price of Rs 1,450. The brokerage expects weak Q4FY24 results from the company. It notes that the increasingly competitive electric two-wheeler segment, combined with lower operating leverage, could impact TVS's performance in the quarter.

  • SJVN’s subsidiary, SJVN Green Energy, forms a joint venture (JV) company with Assam Power Distribution to engage in power generation from renewable sources, including hydropower, by setting up power plants.

  • Dixon Technologies' arm Padget Electronics inks an agreement with Longcheer Mobile India for the manufacture and sale of smartphones for global brands, leveraging Longcheer's design and technology.

  • Aurionpro Solution rises as it plans to acquire a majority stake (67%) in Arya.ai for $16.5 million to bring in products and expertise in artificial intelligence, deep learning, intelligent automation, etc.

  • Nuvama expects 12 Indian stocks to be included and one high-conviction stock to be excluded during the MSCI's May 2024 rejig of its Emerging Markets Index. Expected inclusions are Indus Towers, NHPC, and Canara Bank, while Berger Paints will be excluded. The brokerage predicts that India's weight in the MSCI Emerging Markets Index will increase to nearly 20% from the current 18.2%.

  • ITC is rising as its arm ITC Infotech acquires a 100% stake in cloud services company Blazeclan Tech for Rs 485 crore.

  • Bajaj Auto is falling as its net profit misses Forecaster estimates by 2.6%, despite an 18% YoY rise to Rs 2,011.4 crore in Q4FY24. Revenue increases by 29.4% YoY, helped by improvements in the automotive and investment segments. It features in a screener of stocks with high promoter pledges.

  • The RBI approves the appointment of Ajith Kumar KK as the Managing Director and Chief Executive Officer of Dhanlaxmi Bank.

  • Tata Motors reportedly plans to import its high-end electric Jaguar Land Rover (JLR) vehicles, aiming to benefit from the recent government policy introduced in March. This policy offers reduced import duties to businesses agreeing to set up local manufacturing facilities and invest a minimum of $500 million within three years.

  • Anil Kumar Goel buys a 0.3% stake in Magadh Sugar & Energy in Q4FY24. He now holds a 4% stake in the company.

  • Rakesh Jhunjhunwala's portfolio sells a 0.4% stake in Federal Bank in Q4FY24. It now holds a 2.6% stake in the company.

  • Gokaldas Exports' board approves raising Rs 600 crore through a qualified institutional placement (QIP), with the floor price set at Rs 790 per share.

  • Infosys is falling as its Q4FY24 revenue declines by 2.3% QoQ to Rs 37,923 crore, impacted by the financial services, retail, manufacturing, and life sciences segments. However, its net profit rises by 30.5% QoQ to Rs 7,969 crore, helped by a tax refund of Rs 1,934 crore received during the quarter. It appears in a screener for stocks that have underperformed their industry’s price change over the past quarter.

Riding High:

Largecap and midcap gainers today include Bajaj Finance Ltd. (7,119.50, 3.3%), Bayer Cropscience Ltd. (5,716.90, 3.0%) and Escorts Kubota Ltd. (3,106.70, 2.9%).

Downers:

Largecap and midcap losers today include Tata Communications Ltd. (1,755.20, -5.3%), Supreme Industries Ltd. (4,067.55, -3.1%) and Lupin Ltd. (1,547.55, -2.9%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Motilal Oswal Financial Services Ltd. (2,232, 7.0%), Raymond Ltd. (2,011.95, 5.3%) and Chalet Hotels Ltd. (879.65, 4.0%).

Top high volume losers on BSE were Tata Communications Ltd. (1,755.20, -5.3%) and Timken India Ltd. (3,043.30, 0.0%).

TTK Prestige Ltd. (694.85, 1.3%) was trading at 3.7 times of weekly average. KSB Ltd. (4,656.45, 3.3%) and ICICI Securities Ltd. (710.65, 1.0%) were trading with volumes 3.7 and 3.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

16 stocks made 52-week highs, while 4 stocks were underachievers and hit their 52-week lows.

Stocks touching their year highs included - Bharti Airtel Ltd. (1,289, 1.8%), Indus Towers Ltd. (351.40, 2.0%) and JSW Energy Ltd. (626.70, -0.3%).

Stocks making new 52 weeks lows included - Asian Paints Ltd. (2,808.55, 0.0%) and Bata India Ltd. (1,320.40, -1.7%).

8 stocks climbed above their 200 day SMA including Bajaj Finserv Ltd. (1,619, 1.6%) and Aavas Financiers Ltd. (1,548.35, 1.3%). 20 stocks slipped below their 200 SMA including Tata Communications Ltd. (1,755.20, -5.3%) and Supreme Industries Ltd. (4,067.55, -3.1%).

 
Trendlyne Marketwatch
Trendlyne Marketwatch
18 Apr 2024
Market closes higher, HDFC Life's net profit grows by 13.7% YoY to Rs 411.6 crore in Q4FY24
By Trendlyne Analysis

Nifty 50 closed at 21,995.85 (-152.1, -0.7%), BSE Sensex closed at 72,611.45 (-332.2, -0.5%) while the broader Nifty 500 closed at 20,324.70 (-98.3, -0.5%). Market breadth is neutral. Of the 2,072 stocks traded today, 970 were on the uptrend, and 1,058 went down.

Indian indices pared the gains from the afternoon session and closed in the red. The volatility index, Nifty VIX, rose by 3.3% and closed at 13 points. Brigade Enterprises reported its highest-ever quarterly presales of Rs 6,013 crore in FY24, driven by an improvement in real estate sales volume to 7.6 million square feet. Collections increased by 9.1% YoY to Rs 5,915 crore in FY24.

Nifty Midcap 100 and Nifty Smallcap 100 closed lower following the benchmark index. Nifty Media closed higher than Tuesday’s closing level. All other major sectoral indices closed lower. According to Trendlyne’s sector dashboard, telecom services emerged as the top-performing sector of the day, with a rise of over 3.8%.

Most European indices trade in the green. US indices futures trade lower, indicating a negative start. European Central Bank Vice-President Luis de Guindos stated that it is clear that interest rates could be cut in June.

  • Money flow index (MFI) indicates that stocks like Exide Industries, Vedanta, Thermax and Honeywell Automation India are in the overbought zone.

  • HDFC Life Insurance is rising as its net profit grows by 13.7% YoY to Rs 411.6 crore in Q4FY24. Revenue increases by 30.1% YoY to Rs 27,945.3 crore, owing to improvements in annual premium equivalent (APE) and sum assured. It appears in a screener of stocks with FIIs increasing their shareholding.

  • DroneAcharya Aerial Innovations rises as it signs an agreement with CBAI Technologies to supply 200 type-certified training drones for three years.

  • Crude oil prices have risen by about 16% this year to approximately $90 a barrel, driven by supply concerns amid escalating tensions in the Middle East.

  • Sharekhan retains its 'Buy' call on Indian Hotels with an upgraded target price of Rs 679. This indicates a potential upside of 14.1%. The brokerage believes that the stock is well-positioned to benefit from the strong growth momentum in domestic tourism. It expects the company's revenue to grow at a CAGR of 16.5% over FY23-26.

  • Deepak S Parekh resigns as the Chairman of HDFC Life Insurance, effective April 18, 2024. The board appoints Keki M Mistry as his successor.

  • Power Mech Projects receives multiple orders worth Rs 232 crore. The orders include projects from Bharat Heavy Electricals, civil and architectural works for the superstructure of a powerhouse, and mechanical structure erection works from Jindal Steel Odisha.

  • Anil Agarwal, Founder and Chairman of Vedanta, predicts that Vedanta Resources, the group's UK-based flagship, will reach an annual operating profit of $7.5 billion in the next two years. He also stated that over the next three years, the company plans to deleverage $3 billion, adding to the $3.5 billion already deleveraged in the past two years.

  • Hathway Cable & Datacom is surging as it posts a net profit of Rs 34.6 crore in Q4FY24, compared to a net loss of Rs 14.6 crore in Q4FY23, helped by reduced employee benefits and operational expenses. Revenue increases by 7.3% YoY to Rs 493.4 crore, driven by improvements in the cable television business. It appears in a screener of stocks with increasing mutual fund holdings over the past quarter.

  • Talbros Automotive Components rises sharply as its joint venture firm, Marelli Talbros Chassis Systems, bags an order worth Rs 1,000 crore from a European OEM. The order is for the supply of suspension arms for both conventional internal combustion engine (ICE) vehicles and electric vehicle (EV) platforms.

  • Sunteck Realty is rising as it reports a 20% YoY growth in sales bookings to Rs 1,915 crore in FY24, driven by strong housing demand. The company’s collections stood at Rs 1,236 crore during the year.

  • Bharti Airtel is set to merge its Sri Lanka operations with Dialog Axiata in an equity swap deal. Dialog Axiata will acquire all issued shares of Airtel Lanka, in return for which Dialog will issue ordinary voting shares to Bharti Airtel, or 10.45% of Dialog Axiata's total issued shares.

  • Capacit'e Infraprojects wins orders worth Rs 549 crore from Macrotech Developers and Raymond to develop a luxury residential project and enhance an existing building.

  • Sterling Tools surges as it inks a memorandum of understanding with South Korea’s Yongin Electronics to enhance its capability to provide solutions for electric vehicles, hybrids, and other automotive applications. This strategic agreement is expected to generate Rs 250 crore in business over the next five years.

  • Just Dial surges to its 52-week high of Rs 1,010 per share as its net profit grows by 38.4% YoY to Rs 115.7 crore in Q4FY24. Revenue improves by 16.2% YoY, driven by an increase in total traffic and active paid campaigns. It features in a screener of stocks with rising net cash flow and cash from operating activity.

  • Nestle India declines over 3% following a report by Public Eye and the International Baby Food Action Network. The Swiss investigative organization accuses the company of adding excessive sugar to baby foods in developing countries, including India, a practice not seen in the U.S. and Europe. Additionally, Nestle is alleged to have violated WHO guidelines that prohibit added sugar in baby food.

  • Brigade Enterprises is rising after achieving presales of Rs 6,013 crore in FY24, driven by an improvement in real estate sales volume to 7.6 million square feet. Collections increased by 9.1% YoY to Rs 5,915 crore in FY24.

  • Zee Entertainment Enterprises withdraws its application filed with the National Company Law Tribunal (NCLT) for the proposed merger with Sony.

  • Tata Communications is rising despite a 1.5% YoY decrease in net profit to Rs 321.2 crore in Q4FY24. However, revenue grows by 24.6% YoY, driven by the data services, transformation services, and campaign registry segments. Its EBITDA margin contracts by 430 basis points YoY, due to higher employee benefits and finance costs.

  • Max Financial gets approval from the Insurance Regulatory and Development Authority of India (IRDAI) for a capital infusion of Rs 1,612 crore (approximately 14.3 crore equity shares) by Axis Bank into Max Life Insurance. With this deal, Axis Bank will hold a 16.2% direct stake in the firm.

  • Ashish Kacholia cuts stake in La Opala RG to below 1% in Q4FY24 from 1.7% in Q3FY24.

  • Rakesh Jhunjhunwala's portfolio sells a 0.3% stake in Tata Motors in Q4FY24. It now holds a 1.3% stake in the company.

  • Mohnish Pabrai sells a 2.6% stake in Edelweiss Financial Services in Q4FY24. He now holds a 5.1% stake in the company.

  • Ambuja Cements is rising as the Adani Group invests Rs 8,339 crore for an additional 3.6% stake. This investment brings Adani Group's total infusion in the company to Rs 20,000 crore.

  • Angel One is surging as its net profit grows by 27.4% YoY to Rs 339.9 crore in Q4FY24. Revenue rises by 64.4% YoY to Rs 1,357.3 crore on the back of increasing gross client acquisition and average daily turnover (ADTO). It appears in a screener of stocks with the highest recovery from their 52-week lows.

  • Nifty 50 was trading at 22,246.80 (98.9, 0.5%), BSE Sensex was trading at 73,186.58 (242.9, 0.3%) while the broader Nifty 500 was trading at 20,557 (134, 0.7%).

  • Market breadth is ticking up strongly. Of the 1,839 stocks traded today, 1,592 were on the uptrend, and 203 went down.

Riding High:

Largecap and midcap gainers today include Mankind Pharma Ltd. (2,395.65, 5.0%), JSW Energy Ltd. (628.50, 4.4%) and Bharti Airtel Ltd. (1,265.75, 4.1%).

Downers:

Largecap and midcap losers today include Indraprastha Gas Ltd. (437.30, -5.5%), Max Healthcare Institute Ltd. (778.10, -4.9%) and Oberoi Realty Ltd. (1,399.15, -4.2%).

Volume Shockers

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

Top high volume gainers on BSE included Just Dial Ltd. (1,009.35, 13.3%), Hitachi Energy India Ltd. (8,288.55, 9.6%) and Mastek Ltd. (2,794.15, 8.2%).

Top high volume losers on BSE were Sterlite Technologies Ltd. (129.95, -8.7%), ABB India Ltd. (6,369.50, -4.1%) and Nestle India Ltd. (2,462.55, -3.3%).

C.E. Info Systems Ltd. (1,942.45, 4.9%) was trading at 10.4 times of weekly average. ICICI Lombard General Insurance Company Ltd. (1710.10, 3.7%) and Angel One Ltd. (2,792.80, -2.1%) were trading with volumes 7.7 and 7.5 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

31 stocks made 52 week highs,

Stocks touching their year highs included - Aegis Logistics Ltd. (503.95, -4.2%), Amara Raja Energy & Mobility Ltd. (993.55, 2.6%) and Bharti Airtel Ltd. (1,265.75, 4.1%).

10 stocks climbed above their 200 day SMA including Timken India Ltd. (3,044.50, 3.9%) and Crompton Greaves Consumer Electricals Ltd. (297.75, 2.9%). 14 stocks slipped below their 200 SMA including Ashok Leyland Ltd. (169.70, -3.7%) and Axis Bank Ltd. (1,024, -2.7%).

 
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The Baseline
17 Apr 2024
Chart of the week: Family-owned listed firms are top buyers of electoral bonds
By Satyam Kumar

The ruling Bharatiya Janata Party (BJP) had introduced the electoral bonds scheme, amid significant controversy, in 2018. This scheme allowed corporate houses and individuals to anonymously donate funds to political parties.

The BJP had defended the scheme, saying that it  will take out black money from politics. But in February 2024, the Supreme Court of India ruled that political funding cannot be anonymous and ordered the government to discontinue the scheme. The State Bank of India (SBI) was required to release electoral bonds data to the public. The Supreme Court noted that infringement of the Right to Information is not justified to curb black money.

In this Chart of the Week, let's take a look at how some of the biggest names in the Indian stock market turned out to have invested heavily in electoral bonds until February 2024, when the Supreme Court of India banned it. India's apex court noted that corporate contributions are ‘purely business transactions made with the intent of securing benefits in return’.

If we take a closer look at the top contributors, all the top donors are family-owned firms looking to pass the leadership baton to their kids. These donations to political parties can help them develop strong relationships with political parties, and in turn cement their dominance in their industries via friendly regulation. This can also act as entry barriers for other smaller players. 

According to the data released by the Election Commission of India, the Modi-led Bharatiya Janata Party received funding of Rs 6,061 crore via electoral bonds. This constitutes 47.5% of the total funds donated.

Reliance and Adani Group buy bonds through their subsidiaries

Starting with Qwik Supply Chain, the third-largest donor to political parties using electoral bonds donated Rs 410 crore. Out of the total Rs 410 crore, Rs 375 crore went to the BJP, Rs 25 crore to Shiv Sena, and the remaining Rs 10 crore to the Nationalist Congress Party. According to Press Trust of India, Qwik Supply Chain, registered at Navi Mumbai's Dhirubhai Ambani Knowledge City, has connections to family-owned Reliance Industries. However, a spokesperson for Reliance Industries stated: “Qwik Supply Chain is not a subsidiary of any Reliance entity.” The Reliance Group in August 2023 announced that Isha, Akash and Anant have been appointed to the board of directors at Reliance Industries.

The Adani Group, which is believed to have close ties with the ruling party, contributed a total of Rs 55.4 crore. This includes donations from ABC India and three subsidiaries of the Welspun Group. According to a press release, the Adani Group holds a 65%  shareholding in Adani Welspun Exploration Ltd through Adani Enterprises. As a family-owned business, Gautam Adani’s two sons, Karan and Jeet Adani hold crucial positions in Adani Group companies.

Environmental violations main concerns for Sun Pharma and Vedanta

Family-owned mining company Vedanta has faced criticism for environmental violations across its mining and oil & gas projects in India. The company purchased electoral bonds worth Rs 441 crore. Reports suggest that the company’s electoral bonds buying spree could have been key to the recent weakening of environmental regulations. 

Of the total 441 crore paid out, more than half went to the BJP, while Rs 125 crore went to the Indian National Congress, Rs 40 crore to Biju Janata Dal, and the rest to other political parties. Anil Agarwal, who was a successor to the company, passed on to him by his father D P Agarwal, has recently said that the company will be run only by professionals. However, his kids still hold high-profile positions in the subsidiaries. 

Similarly, pharma company Sun Pharmaceutical Industries contributed Rs 32 crore to BJP through electoral bonds, purchased via one of its subsidiaries, Sun Pharma Laboratories. Sun Pharma has also faced allegations of environmental violations. This drug manufacturing company is also mainly family-owned. Aalok Shanghvi, son of Dilip Shanghvi, holds the position of Executive Director in the company.

Major telecom industry players bought electoral bonds

Telecom services company Bharti Airtel and its subsidiaries purchased bonds worth Rs 234 crore in total. The Bharti group donated Rs 150 crore to the ruling party through two sets of bonds purchased before and after the government introduced a new law concerning the auction of satellite spectrum. The law allowed the spectrum to be assigned through an administrative order, doing away with the need for competitive auctions. This ultimately benefited Bharti Enterprises, because OneWeb India, a subsidiary of international company Eutelsat OneWeb, with Bharti Enterprises as its majority stakeholder, was the first to meet the prerequisites for spectrum application. 

This family-owned company has appointed Shravin Mittal, son of Sunil Mittal, as the Managing Director of the family’s investment arm, Bharti Global and Director at Airtel Africa.

Meanwhile, Aditya Birla Group, led by Kumar Mangalam Birla, donated Rs 556 through Essel Mining and Industries, and other subsidiaries. Many analysts indicated that the company wanted favours from the government related to its debt in the joint venture Vodafone Idea. Coincidentally, shortly after the donation of Rs 100 crore in February 2023, the centre announced the conversion of debt of Rs 16,000 crore into equity, resulting in the Indian government becoming the largest shareholder with a 33% stake in the company.

Kotak and Torrent’s contributions point to major anti-competitive favours

The Kotak family group led by Uday Kotak has purchased electoral bonds and donated Rs 60 crore only to the BJP. Uday Kotak was in a dispute with the RBI regarding his stake in Kotak Mahindra Bank, which exceeded the limit set by the central bank, which started in 2013. In December 2018, Kotak Mahindra Bank took the RBI to court over the issue. Thirteen months later, in January 2020, the RBI agreed to a proposal from the private bank in an out-of-court settlement. Infina Capital, a company belonging to the Kotak family group, purchased electoral bonds worth Rs 35 crore in the months leading up to the settlement.

In April 2021, Infina Capital purchased additional bonds worth Rs 25 crore to support the ruling party. This coincided with the RBI's announcement of fresh guidelines allowing Uday Kotak to continue as the Managing Director and CEO of Kotak Mahindra Bank for another 32 months.

Torrent Group, led by Samir and Sudhir Mehta purchased bonds worth Rs 184 crore. Torrent Power and Torrent Pharmaceuticals, both listed entities of the Torrent Group, donated Rs 76 crore and Rs 61 crore, respectively, to the BJP. Consequently, the Torrent group received special privileges from the Devendra Fadnavis government in 2019 exempting them from property tax of Rs 285 crore.

It's apparent that electoral bonds can serve as a means for corporate family entities to gain favors from the government, especially considering the 100% tax benefits associated with donations. 

India has long had a problem with such crony capitalism - wealth built via close corporate-government ties accounts for 8% of India’s GDP and rising. Practices like electoral bond buying worsen such cronyism further by undermining competition, and entrenching the dominance of these companies.

 
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The Baseline
16 Apr 2024
5 stocks to buy from analysts this week - April 16, 2024
By Satyam Kumar

1. Endurance Technologies:

Hem Securities reiterates a ‘Buy’ call on this auto parts manufacturer with a target price of Rs 2,219, indicating an upside of 20.8%. Analyst Abhishek Sharda say, “Endurance Technologies has a very strong positioning in the two-wheeler market and it is a very good proxy for the Indian two-wheeler industry.” 

Sharda is optimistic about the company due to its strong order wins both in Europe and India. Order wins from India stood at Rs 940 crore in 9MFY24 and orders from Europe were 29 million euro. The analyst expects the orders to peak in FY26. 

Sharda believes that the company has a diverse revenue profile in terms of geography, products and vehicles. He also believes that it is ready for the trend shift towards electric vehicles. Sharda expects EBITDA margins to improve on the back of improving capacity utilisation. He concludes, “Endurance Technologies will continue to focus on emerging technologies to grow its portfolio through both organic and inorganic routes.”

2. Coforge:

Sharekhan maintains a ‘Buy’ rating on this IT consulting and software company with a target price of Rs 7,670. This indicates an upside of 42.1%. Analysts at Sharekhan point to the company’s strong order book and large deal pipeline. “The company is well placed to deliver a top quadrant performance in FY25,” they note. Coforge has strong revenue visibility with an order book of $974 million as of Q3FY24 (up 15.8% YoY) to be executed over the next year.

Analysts are also optimistic as the company plans to raise Rs 3,200 crore from qualified institutional placements (QIP). Coforge intends to use these funds purely for mergers and acquisitions. They expect this to help the company quickly expand into new verticals such as cyber security, data services, and cloud operations. They also expect a sharp uptick in Coforge’s EBITDA margins in Q4FY24 owing to deal ramp-ups. Analysts at Sharekhan expect sales and profit CAGR of 17% and 32% respectively over FY24-26. 

3. Glenmark Pharmaceuticals:

KRChoksey maintains a ‘Buy’ rating on this pharmaceutical company with a target price of Rs 1,266, indicating an upside of 21.3%. Analyst Unnati Jadhav is upbeat as the completion of the sale of Glenmark Lifesciences strengthens the balance sheet and earnings prospects of the company. She expects this deal to help Glenmark Pharma to become a ‘brand-led’ organization, with a focus on the core therapeutic areas of dermatology, respiratory, and oncology. She believes the total debt of Rs 4,953 crore will be repaid in FY25 from the proceeds of the deal, which in turn will save finance costs and boost earnings.

Jadhav is optimistic as the company has shown higher than market growth for the months of January and February 2024 for the India pharma market (IPM). While IPM growth was 9.5% YoY for January 2024, Glenmark Pharma grew 20.2% over the same period. In February 2024, the company reported 11.3% YoY growth vs overall IPM growth of 9.0%. She attributes this to changes in the distribution model involving stock point consolidation and channel inventory rationalization in the domestic business. Going forward, Jadhav expects this move to improve Glenmark’s operating margins and working capital.

4. Shalby:

ICICI Direct maintains a ‘Buy’ rating on this healthcare facilities company with a target price of Rs 320, indicating an upside of 18.7%. Analyst Siddhant Khandekar is upbeat as the company introduced the asset-light franchisee model to expand its hospital business into newer geographies. The company owns 10 multispecialty hospitals and 6 franchisee hospitals with a 2,362 bed capacity. Khandekar expects the company to expand its Shalby Centre for Orthopaedic Excellence (SOCE), an asset-light franchisee model, across India. It has established six such models across the country and expects to add 40 more over the next 4-5 years.

Khandekar believes that the company is trading at a cheap valuation compared to other PAN-India players. He is optimistic as the headwinds faced in FY24 in Shalby’s implants business look transitory. The company plans to expand its business beyond the US and India to improve profitability going forward. 

5. Man Infraconstruction:

Axis Direct initiates a ‘Buy’ call on this construction and engineering company with a target price of Rs 270. This indicates an upside of 28.8%. Analysts Eesha Shah and Preeyam Tolia are optimistic about the company on the back of its healthy project pipeline and strong execution capabilities. 

Man Infraconstruction has invested Rs 700 crore in real estate projects, covering a portfolio of 4.6 million square feet. The firm also maintains zero level of inventory of completed projects. The firm is expected to generate a revenue of Rs 1,343 crore with a net cash surplus of Rs 350 crore in FY24 (whereas its peer, Brigade Enterprises is expected to generate revenue of Rs 4,200 crore with a net debt of Rs 2,140 crore). The analysts believe that this asset-light model for a real estate developer makes it an attractive company in the segment. 

The analysts like the company due to its order book and project pipeline. Currently, the firm has 2 million square feet of ongoing projects and 3.7 million square feet of upcoming real estate projects. Its EPC business order book stands at Rs 1,047 crore. 

Shah and Tolia say that the company exhibits a very low debt book for a real estate developer. They conclude, “Due to its asset-light business model, it can scale up without significant capital pressure, thereby improving the bottom line in coming years.”

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

(You can find all analyst picks here)

 
Trendlyne Marketwatch
Trendlyne Marketwatch
16 Apr 2024
Market closes lower, Crisil's Q4FY24 net profit falls 5.5% YoY to Rs 137.7 crore
By Trendlyne Analysis

Nifty 50 closed at 22,147.90 (-124.6, -0.6%), BSE Sensex closed at 72,943.68 (-456.1, -0.6%) while the broader Nifty 500 closed at 20,423 (-55.8, -0.3%). Market breadth is in the green. Of the 2,055 stocks traded today, 1,315 were on the uptrend, and 703 went down.

Indian indices maintained the losses from the afternoon session and closed in the red. The volatility index, Nifty VIX, rose by 1.2% and closed at 12.6 points. Crisil's Q4FY24 net profit fell 5.5% YoY to Rs 137.7 crore. Its revenue decreased by 3.6% YoY to Rs 758.8 crore due to a fall in revenue from the research, analytics, and solutions segment.

Nifty Midcap 100 closed flat, while Nifty Smallcap 100 closed higher with the benchmark index closing in the red. Nifty Media and Nifty Oil & Gas closed higher than Monday’s closing level. According to Trendlyne’s sector dashboard, hardware technology & equipment emerged as the top-performing sector of the day, with a rise of over 1.4%. 

Most European indices trade in the red. US indices futures trade lower, indicating a negative start. China’s industrial production in March grew 4.5% YoY against estimates of 5.4% growth. The first two months of 2024 saw China’s industrial production increase by 7%.

  • Relative strength index (RSI) indicates that stocks like Exide Industries, Thermax, Vedanta and Honeywell Automation India are in the overbought zone.

  • Dynacons Systems & Solutions surges to its 20% upper circuit after bagging a Rs 233 crore order to supply its core banking solution upgrade & migration on the ASP model to the National Bank for Agriculture and Rural Development (NABARD).

  • Crisil's Q4FY24 net profit falls 5.5% YoY to Rs 137.7 crore. Its revenue decreases by 3.6% YoY to Rs 758.8 crore due to a fall in revenue from the research, analytics and solutions segment. The company appears in a screener for stocks with no debt.

  • India implements port restrictions on the export of prohibited or restricted essential commodities recently approved for shipment to the Maldives, as per the Directorate General of Foreign Trade (DGFT). Exports will now be permitted only through four customs stations, including Mundra Sea Port and Tuticorin Sea Port.

  • Steel Strips Wheels is rising as it signs an agreement with a PV original equipment manufacturer (OEM) to supply aluminium wheels.

  • Max Healthcare Institute to invest Rs 5,000 crore to double its bed capacity to over 8,000 in the next four to five years.

  • Motilal Oswal reiterates its 'Buy' rating on Tata Consultancy Services with a target price of Rs 4,600. This indicates a potential upside of 18.4%. The brokerage believes that the company is well-positioned to withstand the weakening macro environment due to its strong order book, exposure to long-duration orders and portfolio. It expects the company's revenue to grow at a CAGR of 10.5% over FY24-26.

  • Food Secretary Sanjeev Chopra states that despite a 5.5% YoY inflation in sugar, there are no supply-side shocks, and sugarcane farmers are receiving their dues on time. He adds that the industry would benefit from redirecting an additional 8 LMT of sugarcane for ethanol, compared to the earlier 17 LMT diversion.

  • Coal India’s capital expenditure rises by 6.5% YoY to Rs 19,840 crore in FY24. The company achieves 120% target satisfaction over the year’s target of Rs 16,500 crore.

  • IT stocks like Infosys, Coforge, LTIMindtree and Mphasis are falling in trade. The broader sectoral index, Nifty IT, is also trading in the red.

  • Happy Forgings surges as it bags an order to supply brake flanges for passenger vehicles to a tier 1 manufacturer of automobile driveline components and systems. The supply will begin in Q4FY26 and last till Q3FY35, with the company expected to receive Rs 60-70 crore per annum.

  • Jefferies initiates a 'Buy' rating on Bharti Hexacom with a target price of Rs 1,081. The brokerage notes the company's presence in markets with lower tele-density and better historical translation of tariff hikes into average revenue per user (ARPU), indicating a promising growth outlook.

  • PNC Infratech's arm PNC Raebareli Highways receives Rs 117.2 crore from the National Highways Authority of India as a one-time settlement for contractual disputes.

  • Caplin Point Laboratories is rising as its arm, Caplin Steriles, receives final approval from the US FDA for its Ofloxacin Ophthalmic Solution (eye drops). It is used for the treatment of eye infections and has an estimated annual sales of $52 million in the US.

  • Welspun Corp's US subsidiary, Welspun Tubular, files a lawsuit against a customer in the Superior Court of the State of Delaware for claims worth $15 million (approx. Rs 125.3 crore) for cancelling an order.

  • Jefferies maintains a 'Buy' rating on IDFC First Bank with a target price of Rs 100. The brokerage expects margin expansion driven by strong deposit figures. It highlights the importance of credit quality and notes that the rise in Return on Equity (RoE) will be crucial.

  • Sterlite Technologies surges following the announcement that it has raised Rs 1,000 crore through a Qualified Institutional Placement.

  • Jio Financial Services rises sharply as it forms a 50:50 joint venture (JV) with Blackrock to set up a wealth management and broking company.

  • Varun Beverages is rising as Morgan Stanley reportedly initiates coverage on the stock with an 'Overweight' rating and a target price of Rs 1,701. This indicates a potential upside of 21.6%. The brokerage is optimistic about the company's ability to outperform the non-alcoholic beverages industry, citing its track record of capitalizing on domestic and global opportunities and strong profitability.

  • The Centre raises the windfall tax on locally produced petroleum crude oil to Rs 9,600 per tonne from Rs 6,800 earlier. It keeps the tax on diesel and aviation turbine fuel (ATF) unchanged at ‘Nil’.

  • Rakesh Jhunjhunwala's portfolio sells a 0.6% stake in NCC in Q4FY24. It now holds a 12.5% stake in the company.

  • Vijay Kedia adds Mahindra Holidays & Resorts India to his portfolio in Q4FY24. He buys a 1% stake in the company.

  • Radhakishan Damani buys a 1.5% stake in VST Industries for approx Rs 86.3 crore in a bulk deal on Monday.

  • Cipla's subsidiary, Cipla Health, acquires Ivia Beaute's cosmetics and personal care business for Rs 130 crore, with an additional payment of Rs 110 crore upon meeting certain financial targets over the next three years.

  • Gloom in markets in early trading. Nifty 50 was trading at 22,148.05 (-124.5, -0.6%), BSE Sensex was trading at 72,892.14 (-507.6, -0.7%) while the broader Nifty 500 was trading at 20,410.90 (-67.9, -0.3%),

  • Market breadth is ticking up strongly. Of the 1,804 stocks traded today, 1,168 were gainers and 573 were losers.

Riding High:

Largecap and midcap gainers today include Patanjali Foods Ltd. (1,408.50, 5.1%), CG Power and Industrial Solutions Ltd. (517.65, 4.6%) and Zee Entertainment Enterprises Ltd. (147.70, 4.1%).

Downers:

Largecap and midcap losers today include Infosys Ltd. (1,414.45, -3.7%), MphasiS Ltd. (2,308, -3.6%) and Coforge Ltd. (5,209.90, -3.5%).

Volume Rockets

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

Top high volume gainers on BSE included Amara Raja Energy & Mobility Ltd. (967.95, 10.9%), Aegis Logistics Ltd. (525.95, 7.9%) and Sterling and Wilson Renewable Energy Ltd. (528.80, 6.5%).

Top high volume losers on BSE were Gujarat Gas Ltd. (553.50, -3.4%), Crisil Ltd. (4,680.80, -3.2%) and LTIMindtree Ltd. (4,662.85, -3.2%).

TTK Prestige Ltd. (695, -0.4%) was trading at 12.2 times of weekly average. Ingersoll-Rand (India) Ltd. (3,881.30, 5.6%) and Bharat Dynamics Ltd. (1,846.90, 4.7%) were trading with volumes 5.4 and 5.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

16 stocks took off, crossing 52 week highs, while 3 stocks hit their 52 week lows.

Stocks touching their year highs included - Aegis Logistics Ltd. (525.95, 7.9%), Amara Raja Energy & Mobility Ltd. (967.95, 10.9%) and Indus Towers Ltd. (332.50, -0.6%).

Stocks making new 52 weeks lows included - Bata India Ltd. (1,339, -0.3%) and Hindustan Unilever Ltd. (2,220.80, 1.2%).

11 stocks climbed above their 200 day SMA including Patanjali Foods Ltd. (1,408.50, 5.1%) and Tejas Networks Ltd. (794.20, 3.6%). 16 stocks slipped below their 200 SMA including Coforge Ltd. (5,209.90, -3.5%) and Cholamandalam Investment & Finance Company Ltd. (1,131.50, -2.6%).

 
Trendlyne Marketwatch
Trendlyne Marketwatch
15 Apr 2024
Market closes lower, Brigade Enterprises signs a JDA with Agni Estates & Foundations
By Trendlyne Analysis

Nifty 50 closed at 22,272.50 (-246.9, -1.1%), BSE Sensex closed at 73,399.78 (-845.1, -1.1%) while the broader Nifty 500 closed at 20,478.75 (-266.8, -1.3%). Market breadth is highly negative. Of the 2,097 stocks traded today, 341 were gainers and 1,721 were losers.

Indian indices extended their losses from the afternoon session and closed in the red. The Indian volatility index, Nifty VIX, rose 8.2% and closed at 12.5 points. Aster DM Healthcare closed sharply higher after its board approved a special dividend of Rs 118 per share on account of the sale of the GCC business and the redemption of redeemable preference shares issued to the company by Affinity Holdings.

Nifty Smallcap 100 and Nifty Midcap 100 closed lower, following the benchmark index. Nifty Bank and Nifty Media closed lower than their Friday close. According to Trendlyne’s sector dashboard, Metals & Mining was the worst-performing sector of the day, with a fall of 3.7%.

Major Asian indices closed in the red amid mixed global cues. European indices traded flat or higher, except for the UK’s FTSE 100 trading in the red. US index futures traded in the green, indicating a positive start to the trading session. Brent crude oil futures traded in the red, after closing flat on a volatile day on Thursday.

  • Coromandel International sees a short buildup in its April 25 future series as its open interest rises 9.9% with a put-call ratio of 0.4.

  • IT stocks like Tata Consultancy Services, Infosys, HCL Technologies, Wipro, and LTIMindtree are falling in trade. All constituents of the broader Nifty IT index are also trading in the red.

  • Mahindra & Mahindra to acquire a 26% stake in its drop-down subsidiary Gelos Solren (an arm of Mahindra Susten) for Rs 40.1 crore. Mahindra Susten plans to invest Rs 1,200 crore in developing a 150 MW hybrid renewable energy project combining solar and wind power.

  • BMI, a division of Fitch Solutions, predicts further increases in copper prices in 2024, driven by concerns over Chinese production cuts, rising demand, and the transition to green energy. Despite a 10% rise since the beginning of the year, copper prices declined to $8,558/tonne in April from $9,089/tonne in March.

  • Brigade Enterprises signs a joint development agreement (JDA) with Agni Estates & Foundations to develop Brigade Tech Boulevard, an office space in Chennai. The project will have a leasable area of 8.4 lakh square feet with an expected capex of Rs 400 crore.

  • Adani Green Energy sells 3,066 million units of solar energy in Q4FY24, up 7% YoY. It also sells 614 million units of wind energy, 43% higher than the previous year.

  • Reliance Power is falling as it completes the transfer of its 45 MW wind power project in Maharashtra to JSW Renewable Energy for Rs 132.4 crore.

  • UBS has a 'Buy' rating on Zomato with an upgraded target price of Rs 250. The brokerage highlights the underappreciated growth potential of quick commerce and margins. It expects the company to achieve a margin estimate of 9% and a Gross Merchandise Value (GMV) of $10.2 billion for its quick commerce vertical by FY29.

  • Westlife Foodworld, Can Fin Homes, Nestle India, and Garden Reach Shipbuilders witness a decrease in mutual fund holdings in the past month.

  • Ambuja Cement enters into an agreement with My Home Industries to acquire a 1.5 MTPA grinding unit at Tuticorin, Tamil Nadu, for Rs 413.8 crore.

  • Axis Securities initiates coverage on Man Infraconstruction with a 'Buy' rating and a target price of Rs 270. This indicates a potential upside of 26.9%. The brokerage is positive on the stock on the back of its healthy project pipeline, asset-light business model and strong execution capabilities. It expects the company's net profit to grow at a CAGR of 9.1% over FY23-26.

  • Media stocks like TV18 Broadcast, Network18 Media & Investments, Zee Entertainment Enterprises and PVR INOX are falling in trade. The broader sectoral index, Nifty Media, is also trading in the red.

  • Ramkrishna Forgings is rising as it bags an order worth Rs 270 crore from the BHEL-TRSL consortium for 32 Vande Bharat train sets, comprising 16 coaches each.

  • Aster DM Healthcare surges as its board approves a special dividend of Rs 118 per share on account of the sale of the GCC business and the redemption of redeemable preference shares issued to the company by Affinity Holdings.

  • Jagannarayan Padmanabhan, Sr. Director at CRISIL, expects 8-12% growth in domestic aviation passenger traffic during summer. He notes the pricing discipline among industry players and IndiGo's healthy margins. He adds that airlines may increase fares if crude prices continue to rise.

  • ISMT surges as it wins two orders worth Rs 343.7 crore from ONGC to supply regular casing pipes.

  • Senco Gold surges as it reports revenue growth of 28% YoY in FY24, with a 39% YoY increase in Q4FY24. Despite rising gold prices, the company achieved volume growth of 13% and 19% in gold and diamond, respectively, for FY24.

  • Exide Industries rises sharply as Morgan Stanley reportedly keeps its 'Overweight' rating on the stock with a target price of Rs 485. This indicates a potential upside of 17.2%. The brokerage believes that the company is on track to become the leading player in battery cell tech due to its first-mover advantage.

  • Jefferies initiates coverage on Oil And Natural Gas Corp with a 'Buy' rating and a target price of Rs 390, citing favourable crude and gas reforms and improved profitability. The brokerage also expects the company to generate strong free cash flow and reduce net debt.

  • Dolly Khanna cuts stake in Simran Farms to below 1% in Q4FY24. She held a 1% stake in Q3FY24.

  • Ashish Kacholia sells a 0.2% stake in Safari Industries (India) in Q4FY24. He now holds a 1.9% stake in the company.

  • Ami Organics' board of directors approves raising funds worth Rs 500 crore through a qualified institutional placement (QIP).

  • Tata Consultancy Services' Q4FY24 net profit grows by 12.4% QoQ to Rs 12,434 crore. Its revenue increases by 1.1% QoQ to Rs 61,237 crore on the back of improvements in the banking & financial services, manufacturing and communication, media & technology sectors. The company appears in a screener of stocks with increasing revenue for the past eight quarters.

  • Markets opened on a low note. Nifty 50 was trading at 22,325.20 (-194.2, -0.9%), BSE Sensex was trading at 73,698.06 (-546.8, -0.7%) while the broader Nifty 500 was trading at 20,435.50 (-310, -1.5%).

  • Market breadth is highly negative. Of the 1,921 stocks traded today, 87 showed gains, and 1,805 showed losses.

Riding High:

Largecap and midcap gainers today include Oil And Natural Gas Corporation Ltd. (279.85, 5.3%), Hindalco Industries Ltd. (612.70, 2.4%) and Gujarat Gas Ltd. (572.95, 2.2%).

Downers:

Largecap and midcap losers today include Hindustan Zinc Ltd. (407.25, -5.7%), Max Healthcare Institute Ltd. (833.35, -4.3%) and Mahindra & Mahindra Financial Services Ltd. (290.80, -4.2%).

Volume Shockers

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

Top high volume gainers on BSE included Capri Global Capital Ltd. (245.05, 12.0%), Aster DM Healthcare Ltd. (522.75, 7.1%) and CSB Bank Ltd. (411.15, 6.2%).

Top high volume losers on BSE were GMR Airports Infrastructure Ltd. (80.65, -3.6%) and Welspun Corp Ltd. (558, -1.9%).

Eureka Forbes Ltd. (482.10, 4.2%) was trading at 8.7 times of weekly average. Ramkrishna Forgings Ltd. (706.25, 2.5%) and Oil And Natural Gas Corporation Ltd. (279.85, 5.3%) were trading with volumes 6.4 and 5.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

12 stocks took off, crossing 52 week highs, while 3 stocks tanked below their 52 week lows.

Stocks touching their year highs included - Aegis Logistics Ltd. (487.45, 1.5%), Bharat Electronics Ltd. (234.45, 0.4%) and Indus Towers Ltd. (334.55, 2.0%).

Stocks making new 52 weeks lows included - Dabur India Ltd. (495.20, -1.1%) and Hindustan Unilever Ltd. (2,194.05, -1.7%).

1 stock climbed above their 200 day SMA including Eris Lifesciences Ltd. (850.70, 0.4%). 31 stocks slipped below their 200 SMA including Coforge Ltd. (5396.20, -3.9%) and Ujjivan Small Finance Bank Ltd. (51.75, -3.9%).

 
Trendlyne Marketwatch US
Trendlyne Marketwatch US
12 Apr 2024

Markets are down today morning. Dow Jones was trading at 38459.08 (-2.4, 0.0%) , S&P 500 was trading at 5199.06 (38.4, 0.7%) while the broader US Tech Composite was trading at 16447.20 (271.8, 1.7%)

Riding High:

Largecap and midcap gainers today include Bon Natural Life Ltd (4.06, 866.7%), Rent the Runway Inc - Ordinary Shares - Class A (19.38, 161.9%) and Sonic Foundry, Inc. (0.04, 100%).

Downers:

Largecap and midcap losers today include MiX Telematics Ltd - ADR (0, -100%), PepperLime Health Acquisition Corp - Ordinary Shares - Class A (0, -100%) and Power & Digital Infrastructure Acquisition II Corp - Units (1 Ord Class A & 1/2 War) (0, -100%).

IXIX-CFD: highs, lows and moving averages

11 stocks outperformed, hitting 52 week highs, Stocks touching their year highs included - NRG Energy Inc. (74.59, 1.9%), Constellation Brands Inc - Ordinary Shares - Class A (268.34, 1.3%), Boston Scientific Corp. (68.84, 0.3%) and Alphabet Inc - Ordinary Shares - Class C (160.79, 2.0%).

1 stock climbed above their 200 day SMA including Skyworks Solutions, Inc. (104.33, 1.5%).

1 stock slipped below their 200 SMA including Carmax Inc (71.98, -9.2%).

102 stocks are currently overbought in RSI including Skyworks Solutions, Inc. (104.33, 1.5%).

157 stocks are currently oversold in RSI including Carmax Inc (71.98, -9.2%).