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Trendlyne Marketwatch US
Trendlyne Marketwatch US
11 Apr 2024

Markets are down today morning. Dow Jones was trading at 38461.51 (-422.2, -1.1%) , S&P 500 was trading at 5160.64 (-49.3, -1.0%) while the broader US Tech Composite was trading at 16175.36 (-136.3, -0.8%)

Riding High:

Largecap and midcap gainers today include ProShares Trust - ProShares UltraPro Short S&P 500 (34.13, 414.0%), ProShares Trust - ProShares UltraShort QQQ -2x Shares (46.09, 409.3%) and ProShares Trust - ProShares Short QQQ -1x Shares (44.47, 404.2%).

Downers:

Largecap and midcap losers today include BowFlex Inc (0, -100%), MiX Telematics Ltd - ADR (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

3 stocks outperformed, hitting 52 week highs, Stocks touching their year highs included - Pioneer Natural Resources Co. (275.32, 1.1%), EOG Resources, Inc. (137.95, 0.7%) and Exxon Mobil Corp. (122.20, 0.8%).

22 stocks slipped below their 200 SMA including Boston Properties, Inc. (61.33, -6.1%) and Public Storage (275.85, -6.0%).

109 stocks are currently overbought in RSI including .

158 stocks are currently oversold in RSI including Boston Properties, Inc. (61.33, -6.1%) and Public Storage (275.85, -6.0%).

 
Trendlyne Marketwatch
Trendlyne Marketwatch
10 Apr 2024
Market closes higher, Tata Motors Group's global wholesales rise 8% YoY in Q4FY24
By Trendlyne Analysis

Nifty 50 closed at 22,753.80 (111.1, 0.5%), BSE Sensex closed at 75,038.15 (354.5, 0.5%) while the broader Nifty 500 closed at 20,915.20 (124.5, 0.6%). Market breadth is neutral. Of the 2,053 stocks traded today, 1,027 were on the uptrend, and 985 went down.

Indian indices extended the gains from the afternoon session and closed in the green. The volatility index, Nifty VIX, dropped by 2.2% and closed at 11.1 points. Tata Motors' global wholesales rose 8% YoY to 3.8 lakh units in Q4FY24. Global passenger vehicle wholesales increased 15% YoY, while commercial vehicle wholesales fell 6% YoY.

Nifty Smallcap 100 and Nifty Midcap 100 closed higher following the benchmark index. Nifty Media and Nifty Energy closed higher than Tuesday’s closing level. According to Trendlyne’s sector dashboard, chemicals & petrochemicals emerged as the top-performing sector of the day, with a rise of over 2%.

Most European indices trade in the green. US indices futures trade flat, indicating a cautious start. Fitch downgrades China's outlook to negative due to a steady rise in debt. Fitch expects China’s government debt to rise to 61.3% of GDP in 2024 from 56.1% in 2023.

  • Relative strength index (RSI) indicates that stocks like Hindustan Zinc, Thermax, Exide Industries and Voltas are in the overbought zone.

  • Navin Fluorine International sees four analyst target price downgrades and three recommendation downgrades in the past three month. SBI Cards and Payment Services and Zee Entertainment Enterprises see three analyst target price downgrades over the same period.

  • CLSA maintains its 'Sell' call on Vodafone Idea with a target price of Rs 5 per share. The brokerage expects the price to fall due to decreasing subscribers and a potential financial crunch.

  • Mutual Funds' net equity inflow declines 16% MoM to Rs 22,633 crore in March, according to data released by the Association of Mutual Funds in India (AMFI). Total AUM stands at Rs 53.4 lakh crore during the same period.

  • Hotels restaurants & tourism, transportation, consumer durables, metals & mining, general industrials and retailing sectors rise more than 5% over the past month.

  • Paisalo Digital is rising as its AUM grows 32% YoY to Rs 4,622 crore in FY24. The company’s disbursements rise 38% YoY to Rs 3,492 crore during the year.

  • KSB hits an all-time high of Rs 4,358 as its board considers a stock split. The company's board is scheduled to meet on April 26 to approve the proposal.

  • Maruti Suzuki raises prices of Swift and Grand Vitara Sigma by up to Rs 25,000 and Rs 19,000, respectively, on the back of commodity price rise.

  • Tata Motors Group's global wholesales rise 8% YoY to 3.8 lakh units in Q4FY24. Global passenger vehicle wholesales increase 15% YoY, while commercial vehicle wholesales fall 6% YoY. Global wholesales of Jaguar Land Rover improve 16% YoY.

  • Ramco Systems hits its upper circuit as it inks a multi-million-dollar deal with Korean Air to accelerate the tech transformation of its new engine maintenance complex.

  • Nuvama predicts that Adani Wilmar's Q4 revenue will decrease by 4% YoY due to price cuts in edible oil but sees EBITDA increasing by 43% YoY. The brokerage highlights that the company has been performing well over the years in terms of market share across categories. However, expects near-term risks from local players due to commodity deflation in edible oils.

  • Lakumi Trust sells a 3.7% stake (around 61.7 lakh shares) in Gland Pharma for approximately Rs 1,072.2 crore in a bulk deal on Tuesday. Nicomac Machinery also offloads a 1.2% stake in the company.

  • Oil and gas stocks like Petronet LNG, Hindustan Petroleum Corp, Bharat Petroleum Corp and Indian Oil Corp are rising in trade. The broader sectoral indices, BSE Oil & Gas and Nifty Oil & Gas, are also trading in the green.

  • Surinder Chawla, Managing Director and Chief Executive Officer of Paytm Payments Bank, an arm of One97 Communications, resigns on Tuesday citing personal reasons and to explore better career prospects. His resignation will be effective from June 26, 2024.

  • Tesla is reportedly in talks with Reliance to establish its operations in India. The company's officials are expected to visit India next month to finalize the plant's location. It has allocated $2 billion for the India project.

  • Metal stocks like JSW Steel, Tata Steel, Hindustan Zinc, Hindalco Industries, Vedanta, and Jindal Steel & Power are rising in trade. The broader Nifty Metal index touches its 52-week high of 9,055.

  • Shyam Metalics and Energy announces expansion into stainless steel flat products. The company plans a capex of Rs 650-750 crore to set up a new facility to produce stainless steel hot rolled coils.

  • Sunil Singhania cuts his stake in Dreamfolks Services to below 1% in Q4FY24. He held a 1.5% stake in Q3FY24.

  • CLSA upgrades Vedanta to 'Buy' with a target price of Rs 390. The brokerage expects the company's capacity expansion initiatives to drive earnings. It raises the EBITDA margins estimates by 4–13% for FY24–2026.

  • Bain Capital sells around 1.1% stake (3.3 crore shares) in Axis Bank for approximately Rs 3,574.5 crore in a block deal on Tuesday. Meanwhile, Societe Generale, Morgan Stanley Asia, Goldman Sachs and others buy stakes in the company.

  • Anil Kumar Goel and Associates sells a 2.6% stake in Dwarikesh Sugar Industries in Q4FY24. It now holds a 1% stake in the company.

  • Mohnish Pabrai sells a 0.6% stake in Edelweiss Financial Services for approx Rs 39.7 crore in a bulk deal on Tuesday.

  • Finolex Industries reportedly sells leasehold rights of 25 acres of land in Pune for Rs 470 crore to Terravista Developers.

Riding High:

Largecap and midcap gainers today include Vedanta Ltd. (361.80, 7.0%), Gujarat Fluorochemicals Ltd. (3,476.70, 6.9%) and United Spirits Ltd. (1,200.10, 6.4%).

Downers:

Largecap and midcap losers today include Info Edge (India) Ltd. (6,083.45, -2.4%), Tata Communications Ltd. (1,970.55, -2.1%) and APL Apollo Tubes Ltd. (1,568.50, -2.1%).

Volume Shockers

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

Top high volume gainers on BSE included Data Patterns (India) Ltd. (3,007, 11.9%), Jubilant Ingrevia Ltd. (543.80, 10.6%) and NMDC Steel Ltd. (65.85, 8.4%).

Top high volume losers on BSE were Shoppers Stop Ltd. (745, -0.9%) and Jindal Steel & Power Ltd. (897.75, -0.5%).

Tanla Platforms Ltd. (985.90, 7.5%) was trading at 17.5 times of weekly average. Aegis Logistics Ltd. (463.35, 5.3%) and United Spirits Ltd. (1,200.10, 6.4%) were trading with volumes 9.6 and 6.9 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

38 stocks hit their 52-week highs, while 1 stock tanked below their 52-week lows.

Stocks touching their year highs included - Aegis Logistics Ltd. (463.35, 5.3%), BASF India Ltd. (3,780.55, 1.5%) and Bharat Electronics Ltd. (228.75, 0.3%).

Stock making new 52-week lows included - Vinati Organics Ltd. (1,537.40, 3.7%).

10 stocks climbed above their 200 day SMA including Tanla Platforms Ltd. (985.90, 7.5%) and Sun TV Network Ltd. (630.70, 5.9%). 4 stocks slipped below their 200 SMA including Five-Star Business Finance Ltd. (724.20, -2.2%) and HDFC Life Insurance Company Ltd. (621.50, -2.0%).

 
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The Baseline
10 Apr 2024
Chart of the week: The biggest wealth destroyers of FY24
By Satyam Kumar

Over the past year, the Indian equity market has seen remarkable growth, highlighted by the Nifty 500 index rising 39.1% in FY24. But as always, the rising tide lifted some boats higher, while others sprung leaks. In this edition of Chart of the Week, we take a look at companies that saw big declines in their share prices, underperforming the index and eating into investors' wealth in FY24.

At the end of FY24, 45 Nifty 500 companies feature in the Wealth Destroyers screener, which looks for negative share price changes in the past year. The chemicals and petrochemicals sector had a difficult year and dominates this list with the highest number (eleven) of wealth destroyers. These include UPL, Navin Fluorine International, Atul and Aether Industries among others. 

Retailing and logistics companies also faced challenges with above-average inflation in FY24, which peaked in July 2023 at 7.4%. However, central banks worldwide are trying to bring inflation down by keeping interest rates higher. Still, rising geopolitical tensions, and crude production cuts by OPEC+ have kept inflation sticky.

Regulatory issues trigger sell-off in Paytm and Rajesh Exports

In the gems and jewellery industry, which rose 78.4% in the past year, Rajesh Exports depreciated by 50.7%. The company is involved in various compliance issues, including instances of missing documents during earnings filings, which were further compounded by declining revenues. Their net profit for Q3FY24 slumped 97% YoY at Rs 12.4 crore. According to Trendlyne’s Technicals, Rajesh Exports fell to a 5-year low at Rs 261 on March 28, 2024.

Similarly, internet software and services company, One97 Communications faced a significant setback following the Reserve Bank of India’s (RBI) directive on January 31. The RBI ordered Paytm Payments Bank to cease banking services due to persistent non-compliance concerns. However, the stock has been stabilizing after its Founder & CEO, Vijay Shekhar Sharma resigned from the Payments Bank board. At the same time, the company also withdrew its nominee and the bank’s future business is to be led by a reconstituted board. The company’s share price has gone down 39.1% in the past quarter.

Weak demand and Chinese competition hurt the chemical industry’s profits

The chemical sector faced continued price pressures in the past year, mainly due to a weak and erratic monsoon. As a result, major agrochemical company UPL posted a net loss of Rs 1,217 crore in Q3FY24, compared to a profit of Rs 1,087 crore in Q3FY23. 

Another contributing factor was a sharp decrease in price realisation, and higher supplies from Chinese competitors as Covid-related restrictions eased. 

Commodity chemicals company, Navin Fluorine International declined due to industry-wide channel destocking and inventory reductions. As a result, the company’s net profit fell 26.8% YoY to Rs 78 crore in Q3FY24. Navin Fluorine’s share price has slumped by 25.8% in the past year. Meanwhile, specialty chemicals company, Atul is down 14% in the past year, with a fall of 15.1% in the past quarter. This company has also witnessed its net profits fall 32.5% YoY in Q3FY24.

Sticky inflation eats into logistics and retail companies' revenue

As inflation in India peaked in 2023, people started paring down their discretionary spending. As demand softened, footwear company Campus Activewear saw its net profit contract 48.4% YoY in Q3FY24 at Rs 24.9 crore. At the same time, Vedant Fashions, also known as Manyavar, witnessed its sales in 9MFY24 increase only marginally to Rs 1,050 crore. However, the company saw its net profit in 9MFY24 fell 25.4% YoY to Rs 320 crore. This ethnic wear manufacturer witnessed its share price fall 24.8% in the past quarter because wedding-related consumption remained muted in FY24, unlike FY23, due to the lower number of wedding dates and the broader impact of consumption slowdown.

Meanwhile, logistics company Allcargo also declined 15.4% in the past year. This is because their net profit in Q3FY24 fell by 93% YoY to Rs 11 crore. This was on the back of significant losses incurred in some of the markets in the US and Germany. The company expects global trade to revive in Q2FY25. 

Edible oils company, Adani Wilmar’s share price slumped after the Hindenburg report came out on January 24 last year, which alleged that the Adani group was manipulating and inflating stock prices. Making matters worse, Wilmar’s net profit in 9MFY24 went down by 76% YoY to Rs 122 crore. The company’s revenue in 9MFY24 decreased 13% YoY to Rs 36,539 crore. This contraction in revenue was mainly due to weak demand in the edible oil segment (contributing 75% to its revenue) and lower product prices.

A cancelled merger creates major hurdles for Zee Entertainment

Finally, media company Zee Entertainment has fallen 28.8% in the past year and 46.2% in the past quarter mainly because Sony Group’s India unit called off its proposed merger amid questions around fund diversion and corporate governance.

Adding to its woes, Reliance Industries entered into a joint venture with Walt Disney on February 28 to merge Viacom18 and Star India. This deal which resulted in a media behemoth worth Rs 70,352 crore, will negatively impact Zee as it would be difficult for the company to scale up its market share. The lesson here is that even in a rising economy and a surging stock market, there are many stumbles – self-inflicted and otherwise. 

 
Trendlyne Marketwatch
Trendlyne Marketwatch
09 Apr 2024
Market closes flat, Natco Pharma receives a warning letter from US FDA
By Trendlyne Analysis

Nifty 50 closed at 22,642.75 (-23.6, -0.1%), BSE Sensex closed at 74,683.70 (-58.8, -0.1%) while the broader Nifty 500 closed at 20,790.70 (-28.4, -0.1%). Of the 2,058 stocks traded today, 774 were in the positive territory and 1,254 were negative.

Indian indices fell from their day highs and closed flat. The Indian volatility index, Nifty VIX, fell 2.2% and closed at 11.4 points. Sterlite Technologies surged and closed in the green after its board approved a qualified institutional placement (QIP) of Rs 1,000 crore, with a floor price of Rs 119 per share.

Nifty Smallcap 100 closed in the green, while the Nifty Midcap 100 closed lower. Nifty Metal and Nifty Bank closed higher than their Monday close. According to Trendlyne’s sector dashboard, Metals & Mining emerged as the top-performing sector of the day, with a rise of 1.8%.

Major Asian indices closed in the green, except for India’s BSE Sensex index closing flat. European indices traded flat or lower amid mixed global cues. US index futures traded flat, indicating a cautious start to the trading session. Brent crude oil futures also traded flat after closing lower on a volatile day on Monday.

  • Exide Industries sees a long buildup in its April 25 future series as its open interest rises 28.4% with a put-call ratio of 0.9.

  • Bank of America gives an 'underperform' rating to One97 Communications with a target price of Rs 400. The brokerage expects Paytm to see gradual growth in its lending business.

  • JSW Energy, Carborundum Universal, Cochin Shipyard, and Torrent Poweroutperform their respective industries by more than 14% in the past month.

  • JTL Industries is rising as it acquires a 67% stake in Nabha Steels and Metals for Rs 70 crore. This will enable the company to expand its product portfolio and explore new market segments.

  • Anil Gupta, CMD of KEI Industries, gives revenue guidance of 15–16% and sees EBITDA margins of around 10.5–11% for FY25. He adds that geopolitical issues have not impacted the company's exports and expects exports to grow substantially in FY25 compared to FY24.

  • PSU bank stocks like Punjab & Sind Bank, Indian Bank, Union Bank of India and Bank of India are falling in trade. All constituents of Nifty PSU Bank are trading in the red.

  • KRChoksey downgrades Bandhan Bank to ‘Hold’ and lowers the target price to Rs 193. The brokerage believes that the retirement of CS Ghosh as MD & CEO will create ambiguity in the bank’s future strategy.

  • Sterlite Technologies surges as its board approves a qualified institutional placement (QIP) of Rs 1,000 crore, with a floor price of Rs 119 per share.

  • Morgan Stanley maintains its 'Overweight' rating on Tata Motors with a target price of Rs 1,013. The brokerage notes the slowdown in global EV and JLR's Q4 sales. It highlights that a rapid EV transition could have disrupted business severely. However, a slower EV adoption pace would be beneficial for the Free Cash Flow (FCF) outlook and capital return profile of the firm.

  • Natco Pharma falls as it receives a warning letter from US FDA after a current good manufacturing practices inspection at its Kothur manufacturing facility.

  • Ajmera Realty rises to an all-time high of Rs 863 as its Q4FY24 sales jump 104% YoY to Rs 287 crore. The collections for the quarter increase by 91% YoY to Rs 197 crore.

  • Maruti Suzuki India expands its manufacturing capability at the Manesar plant by adding 1,00,000 units. The plant now has a total capacity of 9,00,000 vehicles per annum.

  • Reports suggest that 3.4 crore shares of Axis Bank, amounting to Rs 3,580 crore, change hands in a block deal. Bain Capital is the likely seller in this deal.

  • IRB Infrastructure's toll collection increases 30% YoY to Rs 480.9 crore in March 2024, compared to Rs 370 crore in March 2023.

  • Metal stocks like Hindustan Copper, Steel Authority of India, National Aluminium and Vedanta are rising in trade. The broader sectoral index, Nifty Metal, is also trading in the green.

  • Copthall Mauritius Investment sells a 1.1% stake (around 67 lakh shares) in RBL Bank, amounting to approximately Rs 171 crore, in a bulk deal on Monday. Meanwhile, Citigroup Global Markets Mauritius buys a stake in the company.

  • BSE Sensex crosses the 75,000 mark for the first time, reaching an all-time high of 75,124.3, marking a gain of 381.8 points. The Nifty 50 also hits its record high of 22,768.4 today.

  • Sula Vineyards rises as its revenue increases by 10% YoY to Rs 131.8 crore in Q4FY24. Wine tourism revenue improves 31% YoY. The company also announces the acquisition of N D Wines.

  • SJVN’s arm, SJVN Green Energy, signs a new Joint Venture (JV) agreement with Assam Power Distribution Co to develop renewable energy projects/parks.

  • Dilip Buildcon is rising as it bags an order worth Rs 1,092.5 crore from Haryana Rail Infrastructure Development Corp to construct a 21.1 km long railway line between Prithla and Dhulawat.

  • Gland Pharma declines more than 3% as reports suggest that 90.8 lakh shares (5.5% equity), amounting to Rs 1,590 crore, change hands in a large trade. Nicomac Machinery & RP Advisory Services are the likely sellers in this deal.

  • Mohnish Pabrai sells a 4.5% stake in Sunteck Realty in Q4FY24 and now holds 2.2%. He also cut his stake in Rain Industries to below 1% from 4.4% held in Q3FY24.

  • Strides Pharma Science receives US FDA approval for Fluoxetine tablets, used in treating depression, obsessive-compulsive disorder, some eating disorders, and panic attacks. It has a market size of $23.9 million.

  • Ashish Kacholia cuts his stake in ADF Foods to below 1% in Q4FY24. He held a 1.2% stake in Q3FY24.

  • Godrej Properties' bookings grow 135% YoY to Rs 9,500 crore in Q4FY24 and 84% YoY to over Rs 22,500 crore in FY24.

Riding High:

Largecap and midcap gainers today include Hindustan Zinc Ltd. (398.40, 15.7%), Vedanta Ltd. (338, 4.6%) and Godrej Properties Ltd. (2,704.50, 4.5%).

Downers:

Largecap and midcap losers today include Bosch Ltd. (30,067.90, -3.3%), Gland Pharma Ltd. (1,800.35, -3.2%) and Supreme Industries Ltd. (4,183.75, -2.9%).

Volume Rockets

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

Top high volume gainers on BSE included Hindustan Zinc Ltd. (398.40, 15.7%), Motilal Oswal Financial Services Ltd. (2,097.35, 11.0%) and Sterlite Technologies Ltd. (141.25, 10.9%).

Top high volume losers on BSE were Bosch Ltd. (30,067.90, -3.3%), Gland Pharma Ltd. (1,800.35, -3.2%) and Five-Star Business Finance Ltd. (740.40, -2.6%).

Can Fin Homes Ltd. (810.55, 1.5%) was trading at 9.9 times of weekly average. BASF India Ltd. (3,724.25, 2.9%) and KSB Ltd. (4133.15, 3.8%) were trading with volumes 8.0 and 7.5 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

41 stocks hit their 52-week highs,

Stocks touching their year highs included - Amara Raja Energy & Mobility Ltd. (897.50, 3.3%), BASF India Ltd. (3,724.25, 2.9%) and Bharat Electronics Ltd. (228.15, 2.1%).

6 stocks climbed above their 200 day SMA including Aarti Drugs Ltd. (513.05, 5.3%) and Balaji Amines Ltd. (2,268.35, 4.0%). 4 stocks slipped below their 200 SMA including Kama Holdings Ltd. (2,690, -2.3%) and Esab India Ltd. (5139.90, -1.3%).