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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. 

 
Trendlyne Marketwatch
Trendlyne Marketwatch
01 Feb 2024
Market closes lower, Titan's Q3FY24 net profit rises 16.5% YoY to Rs 1,053 crore
By Trendlyne Analysis

Nifty 50closed at 21,697.45 (-28.3, -0.1%), BSE Sensexclosed at 71,645.30 (-106.8, -0.2%) while the broader Nifty 500closed at 19,777.35 (-24.8, -0.1%). Market breadth is in the red. Of the 2,015 stocks traded today, 818 were gainers and 1,162 were losers.

Indian indices started the trading session in green but fell at the close of the interim budget speech. Nifty 50switched between losses and gains and ended the session marginally lower post the interim budget speech. The Indian volatility index fell sharply and closed at 14.5 points. India’s GST collections rose 10% YoY to Rs 1.7 lakh crore in January, according to the data released by the finance ministry. 

Nifty Smallcap 100 closed in the green, while the Nifty Midcap 100 closed lower. Nifty Auto and Nifty PSU Bank closed higher than their Wednesday close. According to Trendlyne’s sector dashboard, Transportation emerged as the top-performing sector of the day, with a rise of 1.4%.

European indices traded in the red, except for England’s FTSE 100 index, which traded flat. Major Asian indices closed mixed on a volatile day of trade. US index futures traded in the green, indicating a positive start to the trading session. Brent crude oil traded higher after falling over 2.3% on Wednesday.

  • Tata Consumer Productssees a long buildup in its February 29 future series as its open interest rises 35.3% with a put-call ratio of 1.

  • Jindal Steel & Power is falling as Bimlendra Jha resigns as Managing Director (MD) of the company with effect from January 31.

  • PSU Bank stocks like Punjab & Sind Bank, Indian Overseas Bank, Indian Bank and Bank of India surge more than 4% in trade. All constituents of the broader Nifty PSU Bank index are also trading in the green, helping it to touch its all-time high of 6,455.2.

  • Titan's Q3FY24 net profit rises 16.5% YoY to Rs 1,053 crore due to lower inventory expenses. Its revenue increases by 22% YoY, helped by the watches & wearables and jewellery segments. The company appears in a screener of stocks with improving RoE over the past two years.

  • Tata Motors, InterGlobe Aviation, LIC Housing Finance, andDevyani International's weekly average delivery volumes rise ahead of their Q3FY24 results tomorrow.

  • Amara Raja Energy & Mobility touches a new 52-week high of Rs 900 as its Q3FY24 net profit rises by 14.8% YoY to Rs 254.8 crore. Its revenue also increases by 15.4% YoY due to growth in the lead acid batteries and allied products segment. The stock shows up in a screener for companies with strong momentum.

  • BLS E-Services' Rs 310.9 crore IPO gets bids for 100.6X the available 1.4 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 200X the available 20.7 lakh shares on offer.

  • Dr. Lal Pathlabs' Q3FY24 revenue rises 10.1% YoY to Rs 539 crore. Its net profit grows by 53.3% YoY to Rs 82 crore due to a marginal decline in operating expenses and lower finance costs. Its EBITDA increases by 24.6% YoY to Rs 141 core and its margin improves by 3bps to 26.1%.

  • Tube Investment of India's Q3FY24 net profit rises by 125.7% YoY to Rs 531.1 crore. Its revenue increases by 15.3% YoY, helped by engineering, electric vehicles, power systems, and industrial systems. However, the company's EBITDA margin falls by 180 bps YoY due to higher raw material, employee benefit and inventory expenses.

  • Motilal Oswal maintains its 'Buy' rating on TeamLease Services with a target price of Rs 3,450 per share. This indicates a potential upside of 22.3%. The brokerage remains positive on the company's medium to long-term outlook owing to the formalisation of the labour market. It expects the company's revenue to grow at a CAGR of 19% over FY23-26.

  • Adani Enterprises' Q3FY24 net profit rises 166.6% YoY to Rs 1,972.8 crore, while revenue grows by 7% YoY. The company's margin improves by 535 basis points to 11%. It appears in a screener for stocks with strong annual EPS growth.

  • India Cements falls as the Enforcement Directorate searches its corporate offices to investigate irregularities related to the Foreign Exchange Management Act. The company does not anticipate any significant impact regarding the ongoing investigation.

  • Ion Exchange (India)wins a contract worth Rs 152.5 crore from Material Construction Trading FZCO, UAE, for the development of a desalinated water unit for a project in North Africa.

  • Deepak Fertilisers & Petrochemicals Corpfalls as its Q3FY24 net profit plunges by 76.9% YoY to Rs 57.6 crore due to higher inventory and finance expenses. Its revenue also declines by 33.1% YoY due to falling trading and manufacturing segments.

  • India’s GST collections rise 10% YoY to Rs 1.7 lakh crore in January, according to the data released by the finance ministry.

  • Tata Motors' January 2024 total domestic wholesales rise 5.8% YoY to 84,276 units. Total commercial vehicle wholesales fall 2.1%, while passenger vehicle wholesales improve 11.9%.

  • Swan Energyrises to an all-time high of Rs 665.9 as it reports a net profit of Rs 220 crore in Q3FY24, as against a net loss of Rs 15.7 crore in Q3FY23. Its revenue increases by 14.7x YoY, helped by growth in textiles, energy, construction and distribution segments.

  • Fisheries stocks like Avanti Feedsand Godrej Agrovetare rising following the Finance Minister's announcement of setting up five integrated aquaparks, in response to seafood exports doubling since 2013.

  • Maneesh Dangi, Founder of Macro Mosaic Investing and Research, says this budget focuses on disinflation. He believes a private capex boom, similar to the one in the 2000s, is unlikely soon, as companies will need time to increase their spending.  #BudgetDay

  • Housing financestocks like Housing and Urban Development Corp, PNB Housing Finance, Aavas Financiers, and Can Fin Homestrade in the green following FM Nirmala Sitharaman's announcement of new schemes aimed at helping sections of the middle class living in rented accommodation to build their own houses. #BudgetDay

  • Finance Minister announces three major railway corridors under PM Gati Shakti: energy, mineral and cement corridors; port connectivity corridors; and high traffic density corridors. CRISIL believes these will improve freight movement and reduce India's logistics costs from 12% of GDP. Additionally, the FY25 railway expenditure target is set at Rs 2.5 lakh crore. #BudgetDay

  • Renewable Energy stocks like KPI Green Energy, Waaree Renewable Technologies, Suzlon Energy, Borosil Renewables, and Power Grid Corptrade in the green. This comes after the announcement by FM Nirmala Sitharaman of setting up 100 million tonnes of coal gasification and liquefaction capacity by 2030, and promoting green mobility through increased e-bus adoption and new biomanufacturing and bio foundry schemes in the Budget 2024.

  • Finance Minister Nirmala Sitharaman announces a new scheme offering Rs 1 lakh crore in 50-year interest-free loans, aimed at providing low or zero-interest long-term funding for private sector research in sunrise sectors. #BudgetDay

  • The FM announces the FY25 expenditure target for semiconductors at Rs 6,903 crore, and Rs 6,200 crore for the PLI scheme.  #BudgetDay

  • The government sets the tax receipts target at Rs 26 lakh crore, with no changes in direct and indirect tax structures. #BudgetDay

  • The fiscal deficit target for FY24 is lowered to 5.8% of GDP from the previous 5.9%. The target for FY25 is set at 5.1%. #BudgetDay

  • Finance Minister Nirmala Sitharaman reports a $596 billion FDI inflow from FY14 to FY23. #BudgetDay

  • The government ramps up its infrastructure spending for FY25 by 11.1% to Rs 11.1 lakh crore. #BudgetDay

  • Finance Minister Nirmala Sitharaman says that Mudra Yojana has issued 43 crore loans, amounting to Rs 22.5 lakh crore, while sharing statistics on youth-focused initiatives. #BudgetDay

  • Indus Towers declines as 25.9 crore shares (9.6% equity), amounting to Rs 5,500 crore, reportedly change hands in multiple large trades.

  • Godrej Consumer Productssurges to touch its all-time high of Rs 1,314.3 as its net profit grows by 6.3% YoY to Rs 581 crore in Q3FY24. Revenue rises by 1.7% YoY due to gains in the Indian and Indonesian markets. It features in a screenerof stocks where brokers have upgraded their recommendation or target price over the past quarter.

  • Deepak Nitriteis rising as it signs a memorandum of understanding (MoU) with the Gujarat government to set up polycarbonate, methyl methacrylate and aniline production plants in Dahej, Gujarat. The company plans to invest Rs 9,000 crore to establish the plants.

  • India’s manufacturing PMI rises to a 4-month high of 56.5 in January due to an increase in new orders driven by robust demand. The PMI reading remains above the 50 mark for the 31st consecutive month.

  • Bajaj Auto's January 2024 wholesales rise 23.6% to 3.6 lakh units. Two-wheeler wholesales grow 26.8%, while commercial vehicle wholesales improve by 6.4%.

  • Motherson Sumi Wiring Indiarises to its 52-week high of Rs 68.5 per share as its net profit grows by 58.1% YoY to Rs 167.9 crore in Q3FY24. Revenue increases by 26.3% YoY on the back of capacity expansion. It shows up in a screener of stocks with low debt.

  • One97 Communications (Paytm) falls 20% following an RBI order to halt new customer onboarding immediately under Section 35A of the Banking Regulations Act, citing continued supervisory concerns. The regulator has also prohibited Paytm Payments Bank from accepting deposits and top-ups, including wallets and FASTag, starting February 29.

  • Shree Cements' Q3FY24 net profit rises by 148.8% YoY to Rs 701.9 crore. Its revenue increases by 21.5% YoY due to growth in premium products and RMC segments. The company's EBITDA margin improves by 729 bps YoY on lower inventory and power & fuel expenses.

Riding High:

Largecap and midcap gainers today include Godrej Consumer Products Ltd. (1,254.55, 7.76%), Indian Overseas Bank (52.05, 6.01%) and UCO Bank (48.90, 5.16%).

Downers:

Largecap and midcap losers today include One97 Communications Ltd. (609.00, -19.99%), Aurobindo Pharma Ltd. (1,070.80, -6.92%) and Voltas Ltd. (1,048.75, -4.03%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Housing and Urban Development Corporation Ltd. (205.90, 19.47%), Godrej Consumer Products Ltd. (1,254.55, 7.76%) and Motherson Sumi Wiring India Ltd. (69.95, 7.53%).

Top high volume losers on BSE were India Cements Ltd. (242.20, -7.35%), Aurobindo Pharma Ltd. (1,070.80, -6.92%) and C.E. Info Systems Ltd. (1,835.05, -6.56%).

Pfizer Ltd. (4,578.20, 5.90%) was trading at 20.2 times of weekly average. Indus Towers Ltd. (219.00, -1.33%) and Aegis Logistics Ltd. (388.90, 2.98%) were trading with volumes 13.2 and 10.3 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

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

Stocks touching their year highs included - Adani Ports & Special Economic Zone Ltd. (1,218.85, 0.93%), AIA Engineering Ltd. (4,356.40, 6.06%) and Amara Raja Energy & Mobility Ltd. (880.50, -0.96%).

Stocks making new 52 weeks lows included - UPL Ltd. (530.05, -1.42%) and Vedant Fashions Ltd. (982.85, -2.06%).

22 stocks climbed above their 200 day SMA including Astral Ltd. (1,889.20, 3.21%) and Dabur India Ltd. (554.40, 2.74%). 8 stocks slipped below their 200 SMA including Deepak Fertilisers & Petrochemicals Corporation Ltd. (579.75, -6.21%) and Jubilant Foodworks Ltd. (501.90, -3.40%).

 
Trendlyne Marketwatch
Trendlyne Marketwatch
31 Jan 2024
Market closes higher, Suzlon Energy's net profit rises by 159% YoY to Rs 203.1 crore in Q3
By Trendlyne Analysis

Nifty 50 closed at 21,725.70 (203.6, 1.0%), BSE Sensex closed at 71,752.11 (612.2, 0.9%) while the broader Nifty 500 closed at 19,802.10 (227.9, 1.2%), of the 2,022 stocks traded today, 1,357 were gainers and 632 were losers.

Indian indices extended the gains from afternoon session and closed in the green. The volatility index, Nifty VIX, dropped by 0.3% and closed at 16.1 points. Maruti Suzuki India's Q3FY24 net profit rises by 33.3% YoY to Rs 3,206.8 crore. Its revenue increases by 14.6% YoY, driven by the utility vehicles, vans, and light commercial vehicles segments.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green following the benchmark index. Nifty Bank and Nifty Pharma closed higher than Tuesday’s closing level. According to Trendlyne’s sector dashboard, healthcare equipment & supplies emerged as the top-performing sector of the day, with a rise of over 2.5%.

Most European indices trade in the green except for England’s FTSE 100 and Germany’s DAX trading lower. US indices futures trade lower indicating a negative start. The German government's data indicated that the country’s retail sales in December contracted by 1.6% MoM against estimates of 0.7% growth.

  • Money flow index (MFI) indicates that stocks like NMDC Steel, PNC Infratech, Tata Investment Corp and IRB Infrastructure Developers are in the overbought zone.

  • Welspun Living rises as its Q3FY24 net profit increases by 3.2x YoY to Rs 176.8 crore due to lower inventory expenses. Its revenue grows by 29% YoY, helped by gains in the home textiles and flooring segments. The company's board has also allotted a capex of $12.5 million (approx. Rs 103.8 crore) to set up a unit in Ohio, USA.

  • Kajaria Ceramics is rising as its net profit grows by 40.2% YoY to Rs 104.2 crore in Q3FY24. Revenue increases by 5.5% YoY, helped by improved tile sales. EBITDA margin expands by 341 bps YoY, owing to reduced power & fuel and finance costs. The company appears in a screener of stocks near their 52-week high with significant volumes.

  • Suzlon Energy rises as its Q3FY24 revenue increases by 7.2% YoY to Rs 1,569.7 crore. Its net profit grows by 159% YoY to Rs 203.1 crore due to an 80% YoY decline in finance costs. The firm appears in a screener of stocks with improving net profit margin.

  • Maruti Suzuki India's Q3FY24 net profit rises by 33.3% YoY to Rs 3,206.8 crore. Its revenue increases by 14.6% YoY, driven by the utility vehicles, vans, and light commercial vehicles segments, while EBITDA margin improves by 198 bps YoY.

  • Apeejay Surrendra Park Hotels sets its IPO price band at Rs 147-155 per share. The issue size is Rs 920 crore, with a fresh issue up to Rs 600 crore and an offer for sale of Rs 320 crore. The issue opens on February 5.

  • Healthcare stocks like Max Healthcare Institute, Dr. Reddy's Laboratories, Syngene International and Sun Pharmaceutical Industries surge more than 4% in trade. This helps the broader Nifty Healthcare index to touch its all-time high of 11,438.8.

  • BLS E-Services' Rs 310.9 crore IPO gets bids for 32X the available 1.4 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 100.4X the available 20.7 lakh shares on offer.

  • Max Healthcare Institute rises sharply as its net profit surges by 30.1% YoY to Rs 289.3 crore in Q3FY23. Revenue grows by 16.9% YoY, while its EBITDA margin expands by 140 bps YoY on the back of reduced finance costs. The company appears in a screener of stocks with improving return on equity (RoE) over the past two years.

  • Reports suggest that 1.4 crore shares (4.4% equity) of Religare Enterprises, amounting to Rs 338 crore, change hands in a large trade.

  • Edelweiss maintains its 'Buy' rating on DLF with an upgraded target price of Rs 1,021 per share. This indicates a potential upside of 28%. The brokerage is positive on the realtor owing to its strong launch pipeline, steady project acquisitions and increase in the sales velocity. It expects the company's revenue to grow at a CAGR of 7.6% over FY23-26.

  • Man Infraconstructionis rising as it achieves record sales of Rs 333 crore for its luxurious residential project, Aaradhya OnePark in Mumbai. This amount represents 25% of the project's total estimated sales.

  • Voltas rises to a new 52-week high of Rs 1,095.8 as its Q3FY24 net loss contracts by 72.4% YoY to Rs 30.4 crore. Its revenue increases by 31.8% YoY, helped by gains in the unitary cooling products and electro-mechanical projects segments. The company appears in a screener for stocks with strong momentum.

  • The Centre lowers import duty on mobile phone components to 10% from 15% earlier. The components include rear covers, battery enclosures, primary lenses, and other mechanical components, say reports.

  • Dr. Reddy's Laboratories rises to an all-time high of Rs 6,095.2 as its Q3FY24 net profit grows by 11% YoY to Rs 1,380.9 crore due to lower raw material and finance expenses. Its revenue increases by 8.8% YoY, helped by gains in the global generics segment. It appears in a screener of stocks with growing quarterly revenue.

  • Lloyd Enterprises is rising as it acquires a 60.4% stake in Lloyds Reality Developers with a fresh fund infusion of Rs 110 crore. Post this all-cash deal, Lloyds Reality Developers becomes debt-free.

  • Cochin Shipyard rises to an all-time high of Rs 945 as its Q3FY24 net profit increases by 103.3% YoY to Rs 224.4 crore. Its revenue grows by 64.6% YoY, helped by gains in the ship building and ship repair segments. The company appears in a screener of stocks with improving net cash flow.

  • The International Monetary Fund (IMF) raises India’s GDP growth forecast for FY24 by 40 bps to 6.7%, and also revises FY25 and FY26 projection by 20 bps to 6.5%. The IMF expects strong growth to continue in India, reflecting robust domestic demand.

  • KPI Green Energy hits a new 52-week high of Rs 1,821.1 as its subsidiary, KPIG Energia, secures an order from Skywin Paper Industries. The order includes building a 5MW captive power plant in various phases over FY24-25.

  • Nova Agritech’s shares debut on the bourses at a 34.2% premium to the issue price of Rs 41. The Rs 143.8 crore IPO has received bids for 109.4 times the total shares on offer.

  • KEC Internationalrises as its Q3FY24 net profit grows by 4.5x YoY to Rs 96.9 crore. Its revenue increases by 14.4% YoY and EBITDA margin improves by 158 bps YoY due to lower inventory and sub-contracting expenses.

  • HSBC resumes its 'Buy' rating on Titagarh Rail Systems with an upgraded target price of Rs 1,200. The brokerage believes that the company has improved its competitive position in the passenger coach market. It highlights the robust growth in the wagon industry, which bodes well for the company.

  • PB Fintechrises to a new 52-week high of Rs 1,039.9 as it reports a net profit of Rs 38 crore in Q3FY24, as compared to a net loss of Rs 20.2 crore in Q2FY24. The rise in net profit is due to lower expenses in employee benefits, finance, advertising and network. Its revenue rises by 6.1% QoQ, helped by performance in the insurance broker and other services segment.

  • JSL Overseas, promoter of Jindal Stainless, buys a 0.5% stake in the company. It now holds a 12.2% stake.

  • Ashish Kacholia sells a 0.5% stake in Venus Pipes & Tubes for approx Rs 15.6 crore in a bulk deal on Tuesday.

  • Larsen & Toubro's Q3FY24 net profit rises by 15.4% YoY to Rs 2,947.4 crore due to lower inventory and finance expenses. Its revenue grows by 18.8% YoY helped by growth in infrastructure projects, energy projects and IT & technology services segments. The company appears in a screener of stocks with growing net profit and margins.

Riding High:

Largecap and midcap gainers today include PB Fintech Ltd. (1,002.40, 10.24%), Voltas Ltd. (1,092.75, 7.46%) and UCO Bank (46.50, 6.29%).

Downers:

Largecap and midcap losers today include Larsen & Toubro Ltd. (3,479.75, -4.23%), Indus Towers Ltd. (221.95, -3.48%) and Vedant Fashions Ltd. (1003.50, -2.61%).

Volume Rockets

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

Top high volume gainers on BSE included PB Fintech Ltd. (1,002.40, 10.24%), Ratnamani Metals & Tubes Ltd. (3,574.45, 10.13%) and Godfrey Phillips India Ltd. (2,459.95, 9.22%).

Top high volume losers on BSE were Kalyan Jewellers India Ltd. (350.20, -4.68%), Larsen & Toubro Ltd. (3,479.75, -4.23%) and Jyothy Labs Ltd. (515.15, -3.83%).

AstraZeneca Pharma India Ltd. (6,616.60, 4.21%) was trading at 10.9 times of weekly average. KEC International Ltd. (657.65, 4.60%) and VIP Industries Ltd. (538.65, -0.93%) were trading with volumes 10.6 and 9.4 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

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

Stocks touching their year highs included - ACC Ltd. (2,544.30, 1.24%), AIA Engineering Ltd. (4,107.35, 5.73%) and Amara Raja Energy & Mobility Ltd. (889.05, 6.07%).

Stocks making new 52 weeks lows included - Navin Fluorine International Ltd. (3,417.50, 3.31%) and VIP Industries Ltd. (538.65, -0.93%).

23 stocks climbed above their 200 day SMA including Clean Science & Technology Ltd. (1,493.55, 6.33%) and Lakshmi Machine Works Ltd. (13,720.15, 5.28%). 8 stocks slipped below their 200 SMA including Craftsman Automation Ltd. (4,373.00, -3.15%) and Data Patterns (India) Ltd. (1,905.50, -2.47%).

 
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The Baseline
30 Jan 2024
By Bhavani Eswar

In a rare instance, India’s Prime Minister offered a stock market tip during a no-confidence motion in August 2023. Responding to opposition queries about loan write-offs by public sector lenders and LIC investments, PM Narendra Modi said, “There is a guru mantra for those interested in the share market – bet on stocks that the opposition raises concerns about.”

Investors following this advice did pretty well. The Nifty PSE, which has twenty public sector enterprise (PSE) stocks, saw a remarkable performance. By December 2023, the index delivered 40% returns and surged by 79% over the year, based on price appreciation alone. This excludes the hefty dividends typically paid out by PSEs. 

The trend has continued in 2024 so far, with the index rising 10.1% in January, according to Trendlyne’s share price history tool. In this edition of COTW, we look at the performance of the Nifty PSE index in 2023. 

While 2023 was a stellar year for the PSE index, 2022 saw a modest rise of 12.3%. A key driver of 2023’s sharp rally was bullish economic sentiment, thanks to the government’s push for infrastructure capex, defence indigenisation, and Make in India initiatives. The relativeundervaluation of PSE stocks compared to their private counterparts also attracted investors to these fundamentally strong companies, taking the share of PSEs in the country’s overall market capitalisation to afour-year high of 13.3% (42 lakh crore).

Defence and power-financing firms lead PSEs’ 2023 bull run 

In 2023, the best-performing PSE stocks were the two largest power-financing NBFCs, REC and Power Finance Corporation (PFC) – both delivered over 100% returns. They reported an average loan growth of 20% on the back of healthy demand in the infrastructure and power sectors. In Q2FY24, REC achieved its highest-ever quarterly profit, an increase of 38.7% YoY due to improvingasset quality and efficient cost management.

Meanwhile, India’s largest power generation company, NTPC rose by 69.7% in 2023, driven by strong order inflows amid growing power demand. Coal India also rose by 58.2%, helped by a surge in thermal power generation and higher e-auction premiums. According to Union Power Minister Nitin Gadkari, power demand in India is likely to cross 400 GW by 2030. 

Defence stocks like Hindustan Aeronautics (HAL) and Bharat Electronics (BEL) have become investor favourites due to the potential in the Indian defence manufacturing industry, as the government emphasizes domestic procurement and defence exports. In 2023, HAL and BEL delivered returns of 93.8% and 69.7%, respectively. HAL’s strong performance is attributed to its strong order book of over Rs 83,000 crore and UBS expects the firm to benefit from upcoming defence orders worth above Rs 5,00,000 crore in the industry over FY24-28.

Among the state-run oil firms, Indian Oil Corporation (IOC) rallied by 61.4% in 2023. Softer crude oil prices and the expansion of refinery and chemical projects fuelled this surge. Other oil companies like Bharat Petroleum and Oil and Natural Gas Corporation (ONGC) rose by 35.1% and 35.6%, respectively. ONGC aims to increase production to 50 million metric tonnes (mmt) from 40 mmt by FY28, driven by 23 ongoing projects with a total capex of Rs 60,000 crore.

GAIL and Power Grid Corporation are among the top-performing utility (electric and non-electric) stocks, rising by 58.1% and 41.8%, respectively. GAIL benefited from low valuations, improved demand for gas, and pipeline expansion. A stable dividend yield of around 4% and a high dividend payout ratio of 83.3% aided Power Grid’s surge. LIC, despite a modest share price increase of 5.3% in 2023, surpassedSBI to become the most-valued PSE. LIC was listed in 2021.

PSEs to continue paying hefty dividends 

Apart from the stellar price performance in 2023, PSEs are set to pay over Rs 50,000 crore in dividends to the government for the third consecutive year. The index has maintained a dividend yield of 3.1%, thanks to a consistent dividend policy and improved profitability. This resulted in nine out of the twelve companies considered in the analysis maintaining a dividend payout ratio of over 25%. However, power financer REC and insurance firm LIC were among those with lower divided payments, affected by mandatory capital requirements from regulatory bodies.

A key factor driving the prices of PSE stocks is the expectation of the current government’s return in the 2024 elections. Despite recent gains, the government is likely to miss its disinvestment targets for the fifth consecutive year, as it faces issues like procedural delays and political and employee opposition. However, the 2021 public sector enterprise policy, which ensures government majority ownership in strategic sectors, has piqued investor interest in PSE stocks.

Typically, PSE stocks are overlooked by investors due to their underperformance compared to private counterparts. The Nifty PSE index’s P/E is currently trading at a discount of 35.7% to its all-time high P/E of 15.4 recorded in 2017. The recent Offer For Sale (OFS) by the government to sell a 2.5% stake in NHPC received a good response from retail investors (subscribed 1.4x), reflecting the changing perception towards PSE stocks. This, along with the gains of 2023, indicates a  growing appreciation for the potential of PSE stocks.

 
Trendlyne Marketwatch
Trendlyne Marketwatch
30 Jan 2024
Market closes lower, Bharat Electronics bags an order worth Rs 665.8 crore
By Trendlyne Analysis

Nifty 50closed at 21,522.10 (-215.5, -1.0%), BSE Sensexclosed at 71,183.09 (-758.5, -1.1%) while the broader Nifty 500closed at 19,574.20 (-137.5, -0.7%). Market breadth is even. Of the 2,021 stocks traded today, 989 were gainers and 999 were losers.

Indian indices extended the losses from afternoon session and closed in the red. The volatility index, Nifty VIX, rose by 2.7 % and closed at 16.1 points. Tata Investment Corp'snet profit grows by 54.2% YoY to Rs 53.2 crore in Q3FY24, owing to a reduction in employee benefit and finance costs. Revenue grows by 34.2% YoY to Rs 50.5 crore during the quarter.

Nifty Smallcap 100 closed in the green, while Nifty Midcap 100 closed lower following the benchmark index. Nifty Metal and Nifty Media closed higher than Monday’s closing level. According to Trendlyne’s sector dashboard, media emerged as the top-performing sector of the day, with a rise of over 1.2%. 

Most European indices trade in the green. US indices futures trade flat indicating a cautious start. The data released by Eurostat indicated that Eurozone’s GDP in Q4 2023 grew by 0.1% YoY against estimate of zero growth.

  • Relative strength index (RSI) indicates that stocks like Sterling and Wilson Renewable Energy, Rain Industries, Infibeam Avenues and IRB Infrastructure Developers are in the overbought zone.

  • Bharat Electronics bags an order worth Rs 665.8 crore from the Central Board of Indirect Taxes and Customs (CBIC) to install and maintain IT and networking infrastructure, including a five-year maintenance support.

  • Cipla sees five analyst target price upgrades and one recommendation upgrade in the past month. UltraTech Cement, LTIMindtree, and TVS Motor Co see four analyst target price upgrades over the same period.

  • Subros rises to an all-time high of Rs 733.7 as its Q3FY24 net profit grows by 225.2% YoY to Rs 26.9 crore. Its revenue increases by 11.5% YoY and EBITDA margins improve by 300 bps YoY. The company appears in a screener of stocks with high TTM EPS growth.

  • Apar Industries rises to an all-time high of Rs 6,388 as its Q3FY24 net profit grows by 28.1% YoY to Rs 217.6 crore. Its revenue increases by 1.9% YoY, helped by growth in the transformers and conductors segments. EBITDA margin also improves by 137 bps YoY on the back of lower inventory expenses.

  • Muthoot Microfin rises sharply as its net profit surges by 119% YoY to Rs 124.6 crore in Q3FY24. Revenue grows by 52.8% YoY, owing to an improvement in customer base and gross loan portfolio (GLP). The lender's asset quality also improves as its gross and net NPAs decline by 120 bps and 64 bps YoY respectively. It appears in a screener of stocks with increasing net profit for the past four quarters.

  • BLS E-Services' Rs 310.9 crore IPO gets bids for 8.8X the available 1.4 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 30.5X the available 20.7 lakh shares on offer.

  • KPIT Technologies rises as its Q3FY24 net profit grows by 10.3% QoQ to Rs 155.3 crore due to lower raw material expenses. Its revenue increases by 4.8% QoQ, helped by growth in the Americas, UK & Europe and the rest of the world businesses. The company appears in a screener of stocks with improving net cash flow for the past two years

  • Jayant Acharya, Joint MD of JSW Steel, expects India to consume 200-210 million tonnes of steel by the end of this decade. Steel demand is expected to grow by 8-10% in the medium term.

  • EPack Durables’ shares debut on the bourses at a 3.9% discount to the issue price of Rs 230. The Rs 640.1 crore IPO has received bids for 16.4 times the total shares on offer.

  • Tata Investment Corpsurges to its all-time high of Rs 5,549.9 as its net profit grows by 54.2% YoY to Rs 53.2 crore in Q3FY24, owing to a reduction in employee benefit and finance costs. Revenue grows by 34.2% YoY to Rs 50.5 crore during the quarter. It appears in a screenerof Trendlyne's growth stocks with good technical scores.

  • Orchid Pharma hits a 20% upper circuit as it receives the European Medicines Agency's approval for Exblifep, a drug used to treat urinary tract infections, pneumonia, and bacteremia.

  • Indian pharmaceutical firms expect additional healthcare allocations in the interim budget on February 1, along with improved incentives for research, development, and ingredient manufacturing. The government has already implemented three major schemes for pharmaceutical manufacturing, including a Rs 6,940 crore PLI scheme for bulk drugs and a Rs 3,000 crore scheme for bulk drug park creation.

  • Suzlon Energy secures an order from ABC Cleantech to supply 214 wind turbines, each with a capacity of 3MW, for a project in Andhra Pradesh. The project can provide electricity to five lakh houses and reduce emissions by 20.8 lakh tonnes every year.

  • UTI Asset Management rises sharply to a new 52-week high of Rs 965 as its Q3FY24 net profit surges by 38.4% YoY to Rs 150.3 crore. Its revenue grows by 23.2% YoY. The company appears in a screener of stocks with improving book value per share.

  • L&T wins an EPC contract worth Rs 10,000-15,000 crore to build a 1,800 MW solar photovoltaic plant in UAE. The project, set to be operational in three phases, is expected to cut 2.4 million tonnes of carbon emissions annually.

  • Rajesh Jain, CFO of RR Kabel, projects a 20% YoY volume growth in FY24, surpassing the industry. He adds that margins will be around 8% and foresees an increase in export share to 30% of the company's revenue going forward.

  • SpiceJet rises as NCLT dismisses an insolvency petition filed by aircraft lessor Wilmington Trust against the company. The company appears in a screener of stocks nearing their 52-week high with significant volumes.

  • Shakti Pumps (India) rises sharply to an all-time high of Rs 1,498 as Madhya Pradesh Industrial Development Corp assigns the company 46 acres of land in Pithampur. The company appears in a screener of stocks with low debt.

  • GAIL (India)rises to its all-time high of Rs 175 as it signs a deal to purchase 0.5 MMTPA of liquified natural gas (LNG) from ADNOC Gas. Its delivery will begin in 2026 for a period of 10 years.

  • Sunil Reddy Dodla, MD of Dodla Dairy, forecasts a 12-15% revenue growth for FY24. He anticipates the Value Added Products (VAP) to constitute 28% of the mix, yielding high single to double-digit margins. He also projects the animal feed business to generate Rs 100-120 crore in revenue by FY25.

  • Maricois rising as its net profit grows by 16.8% YoY to Rs 383 crore in Q3FY24. Revenue declines by 1.9% YoY due to reduced sales of Saffola edible oils. Its EBITDA margin expands by 272 bps YoY, owing to the lower cost of raw materials. The company appears in a screenerof stocks with growth in quarterly net profit and profit margin (YoY).

  • Reliance Industriesreportedly inks a non-binding agreement with Walt Disney to form a merged media and entertainment business. Reliance is expected to hold 51%, while Disney will own a 49% stake in the merged entity. However, Reliance Industry says it has no comment on this media speculation.

  • Bajaj Finance's Executive Director Rakesh Bhatt tenders his resignation to pursue career opportunities outside the company. His resignation will take effect from January 31, 2024.

  • Piramal Enterprisesposts a net loss of Rs 2,377.6 crore in Q3FY24 compared to a net profit of Rs 3,545.4 crore in Q3FY23 due to higher provisions for alternate investments fund (AIF). Revenue declines by 3.8% during the quarter. However, the lender's asset quality improves as its gross and net NPAs contract by 160 bps and 60 bps YoY respectively. The company also plans to sell its 20% stake in Shriram Investment for Rs 1,440 crore by the end of FY24.

Riding High:

Largecap and midcap gainers today include Zee Entertainment Enterprises Ltd. (170.90, 5.66%), Syngene International Ltd. (716.85, 4.92%) and Hindustan Petroleum Corporation Ltd. (471.70, 4.29%).

Downers:

Largecap and midcap losers today include Coromandel International Ltd. (1,050.25, -7.67%), Vedant Fashions Ltd. (1,030.40, -6.82%) and Trent Ltd. (3,054.95, -5.90%).

Volume Shockers

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

Top high volume gainers on BSE included Tata Investment Corporation Ltd. (5,794.00, 20.00%), IRB Infrastructure Developers Ltd. (68.00, 13.43%) and Apar Industries Ltd. (6,068.75, 5.50%).

Top high volume losers on BSE were Coromandel International Ltd. (1,050.25, -7.67%), Vedant Fashions Ltd. (1,030.40, -6.82%) and Sundram Fasteners Ltd. (1,219.05, -1.18%).

UTI Asset Management Company Ltd. (896.30, 3.40%) was trading at 40.0 times of weekly average. Jamna Auto Industries Ltd. (116.55, 3.65%) and Gillette India Ltd. (6,689.05, 3.15%) were trading with volumes 7.3 and 5.6 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

78 stocks took off, crossing 52 week highs, while 1 stock tanked below their 52 week lows.

Stocks touching their year highs included - ACC Ltd. (2,513.15, 0.81%), Amara Raja Energy & Mobility Ltd. (838.20, 0.03%) and Ambuja Cements Ltd. (570.85, -0.57%).

Stock making new 52 weeks lows included - Vedant Fashions Ltd. (1,030.40, -6.82%).

11 stocks climbed above their 200 day SMA including Data Patterns (India) Ltd. (1,953.75, 4.53%) and Indian Energy Exchange Ltd. (145.10, 3.31%). 13 stocks slipped below their 200 SMA including Coromandel International Ltd. (1,050.25, -7.67%) and Jubilant Ingrevia Ltd. (439.45, -4.60%).

 
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The Baseline
29 Jan 2024
5 stocks to buy from analysts this week with net profit growth
By Bhavani Eswar

This week we take a look at the stock picks from analysts with YoY growth in net profit during Q3FY24.

1. Route Mobile:

HDFC Securities maintains its ‘Buy’ rating on this internet software and services company with a target price of Rs 1,950, indicating an upside of 24.2%. In Q3FY24, the company's net profit grew by 28.3% YoY to Rs 105.7 crore, with revenue of Rs 1,043.8 crore. Analyst Amit Chandra says, “Route reported muted revenue growth in a seasonally strong quarter due to a slowdown in ILD (International Long Distance) volumes and a delay in deal ramp-up.” 

Chandra believes that ILD billable transactions were affected for two months in Q3FY24 due to cost-saving initiatives by large e-commerce and OTT players. But according to the analyst, Vodafone Idea’s (VI) SMS firewall deal holds a revenue potential of $100 million. He believes that the management has revised the growth guidance for FY24 down to 15-20% from the initial 20-25% due to the ILD slowdown and a shift in VI’s deal timelines (from Q3FY24 to Q1FY25). 

Chandra also expects a revival in ILD volume, new wins in the domestic market, and contributions from the VI deal to aid growth in FY25. He estimates the company to report a revenue CAGR of 10% over FY24-26.

2. IDFC First Bank:

Axis Direct maintains its ‘Buy’ call on this bank with a target price of Rs 100, indicating an upside of 19.8%. In Q3FY24, the bank’s net profit grew 18.4% YoY to Rs 715.7 crore, while net interest income improved 30% YoY. Analysts Bhavya Shah and Dnyanada Vaidya say, “The bank reported robust loan growth momentum (up 25% YoY) in Q3FY24, driven by consumer and auto loans, and rural finance, with significant growth across segments.” 

They note that IDFC First Bank’s deposits growth of 43% YoY was driven by retail deposits, which supported asset growth and repayment of legacy borrowings. The analysts expect the deposits to remain healthy and continue to outpace the growth in advances. They expect opex to remain high in the near term due to the management’s focus on branch expansion, digitalisation and marketing investments.

Shah and Vaidya forecast stable margins and expect the bank to maintain its growth momentum. They predict a credit and deposit growth of 24% and 33% CAGR respectively, over FY24-26. 

3. ICICI Bank:

KR Choksey maintains its ‘Buy’ call on this bank with a target price of Rs 1,250. This indicates an upside of 23%. The bank’s net profit grew 25.7% YoY to Rs 11,052.6 crore in Q3FY24, while its net interest income increased by 13.4% YoY to Rs 18,678.6 crore in line with the brokerage’s estimates. Analyst Karan Kamdar says, “The bank maintained resilient performance in Q3FY24, with healthy credit offtake across all segments.” 

Kamdar believes that the net interest margins have been contracting and predicts this trend to continue for the next two to three quarters on the back of an increase in the cost of funds, led by the transmission lag impact. ICICI Bank’s management expects the mortgage, corporate, and auto segments to drive growth in the coming quarters. 

The analyst projects an 18.7% CAGR in profits, 18.1% CAGR in advances, and 16.8% growth in operating profits over FY24-26. He remains optimistic about the company, citing healthy business momentum that is expected to yield healthy earnings growth and superior return ratios.

4. PNB Housing Finance:

Motilal Oswal maintains its ‘Buy’ rating on this housing finance company with a target price of Rs 1,025, implying an upside of 29.5%. In Q3FY24, the firm’s net profit grew by 25.8% YoY to Rs 338.4 crore (15% below the brokerage’s estimate), while net interest income (NII) declined 19% YoY to Rs 595 crore (11% below the brokerage’s estimate). Analysts Abhijit Tibrewal, Gautam Rawtani, and Nitin Aggarwal attribute the NII decrease to a gradual shift towards retail business. The firm’s net interest margin also fell by 45 bps to 3.5% YoY in Q3FY24. The analysts expect borrowing costs to decline and margins to improve after the credit rating upgrade.  

The analysts anticipate recoveries from the written-off pool of loans “in both wholesale as well as retail segments, and expect write-backs to continue for the next three to four quarters starting from Q4FY24.” They expect margins to improve through higher yields and lower borrowing costs and see credit costs remaining flat at 35 bps. The company is projected to deliver a profit CAGR of 28% over FY24-FY26.

5. Rossari Biotech:

Edelweiss maintains its ‘Buy’ rating on this specialty chemicals company with a target price of Rs 926, indicating an upside of 21.5%. In Q3FY24, its net profit grew by 33.9% YoY to Rs 34.4 crore, with revenue of Rs 467.3 crore. Analyst T Ranvir Singh says, “Rossari Biotech’s overall earnings were lower than our estimate due to weaker sales.”

Singh expects the company’s investment to increase Dahej’s capacity by 60.6% to 53,000 mtpa, which will boost revenue from the home, personal care and performance chemicals (HPCC) segment. The HPCC segment contributed 77% to total revenue in Q3FY24. He also sees growth opportunities in Rossari Biotech’s ventures in agrochemicals, oil and gas, chemicals, and silicon oils.

The analyst expects margins to remain stable in Q4FY24 and expand in FY25 and FY26 on the back of softer raw material prices in the near term, and the introduction of high-margin value-added products. He expects a revenue CAGR of 16% over FY24-26.

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

(You can find all analyst picks here)

 
Trendlyne Marketwatch
Trendlyne Marketwatch
29 Jan 2024

Markets closed up today. Nifty 50 closed at 21737.60 (385, 1.8%) , BSE Sensex closed at 71941.57 (1240.9, 1.8%) while the broader Nifty 500 closed at 19711.65 (318.7, 1.6%)

Market breadth is in the green. Of the 2052 stocks traded today, 1184 were in the positive territory and 843 were negative.

Riding High:

Largecap and midcap gainers today include Oil And Natural Gas Corporation Ltd. (252.50, 7.88%), Reliance Industries Ltd. (2896.10, 7.02%) and Power Finance Corporation Ltd. (446.75, 6.62%).

Downers:

Largecap and midcap losers today include Au Small Finance Bank Ltd. (626.35, -11.51%), SBI Cards and Payment Services Ltd. (715.55, -5.83%) and Cipla Ltd. (1336.85, -2.39%).

Volume Rockets

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

Top high volume gainers on BSE included IRB Infrastructure Developers Ltd. (59.95, 18.24%), NMDC Steel Ltd. (67.20, 14.48%) and Welspun Living Ltd. (149.95, 9.13%).

Top high volume losers on BSE were Au Small Finance Bank Ltd. (626.35, -11.51%), SBI Cards and Payment Services Ltd. (715.55, -5.83%) and Anupam Rasayan India Ltd. (930.00, -3.58%).

Eris Lifesciences Ltd. (911.80, 2.52%) was trading at 13.3 times of weekly average. Delhivery Ltd. (427.85, 6.62%) and Latent View Analytics Ltd. (473.95, 4.64%) were trading with volumes 7.6 and 6.4 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

70 stocks hit their 52 week highs, while 1 stock were underachiever and hit their 52 week lows.

Stocks touching their year highs included - ACC Ltd. (2492.90, 1.02%), AIA Engineering Ltd. (4034.95, 3.60%) and Ambuja Cements Ltd. (574.10, 2.49%).

Stock making new 52 weeks lows included - Navin Fluorine International Ltd. (3324.10, -0.61%).

10 stocks climbed above their 200 day SMA including Shoppers Stop Ltd. (739.15, 4.84%) and IDFC First Bank Ltd. (83.50, 4.31%). 10 stocks slipped below their 200 SMA including Au Small Finance Bank Ltd. (626.35, -11.51%) and Fine Organic Industries Ltd. (4595.00, -1.63%).