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Trendlyne Marketwatch
Trendlyne Marketwatch
08 Feb 2024
Market closes lower, BEML's net profit falls by 27.3% YoY to Rs 48.2 crore in Q3
By Trendlyne Analysis

Nifty 50 closed at 21,717.95 (-212.6, -1.0%), BSE Sensex closed at 71,567.84 (-584.2, -0.8%) while the broader Nifty 500 closed at 19,987.55 (-122, -0.6%), of the 2,018 stocks traded today, 762 showed gains, and 1,240 showed losses.

Indian indices extended their losses from the afternoon session and closed in the red. The Indian volatility index, Nifty VIX, rose 2.1% and closed at 15.8 points. The Monetary Policy Committee (MPC) kept the policy repo rate unchanged at 6.5% after its meeting. However, RBI Governor Shaktikanta Das said that the RBI is prepared to undertake appropriate policy actions, as warranted.

Nifty Smallcap 100 closed in the red, while the Nifty Midcap 100 closed flat. Nifty Media and Nifty Energy closed higher than their Wednesday levels.  According to Trendlyne’s sector dashboard, Retailing emerged as the top-performing sector of the day, with a rise of 1.7%.

Major Asian indices closed in the green, except for India’s BSE Sensex and Hong Kong’s Hang Seng closing in the red. Japan's Nikkei 225 index closed at its highest level in 34 years after a high-ranking Bank of Japan (BOJ) official signaled that any policy tightening would be gradual. European indices traded in the green, while the US index futures traded flat. Brent crude oil futures traded flat after closing in the green for three straight days.

  • Money flow index (MFI) indicates that stocks like Indian Overseas Bank, Cummins India, EIH and Torrent Power are in the overbought zone.

  • BEML falls as its Q3FY24 net profit decreases by 27.3% YoY to Rs 48.2 crore. However, its revenue rises by 0.9% YoY and EBITDA margins contract by 328 bps YoY on higher raw material expenses.

  • Power Grid Corp rises as its Q3FY24 net profit grows by 10.5% YoY to Rs 4,028.2 crore. Its revenue increases by 2.5% YoY, helped by rising income from the transmission segment. The company's EBITDA margin expands by 57 bps YoY due to lower finance expenses.

  • Star Health and Allied Insurance Co. declines more than 2% as reports suggest that 10.5 lakh shares (0.2% equity), amounting to Rs 59.8 crore, change hands in a large trade.

  • Rashi Peripherals' Rs 600 crore IPO gets bids for 2.4X the available 1.4 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 2.8X the available 71.2 lakh shares on offer.

  • Jana Small Finance Bank's Rs 570 crore IPO gets bids for 1.4X the available 1 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 1.9X the available 49.1 lakh shares on offer.

  • Capital Small Finance Bank's Rs 523.1 crore IPO gets bids for 1X the available 81.5 lakh shares on offer on the second day of bidding. The retail investor quota gets bids for 1.1X the available 40.9 lakh shares on offer.

  • Mutual Funds' net equity inflow surges by 28% MoM to Rs 21,749 crore in January, according to data released by the Association of Mutual Funds in India (AMFI). Total AUM stands at Rs 52.7 lakh crore during the same period.

  • PSU bank stocks like Indian Bank, State Bank of India, Bank of Indiaand Canara Banksurge more than 3% in trade. The broader Nifty PSU Bankindex also rise over 2%, helping it touch its all-time high of 6,931.8.

  • Cummins Indiarises to an all-time high of Rs 2,648.8 as its Q3FY24 net profit grows by 20.6% YoY to Rs 498.9 crore. Its revenue increases by 16.3% YoY, helped by rising income from the engines segment. Its EBITDA margin also improves by 281 bps YoY on lower raw material and inventory expenses.

  • RBI Governor Shaktikanta Das says that the regulatory action against One97 Communications(Paytm) resulted from the company's continued non-compliance with demands for corrective actions in its payment bank business. Previously, the RBI had barred Paytm's payment bank from conducting operations starting after February 29.

  • TCS hits a new 52-week high of Rs 4,158 following its multi-year partnership with Enento Group to modernize Enento's IT infrastructure and digital workplace.

  • According to a report from the International Energy Agency, India's oil demand is expected to increase by 1.2 million barrels per day by 2030, accounting for about one-third of the global demand. As of 2023, the country has become the world's second-largest net importer of crude oil.

  • Apollo Tyres rises to its all-time high of Rs 557.9 as its net profit grows by 78.1% YoY to Rs 496.6 crore in Q3FY24 on the back of lower raw material and finance costs. Revenue increases by 2.7% YoY, driven by the APMEA and Europe segments. It shows up in a screener of stocks with improving return on equity (RoE) over the past two years.

  • Inox Wind hits a new 52-week high of Rs 578.8 following an agreement with CESC to install and supply equipment for 1,500 MW of wind capacity over 3-4 years.

  • Sobha is falling sharply as its net profit declines by 52.6% YoY to Rs 15.1 crore in Q3FY24 due to higher raw material and employee benefit expenses. Revenue falls by 21.1% YoY, impacted by the real estate and contractual & manufacturing segments. It appears in a screener of stocks with declining net profit and profit margin (YoY).

  • The RBI raises its projection for India's GDP growth to 7.3% in FY24 and sets FY25 growth at 7%. RBI's MPC retains its FY24 CPI inflation forecast at 5.4%, and projects 4.5% for FY25.

  • Borosil Renewablesfalls as it reports a net loss of Rs 15.6 crore in Q3FY24, as against a net profit of Rs 5.2 crore in Q3FY23 due to higher raw material and employee benefit expenses. Revenue rises 30.7% YoY to Rs 333.8 crore. The company appears in a screenerfor stocks with zero promoter pledge.

  • General Insurance Corpof India rises to an all-time high of Rs 460.9 as its Q3FY24 net profit grows by 34.9% YoY to Rs 1,518 crore due to lower employee benefit expenses. However, its gross premium income falls by 13.1% YoY, impacted by declines in fire, agriculture and marine insurance segments.

  • Tata Consumer Products' Q3FY24 net profit falls 20.7% YoY to Rs 278.9 crore, while revenue rises 9.7% YoY. Profit falls due to higher costs from acquisitions, past service, and business restructuring. The company appears in a screener for stocks with low debt.

  • The RBI decides to keep the policy repo rate unchanged at 6.5% during the Monetary Policy Committee meeting.

  • Ashoka Buildcon plunges sharply as its net profit declines by 21.2% YoY to Rs 107.3 crore in Q3FY24 due to increased expenses for raw materials, construction, employee benefits, and finance. Revenue grows by 38.4% YoY, driven by the construction & contract segment. Its order book also declines by 18.4% YoY to Rs 13,167 crore.

  • KEC International rises as it bags orders worth Rs 1,175 crore for its transmission & distribution, civil and solar businesses from Indian and American clients. The orders involve a 765 kV transmission for Power Grid Corp, transmission hardware supply to American clients, and construction of a residential building and solar power plant in India.

  • Artisan International Value Fund sells a 1.2% stake in Indus Towers for approx Rs 717.3 crore in a bulk deal on Wednesday.

  • Lupin rises as its Q3FY24 net profit grows 4x to Rs 613.1 crore on lower inventory and finance expenses. Its revenue increases by 20.4% YoY, helped by growing income from North America, India, Europe, the Middle-East and African regions. It appears in a screener of stocks with high TTM EPS growth.

Riding High:

Largecap and midcap gainers today include General Insurance Corporation of India (441.10, 9.20%), Cummins India Ltd. (2,585.25, 7.71%) and Trent Ltd. (3,841.95, 6.50%).

Downers:

Largecap and midcap losers today include One97 Communications Ltd. (446.65, -9.99%), UCO Bank (63.30, -7.46%) and Indian Overseas Bank (74.00, -7.09%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included The New India Assurance Company Ltd. (304.40, 11.56%), General Insurance Corporation of India (441.10, 9.20%) and Bharat Dynamics Ltd. (1,912.65, 9.00%).

Top high volume losers on BSE were ITC Ltd. (414.55, -3.99%), Manappuram Finance Ltd. (182.80, -3.87%) and Thermax Ltd. (3,208.75, -2.33%).

Just Dial Ltd. (893.60, 7.95%) was trading at 22.2 times of weekly average. Zydus Wellness Ltd. (1,636.95, 0.51%) and Cummins India Ltd. (2,585.25, 7.71%) were trading with volumes 7.8 and 7.5 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

77 stocks took off, crossing 52 week highs, while 2 stocks tanked below their 52 week lows.

Stocks touching their year highs included - Abbott India Ltd. (28,278.00, -1.56%), Apollo Tyres Ltd. (538.80, -2.43%) and Bajaj Holdings & Investment Ltd. (8,658.00, 0.54%).

Stocks making new 52 weeks lows included - UPL Ltd. (464.85, -2.71%) and Vinati Organics Ltd. (1,674.00, -0.45%).

5 stocks climbed above their 200 day SMA including EPL Ltd. (196.15, 2.06%) and Indigo Paints Ltd. (1,442.30, 0.41%). 18 stocks slipped below their 200 SMA including Timken India Ltd. (2,961.50, -3.61%) and Dalmia Bharat Ltd. (2,100.35, -3.25%).

 
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The Baseline
08 Feb 2024
Which stocks did superstar investors sell in Q3FY24?
By Melissa Koshy

Tracking changes in the portfolios of superstar investors offers valuable insights into market trends and strategies. The investment choices of these seasoned investors reflect their bullish or bearish stances on various stocks and sectors, and gives other investors a roadmap on potential investing strategies. 

All superstar investors see their net worth rise in Q3FY24

Previously, we looked at the key superstar buys in Q3FY24. Now, let's analyse their sells. 

Biggest sells by superstars in Q3FY24

RARE Enterprises reduces its stake in Nazara Technologies

Rakesh Jhunjhunwala’s portfolio, currently managed by his wife Rekha Jhunjhunwala and investment firm Rare Enterprises, reduced stakes in two companies in Q3FY24. The portfolio’s net worth grew by around 22% QoQ to Rs 48,186.3 crore during the quarter.

In the October-December quarter, the late big bull’s portfolio cut a 1% stake in the software & services company, Nazara Technologies. This sale reduced the portfolio’s holding to 9%, down from a steady 10% held since Q1FY23. Over the past quarter, its share price has risen by 8.4%.  

Jhunjhunwala’s portfolio pares stakes in two companies

Rare Enterprises also trimmed 0.1% from its stake in banking major Federal Bank, taking its holding to 3%. This is the second consecutive quarter where it has reduced its stake in the bank. Federal Bank has seen a 3.5% increase in its stock price over the past quarter. 

Sunil Singhania pares stake in a micro-cap company to below 1%

Sunil Singhania’s Abakkus Fund saw its net worth rise by 19.2% QoQ to Rs 2,838.9 crore in Q3FY24. The fund reduced its stake in Rajshree Polypack to below 1% during the quarter, after holding a 4.3% stake in the containers and packaging company in Q2FY24. Rajshree’s stock price rose 50.3% in the past year.

Singhania trims his stake in Rajshree Polypack to below 1%

The fund also trimmed its stakes in Ion Exchange (India) and EMS (prices increased by 78.9% and 174.5% in the past year) by 0.64% and 0.36% It now holds 2.14% and 1.35% stakes in the utilities companies. It also sold a 0.3% stake in AGI Greenpac and now holds 1.1% of the diversified consumer services company. 

Abakkus cut 0.1% each in Ethos (specialty retail company), Technocraft Industries (India) (iron and steel products manufacturer) and Siyaram Silk Mills (textile company) to now hold 1.2%, 2.7% and 1.8% respectively. It also cut a minor stake in Sarda Energy & Minerals and IIFL Securities, now holding 2.2% in the iron and steel products manufacturer and 3.3% in the capital markets company.

Ashish Kacholia scales back stakes in three companies to below 1%

Kacholia sells a 1.54%% stake in ADF Foods

Ashish Kacholia’s net worth rose by 8.8% QoQ to Rs 2,764.2 crore in Q3FY24. He reduced his stakes in SJS Enterprises (auto parts & equipment company) and TARC (realty company) to below 1% from previous stakes of 3.2% and 2.2%  in Q2FY24. SJS Enterprises and TARC rose by 32.5% and 308.1% over the past year. He also cut his stake in IT training services company NIIT to below 1% from 1.9% in Q2. NIIT’s stock price fell by 59.4% in the past year. 

The ace investor also sold 1.54% of his stake in ADF Foods, leaving him with a 1.21% holding in the packaged foods company. He cut his stake in Best Agrolife, an agrochemicals company, to 1.4% by selling a 0.9% stake.

Vijay Kedia cuts stake in a hotels company to below 1% 

Vijay Kedia’s net worth increased by 6.3% QoQ to Rs 1,475.6 crore in Q3FY24. During this period, he slashed his stake in Mahindra Holidays & Resorts India to below 1%, down from a 1% stake held in the hotels company in Q2FY24. The company's stock price rose by 62.9% in the past year.

Kedia cuts a 0.2% stake in Talbros Automotive Components

Kedia also sold a 0.2% stake in Talbros Automotive Components during Q3FY24. He now holds a 1% stake in the auto parts manufacturer. The company rose by almost 3x in the past year. He also cut his stake in Elecon Engineering Company to 1.5% by selling a 0.1% share of the industrial machinery company. 

Mohnish Pabrai sells stake in a petrochemicals company 

Pabrai cuts a 2.6% stake in Rain Industries

Mohnish Pabrai’s net worth fell by 0.5% QoQ to Rs 1,358.7 crore in Q3FY24. During the quarter, he reduced his holding in Rain Industries to 4.4% by selling a 2.6% stake. This marks the second consecutive quarter of reduction in this petrochemicals company, whose stock price has risen by 13.5% over the past year.

Dolly Khanna reduces stakes in multiple companies

Dolly Khanna pares stakes in multiple companies

Dolly Khanna actively reduced her holdings in Q3FY24, trimming her stake in 11 companies, including four where her stake fell below 1%. Despite these sales, her net worth increased by 17.5% QoQ to Rs 422.9 crore during the quarter.

Khanna cut her stake in textiles, apparels & accessories firm Monte Carlo Fashions to below 1% from a 1.9% stake in Q2. Its stock price has fallen by 13.5% over the past quarter. She also reduced her stakes in textile company Nitin Spinners (a 1.2% stake held in Q2), breweries firm Som Distilleries & Breweries (a 1.1% stake in Q2), and auto tyres & rubber products manufacturer Tinna Rubber and Infrastructure (a 1.3% stake held in Q2) to below 1%. 

Further adjustments were made to Pondy Oxides & Chemicals, a non-ferrous metals manufacturer, reducing her stake by 0.63% to 2.44%. Over the past year, this small-cap company has gained 155.2%. 

The investor trimmed her stake by 0.4% in packaged foods firm Simran Farms, taking her holding to 1%. Khanna also reduced her stake in an oil & gas stock Chennai Petroleum Corp by 0.3%, bringing her holding to 1.3%. 

During the October-December quarter, Khanna brought down her stake in auto parts & equipment manufacturer Talbros Automotive Components by 0.23% to 1.34%. She also slightly reduced her holding in an electrical equipment firm Salzer Electronics (now owns 1%) and plastic products firm Prakash Pipes (now holds 3.1%). 

Porinju V Veliyath adjusts holdings in key sectors

Porinju cuts a 0.58% stake in Duroply Industries

Porinju V Veliyath sold his stakes in three companies during the quarter, with holdings in two dropping below 1%. His net worth rose by 8.2% QoQ to Rs 225.9 crore in Q3. 

He trimmed his stake in forest products manufacturer Duroply Industries by 0.58% to 6.45%. The company’s share price has risen by 62.8% over the past year. 

During the quarter, Porinju reduced his stakes in Shalimar Paints and Singer India to below 1%. He has consistently held a 1.6% stake in furnishing paints manufacturer Shalimar Paints since Q4FY22. Meanwhile, he added consumer durables firm Singer India to his portfolio in Q2FY24, but he reduced his stake to below 1% in Q3. 

 
Trendlyne Marketwatch
Trendlyne Marketwatch
07 Feb 2024
Market closes flat, Trent's net profit rises 124.2% YoY to Rs 374.4 crore in Q3
By Trendlyne Analysis

Nifty 50 closed at 21,930.50 (1.1, 0.0%), BSE Sensex closed at 72,210.22 (24.1, 0.0%) while the broader Nifty 500 closed at 20,109.55 (75.8, 0.4%), of the 2,026 stocks traded today, 1,129 were gainers and 863 were losers.

Indian indices recovered from the day’s low and closed flat. The volatility index, Nifty VIX, dropped by 1.8% and closed at 15.5 points. Brigade Enterprises Q3FY24 net profit grows by 29.2% YoY to Rs 73.5 crore due to lower sub-contractor and inventory expenses. Its revenue increased by 40.7% YoY, helped by rising income from the real estate, hospitality and leasing segments.

Nifty Smallcap 100 and Nifty Midcap 100 closed higher with the benchmark index closing flat. Nifty Media and Nifty PSU Bank closed higher than Tuesday’s closing level. According to Trendlyne’s sector dashboard, retailing emerged as the top-performing sector of the day, with a rise of over 5%.

Most European indices trade flat except for Italy’s FTSE MIB trading in the green. US indices futures trade flat, indicating a cautious start. German industrial production in December contracted by 1.6% MoM against estimates of a 0.4% decline.

  • Relative strength index (RSI) indicates that stocks like Indian Overseas Bank, EIH, Indian Oil Corp and Bharat Petroleum Corp are in the overbought zone.

  • Sanghvi Movers rises sharply to an all-time high of Rs 1,017.9 as its Q3FY24 net profit grows by 76.1% YoY to Rs 61.3 crore. Its revenue increases by 34.1% YoY and EBITDA margin expands by 640 bps YoY due to lower employee benefit expenses.

  • Trent rises sharply to an all-time high of Rs 3,438 as its Q3FY24 net profit grows by 124.2% YoY to Rs 374.4 crore. Its revenue increases by 50.5% YoY, helped by Star business, beauty & personal care, and clothing segments. It appears in a screener of stocks with improving book value per share.

  • HDFC Securities maintains its 'Buy' rating on HG Infra Engineering with an upgraded target price of Rs 1,338. This indicates a potential upside of 42.7%. The brokerage believes that the pick-up in project execution and a healthy balance sheet will drive the company's growth, projecting a 14.5% revenue CAGR for FY23-26.

  • Rashi Peripherals' Rs 600 crore IPO gets bids for 0.6X the available 1.4 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 0.9X the available 71.2 lakh shares on offer.

  • Jana Small Finance Bank's Rs 570 crore IPO gets bids for 0.5X the available 1 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 0.9X the available 49.1 lakh shares on offer.

  • Dhanuka Agritech signs a 'Letter of Intent' with Spain's Kimitec, forming a joint venture focused on the research and promotion of biological products to enhance crop health.

  • Capital Small Finance Bank's Rs 523.1 crore IPO gets bids for 0.3X the available 81.5 lakh shares on offer on the first day of bidding. The retail investor quota gets bids for 0.5X the available 40.9 lakh shares on offer.

  • Apeejay Surrendra Park Hotels' Rs 970.6 crore IPO gets bids for 20.4X the available 3.5 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 23.3X the available 61.9 lakh shares on offer.

  • TRF rises sharply to hit a new 52-week high of Rs 327.7 following its board's decision to cancel the merger with Tata Steel, citing business improvement since the 2022 merger agreement.

  • Reports suggest that 3.6 crore shares (1.3% equity) of Indus Towers, amounting to Rs 770 crore, change hands in a large trade.

  • Brigade Enterprisesrises to an all-time high of Rs 1,108 as its Q3FY24 net profit grows by 29.2% YoY to Rs 73.5 crore due to lower sub-contractor and inventory expenses. Its revenue increases by 40.7% YoY, helped by rising income from the real estate, hospitality and leasing segments.

  • Intellect Design Arenahits a new 52-week high of Rs 994.9 as it bags an order from Turkey’s VakifBank International to transform its banking operations. This marks Intellect's second European banking transformation deal in the past month.

  • V-Mart Retail rises as its Q3FY24 net profit grows by 41.4% YoY to Rs 28.2 crore due to lower inventory expenses. Its revenue increases by 16% YoY, helped by growing income from retail trade and digital marketplace businesses. It appears in a screener of stocks with growing net profit and margins.

  • TT Jagannathan, Chairman of TTK Prestige, notes a demand decline due to shifts in discretionary spending, describing it as cyclical with expectations of a Q4 recovery. He foresees high single-digit revenue growth and margins of about 15% in FY25.

  • Jyoti Structures rises as it wins a contract worth Rs 290 crore from Torrent PowerGrid to develop a multi-circuit transmission line in Gujarat.

  • Tata Steel completes the amalgamation of Tata Steel Mining, Tata Steel Long Products, S&T Mining Company, The Tinplate Company of India, and Tata Metaliks into its operations, streamlining its business portfolio.

  • JB Chemicals & Pharmaceuticalssurges to its all-time highof Rs 1,940 as its net profit grows by 25.9% YoY to Rs 133.6 crore in Q3FY24. Revenue rises by 6.5% YoY, helped by improvement in the domestic formulations segment. It features in a screenerof stocks with rising FII holding.

  • Reports suggest that 10 lakh shares (0.3% equity) of SRF, amounting to Rs 227.3 crore, change hands in a large trade.

  • L&Tbags three power transmission and distribution orders worth Rs 2,500-5,000 crore in India and the Middle East. These contracts include building a 75MW floating solar plant in Jharkhand's Panchet dam, a 380kV substation in Saudi Arabia, and executing voltage conversion orders in Kuwait.

  • Suraj Estate Developersrises following the announcement of its luxury residential project 'Suraj Lumina' in Mumbai with an estimated gross development value of Rs 100 crore. The project, featuring 35 units across 22,376 sq ft, is slated for completion by 2028.

  • Berger Paints (India)'s Q3FY24 net profit rises by 49.1% YoY to Rs 299.6 crore. Its revenue increases by 7.3% YoY and EBITDA margin improves by 367 bps YoY on lower raw material, inventory and finance expenses. It appears in a screener of stocks with growing net profit and margins.

  • Anuj Kathuria, President of JK Tyre & Industries, notes a slowdown in the agricultural sector. He also expects muted demand in the MHCV (medium and heavy commercial vehicles) segment in Q4. However, Kathuria believes that sales in the 2W and 3W segments will improve in Q4.

  • Godawari Power & Ispat rises sharply following the Ministry of Environment's approval to expand its iron ore pelletisation capacity from 2.7 MTPA to 4.7 MPTA in Chhattisgarh. The company expects the expansion to be completed by Q1FY26.

  • MN Ventures sells a 0.5% stake in HFCL for approx Rs 73.5 crore in a bulk deal on Tuesday.

  • FSN E-Commerce Ventures (Nykaa) rises as its Q3FY24 net profit grows by 97.7% YoY to Rs 16.2 crore on lower inventory expenses. Its revenue increases by 22.3% YoY, helped by the beauty & personal care and fashion segments. The company's board has approved an investment of Rs 150 crore via rights issue.

  • Britannia Industries' Q3FY24 net profit falls by 40.3% YoY to Rs 556.4 crore due to higher raw material, inventory and employee benefit expenses. However, its revenue improves by 1.4% YoY on rising income from rural and international businesses.

Riding High:

Largecap and midcap gainers today include Trent Ltd. (3,607.50, 18.86%), Indian Overseas Bank (79.65, 17.91%) and YES Bank Ltd. (29.80, 17.32%).

Downers:

Largecap and midcap losers today include Endurance Technologies Ltd. (1,983.25, -6.24%), Kansai Nerolac Paints Ltd. (318.90, -4.46%) and Gland Pharma Ltd. (2,049.00, -4.27%).

Volume Shockers

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

Top high volume gainers on BSE included EIH Ltd. (425.00, 19.57%), Trent Ltd. (3,607.50, 18.86%) and YES Bank Ltd. (29.80, 17.32%).

Top high volume losers on BSE were Navin Fluorine International Ltd. (3,093.20, -5.16%), Indian Energy Exchange Ltd. (145.10, -5.07%) and Prince Pipes & Fittings Ltd. (646.45, -4.02%).

J B Chemicals & Pharmaceuticals Ltd. (1,799.95, 4.33%) was trading at 24.4 times of weekly average. V-Mart Retail Ltd. (2,120.70, 0.94%) and Delta Corp Ltd. (151.60, 10.94%) were trading with volumes 19.7 and 14.3 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

79 stocks took off, crossing 52 week highs, while 1 stock hit their 52 week lows.

Stocks touching their year highs included - Abbott India Ltd. (28,740.00, 1.49%), Apollo Tyres Ltd. (552.20, -0.14%) and Bajaj Holdings & Investment Ltd. (8,611.85, 1.89%).

Stock making new 52 weeks lows included - Navin Fluorine International Ltd. (3,093.20, -5.16%).

16 stocks climbed above their 200 day SMA including Triveni Turbine Ltd. (469.60, 10.55%) and Pidilite Industries Ltd. (2,695.85, 3.11%). 6 stocks slipped below their 200 SMA including Prince Pipes & Fittings Ltd. (646.45, -4.02%) and Timken India Ltd. (3,072.50, -3.96%).

 
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The Baseline
07 Feb 2024
Chart of the Week: 11 out of 40 wealth destroyers in the past six months are from the chemicals sector
By Akshat Singh

The Nifty 500 has gained 18.1% in the past six months, but the wave did not lift all boats. Some companies’ share prices fell due to their specific challenges, like regulatory probes, rule changes, major business losses, misconduct, or broad sectoral downturns. In this edition of Chart of the Week, we look at a screener of stocks that have been the biggest wealth destroyers in the past six months and one year, and analyze the reasons for the same. 

This screener consists of 40 companies from the Nifty 500 index with negative price changes in both the past six months and year. The chemicals & petrochemicals sector features prominently with 11 stocks, followed by the banking & finance, retailing, and textiles, apparels & accessories sectors with five stocks each. The chart represents the top 10 wealth-destroying stocks over the past six months. 

Chemicals sector faces margin pressure amid Chinese competition 

Starting with the chemicals & petrochemicals sector, we find two wealth-destroying stocks in the top 10 list: Navin Fluorine and UPL. The dip can be attributed to the economic slowdown in the West and easing COVID restrictions in China, which increased competition and put pressure on margins over the past year. According to HDFC Securities, the sector’s overall revenue could fall by 5.7% YoY in Q3FY24 due to destocking and weak demand. 

Navin Fluorine declined by 32.4% and 26% in the past six months and year, respectively. In October 2023, the firm saw an 18% decline following the resignation of its CEO, Radhesh R. Welling. This dampened investor sentiment due to Welling's record of doubling the company's net profit and revenue from FY19 to FY23. 

UPL also fell by 20.3% and 32.7% during these periods respectively, driven by its Q3FY24 earnings reporting a net loss of Rs 1,217 crore against a profit of Rs 1,087 crore in Q3FY23. It also faced weak demand and inventory pile-up.

Global demand and supply chain disruptions affect textile stocks

Moving on to the textile, apparels, and accessories sector, we have two stocks in the top wealth destroyers: Rajesh Exports, and Lux Industries. The sector has been hit by declining consumer demand in Europe and the US due to economic slowdown and rising inflation. Geopolitical tensions and trade disputes have added to an uncertain atmosphere, and hurt investor confidence.

Rajesh Exports saw its stock plummet by 31.2% and 61.5% in the past six months and year, respectively. This fall was due to issues like incomplete disclosures and a sharp drop in profit and revenue, with analysts suggesting possible misconduct in its financial reporting.

Lux Industries fell by 24.9% in six months and 18.7% over a year. Contributing factors include IT raids at the firm’s Kolkata premises over allegations of tax evasion amounting to Rs 200 crore. Additionally, rising cotton prices have squeezed the company’s margins.

Brightcom and Paytm decline on regulatory lapses

In the software & services sector, the once startup-star One97 Communications (Paytm), and Brightcom Group rank among the top wealth destroyers. Macro-level factors like rising borrowing rates have added pressure in the past year. 

Paytm’s stock prices dropped by 38.5% and 12.3% in the past six months and year, respectively. Following regulatory scrutiny and an RBI order to shut down its Paytm Payments Bank services, the stock plunged by 40.5% in just five days (Feb 1 to Feb 6). 

Brightcom Group fell by 23.4% and 32.1% in the past six months and year, respectively. It fell due to regulatory concerns over lapses in preferential share issues, resulting in SEBI banning some top executives from directorial posts. This follows previous investigations for overstating profits and fines imposed by SEBI. Additionally, an enforcement directorate probe uncovered significant cash and assets during searches at a key personnel's premises. 

Commercial services, retailing and media decline due to slowdown and rising competition

The commercial services sector also had two stocks among the top wealth destroyers: Delta Corp and Polyplex Corp. Delta Corp’s stock tanked by 27.1% and 28.7% over the past six months and year, respectively. The fall was mainly due to the Centre imposing a 28% GST on gambling and online gaming, which led to a GST demand of Rs 23,200 crore on the firm. 

Polyplex Corp fell by 21.9% and 33.4% over the same periods. This came after the company’s promoters pledged 100% of their shares and agreed to sell a 24.2% stake to Dubai-based AGP Holdings (AGPH) for Rs 1,380 crore. 

The retailing sector had only one stock among the top wealth destroyers: Vedant Fashions. The sector has been falling due to high inflation and economic slowdown. Vedant Fashions’s stock dropped by 22.7% and 18.1% over the past six months and one year, respectively. 

Finally, the media sector was represented by, no surprise, Zee Entertainment Enterprises in the list of top wealth destroyers. The firm’s stock fell by 22.1% and 18.4% during these periods, driven by the termination of its $10 billion merger with Sony Entertainment, which incurred a $90 million termination fee. The termination was due to declining profitability, management uncertainties amid SEBI probes, reputation of mismanagement, Russian subsidiary issues, and competition from the upcoming Disney-Reliance merger

 
Trendlyne Marketwatch
Trendlyne Marketwatch
06 Feb 2024
Market closes higher, Welspun Corp's net profit rises by 12.6x YoY to Rs 291.9 crore in Q3
By Trendlyne Analysis

Nifty 50 closed at 21,929.40 (157.7, 0.7%), BSE Sensex closed at 72,186.09 (454.7, 0.6%) while the broader Nifty 500 closed at 20,033.75 (180.3, 0.9%), of the 2,024 stocks traded today, 1,272 were on the uptick, and 726 were down.

Indian indices maintained their gains from the afternoon session and closed in the green. The Indian volatility index, Nifty VIX, rose 1.1% and closed at 15.8 points. Triveni Turbine closed sharply higher as its revenue rose by 32.5% YoY to Rs 431.7 crore due to a 26% YoY increase in its order book to Rs 531 crore in Q3. Its net profit improved by 29.8% YoY to Rs 68 crore.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, taking cues from the benchmark index. Nifty IT and Nifty Infra closed higher than their Monday close. According to Trendlyne’s sector dashboard, Telecommunications Equipment emerged as the top-performing sector of the day, with a rise of 3.3%.

Major Asian indices closed higher, except for Japan’s Nikkei 225 index closing lower. Most European indices traded in the green following the Asian indices. US index futures traded flat, indicating a cautious start to the trading session. Brent crude oil futures traded flat after closing in the green on a volatile day of trade on Monday.

  • Steel Authority of India (SAIL) sees a long buildup in its February 29 future series as its open interest rises 18.1% with a put-call ratio of 0.6.

  • Welspun Corp's Q3FY24 net profit rises 12.6x YoY to Rs 291.9 crore. Its revenue grows by 97.7% YoY, helped by rising income from steel and plastic products segments. It appears in a screener of stocks with growing net profit and margins.

  • Capital Small Finance Bank is set to open for IPO subscription tomorrow. The price band for the issue is Rs 445-468 per share. The issue size is Rs 523.1 crore, with a fresh issue of Rs 450 crore and an offer for sale of Rs 73.1 crore. Jana Small Finance Bank and Rashi Peripherals are also set to launch their IPOs tomorrow.

  • Chambal Fertilisers & Chemicals' Q3FY24 profit rises 41.8% YoY to Rs 459.4 crore despite a 46.6% YoY fall in revenue. Profit rises on the back of decreased inventory and raw material expenses. The company appears in a screener for stocks with improving book value per share for the past two years.

  • Software and services stocks like Tata Consultancy Services,Infosys, HCL Technologies and Wipro surge more than 2% in trade. The broader Nifty IT index is also trading over 2.5% up, helping it touch a new 52-week high of 38,286.

  • Apeejay Surrendra Park Hotels' Rs 970.6 crore IPO gets bids for 4.4X the available 3.5 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 10.7X the available 61.9 lakh shares on offer.

  • Triveni Turbine surges as its revenue rises by 32.5% YoY to Rs 431.7 crore due to a 26% YoY increase in its order book to Rs 531 crore in Q3. Its net profit improves by 29.8% YoY to Rs 68 crore.

  • PNC Infratech rises as its Q3FY24 net profit grows by 32.4% YoY to Rs 185 crore due to lower employee benefit expenses. Its revenue increases by 13.5% YoY on better income from the water and toll/annuity segments. It appears in a screener of stocks nearing their 52-week high with significant volumes.

  • Petronet LNG is reportedly anticipated to sign a long-term contract with Qatar for the supply of 7.5 million tonnes of LNG to India annually for at least 10 years. Petronet currently has a long-term gas contract with Qatar, that is set to expire in 2028. The move aims to increase the share of natural gas contribution to India's energy mix from 6% to 15% by 2030.

  • PB Fintech falls sharply as the Income Tax (IT) Department reportedly conducts an IT survey at its subsidiary, Paisabazaar Marketing and Consulting, due to regulatory lapses and KYC norm violations.

  • Suven Pharmaceuticals plunges as its Q3 revenue declines 37.9% YoY to Rs 219.8 crore due to weak demand in the specialty chemicals segment amid global supply chain destocking. Its net profit falls by 56.6% YoY to Rs 46.5 crore.

  • SP Apparels rises sharply as it signs an agreement worth Rs 223 crore to acquire Young Brand Apparel, a subsidiary of Bannari Amman Spinning Mills.

  • Anuj Jain, MD & CEO of Kansai Nerolac Paints, forecasts an 8-10% volume growth in FY25 with sustainable margins of around 14%. He highlights double-digit volume growth in Q3FY24, driven by the festive season. Jain also notes the company's market dominance with over 50% share in the auto segment and approximately 9-10% in the decorative segment.

  • HDFC Bank receives RBI approval to acquire up to 9.5% stake each in Axis Bank, Suryoday Small Finance Bank, ICICI Bank, Bandhan Bank, Yes Bank and IndusInd Bank.

  • L&T rises as it wins a Rs 2,500-5,000 crore order from the public works roads department of Assam to construct a 12.2 km cable bridge across the Brahmaputra river.

  • Jio Financial Servicesfalls sharply as it denies rumours about negotiating to acquire One97 Communications' Paytm wallet. Reports suggest that HDFC Bank is a leading contender for the potential acquisition.

  • Deepak Khetrapal, MD and CEO of Orient Cement, says the company’s volumes will likely reach 6.2 million tonnes in FY24, compared to its guidance of 6.3-6.5 million tonnes. He also highlights that its margins will improve as prices stabilise.

  • Indian Energy Exchangerises as its total volume increases by 26.1% YoY to 10,893 million units in January 2024. According to government data, the country's energy consumption has surged by 6% YoY to 133.8 billion units.

  • BLS E-Services’shares debut on the bourses at a 125.9% premium to the issue price of Rs 135. The Rs 310.9 crore IPO has received bids for 162.5 times the total shares on offer.

  • GE T&D rises to an all-time high of Rs 736.1 as its Q3FY24 net profit grows 10.4x YoY to Rs 49.4 crore. Its revenue increases by 8.4% YoY, helped by higher income from the products, projects and systems segments. Its EBITDA margin also improves by 560 bps YoY due to lower inventory expenses.

  • HDFC Life Insurance Co is rising as reports suggest that 22 lakh shares (0.1% equity), amounting to approximately Rs 127.8 crore, change hands in a large trade.

  • Tata Chemicals' net profit declines by 60.3% YoY to Rs 158 crore in Q3FY24. Revenue falls by 10% YoY due to lower sales, rising inflation and plant shutdown in the US. Its EBITDA margin contracts by 700 bps YoY on the back of higher freight & forwarding and finance costs. The company features in a screener of stocks with declining net cash flow.

  • Zydus Lifesciences rises after announcing that its board will meet on Friday to consider a proposal to buy back fully paid-up equity shares of the company.

  • Bharti Airtel rises as its Q3FY24 profit grows by 53.8% YoY to Rs 2,442.2 crore due to lower forex expenses. Its revenue improves by 6.3% YoY, helped by increasing income from India, Africa, Airtel business, and home services. It appears in a screener of stocks with strong momentum.

  • Ashok Leyland'snet profit surges by 75.6% YoY to Rs 560.2 crore in Q3FY24. Revenue grows by 6.7% YoY on the back of improvement in the commercial vehicle and financial services segments. Its EBITDA margin also expands by 475 bps, owing to reduced cost of raw materials. The company appears in a screenerof stocks with growth in net profit and profit margin (YoY).

Riding High:

Largecap and midcap gainers today include YES Bank Ltd. (25.40, 11.40%), Indian Overseas Bank (67.55, 7.82%) and Steel Authority of India (SAIL) Ltd. (145.50, 7.54%).

Downers:

Largecap and midcap losers today include PB Fintech Ltd. (909.20, -5.75%), Bank of India (133.70, -3.54%) and Indian Bank (542.45, -3.17%).

Movers and Shakers

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

Top high volume gainers on BSE included Triveni Turbine Ltd. (424.80, 20.00%), Jindal Worldwide Ltd. (346.05, 18.59%) and YES Bank Ltd. (25.40, 11.40%).

Top high volume losers on BSE were Prince Pipes & Fittings Ltd. (673.55, -6.96%), Suven Pharmaceuticals Ltd. (618.45, -5.31%) and Blue Dart Express Ltd. (6132.30, -3.26%).

Akzo Nobel India Ltd. (2,931.95, 7.35%) was trading at 13.4 times of weekly average. One97 Communications Ltd. (451.15, 2.88%) and Ipca Laboratories Ltd. (1,199.15, 5.71%) were trading with volumes 13.4 and 10.5 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

78 stocks overperformed with 52-week highs, while 5 stocks hit their 52-week lows.

Stocks touching their year highs included - Abbott India Ltd. (28,345.00, 0.98%), Akzo Nobel India Ltd. (2,931.95, 7.35%) and Apollo Tyres Ltd. (553.00, 1.37%).

Stocks making new 52 weeks lows included - UPL Ltd. (481.85, 1.66%) and Vinati Organics Ltd. (1,679.60, -0.62%).

12 stocks climbed above their 200 day SMA including Triveni Turbine Ltd. (424.80, 20.00%) and Jindal Worldwide Ltd. (346.05, 18.59%). 9 stocks slipped below their 200 SMA including Prince Pipes & Fittings Ltd. (673.55, -6.96%) and Crompton Greaves Consumer Electricals Ltd. (288.45, -4.52%).

 
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The Baseline
05 Feb 2024
5 auto and construction stock picks from analysts this week
By Satyam Kumar

This week, we look at the stock picks from analysts from automobiles & auto components, and cement & construction sectors.

1. Mahindra & Mahindra:

Motilal Oswal reiterates its ‘Buy’ call on this car and utility vehicle manufacturer with a target price of Rs 2,005, indicating an upside of 17.7%. Analysts Amber Shukla and Aniket Desai believe that headwinds like a weaker monsoon made for a challenging FY24 for the tractor industry, but they expect FY25 to be better, led by favourable festive timings.

The analysts are also positive about the company’s two new arms, set up to expand its electric SUV and LCV fleets. The company has earmarked an investment of Rs 10,000 crore for these electric vehicle subsidiaries. 

Shukla and Desai remain optimistic on the back of Mahindra & Mahindra’s focus on launching new models and achieving healthy margin growth in its core business. Despite predicting growth moderation in some of its verticals, they say “the company is still better placed to outperform across all its verticals”. The analysts estimate a revenue and profit CAGR of 12.5% and 17%, respectively, over FY24-26.

2. Maruti Suzuki India:

HDFC Securities maintains its ‘Buy’ rating on this car manufacturer with a target price of Rs 12,887, indicating an upside of 23.6%. Analysts Aniket Mhatre and Maitreyee Vaishampayan say, “On the back of its aggressive launch spree over the last few quarters, Maruti Suzuki continues to be the market leader in the utility vehicles segment.” In Q3FY24, the company’s net profit jumped 34.1% YoY to Rs 3,206.8 crore (beating the brokerage’s estimate by 11%), while its revenue increased by 15.3% YoY to Rs 34,509.2 crore.

The analysts note a margin improvement in Q3 by 210 bps to 12.3% (against their estimate of 11.5%), led by lower commodity costs, reduced royalties and positive forex impact. They attribute the decrease in the current order backlog to 215k units (from 250k units in Q2FY24), to the improved availability of semiconductors. 

Mhatre and Vaishampayan are optimistic about the company as the management aims to launch 10 new models by 2030, including six EV models. With rising exports and higher plant utilisation, they expect the EBITDA margin to expand by 240 bps over FY24-26.

3. Exide Industries:

ICICI Direct maintains its ‘Buy’ rating on this auto parts and equipment manufacturer with a target price of Rs 380, indicating an upside of 9.3%. In Q3FY24, its net profit grew by 7.7% YoY to Rs 240.3 crore, while its revenue increased by 12.7% YoY to Rs 3,863.3 crore. Analyst Shashank Kanodia says, “The automotive division witnessed a broad-based uptick, showing signs of demand recovery, while the industrial segment benefitted from large investments in sectors such as renewables, telecom, and infrastructure.”

Kanodia is optimistic as Exide has an early-mover advantage in the new-age lithium-ion battery business, highlighted by its joint venture (JV) with Leclanché SA (an energy storage solutions provider). This JV aims to set up electric vehicle battery assembly operations with a capex outlay of Rs 6,000 crore for a 12 GWH capacity, expected to be operational in CY25. However, the company faces competition from other established and new players in this space, such as Amara Raja Energy.

Kanodia believes that the firm is an industry leader in the lead-acid battery space. He expects steady growth in this segment in the near-to-medium term, driven by healthy auto OEM sales, increasing industrial use, and export opportunities. The analyst projects margin expansion of 12.5%, up from the current 11.5%, if raw material prices remain stable.

4. Larsen & Toubro:

BOB Capital Markets maintains its ‘Buy’ rating on this construction and engineering company with a target price of Rs 4,200, indicating an upside of 25.7%. In Q3FY24, its net profit grew by 15.5% YoY to Rs 2,947.4 crore, while its revenue increased by 18.7% YoY to Rs 55,965.6 crore. Analysts Vinod Chari, Swati Jhunjhunwala, and Arshia Khosla say, “The company posted a strong order inflow of Rs 76,000 crore in Q3, driven by infrastructure and hydrocarbon projects.”

Larsen & Toubro has increased its FY24 order inflow and revenue growth guidance to 20% and the high teens (17-19%), respectively, as it ended 9MFY24 with a record order book of Rs 4.7 lakh crore.

Despite a 50 bps YoY dip in EBITDA margin to 10.4% in Q3, which dragged the YTD margins to 7.5%, the management expects to complete all legacy orders this year and has guided for an FY24 EBITDA margin band of 8.3-8.5%. It also predicts sequential margin improvements over the next four quarters.

5. Shree Cements:

Axis Direct upgrades its rating on this cement products manufacturer to ‘Buy’ with a target price of Rs 31,470. This indicates an upside of 16.8%. In Q3FY24, the company’s net profit grew by 148.8% YoY to Rs 701.9 crore, while revenue increased by 20.1% YoY to Rs 5,370.6 crore. Analysts Uttam K Srimal and Shikha Doshi say, “Shree Cements posted robust results, exceeding our expectations, due to better demand in its operating regions and higher realizations from higher merchant power sales.” 

The company’s EBITDA margins have improved to 25%, and the analysts expect it to improve further on the back of a better product mix, higher sales of premium products, brand-building exercises, and cost optimisation. They believe the company's capacity expansion move will allow it to compete with its larger peers and strengthen its market presence. They expect volume growth of 10% CAGR over FY24-FY26, and remain bullish on the cement demand, thanks to infrastructure and housing investments.

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

(You can find all analyst picks here)

 
Trendlyne Marketwatch
Trendlyne Marketwatch
05 Feb 2024
Market closes lower, Alembic Pharmaceuticals' Q3 net profit rises 48% YoY to Rs 180.5 crore

Nifty 50closed at 21,771.70 (-82.1, -0.4%), BSE Sensexclosed at 71,731.42 (-354.2, -0.5%) while the broader Nifty 500closed at 19,853.50 (-57.3, -0.3%). Market breadth is in the red. Of the 2,062 stocks traded today, 820 were on the uptrend, and 1,222 went down.

Indian indices pared the gains from the afternoon session and closed in the red. The volatility index, Nifty VIX, rose by 6.3% and closed at 15.6 points. Varun Beverages' Q3FY24 net profit rises 76.5% YoY to Rs 132 crore, while revenue increases by 20.1% YoY. The company's EBITDA also improves by 142 bps to 15.3%.

Nifty Smallcap 100closed in the green, while Nifty Midcap 100 closed lower following the benchmark index. Nifty Auto and Nifty Healthcare closed higher than Friday’s closing level. According to Trendlyne’s sector dashboard, pharmaceutical & biotechnology emerged as the top-performing sector of the day, with a rise of over 1.4%. 

Most European indices trade in the red except for England’s FTSE 10 trading higher. US indices futures trade lower indicating a negative start. The data released by Hamburg Commercial Bank  indicated that Eurozone’s Composite PMI in January expanded to 47.9 from 47.6 in December

  • Money flow index (MFI) indicates that stocks like NMDC Steel, Housing and Urban Development Corp, Mahanagar Gas and Delhivery are in the overbought zone.

  • Sonata Software, Kaynes Technology, Computer Age Management Services, and Sapphire Foods India witness an increase in mutual fund holdings in the past month.

  • Unichem Laboratories surges to its all-time high of Rs 561.3 as it posts a net profit of Rs 84 crore in Q3FY24 compared to a net loss of Rs 63.9 crore in Q3FY23. The company posts the profit on the back of a one-time gain on the disposal of investments. Its revenue grows by 43.6% YoY to Rs 434.4 crore during the quarter. It appears in a screener of stocks with low debt.

  • Oil and gas stocks like Indian Oil Corp, Hindustan Petroleum Corp, Bharat Petroleum Corp and GAIL (India) surge more than 3% in trade. The broader BSE Oil & Gas index is also trading more than 3% up, helping it to touch its all-time high of 27,917.6.

  • TCS hits a 52-week high of Rs 4,022 following a multi-year deal with Europ Assistance, a travel insurance company, for end-to-end enterprise IT application services, incorporating gen-AI and advanced technologies across the company's operational regions.

  • Alembic Pharmaceuticals' Q3FY24 net profit rises 48% YoY to Rs 180.5 crore, while revenue increases 8.2% YoY. EBITDA improves by 14% to Rs 269 crores. The company appears in a screener for stocks with low debt.

  • Apeejay Surrendra Park Hotels' Rs 970.6 crore IPO gets bids for 1.8X the available 3.5 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 4X the available 61.9 lakh shares on offer.

  • Apeejay Surrendra Park Hotels' Rs 970.6 crore IPO gets bids for 1.8X the available 3.5 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 4X the available 61.9 lakh shares on offer.

  • Va Tech Wabag rises as it wins an order worth $33.5 million from SEPCO III Electric Power Construction Corp to develop an industrial wastewater treatment plant.

  • Keshav Bhajanka, Executive Director of Century Plyboards (India), predicts subdued demand for the next two quarters. He expects the plywood & laminates segment to see single-digit revenue growth in Q4. He also expects over 20% revenue growth for the MDF (medium-density fibreboard) segment in the same period.

  • Kalyani Steel’sQ3FY24 net profit rises 67%% YoY to Rs 65.3 crore due to low inventory and finance costs. Its revenue increases by 7.5% YoY to Rs 479.8 crore, while EBITDA margin improves by 722 bps to 19.9%. It appears in a screener for stocks with low debt.

  • HDFC Securities upgrades Orient Electricto 'Add' from 'Sell', with an upgraded target price of Rs 260. This indicates a potential upside of 16.3%. The brokerage expects the company's revenue to improve on the premiumisation of products, distribution expansion and brand investments. It expects the company's revenue to grow at a CAGR of 10.1% over FY23-26.

  • InterGlobe Aviationrises to its all-time high of Rs 3,300 as its net profit surges by 110.7% YoY to Rs 2,998.1 crore in Q3FY24. The profit growth is on the back of the fuel surcharge introduced in October. Revenue rises by 30.3% YoY, owing to improved demand during the holiday season. It appears in a screenerof stocks that benefit from lower crude oil prices.

  • According to a poll of economists, the RBI's monetary policy committee is expected to keep the benchmark policy rate at 6.5% during its upcoming review.

  • Varun Beverages' Q4CY23 net profit rises 76.5% YoY to Rs 132 crore, while revenue increases by 20.1% YoY. The company's EBITDA also improves by 142 bps to 15.3%. It appears in a screener for stocks with improving cash flow from operations over the past two years.

  • Greaves Cotton’s multi-brand EV retail store, AutoEVmart, partners with Zero21 to boost sales of Zero21’s electric autorickshaws and spare parts through a distribution channel of over 100 AutoEVmart outlets.

  • Ahluwalia Contracts (India)surges to its all-time high of Rs 933.4 as it bags an order worth Rs 394.4 crore from Emaar India. The order is for the construction of a residential tower and clubhouse works of Urban Oasis Phase-1 and Phase-2 in Gurgaon.

  • India’s Services PMI rises to a six-month high of 61.8 in January, compared to 59 in December 2023. This marks the 30th consecutive month where the PMI has stayed above the 50 mark, indicating an expansion in the sector.

  • L&T bags an onshore project worth Rs 2,500-5,000 crore from IndianOil Adani Ventures for the construction and commissioning of offsite tankages and associated facilities on a lump sum turnkey basis.

  • Aurobindo Pharma'ssubsidiary, Eugia US Manufacturing, signs an asset purchase agreement worth $52 million (approx. Rs 431.7 crore) with Empower Clinic Services, New Jersey. It will receive $58 million (approx. Rs 481.5 crore) in lease payments over a 20-year term.

  • PI Opportunities Fund sells a 1% stake in PB Fintechfor approx Rs 457.4 crore in a bulk deal on Friday.

  • Manoj Verma, Chief Operating Officer of Bikaji Foods, confirms the company's FY24 volume growth guidance at 18% with margins exceeding 13%. He expects the new frozen food plant to contribute Rs 200 crore in revenue over the next three years.

  • Waaree Renewable Technologiesrises as it wins an order worth Rs 547.5 crore from a global utility company to develop a solar power plant.

  • Bank of Indiafalls sharply as its net profit misses Forecaster estimates by 4.8% despite growing by 62.4% YoY to Rs 1,869.5 crore in Q3FY24. Revenue rises by 19.6% YoY, boosted by the treasury, corporate and retail banking segments. The bank's asset quality improves as its gross and net NPAs decline by 231 bps and 20 bps YoY, respectively.

  • HG Infra Engineeringbags an order worth Rs 716.1 crore as it receives a letter of acceptance (LoA) from the Central Railway for the construction of a new line from Dhule to Nardana.

  • Tata Motorssurges to its all-time highof Rs 934 as its net profit grows by 137.5% YoY to Rs 7,025.1 crore in Q3FY24. Revenue rises by 25.1% YoY to Rs 1.1 lakh crore owing to improvement in the passenger vehicles, commercial vehicles and Jaguar Land Rover segments. It appears in a screenerof stocks with high TTM EPS growth.

  • Nifty 50was trading at 21,843.80 (-10, -0.1%), BSE Sensexwas trading at 72,269.12 (183.5, 0.3%) while the broader Nifty 500was trading at 19,944.90 (34.1, 0.2%).

  • Market breadth is ticking up strongly. Of the 1,874 stocks traded today, 1,242 were gainers and 577 were losers.

Riding High:

Largecap and midcap gainers today include UCO Bank (57.75, 14.24%), Indian Overseas Bank (62.65, 11.58%) and General Insurance Corporation of India (408.65, 8.34%).

Downers:

Largecap and midcap losers today include UPL Ltd. (474.00, -11.18%), One97 Communications Ltd. (438.50, -10.00%) and Bank of India (138.60, -8.55%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included The New India Assurance Company Ltd. (265.65, 9.73%), General Insurance Corporation of India (408.65, 8.34%) and Redington Ltd. (203.85, 8.11%).

Top high volume losers on BSE were UPL Ltd. (474.00, -11.18%) and Affle (India) Ltd. (1,195.00, -2.89%).

Mahindra Lifespace Developers Ltd. (603.30, 6.32%) was trading at 14.9 times of weekly average. Graphite India Ltd. (586.20, 6.11%) and HEG Ltd. (1,846.60, 3.51%) were trading with volumes 9.3 and 9.0 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

91 stocks made 52 week highs, while 5 stocks tanked below their 52 week lows.

Stocks touching their year highs included - Abbott India Ltd. (28,069.50, 0.02%), Adani Ports & Special Economic Zone Ltd. (1,258.55, -0.23%) and Alembic Pharmaceuticals Ltd. (965.10, 0.80%).

Stocks making new 52 weeks lows included - UPL Ltd. (474.00, -11.18%) and Navin Fluorine International Ltd. (3,235.15, -2.71%).

9 stocks climbed above their 200 day SMA including Shree Renuka Sugars Ltd. (51.30, 3.22%) and Asahi India Glass Ltd. (536.40, 2.53%). 17 stocks slipped below their 200 SMA including Clean Science & Technology Ltd. (1,400.00, -4.20%) and Fine Organic Industries Ltd. (4,509.90, -3.38%).

 
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The Baseline
02 Feb 2024
Five Interesting Stocks Today

1. Infibeam Avenues: 

This internet & software services company has risen by 32.3% in the past week following its Q3FY24 results on January 23. Its revenue and net profit beat Trendlyne’s Forecaster estimates by 7.1% and 19.8%, respectively. Net profit grew by 1.1% QoQ to Rs 41.4 crore during the quarter, while revenue surged by 15.4% QoQ to Rs 911.9 crore, owing to gains from the CCAvenue segment. This helped the company appear in a screener of stocks with rising revenue for the past four quarters.

The CCAvenue platform added two lakh new merchants in the Indian market during the quarter, boosting the company's India business revenue by 16.3% QoQ to Rs 860.2 crore. This accounted for 94% of total revenue. The company’s Chairman and Managing Director (MD), Vishal Mehta said, “Our digital payments business, through CCAvenue, led the way for revenue growth. Operating or EBITDA margins and profit margins remain strong as we take advantage of scaling up the international business.”

The company’s total processed value (TPV) jumped by 1.4% QoQ on the back of a 7.6% QoQ rise in the gross take rate (GTR). TPV is the total monetary value of all transactions processed by a payment platform over a period, while GTR is the company’s cut – its percentage share from these transactions. 

Post-results, KR Choksey maintains its ‘Buy’ rating on Infibeam Avenues with an upgraded target price of Rs 41.7, indicating a potential upside of 8.3%. The brokerage believes that the company will be increasing its international footprint by launching CCAvenue and Tap Pay in the UAE and Saudi Arabia, before expanding into other GCC countries.

2. Jubilant Foodworks:

This restaurant chain and Domino’s master franchisee fell by 3.4% on Thursday after announcing a Q3 net profit decrease of 18.2% YoY to Rs 65.7 crore, missing estimates by 41.9%. The decline was due to an increase in finance costs, employee benefits, and depreciation expenses. Revenue rose by 3.1% YoY but overall fell short of Trendlyne’s Forecaster estimates by 2.3%. With the share price fall, the stock features in a screener of companies with weak momentum. 

During the quarter, Domino’s Pizza’s like-for-like (LFL) sales growth contracted 2.9% YoY, remaining in the negative territory for the fourth consecutive quarter. This was due to a 5.6% YoY decline in dine-in sales. However, delivery sales grew by 6.2% YoY. The ‘Cheesy Rewards’ program continued to gain traction, with its membership base reaching around 2.1 crore. 

The restaurant major expanded its store network in Q3FY24 by opening 58 new outlets across various brands, taking the total to 2,007 stores in India. Sameer Khetarpal, MD and CEO, said, “We will continue to add new stores as inflation moderates, and maintain our guidance of 200 new stores for FY24.” 

QSR companies have seen a volatile quarter. Despite strong demand during the Cricket World Cup and Diwali, inflationary pressures, fewer people dining out, and competition from unorganised players led to a slowdown after the festive season. The industry expects these challenges to persist for a few more quarters, but remains hopeful about demand recovery. 

Following the earnings announcement, Motilal Oswal downgraded its rating to ‘Neutral’ from ‘Buy’ and lowered the target price to Rs 480. The brokerage believes that the current valuation does not reflect the earnings pressure. It also expects sluggish demand in the near term to affect the company’s profitability.

3. DLF:

This realty company has risen by 4.3% in the past week, and trading near its 52-week high. The price rise came after the announcement of its Q3FY24 results. Its net profit has improved by 26.5% YoY to Rs 656.6 crore, while its revenue increased by 5.4% YoY to Rs 1,643.5 crore. DLF’s pre-sales rose by 261% YoY to a lifetime record of Rs 9,047 crore, led by its Privana South (luxury high-rise) project, which sold-out within 72 hours. The company appears in a screener for stocks with low debt.

With new sales bookings at Rs 13,316 crore for 9MFY24, the management says that it has exceeded its own full-year guidance of Rs 13,000 crore already. Despite this, It missed Trendlyne Forecaster’s net profit and revenue estimates by 2.4% and 7.6%, respectively, as analysts had anticipated higher numbers.

Revenue from its annuity portfolio, primarily driven by higher office occupancy, grew 8% YoY to Rs 1,476 crore. The company improved its net cash position to Rs 1,246 crore, backed by strong collections and focused cash management. 

Looking ahead to FY25, DLF plans to launch 10 million square feet with a gross development value of Rs 32,000 crore. The management expects pre-sales to exceed Rs 15,000 crore. It has a launch pipeline of Rs 79,000 crore or 32 million square feet over the next four years. 

Nuvama maintains its ‘Buy’ call on DLF, driven by strong sectoral tailwinds, an extensive launch pipeline, and the expansion of its annuity portfolio. The company appears in a screener for stocks where brokers have upgraded their recommendation or target price in the past month. 

4. Coal India:

This coal producer has risen by 36.9% in the past quarter and 7.8% over the past week. The recent surge came after the Union Cabinet for Economic Affairs, headed by the Prime Minister, approved two thermal power plants with a combined capacity of 2,200 MW. In its December 2023 business update, Coal India reported an 8.2% YoY increase in production to 71.9 million tonnes (mt), the highest since March 2022.

The world’s largest coal miner sells around 90% of its output in the open market through Fuel Supply Agreements (FSA). In H1FY24, 9% of its coal was sold through e-auctions, where it commands a premium over the FSA notified prices. FSA prices are usually discounted to moderate domestic electricity costs. E-auction premiums, which dipped to 58% in July due to softer international coal prices, bounced back to 80%-100% as power demand surged. The firm has independence in fixing base prices for e-auctions, where premiums rise with higher demand, especially during power shortages.

Despite a shift towards clean energy, India needs to increase its thermal capacity as domestic coal demand is expected to reach 1.3-1.5 billion tonnes by 2030. This growing demand was evident in the December Index of Industrial Production (IIP) numbers, where the index grew by 3.6%, and coal demand alone rose by 10.6%. Coal India, a Maharatna PSU, accounts for 80% of the country’s coal output.

The firm’s stable dividend payout ratio of around 50% and its  6% dividend yield is one of the best in the industry. With a P/E ratio of 7.6, Coal India is trading at a discount compared to its Chinese peers. ICICI Direct states, “As the government plans to achieve 24-hour power supply by 2025, coal production at CIL will grow at a CAGR of 11% over FY23-26 to 950 MT by 2025.” The brokerage has a ‘Buy’ rating on this firm with a target price of Rs 500.

5. ACC:

This cement & cement products firm rose 10% on Thursday as its Q3FY24 net profit grew by 137.9% YoY to Rs 537.6 crore. The company appears in ascreener of stocks with improving net profits and margins. According to Trendlyne’s Technicals, the stock outperformed the cement and construction sector by 3.7%, with a 11.4% increase in the past month. 

Revenue rose by 8.3% YoY in Q3FY24, thanks to increased demand and higher realization. The firm’s realization rose by 4.9% YoY to Rs 5,185 during the same period. ACC’s EBITDA margin improved by 840 bps YoY, thanks to lower fuel/freight and fixed expenses. With the acquisition of a majority stake in Asian Cement and Concrete (ACCPL), ACC expanded its cement capacity to 38.6 mtpa, setting the stage for a 10% CAGR volume growth over FY24-26. This is a jump from the 2% CAGR over the last decade.

ACC’s management expects EBITDA margin expansion of Rs 200/tonne in FY25-26, helped by the implementation of a waste heat recovery system (Rs 90/tonne), logistic optimization (Rs 60/tonne), and raw material optimization (50/tonne). The management has guided FY24 capex at Rs 7,000 crore, including Rs 200 crore for capacity enhancement at the newly acquired Sanghi Industries. ACC’s sales volumes are poised to hit 36.2 mtpa in FY24, with an expected 5.3% CAGR growth to 41.7 mtpa by FY26.  

Motilal Oswal highlights the start of production at the Ametha Plant (1 mtpa) and additional capacity from ACCPL (1.5 mtpa) boosts ACC's total capacity by 7% QoQ. With this expansion, the brokerage expects realization to rise by 10.2% by FY27. It maintains an ‘Accumulate’ rating on the stock.

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
02 Feb 2024
Market closes higher, Dhanlaxmi Bank's net profit declines by 86% YoY to Rs 3 crore in Q3
By Trendlyne Analysis

Nifty 50closed at 21,853.80 (156.4, 0.7%), BSE Sensexclosed at 72,085.63 (440.3, 0.6%) while the broader Nifty 500closed at 19,910.80 (133.5, 0.7%). Market breadth is holding steady. Of the 2,017 stocks traded today, 1,001 were gainers and 990 were losers.

Indian indices maintained their gains from the afternoon session and closed in the green. The Indian volatility index, Nifty VIX, rose 1.6% and closed at 14.7 points. Abbott India closed 8.4% higher after its Q3FY24 net profit grew by 26% YoY to Rs 311 crore due to lower raw material and inventory expenses.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, taking cues from the benchmark index. Nifty Metal and Nifty IT closed higher than their Thursday close.  According to Trendlyne’s sector dashboard, Oil & Gas emerged as the top-performing sector of the week, with a rise of 8.9%.

Major Asian indices closed in the green, except for China’s Shanghai Composite and Hong Kong’s Hang Seng closing lower. European indices traded in the green amid positive global cues. US index futures traded higher, indicating a positive start to the trading session. Brent crude oil futures traded higher after closing over 2% lower for two consecutive trading sessions.

  • Relative strength index (RSI) indicates that stocks like Infibeam Avenues, NBCC (India), Elgi Equipments and EIH are in the overbought zone.

  • Dhanlaxmi Bank falls sharply as its net profit declines by 86% YoY to Rs 3 crore in Q3FY24 due to higher interest and employee benefit expenses. Revenue grows by 11.4% YoY, owing to gains in the retail and corporate banking segments. However, the bank's asset quality improves as its gross and net NPAs expand by 102 bps and 55 bps YoY, respectively.

  • TVS Motor rises as its monthly wholesales grow by 23% YoY to 3.4 lakh units, driven by motorcycles and electric vehicles. The company's export sales also increase by 22% YoY. It appears in a screener of stocks with increasing quarterly revenue.

  • Rashi Peripherals, a national distribution partner for global tech brands, sets its IPO price band at Rs 295-311 per share. The issue, valued at Rs 600 crore, is completely a fresh issue and opens on February 7.

  • Torrent Pharmaceuticals' Q3FY24 net profit rises 51.7% YoY to Rs 443 crore, with total revenue up 8.8% YoY. The board approves a dividend of Rs 22 per equity share, expected to be paid on or around February 23, 2024. The company appears in a screener for stocks with increasing profits over the past three quarters.

  • Kaveri Seed falls as its Q3FY24 net profit falls by 71% YoY to Rs 11.1 crore due to an increase in the cost of raw materials. Its revenue falls by 1% YoY to Rs 142.6 crore, while EBITA margin declines 301 bps to 6.8%.

  • Aegis Logistics' Q3FY24 net profit grows by 3.8% YoY to Rs 130.1 crore due to lower inventory expenses. However, its revenue decreases by 10.2% YoY on the back of falling liquid and gas terminal divisions. The company appears in a screener of stocks with high TTM EPS growth.

  • Oil and gas stocks like Bharat Petroleum Corp, Indian Oil Corp, Hindustan Petroleum Corp and Oil & Natural Gas Corp surge more than 3% in trade. All constituents of the broader BSE Oil & Gas index are also trading in the the green, helping it to touch its all-time high of 26,912.8.

  • Himanshu Mody, CFO of Suzlon Energy, anticipates improved order execution in Q4FY24, expecting FY24's execution to align with FY23 levels. He adds that the company’s order book stands at 3.2 GW and will be executed by FY26.

  • Abbott India rises to an all-time high of Rs 515.9 as its Q3FY24 net profit grows by 26% YoY to Rs 311 crore due to lower raw material and inventory expenses. Its revenue increases by 8.7% YoY. The company appears in a screener of stocks with growing net profit and margins.

  • Devyani International's Q3FY24 net profit falls 86.6% YoY to Rs 96.2 crore while revenue rises 6.2% YoY. The decline in profit is attributed to increased employee benefits, depreciation and amortisation, and tax expenses. The company appears in a screener for stocks with growing costs for long-term projects.

  • Foreign institutional investors withdraw Rs 6,079 crore from the equity market over the past week, according to Trendlyne's FII dashboard. Index options witness the highest outflow of Rs 1.8 lakh crore from foreign investors. Meanwhile, mutual funds are net buyers in the equity market, injecting Rs 4,120.9 crore during the same period.

  • Castrol India hits a new 52-week high of Rs 208.2 as its Q3FY24 revenue rises 7.6% YoY to Rs 1,286.3 crore. Its net profit grows by 25.2% YoY to Rs 241.9 crore due to lower inventory expenses. The firm also approves a dividend of Rs 4.5 per share.

  • Aadhar Housing Finance refiles its draft initial share offering documents with SEBI, intending to raise Rs 5,000 crore this year. As per the DRHP, the offer includes a fresh issue of shares of up to Rs 1,000 crore and an offer-for-sale of up to Rs 4,000 crore.

  • Hero MotoCorp rises to an all-time high of Rs 4,740 as its monthly wholesales increase by 22% YoY to 4,33,598 units, driven by motorcycles and domestic business. The company appears in a screenerof stocks with increasing quarterly revenue.

  • Mahindra Holidays & Resorts India announces the resignation of MD and CEO Kavinder Singh, effective May 16, 2024. Following his departure, Manoj Bhat will assume the roles of MD and CEO.

  • PB Fintech (Policybazaar) is falling as reports suggest that 36 lakh shares (0.8% equity), amounting to Rs 354.6 crore, change hands in two large trades.

  • Rites plunges sharply as its net profit declines by 14.2% YoY to Rs 120.1 crore in Q3FY24 due to higher employee benefit, travel and supplies & services expenses. Revenue rises marginally by 0.8% YoY, owing to improvement in domestic consultancy and turnkey construction projects. It features in a screener of stocks where mutual funds have reduced their shareholding in the past quarter.

  • Indian Hotels Company rises to an all-time high of Rs 515.9 as its Q3FY24 net profit grows by 18.1% YoY to Rs 452 crore. Its revenue increases by 16.5% YoY, helped by growth in management fees, and international and domestic businesses. The company's EBITDA margin improves by 186 bps YoY due to lower finance expenses.

  • Gokaldas Exports is rising as it acquires a 100% stake in Matrix Clothing for Rs 489 crore. The firm has paid Rs 247.5 crore of this by allotting its preference shares in a share swap.

  • Ashish Kataria, Director of Ashoka Buildcon, projects a 30% revenue growth for FY24 and anticipates order inflows of Rs 8,000-9,000 crore in the upcoming term. He points to a robust bidding pipeline and mentions the company's current order book at Rs 15,000 crore, with recent additions in the power and bridges segments.

  • GMM Pfaudler falls as its EBITDA margin falls by 168 bps YoY due to higher inventory and employee benefit expenses. However, its net profit rises by 69.5% YoY to Rs 31.7 crore and revenue increases by 8% YoY, helped by growth in the systems and services segments.

  • Mahanagar Gas rises as it acquires a 100% stake in Unison Enviro for a cash consideration of Rs 562.1 crore.

  • Coforge's Chief Executive Officer Sudhir Singh sells a 0.3% stake in the company on Thursday. He now holds 0.5%.

  • MphasiS' Q3FY24 net profit falls 4.7% QoQ to Rs 373.6 crore due to rising employee benefits and finance costs. Revenue grows by 1.9% QoQ to Rs 3,337.9 crore, helped by the banking & financial services, logistics & transportation and insurance segments. It appears in a screenerof stocks with declining net profit for the past four quarters.

Riding High:

Largecap and midcap gainers today include NHPC Ltd. (100.65, 10.12%), Bharat Petroleum Corporation Ltd. (558.35, 9.81%) and Indian Oil Corporation Ltd. (162.90, 8.78%).

Downers:

Largecap and midcap losers today include One97 Communications Ltd. (487.20, -20.00%), Bayer Cropscience Ltd. (5,788.65, -4.59%) and Max Healthcare Institute Ltd. (766.40, -4.57%).

Volume Shockers

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

Top high volume gainers on BSE included Engineers India Ltd. (261.35, 10.32%), Indian Oil Corporation Ltd. (162.90, 8.78%) and Abbott India Ltd. (28,064.30, 8.41%).

Top high volume losers on BSE were One97 Communications Ltd. (487.20, -20.00%), Bikaji Foods International Ltd. (547.55, -6.27%) and Bayer Cropscience Ltd. (5,788.65, -4.59%).

Mahindra Holidays & Resorts India Ltd. (418.65, 3.27%) was trading at 8.2 times of weekly average. Jubilant Pharmova Ltd. (592.25, 2.71%) and GMM Pfaudler Ltd. (1,512.30, -2.78%) were trading with volumes 8.0 and 6.7 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

87 stocks took off, crossing 52 week highs, while 2 stocks were underachievers and hit their 52 week lows.

Stocks touching their year highs included - Abbott India Ltd. (28,064.30, 8.41%), Adani Ports & Special Economic Zone Ltd. (1,261.45, 3.50%) and Amara Raja Energy & Mobility Ltd. (895.30, 1.70%).

Stocks making new 52 weeks lows included - One97 Communications Ltd. (487.20, -20.00%) and Vedant Fashions Ltd. (961.65, -2.06%).

10 stocks climbed above their 200 day SMA including Aditya Birla Capital Ltd. (180.35, 8.09%) and Shree Renuka Sugars Ltd. (49.70, 5.52%). 10 stocks slipped below their 200 SMA including Praj Industries Ltd. (477.25, -3.94%) and Galaxy Surfactants Ltd. (2,622.65, -3.28%).

 
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The Baseline
01 Feb 2024
Which stocks did superstar investors buy in Q3FY24?
By Abhiraj Panchal

Many investors closely track the investments of superstar investors like Rekha Jhunjhunwala, Ashish Kacholia, Sunil Singhania, and Vijay Kedia for valuable market insights. Their buys and sells help investors identify potentially profitable sectors and stocks. In this piece, we look at some investments made by these superstar investors during Q3FY24.

(You can now also invest in shadow superstar baskets available on Starfolio, which are updated and rebalanced as per Trendlyne's superstar portfolios).

The chart below looks at changes in superstar investors' current portfolio net worth. Note that net worth reflects both changes in current holdings as well as new buys and sells. 

All superstars see a rise in their net worth in Q3FY24

Each superstar investor’s public portfolio reflects their unique investing style and their preferred approaches. The following chart provides a breakdown of the dominant sectors in each investor’s portfolio. 

Industries preferred by superstars

Industry preferences among the superstars vary: Rare Enterprises (Rekha Jhunjhunwala and Rakesh’s portfolio) leans towards textiles, apparels and accessories stocks, while Sunil Singhania and Porinju Veliyath favour software and services. Ashish Kacholia prefers chemicals and petrochemicals. Vijay Kedia’s preferred sector is automobiles & auto components, and Dolly Khanna prefers oil and gas.

Rare Enterprises continues to invest in D B Realty 

Rakesh Jhunjhunwala’s portfolio, now managed by Rekha Jhunjhunwala and Rare Enterprises following his passing, grew by around 22% QoQ to Rs 48,186.3 crore by the end of Q3FY24. During the October-December quarter, the firm did not add new stocks to its portfolio, and increased its stake in just one company. 

Rare Enterprises increased its holding in realty stock D B Realty by 1%, and now owns 3% of the company. 

Rare Enterprises buys a 1% stake in D B Realty

This marks the second consecutive quarter of increased investment in the realty company, after consistently holding 1.4% in Q4FY23 and Q1FY24. Over the past quarter, D B Realty’s share price has risen by 52.1%. 

Sunil Singhania’s Abakkus Fund invests in an industrial machinery company 

Sunil Singhania’s Abakkus Fund saw its net worth rise by 19.2% QoQ to Rs 2,838.9 crore in Q3FY24. The fund's significant new investment was in Shriram Pistons & Rings, an industrial machinery company where it bought a 2.3% stake. The company has a Durability score of 80, indicating high financial strength, and an affordable Valuation along with bullish Momentum. Its price rose by 64.8% in the past quarter.

Sunil Singhania adds Shriram Pistons & Rings to his portfolio

The fund also purchased a minor stake in household appliances manufacturer Hindware Home Innovation. It now holds 4.4% of the company.

Ashish Kacholia goes on a buying spree during the quarter

Ashish Kacholia’s net worth rose by 8.8% QoQ to Rs 2,764.2 crore in Q3FY24. During the quarter, he added four new small-cap stocks to his portfolio. He acquired a 2% stake in Updater Services, a commercial services company, whose share price rose by 33% over the past quarter. He also added Brand Concepts to his portfolio, acquiring a 1.4% stake. The textile firm has risen over 3x in the past year. 

Ashish Kacholia buys a 2% stake in Updater Services

The marquee investor also added Tanfac Industries, buying a 1.2% stake in the commodity chemicals company. He reintroduced SG Finserve into his portfolio during the quarter and now holds a 1.1% stake. He reduced his stake in this financial services provider to below 1% in Q2FY24. 

Kacholia increased his stake in Zaggle Prepaid Ocean Services to 2.2% by buying 0.5% during the quarter. He has maintained a stake in this IT software products company since its listing on the stock exchanges. He also bought an additional 0.1% stake in La Opala RG, taking his holding to 1.7% in the houseware products manufacturer.

Vijay Kedia buys a minor stake in a mid-cap company

Vijay Kedia’s net worth increased by 6.3% QoQ to Rs 1,475.6 crore in Q3FY24. His activity this quarter was limited to acquiring a minor stake in Vaibhav Global. He now holds a 2% stake in the online apparel and accessories company. Kedia has been a stakeholder in Vaibhav Global since before March 2017. It has risen by 275.8% in the past five years. Ashish Kacholia also holds a 1.2% stake in the company.

Dolly Khanna expands her portfolio with multiple additions 

Dolly Khanna’s net worth increased by 17.5% QoQ in Q3FY24 to Rs 422.9 crore. During the quarter, the investor added four new companies to her portfolio and increased stakes in six others. Among her new acquisitions, she bought a 1.2% stake each in hotels company Savera Industries and sugar stock Zuari Industries. These stocks rose by 47.5% and 98.3%, respectively, in the past quarter. Khanna also added construction and finance companies J Kumar Infraprojects and Ujjivan Financial Services by buying 1% and 1.1% stakes, respectively.   

Dolly Khanna adds multiple stocks to her portfolio

Khanna bought a 0.2% stake each in metals company Prakash Industries and textiles firm Deepak Spinners, taking her holdings in these companies to 1.2% and 1.8%, respectively. The ace investor added around 0.1% stakes each in sugar stock KCP Sugar & Industries (now holds 1.4%), fertilizer company Mangalore Chemicals (taking the current holding to 1.3%), and commodity printing firm Control Print (now holds 1.3%). She also increased her stake in Rajshree Sugars & Chemicals to 1.1%. With this, Dolly Khanna publicly holds 18 companies. 

Porinju Veliyath increases stakes in three companies in Q3

Porinju Veliyath’s net worth increased by 8.2% QoQ to Rs 225.9 crore in Q2FY24. During the quarter, while he has not added new companies to his portfolio, he increased investments in three existing holdings. After maintaining a 3.2% stake for two consecutive quarters, Porinju bought 1.6% in pharmaceuticals company Kerala Ayurveda. He currently holds a 4.8% stake in the company. Its stock price has risen by 172% in the past year.

Porinju buys a 1.6% stake in Kerala Ayurveda

In Q3FY24, Porinju also increased his stake in Aurum Proptech, an IT consulting & software firm, by 1%, raising his investment to 4.5%. This marks the third consecutive quarter where he has increased his stake in the company. During the quarter, Porinju also bought a minor stake in a small-cap metals company, P G Foils. He currently holds 1.1% of the company. He added P G Foils to his portfolio in Q2FY24.