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Trendlyne Marketwatch
Trendlyne Marketwatch
04 Mar 2024
Market closes higher, MOIL's manganese ore production rises by 15% YoY to 1.5 lakh tonnes in February 2024
By Trendlyne Analysis

Nifty 50 closed at 22,405.60 (27.2, 0.1%), BSE Sensex closed at 73,872.29 (66.1, 0.1%) while the broader Nifty 500 closed at 20,432.05 (10.7, 0.1%). Market breadth is highly negative. Of the 2,095 stocks traded today, 612 showed gains, and 1,453 showed losses.

Indian indices maintained the gains from the afternoon session and closed in the green. The volatility index, Nifty VIX, dropped by 0.5% and closed at 14.9 points. According to the Vahan website, India’s electric two-wheeler sales in February increased by 24% YoY to 81,963 units. Ola maintained the highest market share for the month with 41.1% share, followed by TVS Motors at 17.7%.

Nifty Smallcap 100 closed in the red, while Nifty Midcap 100 closed higher following the benchmark index. Nifty Energy and Nifty Infra closed higher than Friday’s closing level. According to Trendlyne’s sector dashboard, oil & gas emerged as the top-performing sector of the day, with a rise of over 1.4%. 

Most European indices trade flat except for England’s FTSE 100 index trading lower. US indices futures trade lower, indicating a negative start. Japan’s capital expenditure increased by 16.4% in Q4 2023. This would upgrade the GDP growth to positive against the provisional data indicating GDP contraction in Q4 2023.

  • Relative strength index (RSI) indicates that stocks like Tata Investment Corp, Data Patterns (India), Siemens and Havells India are in the overbought zone.

  • PSE stocks like Bharat Heavy Electricals, Oil India, Steel Authority of India (SAIL) and GAIL (India) are rising in trade. The broader sectoral index, Nifty PSE, is also trading in the green.

  • MOIL surges as its manganese ore production rises by 15% YoY to 1.5 lakh tonnes in February 2024. This helps its sales to increase by 18% YoY to 1.6 lakh tonnes during the month.

  • CLSA downgrades its rating on JSW Steel and Tata Steel to ‘Sell’ and maintains its ‘Underperform’ rating on Jindal Steel & Power. The brokerage anticipates the profit pool to shift towards miners from steel mills as capacity expansion ramps up. It adds that the sharp pick-up in furnace-based steel capacity over three years will lead to a decline in margins.

  • HG Infra Engineering rises as it wins an order worth Rs 447.1 crore from the South Central Railway. According to the contract, the company will be responsible for the doubling of tracks between Karanjgaon and Aurangabad stations. The contact will also include electrification and signalling work.

  • R K Swamy's Rs 423.6 crore IPO gets bids for 1.2X the available 82.3 lakh shares on offer on the first day of bidding. The retail investor quota gets bids for 4.9X the available 14.5 lakh shares on offer.

  • Mukka Proteins' Rs 224 crore IPO gets bids for 68.3X the available 5.6 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 41.5X the available 2.8 crore shares on offer.

  • Power stocks like NTPC, Power Grid Corp, Tata Power, and ABB India are rising in trade. The broader sectoral index, BSE Power, is also trading in the green.

  • Pradeep Kumar Das, Chairman & MD of Indian Renewable Energy Development Agency (IREDA), says the company aims for 25% growth, with NIMs expected to stay around the current 3% level. He also sets a target for ROA at 2.5%.

  • Ami Organics rises sharply as it secures two process patents from the Government of India, valid for the next 20 years.

  • APIS Growth sells a 1.7% stake (99.6 lakh shares) in Star Health and Allied Insurance Co for approximately Rs 550.8 crore, in a block deal on Friday. Meanwhile, ICICI Prudential Mutual Fund picks up a 1.2% stake in the company.

  • Allcargo Logistics' Chief Executive Officer Sandeep Anand retires, effective February 29.

  • Shashank Srivastava, CEO of Maruti Suzuki India, reports a market share increase due to a rise in SUV market share. Overall market share was at 43% in February. He notes a 12.2% growth in exports on a cumulative basis and expects to cross 2.7 lakh exports by March end. He adds that both retail sales and wholesales have experienced double-digit growth.

  • Godrej Properties rises sharply as it signs agreements to develop a 62-acre township in Bengaluru, with an estimated booking value of Rs 5,000 crore.

  • Welspun Corp is rising as its subsidiary, Sintex Advance Plastics, plans to set up a plastic pipes and water storage tank manufacturing facility in Madhya Pradesh at Rs 400 crore. The project is expected to be completed in the next six quarters.

  • Biocon is rising as its arm, Biocon Biologics, inks a pact with Bayer Inc. and Regeneron Pharmaceuticals to introduce Yesafili, a biosimilar to Eylea (Aflibercept) injection used to treat diabetic eye disease. The company has set the launch date as July 1, 2025.

  • Bharat Heavy Electricals (BHEL) rises more than 13% as reports suggest that 40.7 lakh shares (0.1% equity), amounting to Rs 105.6 crore, change hands in multiple large deals.

  • NTPC is rising as its board of directors approves a Rs 17,195.3 crore investment for the development of two 800 MW power plants at Singrauli Super Thermal Power Project.

  • Adani Ports & Special Economic Zone's cargo volumes rise 33% YoY to 35.4 million metric tonnes in February 2024.

  • One97 Communications signs an agreement with Yes Bank to transfer its merchant accounts, according to reports. The company also faces a Rs 5.5 crore penalty from the Financial Intelligence Unit of India for not meeting obligations under the Prevention of Money Laundering Act, 2002.

  • Moody's raises India's CY24 GDP growth forecast to 6.8% from 6.1%. The firm predicts that the country will remain the fastest-expanding economy among G20 nations. Moody's also forecasts a 6.4% GDP growth for India in 2025.

  • R K Swamy raises Rs 187.2 crore from anchor investors ahead of its IPO by allotting 65 lakh shares at Rs 288 each. Investors include Societe Generale, Copthall Mauritius Investment, Goldman Sachs, JM Financial Mutual Fund, and Pinebridge Global Funds.

  • SJVN is rising as its subsidiary, SJVN Green Energy, emerges as the lowest bidder in a Gujarat Urja Vikas Nigam auction, securing a project to set up a solar park in Gujarat at Rs 2.7 per unit. The company will develop a 200 MW solar plant with a capex of Rs 1,100 crore.

  • Dr. Lal Pathlabs' Chief Executive Officer Bharath U resigns on Sunday to pursue an external assignment. His resignation will take effect from May 20, 2024.

  • Torrent Power is rising as it receives a letter of award (LoA) for two orders worth Rs 3,140 crore from NTPC Vidyut Vyapar Nigam and Railway Energy Management. The orders involve setting up grid-connected renewable energy power projects and supplying 770 MW of gas-based power.

  • Nifty 50 was trading at 22,424.60 (46.2, 0.2%), BSE Sensex was trading at 73,903.09 (96.9, 0.1%) while the broader Nifty 500 was trading at 20,447.85 (26.5, 0.1%).

  • Market breadth is in the green. Of the 1,883 stocks traded today, 999 were in the positive territory and 815 were negative.

Riding High:

Largecap and midcap gainers today include Bharat Heavy Electricals Ltd. (264.55, 12.1%), Solar Industries India Ltd. (7,288.40, 6.4%) and Oil India Ltd. (624.90, 5.4%).

Downers:

Largecap and midcap losers today include Gujarat Fluorochemicals Ltd. (3,491.05, -5.0%), Gland Pharma Ltd. (1,707.95, -4.8%) and 3M India Ltd. (30,656, -3.7%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Bharat Heavy Electricals Ltd. (264.55, 12.1%), Solar Industries India Ltd. (7,288.40, 6.4%) and KEI Industries Ltd. (3,420.40, 6.4%).

Top high volume losers on BSE were Fortis Healthcare Ltd. (385.40, -4.3%), Century Plyboards (India) Ltd. (696.80, -2.8%) and Ajanta Pharma Ltd. (2,083.85, -2.6%).

Graphite India Ltd. (631.15, 3.6%) was trading at 5.2 times of weekly average. Indian Energy Exchange Ltd. (153.55, 1.3%) and Hitachi Energy India Ltd. (6,160, 0.5%) were trading with volumes 4.9 and 4.3 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

40 stocks made 52 week highs, while 2 stocks hit their 52 week lows.

Stocks touching their year highs included - Adani Ports & Special Economic Zone Ltd. (1,342.60, 0.3%), Ambuja Cements Ltd. (617.15, -0.1%) and Bharat Electronics Ltd. (209.60, 1.4%).

Stocks making new 52 weeks lows included - KRBL Ltd. (307.60, -2.6%) and RHI Magnesita India Ltd. (569.35, -1.5%).

7 stocks climbed above their 200 day SMA including Piramal Enterprises Ltd. (966.85, 3.4%) and Indraprastha Gas Ltd. (446.60, 2.7%). 8 stocks slipped below their 200 SMA including Chemplast Sanmar Ltd. (463.45, -4.3%) and Shoppers Stop Ltd. (716.55, -2.9%).

 
Trendlyne Marketwatch
Trendlyne Marketwatch
02 Mar 2024

Nifty 50 closed at 22378.40 (39.7, 0.2%) , BSE Sensex closed at 73806.15 (60.8, 0.1%) while the broader Nifty 500 closed at 20421.35 (71.6, 0.4%)

Market breadth is highly positive. Of the 2001 stocks traded today, 1411 showed gains, and 554 showed losses.

Riding High:

Largecap and midcap gainers today include Aurobindo Pharma Ltd. (1076.95, 4.9%), Max Healthcare Institute Ltd. (770.35, 4.6%) and Havells India Ltd. (1576.45, 4.0%).

Downers:

Largecap and midcap losers today include One97 Communications Ltd. (414.40, -2.1%), Info Edge (India) Ltd. (5183.75, -1.9%) and APL Apollo Tubes Ltd. (1531.85, -1.2%).

BSE 500: highs, lows and moving averages

27 stocks took off, crossing 52 week highs,

Stocks touching their year highs included - Ambuja Cements Ltd. (617.90, 0.1%), Indus Towers Ltd. (265.70, 1.0%) and DLF Ltd. (922.95, 1.4%).

13 stocks climbed above their 200 day SMA including Symphony Ltd. (916.30, 2.0%) and Crompton Greaves Consumer Electricals Ltd. (301.10, 1.8%). 2 stocks slipped below their 200 SMA including SIS Ltd. (439.95, -0.9%) and Coromandel International Ltd. (1081.25, -0.6%).

 
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The Baseline
01 Mar 2024
Five Interesting Stocks Today

1. Dixon Technologies (India):

This consumer electronics company has risen by 19.3% over the past month, reaching its all-time high of Rs 7,048 on Monday. The company has also recovered by 13% since the Directorate of Revenue Intelligence’s inspection concerning raw material imports on January 19. 

The past month has been eventful for Dixon. The company’s arm, Padget Electronics, inked a manufacturing agreement with Compal Smart Device India for mobile phone production. Padget has also finalised deals with Lenovo for manufacturing notebooks and tablets, and is in talks with ASUS. Another Dixon subsidiary, Dixon Electro, began refrigerator production.

In Q3FY24, Dixon Technologies reported an 85.8% YoY growth in net profit to Rs 96.4 crore, while revenue increased 2x YoY. This growth was driven by a 251% YoY rise in its mobile and electronic manufacturing division, which accounts for 67% of total revenue. But the EBITDA margin contracted 80 basis points YoY. The company missed Trendlyne Forecaster’s net profit estimate by 18.6% due to a 116.3% YoY rise in material costs to Rs 4,345.3 crore.

Dixon’s management is positive about its mobile business and expects to capture a market share of 35-40% in Indian smartphone manufacturing. Managing Director Atul Lall says, “We're ramping up investments to meet the increasing order book from Motorola, and demand for some large new brands in the pipeline.” The company has also partnered with Samsung for their Taizun operating system, which is expected to commence operations by the end of FY24.

Jefferies downgrades Dixon Technologies to ‘Underperform’ and warrants caution over valuations and softer discretionary demand. It suggests that the risk-reward appears to be stretched. The company appears in a screener for stocks with PE higher than their respective industry.

2. Delhivery:

This logistics startup rose 2.7% on Monday, following the extension of its partnership with wellness brand Plix for cross-border freight shipping services. Delhivery has an existing collaboration with the brand for domestic express parcel shipping. 

Over the past month, Delhivery has risen by 8.8%, placing it in a screener of companies with prices above their short, medium, and long-term moving averages. In Q3FY24, the company reported a net profit of Rs 11.7 crore, marking its first ever profit, against a net loss of Rs 195.7 crore in Q3FY23. This beat Trendlyne’s Forecaster expectations of a Rs 67.8 crore net loss for the quarter. Nuvama Research noted, “The shift to profitability is a milestone we had foreseen only in H1FY25E.” 

Sahil Barua, the MD and CEO, said, “We've achieved profitability for the first time in Q3,  from enhanced utilization across our key business segments and trucking networks.” 

Meanwhile, revenue was up 20.3% YoY to Rs 2,194.5 crore, fuelled by strong demand during the festive season. The Express Parcel business (which constitutes 66% of total revenue) saw a 21% YoY revenue increase, while the Part Truckload business (17% of revenue) rose by 37% YoY. Delhivery features in a screener of stocks with increasing revenue for the past four quarters.

Elara Securities upgrades Delhivery to ‘Buy‘ and raises the target price to Rs 570. The brokerage believes that the festive season push may normalize in the near term and the focus will be on market share gain.

3. Reliance Industries: 

The Ambani family is in the news for another partnership, but that's not the one stock markets are interested in. This refineries/petro products company has risen by 3% over the past month due to merger talks with Disney. These talks concluded successfully on Thursday as Reliance Industries entered into a joint venture (JV) agreement with Viacom18 Media and Walt Disney, merging Viacom18 into Star India through a court-approved arrangement. 

This landmark JV will be valued at Rs 70,352 crore, and marks the rise of a major new player in the entertainment industry. Post-merger, Reliance will own 16.3%, Viacom18 will have 46.8%, and Disney will hold a 36.8% stake in the JV. Additionally, Reliance will invest Rs 11,500 crore in the venture. 

According to analysts at Jefferies, the JV is set to dominate India's cricket broadcasting rights with a substantial 40% share of the advertising market. The brokerage also added that Disney's business valuation is substantially lower than perceived, potentially adding around Rs 40 per share to Reliance's value.

The company released its Q3FY24 results on January 19, with a 9.3% YoY growth in its net profit to Rs 19,641 crore, while its revenue increased by 3.9% YoY to Rs 2.3 lakh crore. The revenue growth was on the back of improvement in oil to chemicals (O2C), oil & gas, JioBharat, Reliance Jio Infocomm (led by Akash Ambani) and Reliance Retail (headed by Isha Ambani) segments. 

JioBharat and Reliance Jio Infocomm’s revenue increased by 11% YoY to Rs 32,500 crore, thanks to a sharp rise in net subscriber additions. Similarly, Reliance Retail’s revenue grew by 23.8% YoY to Rs 74,370 crore, owing to increased footfall in stores and improvement in the groceries, fashion and consumer electronics segments. The company appears in a screener of stocks with increasing return on equity (RoE) over the past two years. 

Post-results, BOB Capital Markets maintains its ‘Buy’ rating on the company with an improved target price of Rs 3,175. This indicates a potential upside of 6.4%. The brokerage believes that the company’s market share expansion and media business growth will contribute to its revenue. It expects the company’s revenue to grow at a CAGR of 7.5% over FY23-26.

4. Triveni Turbine:

This heavy electrical equipment manufacturer has risen by 7.9% over the past week, touching a 52-week high of Rs 504.9 today on the back of a strong order book and good quarterly results. Its Q3FY24 net profit grew by 29.7% YoY to Rs 68.2 crore and revenue increased by 32.9% YoY, thanks to a favourable demand-supply scenario. The firm beat Trendlyne Forecaster’s estimates for net profit and revenue by 3.3% and 4% respectively. The company appears in a screener of stocks with strong momentum.

In Q3FY24, the company’s order book grew by 28% YoY to Rs 1,575 crore, with export orders climbing 41% YoY to Rs 762 crore. Major order bookings were noted from the Middle East and North Africa, Turkey and the Americas. Its geographical expansion and product & aftermarket offerings have fueled order growth across various segments, including biomass industries, oil & gas, and both sub & beyond 30 MW. A new subsidiary was established in Texas, USA, to invest in local manufacturing, aligning with its strategy of being closer to customers and gaining from US energy incentives. The domestic order book saw a modest 18% YoY increase to Rs 814 crore, impacted by order delays and the festive season.

Dhruv Sawhney, Chairman & Managing Director of the firm, says, “We've set new records in revenue, profitability, and order booking. By the nine-month mark, product orders reached Rs 9.9 billion, a 19% YoY increase driven by exports, especially in the API segment, alongside robust domestic demand. With a 14% improvement in the overall enquiry book, we remain constructive on future orders for this segment in the medium term.” 

Sharekhan recommends a ‘Buy’ rating for Triveni Turbine, with a target price of Rs 550. They say, “ The stock trades at ~29x its FY2026E EPS, which we believe offers room for an upside, considering a strong growth prospectus and robust ROE/ROCE ratios.”

5. Havells India:

This consumer durables company has risen by 5.8% in the past week, hitting its 52-week high of Rs 1,550 on Wednesday. This uptick came after Goldman Sachs upgraded Havells India to ‘Buy’, expecting the company to resume double-digit growth starting Q1FY25. 

The company has struggled recently, posting single-digit returns in the past two quarters, mainly because of reduced demand in semi-urban and rural markets, driven by inflation. 

In Q3FY24, Havells India posted a slight net profit increase of 1.5% YoY to Rs 287.9 crore, missing Trendlyne’s Forecaster estimates by 10.1%. At the same time, its revenue rose by 7.3% YoY to Rs 4,469.8 crore, also missing estimates by 2.8%. The firm appears in a screener of stocks where mutual funds have increased their shareholdings in the past quarter. Based on Trendlyne’s Results dashboard, the company’s growth in revenue and net profit during Q3FY24 lagged behind its industry peers.

Havells India’s wholly owned subsidiary, Havells International, announced a joint venture with Salesmark Ventures, USA on February 14, 2024. This partnership will allow Salesmark to market and sell various portable air conditioning units and related accessories from Havells’ brand portfolio in the US market.

CEO Anil Rai Gupta says, “We expect the premiumisation trend to recover as inflation shows signs of abating.” He expects better margins as the company’s investments in brand building normalize over the next quarter.

BOB Capital Markets maintains a ‘Buy’ call on Havells India, given its strong presence in the consumer durables sector and improving consumer demand. The brokerage estimates the firm’s sales to grow at a 9% CAGR, with net profit improving at a 17.6% CAGR over FY24-26.

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
01 Mar 2024
Market closes at an all-time high, TVS Motor’s wholesales rise 33% YoY in February
By Trendlyne Analysis

Nifty 50 closed at 22,338.75 (356.0, 1.6%) , BSE Sensex closed at 73745.35 (1,245.1, 1.7%) while the broader Nifty 500 closed at 20,349.80 (259.8, 1.3%). Of the 2,054 stocks traded today, 1,313 showed gains, and 712 showed losses.

Indian indices extended their gains from the open and closed in the green, with the Nifty 50 and Sensex closing at their all-time highs. The Indian volatility index, Nifty VIX, fell 2.1% and closed at 15.2 points. Dr. Reddy's Laboratories closed in the red after its US subsidiary was sued by Walgreen, Kroger Specialty Pharmacy, and CVS Pharmacy. The lawsuit accused them of limiting competition and monopolizing the Revlimid market through patent settlements.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, following the benchmark index. Nifty Energy and Nifty Bank closed higher than their Thursday close. According to Trendlyne’s sector dashboard, Metals & Mining emerged as the top-performing sector of the day, with a rise of 2.7%.

Major Asian indices closed in the green amid positive global cues. European indices traded in the higher, tracking the Asian indices. US index futures traded in the green, indicating a positive start to the trading session. Brent crude oil futures traded higher after closing in the red on a volatile day of trade on Thursday.

  • Steel Authority of India (SAIL) sees a long buildup in its March 28 future series as its open interest rises 52.9% with a put-call ratio of 0.5.

  • TVS Motor’s wholesales rise 33% YoY to 3.7 lakh units in February. Two-wheeler wholesales increase 34% YoY, while three-wheeler wholesales go up by 16% YoY. Meanwhile, exports jump 85% YoY.

  • Dr. Reddy's Laboratories falls as it and its US subsidiary are sued by Walgreen, Kroger Specialty Pharmacy, and CVS Pharmacy. The lawsuit accuses them of limiting competition and monopolizing the Revlimid market through patent settlements.

  • Defence, construction & engineering, and plastic productsindustries rise more than 3.5% in the past week.

  • Sandeep Garg, Sr. MD & CEO of Welspun Enterprises, says that water-related projects make up 70% of the firm's current order book. He also highlights that the company has emerged as the lowest bidder for building a water treatment plant and has received a LoA worth Rs 4,123.8 crore from Brihanmumbai Municipal Corporation (BMC).

  • Eicher Motors' Royal Enfield's February 2024 wholesales rise 6.1% YoY to 75,935 units. The company's exports increase by 12.7% YoY.

  • Mukka Proteins' Rs 224 crore IPO gets bids for 5.2X the available 5.6 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 8.1X the available 2.8 crore shares on offer.

  • Suven Pharmaceuticals surges as it announces merger with Cohance Lifescience to strengthen Suven’s CDMO industry position with niche capabilities and scale benefits.

  • The Ministry of Defence inks five major capital acquisition contracts worth Rs 39,125.4 crore today. These include two deals with L&T valued at Rs 13,368.9 crore for high-power radars and Close-In weapon systems for the Indian Air Force, and a Rs 5,249.7 crore agreement with HAL for MiG-29 aero-engines.

  • Waaree Renewable Technologies reaches an all-time high of Rs 5,835.2 as it wins an order worth Rs 1,401 crore from North Eastern Electric Power Corp. The order includes construction work and land development for a 300 MW AC Ground Mounted Solar PV project linked to ISTS (inter-state transmission system).

  • HG Infra Engineering rises as it wins an order worth Rs 709.1 crore from the East Central Railway to construct a double-line track in Bihar.

  • Nifty 50 hits an all-time high of 22,304 today. BSE Sensex also reaches a record high of 73,574.

  • The Centre raises the windfall tax on locally produced crude oil to Rs 4,600 per tonne from Rs 3,300 earlier. It slashes the export tax on diesel to 'Nil' from Rs 1.5 per litre. The tax on aviation turbine fuel (ATF) and petrol remains ‘Nil’.

  • One97 Communications (Paytm) rises as its board approves the discontinuation of various inter-company agreements with Paytm Payments Bank.

  • NCC is rising as it bags two orders worth Rs 1,476 crore from state government agencies. The larger order, valued at Rs 1,303,7 crore, is related to its transportation division, while the remaining Rs 172.3 is for its building division.

  • Larsen & Toubro rises as it commissions its first indigenously built hydrogen electrolyser at Hazira. This electrolyser has a rated power capacity of 1 MW (expandable to 2 MW) and can produce 200 Nm3/Hr of hydrogen.

  • India’s manufacturing PMI rises to a five-month high of 56.9 in February, driven by an increase in new orders and production. The PMI reading remains above 50 for the 32nd consecutive month.

  • Landmark Cars surges as it receives a Letter of Intent from MG Motor India to open a dealership in Ujjain, Madhya Pradesh. The dealership will be established by the company’s arm, Aeromark Cars, and will include sales and after-sales services of MG cars.

  • D B Realty appoints Rahul Pandit as President & Executive Director, effective March 1, 2024. Following the effective demerger scheme, Rahul Pandit will be appointed as the Managing Director & Chief Executive Officer of the newly demerged hotel entity.

  • Mahindra & Mahindra's wholesales rise 24% YoY to 72,923 units in February 2024. Passenger vehicle wholesales increase 40% YoY, while three-wheeler wholesales are up 15% YoY.

  • India's GDP growth reaches a six-quarter high of 8.4% in Q3FY24, surpassing market predictions. However, economists are concerned about the drop in GVA growth, which went from 7.7% in Q2 to 6.5% through December, mainly due to a sharp rise in net taxes.

  • Albula Investment Fund sells a 4.4% stake (30 lakh shares) in Lumax Auto Technologies for approximately Rs 135.2 crore in a bulk deal on Thursday. Meanwhile, Nippon India Mutual Fund picks up a 3.7% in the company.

  • Bajaj Auto's February 2024 wholesales rise 23.7% YoY to 3,46,662 units. Two-wheeler wholesales increase 25.2% YoY, while commercial vehicle wholesales go up 15.8% YoY.

  • BNP Paribas Arbitrage sells a 1.1% stake in NMDC for approx Rs 750.1 crore in a bulk deal on Thursday.

  • CG Power and Industrial Solutions rises sharply as it partners with Renesas Electronics Corp, Japan, and Stars Microelectronics, Thailand, to set up a semiconductor unit in Gujarat, with an investment of Rs 7,600 crore.

Riding High:

Largecap and midcap gainers today include Steel Authority of India (SAIL) Ltd. (133.00, 9.74%), Oil India Ltd. (589.15, 7.79%) and Tata Steel Ltd. (149.95, 6.46%).

Downers:

Largecap and midcap losers today include Max Healthcare Institute Ltd. (736.75, -7.13%), PB Fintech Ltd. (1,119.75, -4.08%) and ICICI Lombard General Insurance Company Ltd. (1,643.85, -3.97%).

Movers and Shakers

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

Top high volume gainers on BSE included Steel Authority of India (SAIL) Ltd. (133.00, 9.74%), Suven Pharmaceuticals Ltd. (686.10, 9.01%) and Jamna Auto Industries Ltd. (130.20, 8.59%).

Top high volume losers on BSE were Max Healthcare Institute Ltd. (736.75, -7.13%), Jyothy Labs Ltd. (452.45, -2.08%) and Krishna Institute of Medical Sciences Ltd. (2,226.00, -1.38%).

Elgi Equipments Ltd. (680.60, 4.38%) was trading at 11.8 times of weekly average. Chemplast Sanmar Ltd. (491.95, 4.49%) and CG Power and Industrial Solutions Ltd. (465.00, 4.91%) were trading with volumes 6.3 and 5.4 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

31 stocks overperformed with 52 week highs, while 2 stocks hit their 52 week lows.

Stocks touching their year highs included - Adani Ports & Special Economic Zone Ltd. (1,322.10, 0.12%), Ambuja Cements Ltd. (617.60, 1.93%) and Indus Towers Ltd. (263.10, 4.07%).

Stocks making new 52 weeks lows included - KRBL Ltd. (313.50, -2.41%) and Star Health and Allied Insurance Company Ltd. (548.95, -2.24%).

19 stocks climbed above their 200 day SMA including Home First Finance Company India Ltd. (916.00, 5.51%) and Linde India Ltd. (5,549.00, 3.07%). 3 stocks slipped below their 200 SMA including Clean Science & Technology Ltd. (1,400.50, -0.91%) and LTIMindtree Ltd. (5,273.55, -0.52%).

 
Trendlyne Marketwatch
Trendlyne Marketwatch
29 Feb 2024
Market closes higher, Mangalore Refinery and Petrochemicals' Sanjay Varma resigns as CEO and MD
By Trendlyne Analysis

Nifty 50 closed at 21,982.80 (31.7, 0.1%), BSE Sensex closed at 72,500.30 (195.4, 0.3%) while the broader Nifty 500 closed at 20,090.05 (69.7, 0.4%). Market breadth is horizontal. Of the 2,043 stocks traded today, 1,034 were in the positive territory and 974 were negative.

Indian indices extended the gains from the afternoon session and closed in the green. The volatility index, Nifty VIX, dropped by 4.6% and closed at 15.6 points. Coal India is set to form a joint venture (JV) company with Bharat Heavy Electricals to engage in the coal to chemicals business. Coal India will hold a 51% stake in the Rs 11,700 crore JV.

Nifty Midcap 100 and Nifty Smallcap 100 closed higher following the benchmark index. Nifty PSU Bank and Nifty Metal closed higher than Wednesday’s closing level. According to Trendlyne’s sector dashboard, commercial supplies & services emerged as the top-performing sector of the day, with a rise of over 1.8%. 

Most European indices trade in the green except for Switzerland’s SMI index trading lower. US indices futures trade lower, indicating a negative start. The CPI inflation for the Eurozone in February increased by 2.5% YoY against 2.8% growth in January.

  • Money flow index (MFI) indicates that stocks like Zydus Lifesciences, ICICI Lombard General Insurance, PB Fintech and Havells India are in the overbought zone.

  • Mangalore Refinery and Petrochemicals is falling as Sanjay Varma resigns as CEO and MD of the company with effect from February 28. The board has appointed Mundkur Shyamprasad Kamath as Managing Director.

  • Adani Enterprises is rising as its arm Adani Airport Holdings signs a joint venture and share purchase agreement for the acquisition of a 50% stake in Semolina Kitchens.

  • Zee Entertainment Enterprises falls sharply following reports that Sony Group has pulled out of its merger with the company, as indicated by multiple filings sent to the National Company Law Tribunal (NCLT).

  • Lumax Auto Technologies rises more than 8% as reports suggest that 28.6 lakh shares (4.2% equity), amounting to Rs 128.8 crore, change hands in a large trade.

  • Mukka Proteins' Rs 224 crore IPO gets bids for 1.3X the available 5.6 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 2.2X the available 2.8 crore shares on offer.

  • Platinum Industries' Rs 235.3 crore IPO gets bids for 45X the available 96.3 lakh shares on offer on the third day of bidding. The retail investor quota gets bids for 40.1X the available 48.2 lakh shares on offer.

  • Exicom Tele-Systems' Rs 446.1 crore IPO gets bids for 63X the available 1.8 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 96.7X the available 31.4 lakh shares on offer.

  • According to a poll of economists, India's GDP growth is projected to expand by 6.6% during the October- December quarter. They expect a resilient economy that will grow 7% In FY24.

  • Punjab & Sind Bank is rising as its board approves a plan to raise up to Rs 2,000 crore in multiple tranches through the issuance of equity shares and bonds. Equity shares will be issued via a public issue, rights issue, qualified institutional placement (QIP) or preferential issue.

  • CG Power and Industrial Solutions receives a Rs 188.8 crore income tax demand for assessment year 2022-23 from the Income Tax Department. The company plans to appeal against the order's disallowances/additions and seek rectification for apparent mistakes.

  • JSW Infrastructure rises sharply as Motilal Oswal reportedly initiates coverage on the stock with a 'Buy' rating and a target price of Rs 300. This indicates a potential upside of 17.9%. The brokerage believes that it is the fastest-growing port infrastructure company, with a focus on increasing market share. It also expects the company's cash flow generation to remain strong despite acquisitions.

  • SoftBank sells over 1.4 crore shares, roughly a 2.2% stake, of One97 Communications (Paytm) in the open market over the past month, reducing its shareholding to 2.8% from 5%.

  • Suzlon Energy bags an order for a 30 MW wind power project from EDF Renewables. Suzlon will supply 10 wind turbine generators with a rated capacity of 3 MW each, and the electricity generated will be supplied to Gujarat Urja Vikas Nigam.

  • NBCC (India) inks a Rs 150 crore agreement for infrastructure projects and repair/renovation of IFCI properties. The company has also announced an e-auction for approx 61,000 sq ft of commercial space valued at Rs 272.7 crore.

  • Media stocks like Zee Entertainment Enterprises, Network18 Media & Investment, TV18 Broadcast, and Saregama India are falling in trade. All constituents of the broader Nifty Media index also trade in the red as Reliance forms a JV with Viacom18 and Disney.

  • Healthcare stocks like Max Healthcare Institute, Apollo Hospitals Enterprises and Fortis Healthcare decline as the Supreme Court instructs the central government to address discrepancies in healthcare charges. Reports suggest that, under the Clinical Establishment Rule, 2012, the apex court has asked the Centre to take immediate action and determine fees chargeable to patients.

  • Shriram Finance is rising as the National Stock Exchange (NSE) replaces UPL with Shriram Finance in its Nifty 50 index, effective March 28.

  • Kaveri Seed rises sharply as its buyback of 44.8 lakh shares, valued at Rs 325 crore at Rs 725 per share, starts today, with the closing set for Wednesday.

  • Coal India is set to form a joint venture (JV) company with Bharat Heavy Electricals to engage in the coal to chemicals business. Coal India will hold a 51% stake in the Rs 11,700 crore JV.

  • Jio Financial Services rises as it's set to join the Nifty Next 50 index during the NSE's semi-annual index rebalancing. REC, Power Finance Corp, Indian Railway Finance Corp, and Adani Power will also be included in the Nifty Next 50 index, while Adani Wilmar, Muthoot Finance, PI Industries, Procter & Gamble Hygiene & Healthcare will be removed.

  • GPT Healthcare’s shares debut on the bourses at a 15.6% premium to the issue price of Rs 186. The Rs 525.1 crore IPO has received bids for 8.5 times the total shares on offer.

  • Mukka Proteins raises Rs 67.2 crore from anchor investors ahead of its IPO by allotting around 2.4 crore shares at Rs 28 each. Investors include Elara India Opportunities Fund, Saint Capital Fund, Eminence Global Fund, and Neomile Growth Fund.

  • Venus Pipes & Tubes rises as it announces its foray into the fittings business and capacity expansion for its seamless and welded pipes and tubes.

  • Reliance Industries enters into a joint venture agreement with Viacom18 Media and Walt Disney, merging Viacom18 into Star India through a court-approved arrangement. Post-merger, Reliance will own 16.3%, Viacom18 will have 46.8%, and Disney will hold a 36.8% stake in the JV. Additionally, Reliance will invest Rs 11,500 crore in the venture.

  • Nifty 50 was trading at 21,931.15 (-20, -0.1%), BSE Sensex was trading at 72,220.57 (-84.3, -0.1%) while the broader Nifty 500 was trading at 19,982.25 (-38.2, -0.2%).

  • Market breadth is balanced. Of the 1,813 stocks traded today, 874 were gainers and 884 were losers.

Riding High:

Largecap and midcap gainers today include Berger Paints (India) Ltd. (606.70, 7.53%), APL Apollo Tubes Ltd. (1,547.55, 5.79%) and Bajaj Holdings & Investment Ltd. (9,149.60, 5.10%).

Downers:

Largecap and midcap losers today include Max Healthcare Institute Ltd. (793.35, -6.83%), Apollo Hospitals Enterprise Ltd. (6,101.60, -4.10%) and Oil India Ltd. (546.55, -3.63%).

Volume Shockers

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

Top high volume gainers on BSE included Berger Paints (India) Ltd. (606.70, 7.53%), Ingersoll-Rand (India) Ltd. (3,658.15, 7.42%) and Triveni Turbine Ltd. (498.20, 6.89%).

Top high volume losers on BSE were Max Healthcare Institute Ltd. (793.35, -6.83%), KSB Ltd. (3,659.60, -6.81%) and Prestige Estates Projects Ltd. (1,166.75, -5.07%).

J B Chemicals & Pharmaceuticals Ltd. (1,561.85, -2.40%) was trading at 9.5 times of weekly average. NMDC Ltd. (225.90, 1.28%) and Union Bank of India (146.30, 3.87%) were trading with volumes 9.2 and 8.9 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

15 stocks made 52 week highs, while 7 stocks were underachievers and hit their 52 week lows.

Stocks touching their year highs included - Bajaj Holdings & Investment Ltd. (9,149.60, 5.10%), Indus Towers Ltd. (252.80, 3.33%) and JK Cement Ltd. (4,514.90, 1.53%).

Stocks making new 52 weeks lows included - Atul Ltd. (6,227.00, 2.39%) and Bata India Ltd. (1,405.00, -0.10%).

6 stocks climbed above their 200 day SMA including Berger Paints (India) Ltd. (606.70, 7.53%) and APL Apollo Tubes Ltd. (1,547.55, 5.79%). 22 stocks slipped below their 200 SMA including Privi Speciality Chemicals Ltd. (1,175.40, -3.41%) and Home First Finance Company India Ltd. (868.20, -2.26%).

 
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The Baseline
29 Feb 2024
Chart of the week: Internet software, realty firms see profit and revenue surge, chemical stocks struggle
By Satyam Kumar

Following the Q3 results season, we turn to Trendlyne’s results dashboard to assess the performance of various industries, and identify top performers as well as those that struggled. We also check drivers of positive or negative industry sentiment. This edition of Chart of the Week looks at the YoY growth in revenue and net profit for Q3FY24 across industries and their large-cap stocks. 

Leading the pack in terms of revenue and profit growth for the quarter are internet software and services, realty, and consumer electronics industries.

Zomato, PB Fintech drive growth in internet software and services

The internet software and services industry registered an average net profit growth of 292.6% YoY and revenue growth of 33.2% YoY in Q3FY24. 

This surge was helped by Zomato and PB Fintech, which saw net profit rise 139.8% and 143.6% YoY, respectively. Additionally, 21 of 31 stocks in the industry posted a profit increase  during the quarter.

Zomato’s profit boost was on the back of its quick-commerce arm Blinkit, which saw a 27% QoQ revenue growth. Its food delivery segment’s revenue also increased by 10% QoQ, helped by a higher take rate of 20.1% (up 70 bps QoQ) after introducing a platform fee.

PB Fintech’s revenue rose by 42.8% YoY, driven by its insurance and credit businesses, which grew by 44.3% and 35.5% YoY, respectively.

The realty industry posted an average net profit growth of 211% YoY in Q3FY24, with a 21.4 % YoY improvement in revenue amid strong customer demand. Key contributors included Macrotech Developers, Phoenix Mills, and Brigade Enterprises respectively, with their net profit up by 24.4%, 58.4%, and 29.2% YoY. The industry’s revenue boost was largely due to Macrotech Developers and Brigade Enterprises reporting record pre-sales of Rs 3,410 crore (up 12% YoY) and Rs 1,520 crore (up 51% YoY), in Q3FY24. Phoenix’s mall consumption went up by 25% YoY to Rs 3,300 crore with rising income levels and urbanisation, while its rental income was up 33% YoY to Rs 447 crore during the quarter.

The consumer electronics industry also saw its net profit and revenue improve by 172.5% YoY and 29.7% YoY during the quarter. Dixon Technologies (India), Voltas, and Blue Star contributed to this growth with their profits up by 85.8%, 72.5%, and 71.9% YoY, respectively. This growth was supported by major policy changes and production-linked incentive (PLI) schemes by the Indian government to attract large global players into this space. Dixon Technologies in particular, saw its revenue double on a YoY basis in Q3FY24, thanks to its mobile and electronic manufacturing segment, with a growth of 251% YoY to Rs 3,214 crore. Voltas and Blue Star also reported net profit growth on festive sales and rise in demand for air conditioners.

While these three industries celebrated robust Q3FY24 results, others like commodity chemicals, fertilizers, and agrochemicals faced declines in both revenue and net profit during the same period.

Weak demand and Chinese competition dampen chemical industry’s revenue

The chemical industry faced continued price pressures in Q3FY24, while inventory rationalisation by end-user agrochemical companies is coming to an end. Weak demand and ongoing Chinese dumping resulted in subdued revenues and margins.

The agrochemicals industry was impacted the most, recording a 125.8% YoY decline in average net profit and a 21.3% YoY fall in revenue. UPL, Bayer Cropscience, and Sumitomo Chemical India saw revenue declines of 27.7%, 8% and 28.1% YoY, respectively. This downturn was due to a sharp decrease in price realisation, pressured by higher supplies from China as Covid-related restrictions eased.

Meanwhile, the commodity chemicals industry saw a 53.4% YoY plunge in average net profit and a 7.6% YoY fall in revenue during the quarter. Tata Chemicals and Navin Fluorine International reported significant profit drops of 59.6% YoY and 26.8% YoY, respectively. The decline in net profit was mainly due to industry-wide channel destocking and inventory reduction.

The fertilizers industry also saw a 67.3% YoY decline in net profit, while its average revenue decreased by 32.9% YoY during Q3FY24. Coromandel International and The Fertilisers and Chemicals Travancore faced sharp decreases of 56.2% YoY and 81.7% YoY in net profit during the quarter.