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Trendlyne Marketwatch
Trendlyne Marketwatch
20 Nov 2023
Market closes lower, Talbros Automotive Components wins orders worth Rs 580 crore

Trendlyne Analysis

Nifty 50closed at 19,694.00 (-37.8, -0.2%), BSE Sensexclosed at 65,655.15 (-139.6, -0.2%) while the broader Nifty 500closed at 17,573.65 (-26.9, -0.2%). Market breadth is even. Of the 2,017 stocks traded today, 976 showed gains, and 999 showed losses.

Indian indices extended the losses from the afternoon session and closed in the red, with the Nifty 50closing at 19,694. The volatility index, Nifty VIX, rose by 2.7% and closed at 12.2 points. Cipla received a warning letter from the US FDA for its Pithampur manufacturing facility.

Nifty Smallcap 100 and Nifty Midcap 100 closed flat with the benchmark index closing lower. Nifty PSU Bank and Nifty IT closed higher than Friday’s closing level. According to Trendlyne’s sector dashboard, telecommunication equipment emerged as the top-performing sector of the day, with a rise of over 3.6%. 

Most European indices trade in the green except for England’s FTSE 100 and Switzerland’s SMI index trading in the red. US indices futures trade higher indicating a positive start. Former OpenAI CEO and co-founder Sam Altman, who was fired by the board, joins OpenAI investor Microsoft to lead its advanced AI research team.

  • Money flow index (MFI) indicates that stocks like Solar Industries India, Alkem Laboratories, Suzlon Energy and Ratnamani Metals & Tubes are in the overbought zone.

  • Dreamfolks Services rises as it partners with three new airports in Malaysia — Kuala Lumpur, Kota Kinabalu and Kuching international airports. The company appears in a screener of stocks with improving annual net profit.

  • SVF Doorbell (Cayman) sells a 2.5% stake in Delhivery for approx Rs 738.6 crore in a bulk deal on Friday.

  • KRChoksey maintains its ‘Buy’ rating on Ashok Leyland with a target price of Rs 221, indicating an upside of 28.7%. The brokerage expects the firm’s sales volume to continue rising on the back of healthy demand for commercial vehicles, distribution expansion and new launches. It also sees margin expansion driven by softening input costs, higher net realisations and operating efficiencies. The brokerage expects the firm’s revenue to grow at a CAGR of 11.8% over FY23-25.

  • EIH surges over 4.8% and ranks high in Trendlyne's checklist with a score of 78.3%. The stock is in the strong buy zone. It appears in a screener of stocks with high TTM EPS growth.

  • Brent crude oil prices rise on expectations of OPEC+ deepening supply cuts to support prices. This upturn comes after a four-week decline due to fading worries about potential supply disruptions in the Middle East, caused by the Israel-Hamas conflict.

  • Hindustan Unilever sees five analyst target price downgrades and two recommendation downgrades in the past month. Can Fin Homes, NOCIL and ICICI Prudential Life Insurance see four analyst target price downgrades over the same period.

  • Software stocks like HCL Technologies, Persistent Systems, L&T Technology Services, Wipro and Mphasis are rising in trade. Barring Infosys, all the other constituents of the broader sectoral index, Nifty IT, are trading in the green.

  • Tata Investment Corpsurges almost 14% to touch its all-time highof Rs 4,518.3 per share. It has Trendlyne durability and momentum scores above 60. However, the stock is in the 'Sell' zone. It appears in a screenerfor high-return, technically strong value stocks.

  • Companies like TVS Motor, Yes Bank and IDFC First Bank, among others, are set to be included in the S&P BSE 100 index, while Tata Elxsi, Mphasis, Voltas and others will make an exit, during the reconstitution of S&P BSE indices. The changes will be effective from December 18.

  • Tata Consultancy Servicesrises as it signs an agreement with Australia’s primary securities exchange, ASX, to provide a next-generation clearing and settlement platform. This new system, replacing the current one, will cater to the Australian market using TCS’ flagship product, TCS BaNCS, for market infrastructure. It appears in a screenerfor stocks with strong momentum.

  • Persistent Systemstouches a new 52-week high of Rs 6,494, following the launch of a new open-source maintenance service. This will enable firms to keep their open-source software up to date with patches, help with bug fixes and incorporate the latest software releases.

  • Blue Dart Express announces a strategic partnership with India Post to introduce automated digital parcel lockers at selected post offices.

  • Manoj Sanghvi, Business Unit Head at Ratnamani Metals & Tubes, says the company targets to achieve a margin of 16-18% in FY24. He adds that its order book stands at Rs 2,950 crore and 20% of its revenue comes from exports. Sanghvi states that the company aims to achieve a 10% growth in its revenue.

  • Mankind Pharma surges to its all-time high of Rs 2,035 per share as the Financial Times Stock Exchange (FTSE) adds the stock to its All-World, Large-Cap, Total Cap and All-Cap Indices.

  • Geojit BNP Paribas maintains its ‘Buy’ rating on Bank of Baroda and raises the target price to Rs 222 from Rs 217. This implies an upside of 12.1%. The brokerage believes the bank’s net interest income will see robust growth on the back of its expanding loan book. It adds that the firm’s improving asset quality will aid in sustainable long-term growth.

  • Zen Technologies is rising as it bags an order worth Rs 42 crore for the export of simulators. The stock shows up in a screener for companies with strong annual EPS growth.

  • Ashok Atluri, the Managing Director of Zen Technologies, announces the company's revenue targets of Rs 450 crore for FY24 and Rs 900 crore for FY25. He also states that the current order book is at Rs 100 crore and a new export order of Rs 42 crore is set to be executed in the coming 18 months.

  • Orpheus Trading, promoter of 360 One Wam, sells a 0.3% stake in the company on Thursday. It now holds below 0.1%.

  • Newgen Software is rising as its board of directors informs the exchanges about its intent to issue bonus shares to its equity shareholders. The board will meet on November 27 to consider the proposal for the issuance of bonus shares.

  • Exide Industries touches its 52-week high of Rs 286.3 per share as it wins the right to use the 'Chloride' trademark in India from the Delhi High Court. This comes after the company signed a settlement agreement with Vertiv Company Group and Vertiv Energy to dispose off the suits in Delhi High Court.

  • UBS maintains its ‘Buy’ rating on Indian Hotels Co with an upgraded target price of Rs 500. The brokerage notes that the market is doubtful about growth in average room revenue (ARR) and occupancy. However, it remains positive on the overall market supply-demand balance. It believes the company will consistently outperform in room availability, ARR, and occupancy growth.

  • Larsen & Toubro falls as it receives tax penalties of Rs 111.3 crore for 2016 and Rs 127.6 crore for 2017 from the General Tax Authority of Qatar. The company also bags a mega order worth Rs 10,000-15,000 crore for its hydrocarbon business in the Middle East. The company appears in a screener of stocks with growing quarterly net profit and margins.

  • Talbros Automotive Components is falling despite winning multiple orders worth Rs 580 crore from international and domestic clients. The orders are to be executed in the next five years, starting from FY25.

  • Dalmia Bharat Sugar and Industriesfalls as it faces operational disruptions due to farmers' agitation in Kolhapur. The company appears in a screenerof stocks with declining RoE.

  • Oberoi Realtyrises to its all-time high of Rs 1,349 per share as it acquires a 14.8-acre land parcel in Gurugram from Ireo Residencies for Rs 597 crore. The company plans to develop a luxury residential housing project there.

Riding High:

Largecap and midcap gainers today include Adani Wilmar Ltd. (310.70, 5.32%), GlaxoSmithKline Pharmaceuticals Ltd. (1,647.95, 4.52%) and PB Fintech Ltd. (829.45, 3.33%).

Downers:

Largecap and midcap losers today include Solar Industries India Ltd. (6,956.50, -5.87%), Balkrishna Industries Ltd. (2,496.70, -5.56%) and Zomato Ltd. (118.15, -3.31%).

Movers and Shakers

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

Top high volume gainers on BSE included Tata Investment Corporation Ltd. (4,501.75, 15.17%), Latent View Analytics Ltd. (450.50, 9.25%) and ITI Ltd. (278.75, 7.07%).

Top high volume losers on BSE were Rajesh Exports Ltd. (351.95, -6.87%), Aster DM Healthcare Ltd. (338.00, -3.18%) and Chemplast Sanmar Ltd. (428.35, -1.86%).

EIH Ltd. (243.30, 4.65%) was trading at 9.8 times of weekly average. Eureka Forbes Ltd. (519.30, -1.58%) and Sheela Foam Ltd. (1145.10, 3.86%) were trading with volumes 8.2 and 8.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

57 stocks hit their 52 week highs, while 2 stocks tanked below their 52 week lows.

Stocks touching their year highs included - Ajanta Pharma Ltd. (1,967.95, 2.42%), Apollo Hospitals Enterprise Ltd. (5,473.95, -0.09%) and Aurobindo Pharma Ltd. (998.10, -0.92%).

Stocks making new 52 weeks lows included - Rajesh Exports Ltd. (351.95, -6.87%) and Adani Wilmar Ltd. (310.70, 5.32%).

12 stocks climbed above their 200 day SMA including Sheela Foam Ltd. (1,145.10, 3.86%) and Just Dial Ltd. (715.00, 2.28%). 7 stocks slipped below their 200 SMA including Sterlite Technologies Ltd. (152.60, -3.14%) and Adani Enterprises Ltd. (2,149.85, -2.67%).

 
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The Baseline
17 Nov 2023, 04:51PM
Five Interesting Stocks Today

1. Computer Age Management Services:

This capital markets company has risen by 19.2% in the past week, touching its 52-week high of Rs 2,890 per share on Thursday. In Q2FY24, it posted a 17.1% YoY growth in net profit to Rs 84.5 crore and a 13.5% YoY increase in revenue to Rs 275.1 crore, in line with Trendlyne’s Forecaster estimates. The company appears in screeners of stocks with increasing revenue and net profit over the past four quarters.

The stock’s EBITDA margin has expanded by 150 bps YoY to 58%, aided by improved operational leverage, as its expenses grew more slowly than the revenue. The company’s revenue increased on the back of growth in client additions, transaction volumes, and the SIP book. The company’s assets under management (AUM) also rose by 20.3% YoY, owing to growing interest in mutual funds among retail investors. 

Commenting on the performance, Anuj Kumar, the Managing Director of the company, said, “Our overall assets under service touched a lifetime high of Rs.32.6 lakh crore, and our mutual fund market share is steady at 68.5%. Equity assets grew by 28% YoY on the back of rising share in equity sales alongside steady market movement.”

Post results, Motilal Oswal Financial Services maintains its ‘Buy’ rating on the stock with a target price of Rs 2,950 per share. This indicates a potential upside of 4.1%. The brokerage believes that the company’s mutual fund segment will deliver strong growth in AUM in the long term. It also foresees favourable macro triggers and investments in the non-mutual fund segment boosting revenue growth. It expects the company’s net profit to grow at a CAGR of 13.5% over FY23-25.

2. Eicher Motors:

This automobile manufacturer hit its 52-week high of Rs 3,898 on Friday, marking a 9.1% rise over the past week. The price rise followed the announcement of its Q2FY24 financial results. The company’s net profit has increased by 54.7% YoY to Rs 1,016.2 crore, beating Trendlyne Forecaster’s estimate by 3.7%. It also reported its highest-ever revenue from operations of Rs 4,388.3 crore, a 19.6% YoY increase. In Q2FY24, Royal Enfield registered its highest wholesale performance with close to 2,29,500 motorcycles sold, while VECV also recorded its highest sales of 19,551 units. 

Despite the introduction of premium motorcycles by competitors like Bajaj Auto and Hero Motocorp, in collaboration with international brands Triumph and Harley Davidson respectively, Eicher Motors’  management says that it is confident about their position in the >250cc motorcycle segment. 

In the past month, Royal Enfield launched the new Himalayan 450 and an updated Bullet with a J-series engine. Managing Director Siddhartha Lal said, “Both motorcycles have spurred immense consumer interest across the world.” The management believes that the new Himalayan has the potential to become a “game-changer” in the export market, where it currently maintains its market share (8% in America, 9% in Europe and 9% in EMEA) despite a declining industry trend. 

Eicher Motors is also venturing into electric mobility, having presented an electric motorcycle concept based on the Himalayan Testbed. In addition, VECV has begun delivering electric buses to customers and signed MoUs with leading e-commerce and mobility firms for the supply of over 1000 electric trucks and buses. 

Axis Direct maintains its ‘Buy’ call on Eicher Motors on the back of its strong quarterly performance and new launches, but remains cautious in the face of increasing competition. The company also appears in a screener for stocks with recommendations or target price upgrades by brokers.

3. Manappuram Finance:

This banking and finance company has risen by over 11.2% in the past week, touching a new 52-week high on Thursday. This rise follows its Q2FY24 net profit increasing by 20.4% YoY to Rs 419.9 crore, beating Trendlyne’s Forecaster estimates by 7%. The rise in share price places the company in a screener of stocks with prices above their short, medium and long-term moving averages. The company’s revenue has also increased by 16.5%, driven by its gold loan and microfinance segments. 

The strong performance is led by robust growth in the company’s AUM (up 27% YoY) and net interest income or NII (up 26% YoY). The AUM for the quarter increased by 27% to Rs 38,950 crore, driven by healthy growth in the MFI (microfinance institution), vehicles, and housing segments. Further, its gold loan AUM (which constitutes 53% of the total AUM) expanded by 8% YoY. VP Nandakumar, the Managing Director, said, “The share of non-gold vertical in our total AUM is now at 47%, in line with our objective of achieving a 50-50 portfolio between gold and non-gold verticals.” The company has guided for a gold loan growth of 8-10% YoY in FY24 and is focused on maintaining pricing discipline in gold loans despite high competition. 

Following the results, Axis Securities maintains its ‘Buy’ rating, with a target price of Rs 160. The brokerage believes Manappuram Finance is well-positioned to continue its growth momentum as it focuses on growing its AUM with a sustainable diversified mix, maintaining its stable asset quality. 

4. Power Finance Corporation:

This banking and finance company has risen by 14.1% over the past week till Friday, led by its stellar Q2FY24 earnings released on November 8. The stock outperformed the benchmark Nifty Financial Servicesby 13.7% during the same period. The company’s net profit rose by 27% YoY to Rs 3,847 crore and revenue grew by 16% YoY to Rs 17,964 crore. The top-line growth was driven by an increase in lending in the energy transition segment. The company beat Trendlyne Forecaster’s net profit estimates by 24%. 

According to the management, the company has been able to maintain its market share of 25% in the renewable energy segment due to a sharp rise in disbursals. It noted that the renewable energy space alone has seen a 37% YoY growth in disbursals compared to H1FY23. The company's total disbursals surged by 150% YoY, from Rs 21,790 crore in H1FY23 to Rs 55,562 crore in H1FY24, due to increased lending to renewable energy projects. Higher recoveries and improved diligence in loan disbursals have led to a 98 bps fall in the firm’s Gross NPAs (bad loans) from 4.38% in H1FY23 to 3.4% in H1FY24.

“In the medium to long term, we see existing business to be complemented by opportunities in energy transition and E-mobility,” noted its CMD Parminder Chopra. The firm is looking to maintain its leadership in lending to renewable energy projects, especially in the North Eastern region of India. In the present quarter, the firm has also forayed into airport funding projects, diversifying its revenue sources further.

5. NTPC: 

This electric utilities firm rose 5.7% in the past week following the announcement of its Q2FY24 results. The company’s net profits improved by 38.2% YoY, while its revenue only saw a marginal increase of 1.8% YoY due to lower income from the generation segment. According to Trendlyne’s Technicals, the stock has risen by 15.7% in the past three months. 

The company’s EBITDA margins have expanded by 260 bps on account of lower fuel expenses. In H1FY24, NTPC increased its total capacity by 5.1% YoY, with the majority of it in thermal capacity. This will help the company manage inconsistencies in renewable energy production.

The company has set a capex target of Rs 28,400 crore for FY24, with around 47% of it already utilised in the first half. The stock appears in a screener of companies with improving quarterly net profit and profit margins.

NTPC has also reduced its reliance on imported coal, with production from its captive mines rising by 29.4% YoY and imports dropping by 50% YoY. Despite a 3.4% YoY decrease in average tariff from April to September 2023, the firm offset it by increasing its electricity generation by 5.6% YoY in Q2FY24.

BOB Capital says that the company's strategic shift towards renewable energy makes it a solid player in the green energy sector. Due to this diversification, the brokerage believes that the company is well-positioned in the power generation space. It maintains a ‘Buy’ 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
17 Nov 2023, 03:55PM
Market closes lower, Motilal Oswal reiterates its ‘Buy’ rating on Grasim Industries

Trendlyne Analysis

Nifty 50closed at 19,731.80 (-33.4, -0.2%), BSE Sensexclosed at 65,794.73 (-187.8, -0.3%) while the broader Nifty 500closed at 17,600.50 (7.4, 0.0%). Market breadth is holding steady. Of the 1,986 stocks traded today, 973 were on the uptick, and 983 were down.

Indian indices recovered from their day lows and closed marginally lower, with the benchmark Nifty 50 index closing at 19,731.8 points. GMR Airport Infrastructure closed in the green as reports suggested a 19% YoY growth in its total passenger traffic for October, reaching 98.4 lakh. 

Nifty Smallcap 100 and Nifty Midcap 100 closed marginally higher, outperforming the benchmark index. Nifty Pharma and Nifty FMCG closed higher than their Thursday close. According to Trendlyne's sector dashboard, Hardware Technology & Equipment was the top-performing sector of the week as it rose 7.8%.

Major European indices traded flat or higher, despite the Asian indices closing mixed. US index futures traded marginally higher, indicating a positive start to the trading session. Brent crude oil futures traded in the green after falling 4.3% on Thursday and are set to post weekly losses for a fourth straight week.

  • Relative strength index (RSI) indicates that stocks like Suzlon Energy, Alkem Laboratories, Ratnamani Metals & Tubes and Solar Industries India are in the overbought zone.

  • BSEand The New India Assurancetouch their 52-week highsof Rs 2,445 and Rs 155.2 per share, respectively. The former has risen by 22.2% over the past week, while the latter rose 10.5%.

  • Multi Commodity Exchange of India, MTAR Technologies, Cholamandalam Financial Holdings, and PCBL witness a decrease in mutual fund holdings in the past month.

  • Lupin receives approval from the US Food and Drug Administration for its abbreviated new drug application for ganirelix acetate injection. This injection had an estimated annual sales of $84 million in the US till September 2023.

  • Reports suggest that telecom operators are expected to lose Rs 250 crore in SMS revenue to the OTT segment as OTT messaging traffic in India is expected to reach 2,440 crore by 2028.

  • Tata Investment Corp surges over 18.4% to an all-time high of Rs 3,884.8 per share. It ranks high in Trendlyne's checklist with a score of 59.1%. However, it is in the strong sell zone. It appears in a screener of stocks with strong momentum.

  • Motilal Oswal reiterates its ‘Buy’ rating on Grasim Industries with a target price of Rs 2,380. This implies an upside of 20.3%. The brokerage is positive about the firm’s prospects on the back of its viscose staple fibre segment. It also expects its EBITDA margin to expand in the coming quarters. The brokerage expects the company’s revenue to grow at a CAGR of 9.5% over FY23-25.

  • Hardware technology & equipment, software & services and realty sectors rise by more than 4.3% over the past week.

  • Dinesh Khara, Chairman of State Bank of India expects the bank's capital requirements to grow by 55-60 bps due to the increase in credit risk weight to 125%. He also states that the board of directors has approved raising Rs 10,000 crore.

  • Foreign institutional investors invest Rs 5,913.4 crore in the equity market over the past week, according to Trendlyne's FII dashboard. However, index options witness the highest outflow of Rs 86,783.5 crore from foreign investors.

  • GMR Airport Infrastructurerises as reports suggest a 19% YoY growth in its total passenger traffic for October, reaching 98.4 lakh. The company appears in a screenerof stocks with improving annual net profit for the past two years.

  • Reports suggest that India's weightage in the MSCI emerging markets (EM) index is expected to rise by 42 bps to 16.3%, aided by the inclusion of nine new stocks. This change will come into effect from November 30, increasing India's representation to 131 stocks, which is an all-time high.

  • Delhiveryis falling as reports suggest that Softbank is looking to offload its 4% stake worth $150 million (Rs 1,249.2 crore) in the company through a block deal. The company shows up in a screenerfor stocks with low Piotroski scores, implying weak financials.

  • Kotak Mahindra Bank appoints Ashok Vaswani as the Managing Director and Chief Executive Officer, with effect from January 1, 2024.

  • Anup Bagchi, the Chief Executive Officer of ICICI Prudential Life Insurance, expects its average premium equivalent (APE) to reach the industry average by the end of FY25. He also expects retail protection to stabilise at 25-30%.

  • IRB Infrastructure Developers rises to an all-time high of Rs 38.4 after Moody's confirmed the company's good long-term financial rating. Moody's maintains its Ba1 CFR rating, indicating confidence in IRB's financial stability, despite expecting some temporary weakening over the next 12-18 months.

  • Technocraft Industries (India) falls as it discontinues the production of melange yarn in its Murbad, Maharashtra, factory. The segment currently contributes 5.7% to the total revenue. The company appears in a screener of stocks with declining net profit and margins.

  • Apple's Chinese component manufacturer, Luxshare, invests $330 million (approximately Rs 2,747 crore) in Vietnam instead of India. The move comes after the company failed to expand in India due to the political tension with China.

  • HDFC Securities maintains its ‘Buy’ rating on KNR Constructions with a target price of Rs 341, implying an upside of 21.2%. The brokerage remains optimistic about the company’s prospects due to its strong balance sheet, robust execution capabilities and strong order pipeline. It expects the firm’s net profit to grow at a CAGR of 10.4% over FY23-26.

  • SJVN rises as it signs a 200 MW wind power purchase agreement with Solar Energy Corp of India. The project, to be developed by SJVN Green Energy, is expected to cost Rs 1,400 crore and is slated for commissioning by November 2025. The company appears in a screener of stocks with increasing quarterly profits.

  • PSU banks like Union Bank of India, State Bank of India, Punjab National Bank and Bank of India are falling in trade as the Reserve Bank of India increases credit risk weight to 125% from 100%. All constituents of the broader Nifty PSU Bank index are also trading in the red.

  • AGS Transact Technologies wins an order worth Rs 1,100 crore from State Bank of India. This contract, to be executed over the next seven years, involves deploying over 2,500 ATMs as part of the bank's outsourced/managed services portfolio.

  • Brigade Enterprisessurges more than 4% as it signs a joint development agreement (JDA) with Krishna Priya Estates and Micro Labs. The JDA aims to develop 2 million square feet of residential housing in Yelahanka, Bengaluru, with a gross development value (GDV) of Rs 2,100 crore.

  • DCX Systemsrises as its board approves the raising of Rs 500 crore in one or more tranches through public issues, preferential issues, rights issues, private placements, QIP or any combination. The company appears in a screenerof stocks with high TTM EPS growth.

  • JSW Infrastructureis rising as it bags an order worth Rs 4,119 crore from the Karnataka Maritime Board to develop the Keni port in Karnataka. The port will begin operations with a capacity of 44 MTPA and then expand to 117 MTPA by 2035.

Riding High:

Largecap and midcap gainers today include FSN E-Commerce Ventures Ltd. (167.65, 9.25%), Solar Industries India Ltd. (7,390.50, 7.94%) and General Insurance Corporation of India (259.00, 7.05%).

Downers:

Largecap and midcap losers today include Aditya Birla Capital Ltd. (170.95, -5.66%), SBI Cards and Payment Services Ltd. (732.85, -5.14%) and IDBI Bank Ltd. (62.65, -4.50%).

Volume Rockets

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

Top high volume gainers on BSE included Tata Investment Corporation Ltd. (3,908.90, 20.00%), Varroc Engineering Ltd. (554.75, 16.88%) and FSN E-Commerce Ventures Ltd. (167.65, 9.25%).

Top high volume losers on BSE were RBL Bank Ltd. (234.80, -7.76%), Aditya Birla Capital Ltd. (170.95, -5.66%) and SBI Cards and Payment Services Ltd. (732.85, -5.14%).

Delhivery Ltd. (399.75, -3.41%) was trading at 45.1 times of weekly average. Rossari Biotech Ltd. (726.15, -0.34%) and Rites Ltd. (477.25, 6.11%) were trading with volumes 12.1 and 8.7 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

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

Stocks touching their year highs included - Ajanta Pharma Ltd. (1,921.40, -0.45%), Apollo Hospitals Enterprise Ltd. (5,478.95, 2.63%) and Bajaj Auto Ltd. (5,631.50, 1.45%).

Stock making new 52 weeks lows included - Rajesh Exports Ltd. (377.90, -3.76%).

11 stocks climbed above their 200 day SMA including Pidilite Industries Ltd. (2,510.30, 2.08%) and Godrej Consumer Products Ltd. (996.95, 1.75%). 7 stocks slipped below their 200 SMA including Aditya Birla Capital Ltd. (170.95, -5.66%) and State Bank of India (563.05, -3.69%).

 
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The Baseline
16 Nov 2023
By Bhavani Eswar

Retail investors often look to superstar investors for insights on which stocks and sectors are worth investing in. Some even invest in shadow portfolios to follow the strategies of these investors. In this edition of Chart of the Week, we analyse top superstar investors’ net worth over the past four quarters using data from Trendlyne’s Superstar investor dashboard.

Despite the Indian equity market’s high volatility, the net worth of most superstar investors rose over the past year. 

The Indian Volatility Index, Nifty VIX, saw significant fluctuations and increased by 7.6% and 13.5% in December 2022 and January 2023, respectively. This heightened volatility and the muted performance by the Nifty 50 led to many superstars registering negative returns in Q3 and Q4FY23. The Nifty 50 fell by almost 2% in each quarter during this period.  

Superstar investors’ winning formula: low-debt stocks with high returns 

Top holdings drive superstar investors' net worth growth in the past year

Despite the high volatility in Q3 and Q4FY23, the one-year change in most superstar investors’ net worth has increased significantly overall. Their strategy of staying invested and adding investments when markets fell, has helped most superstar investors’ net worth grow in the past year.  

Rekha Jhunjhunwala leads the pack with a 209% surge in her net worth. This steep growth is largely due to inheriting her late husband Rakesh Jhunjhunwala’s portfolio and consistently increasing her stake in Titan. In addition, Titan and Tata Motors, her top two holdings, have risen by 24% and 57% over the past year. 

An interesting trend among these investors is their preference for companies with low or no debt. For instance, Vijay Kedia’s top three holdings, Atul Auto, Tejas Network, and Elecon Engineering Company, which form half of his portfolio, either have minimal debt or are debt-free. This strategy of combining low debt with high revenue growth has yielded results for him. 

Mid and small-cap stocks, known for their higher risk-reward ratio, have delivered high returns to investors like Kedia. Two of his top three holdings have risen by almost 100% over the last year. Kedia’s net worth increased by 65% and 40% in Q1 and Q2FY24, respectively. Overall, his portfolio has grown by 88% over the past year, making him the second-best performer after Rekha Jhunjhunwala.

The portfolios of many superstar investors are dominated by stocks from sectors like retailing, banking and finance, and textile apparel. More than 70% of these portfolios have exposure to these sectors. The average revenue growth for the top holdings of Ashish Kacholia, and Anil Kumar Goel over the past three years has exceeded 100%. Consequently, their net worth has increased significantly, by 38% and 35%, respectively, in the past year.

Monish Parbai and Nemish Shah have seen moderate growth  in their net worth due to the subdued performance of their top holdings like Sunteck Realty and Lakshmi Machine Works. 

Sunil Singhania’s portfolio has 28 stocks spread across sectors like software and services, metals and mining, and consumer durables. Two of his top three holdings have risen by over 100%, contributing to his net worth rising by more than 30% in the past year.

In contrast, two superstar investors, Dolly Khanna and Radhakishan Damani, have reported a decline in net worth over the past year. More than 95% of Radhakishan Damani’s portfolio was invested in Avenue Supermarts which fell by 8% last year. Dolly Khanna, on the other hand, cut her stake in several holdings in Q3 and Q4FY23, leading to a fall in her net worth. 

Superstar investors are not immune to market volatility. But while their portfolios fell in Q3 and Q4FY23, in line with the broader market, have bounced back strongly since then. 

 
Trendlyne Marketwatch
Trendlyne Marketwatch
16 Nov 2023
Market closes higher, Axis Direct keeps its ‘Buy’ rating on Healthcare Global Enterprises

Trendlyne Analysis

Nifty 50 closed at 19,765.20 (89.8, 0.5%) , BSE Sensex closed at 65,982.48 (306.6, 0.5%) while the broader Nifty 500 closed at 17,593.10 (85.1, 0.5%), of the 1,990 stocks traded today, 949 were gainers and 990 were losers.

Indian indices extended the gains from the afternoon session and closed in the green, with the Nifty 50 closing at 19,765. The volatility index, Nifty VIX, rose by 4.6% and closed at 11.6 points. Goldman Sachs buys a 1.2% stake (23.2 lakh shares) in the ASK Automotives at an average price of Rs 310 per share.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green following the benchmark index. Nifty Realty and Nifty Healthcare closed higher than Wednesday’s closing level. According to Trendlyne’s sector dashboard, software & services emerged as the top-performing sector of the day, with a rise of over 2.3%.

Most European indices trade in the green except for England’s FTSE 100 and Switzerland’s SMI index trading in the red. US indices futures trade lower indicating a negative start. The data released by Japan’s Ministry of Finance indicated that Japan’s exports for October expanded by 1.6% YoY against an expectation of 1.2% growth.

  • Coforge sees a long buildup in its November 30 future series as its open interest rises 19.8% with a put-call ratio of 1.3.

  • Dr. Reddy's Laboratories rises following the launch of Nerivio, a wearable migraine management device suitable for patients aged 12 and above. The company appears in a screener for stocks with improving book value per share.

  • Axis Direct keeps its ‘Buy’ rating on Healthcare Global Enterprises with a target price of Rs 410, implying an upside of 13.2%. The brokerage expects the company to outpace the oncology industry's growth rate in the medium term, driven by its market leadership position. It also expects the firm to benefit from increased international patient volume.

  • Jio Financial Services is rising as the RBI approves the appointment of Isha Ambani, Anshuman Thakur and Hitesh Kumar Sethia as its directors.

  • General Insurance Corp of India surges over 8% to touch its 52-week high of Rs 246.9 per share. It ranks high in Trendlyne's checklist with a score of 72.7%. It is in the buy zone and appears in a screener for undervalued growth stocks.

  • Mazagon Dock Shipbuilders, BLS International Services, and Safari Industries’ stock prices increase 553.2%, 413.1% and 359.1% respectively over the past two years.

  • Pharmaceuticals and healthcare companies like Glenmark Pharmaceuticals, Dr. Reddy’s Laboratories, Dr. Lal Pathlabs, Lupin and Max Health Institute are rising in trade. Barring Torrent Pharmaceuticals, all the other constituents of the broader sectoral index, Nifty Healthcare, are trading in the green.

  • KRChoksey downgrades its rating on UNO Minda to ‘Add’ from ‘Buy’ but keeps its target price unchanged at Rs 680. This implies an upside of 6.4%. The brokerage believes that the firm is well-placed to benefit from the rising demand for vehicles, rising content per vehicle, and premiumisation. However, it has revised the recommendation as it believes the stock is trading at expensive valuations.

  • According to reports, 35.4 lakh shares (0.2% equity) of Petronet LNG, amounting to approximately Rs 70.1 crore, change hands in a large trade.

  • PTC India is reportedly set to become debt-free after selling its stakes in its arm, PTC Energy, to ONGC for an enterprise value of Rs 2,021 crore.

  • Pennar Industries rises more than 8% as it bags orders worth Rs 669 crore for various business verticals. These orders have been placed by various domestic and international clients. The company appears in a screener of stocks with high TTM EPS growth.

  • Divi's Laboratories receives a GST demand notice for Rs 82 crore from the Commissioner of Central Tax. The company has filed an appeal with the Appellate Authority.

  • The Centre slashes the windfall tax on locally produced crude oil to Rs 6,300 per tonne from Rs 9,800 earlier. It also cuts the export tax on diesel to Rs 1 per litre, while maintaining it a ‘Nil’ tax rate on aviation turbine fuel (ATF) and petrol.

  • Vikas Lifecare wins an order worth Rs 45.9 crore for the supply of 40,000 gas meters from Gujarat Gas for its material subsidiary, Genesis Gas Solutions.

  • IT stocks like Coforge, Tata Consultancy Services, Tech Mahindra, Mphasis and Infosys are rising in trade. The broader sectoral, Nifty IT, is also trading in the green.

  • Cyient is rising as it signs a letter of intent (LoI) with Thales to reduce carbon emissions. Thales is working with its strategic suppliers to achieve its CO2 emissions reduction targets for 2030.

  • Global engineering services firm Tata Technologies sets the price band for its IPO at Rs 475-500 per share. The size of the issue is Rs 3,042.5 crore, and is completely an offer for sale. The issue opens on November 22.

  • Puravankara secures redevelopment rights for two housing societies in Mumbai with a potential gross development value of Rs 1,500 crore, according to reports. The company shows up in a screener for stocks with consistently high returns over the past five years.

  • Dabur India is rising as its US subsidiaries, Dabur International and Dermoviva Skin Essentials, are removed as defendants from multiple lawsuits filed in a US court. The lawsuits are related to allegations that their hair-relaxer products caused ovarian cancer, uterine cancer and other health issues.

  • ASK Automotive rises as Goldman Sachs buys a 1.2% stake (23.2 lakh shares) in the company at an average price of Rs 310 per share, amounting to Rs 72 crore. The deal has been executed through an open market transaction.

  • Jefferies maintains its ‘Buy’ rating on Grasim Industries with a target price of Rs 2,300. The brokerage says that Grasim's Q2 EBITDA missed estimates due to a weaker chemical segment. However, its VSF (viscose staple fibre) segment has performed better on improved volumes. Jefferies adds that the focus remains on the paint launch in the next 3-4 months.

  • Suzlon Energy rises to an all-time high of Rs 42 following the announcement of an updated model and manufacture listing for its S144 wind turbines with an extendable capacity of 3.1 MW. The company appears in a screener of stocks with strong momentum.

  • The US International Development Finance Corp (DFC) commits $553 million (around Rs 4,600 crore) to Adani Ports’ joint venture in Sri Lanka, the Colombo port terminal project. The stock shows up in a screener for companies with decreasing promoter pledges.

  • Bajaj Finance falls following an RBI directive to stop loan sanctions and disbursal through its 'eCOM, and 'insta EMI card' products, citing violations in digital lending norms, particularly non-issuance of key fact statements to borrowers. The company appears in a screener of stocks with declining net cash flow.

  • Tata Consultancy Services fixes November 25 as the record date for its Rs 17,000 crore buyback. It will buy back nearly 4.1 crore shares at Rs 4,150 each. The stock shows up in a screener for companies with improving cash flows from operations over the past two years.

Riding High:

Largecap and midcap gainers today include General Insurance Corporation of India (241.95, 7.63%), Coforge Ltd. (5,701.10, 6.70%) and Bosch Ltd. (20,589.15, 4.39%).

Downers:

Largecap and midcap losers today include Union Bank of India (110.30, -2.04%), Supreme Industries Ltd. (4,070.55, -1.96%) and Bayer Cropscience Ltd. (5,465.60, -1.70%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Alok Industries Ltd. (21.30, 9.79%), Sterlite Technologies Ltd. (157.15, 8.83%) and General Insurance Corporation of India (241.95, 7.63%).

Top high volume losers on BSE were 360 One Wam Ltd. (543.10, -3.04%) and Kalpataru Projects International Ltd. (653.60, -0.67%).

TCI Express Ltd. (1,390.65, 4.12%) was trading at 19.6 times of weekly average. CESC Ltd. (96.05, 5.20%) and Happiest Minds Technologies Ltd. (853.70, 1.60%) were trading with volumes 14.6 and 13.8 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

57 stocks made 52 week highs, while 1 stock tanked below their 52 week lows.

Stocks touching their year highs included - Ajanta Pharma Ltd. (1,930.10, -0.98%), Apollo Hospitals Enterprise Ltd. (5,338.75, 2.18%) and Bajaj Auto Ltd. (5,550.90, 0.26%).

Stock making new 52 weeks lows included - Rajesh Exports Ltd. (392.65, -2.66%).

16 stocks climbed above their 200 day SMA including Sterlite Technologies Ltd. (157.15, 8.83%) and Tech Mahindra Ltd. (1,207.20, 2.85%). 4 stocks slipped below their 200 SMA including La Opala RG Ltd. (396.50, -4.38%) and Chemplast Sanmar Ltd. (441.70, -1.68%).

 
Trendlyne Marketwatch
Trendlyne Marketwatch
15 Nov 2023
Market closes higher, Cipla completes stake sale in Cipla Quality Chemicals for Rs 207.9 crore

Trendlyne Analysis

Nifty 50closed at 19,675.45 (231.9, 1.2%), BSE Sensexclosed at 65,675.93 (742.1, 1.1%) while the broader Nifty 500closed at 17,508.05 (189.5, 1.1%). Market breadth is in the green. Of the 1,988 stocks traded today, 1,212 were on the uptrend, and 728 went down.

Indian indices extended their gains from the afternoon session and closed in the green, with the Nifty 50closing at 19,675.5 points. Narayana Hrudayalaya hit its all-time high and closed 5.1% higher after its Q2FY24 net profit rose by 34.2% YoY to Rs 226.6 crore.

Nifty Smallcap 100 and Nifty Midcap 100 closed higher, taking cues from the benchmark index. Nifty Energy and Nifty Realty closed higher than their Monday close. According to Trendlyne's sector dashboard, Realty was the top-performing sector of the day as it rose 2.5%.

European indices traded in the green, in line with the Asian indices amid positive global cues. UK consumer price inflation (CPI) fell to 4.6% YoY in October against 6.7% in September. US index futures traded in the green, indicating a positive start to the trading session. Brent crude oil futures traded in the red after closing 0.2% lower on Tuesday.

  • Money flow index (MFI) indicates that stocks like Trent, Central Depository Services (India), Alkem Laboratories and Ratnamani Metals & Tubes are in the overbought zone.

  • Jaiprakash Associates is rising as it enters into a settlement pact to transfer 18.9 core shares to its lender, ICICI Bank. The company shows up in a screener for companies with strong momentum scores.

  • India's trade deficit widens to a record high of around $31.5 billion in October due to higher imports. India’s merchandise exports stand at $33.6 billion in October, while imports jump to $65 billion.

  • Natco Pharma is falling despite its Q2FY24 net profit jumping 6.5X YoY to Rs 369 crore and revenue surging by 138.7% YoY to Rs 1,031.4 crore. This is driven by robust growth in formulation exports and the domestic agrochemical business. The company shows up in a screener for stocks in the PE buy zone with high durability scores and rising momentum scores.

  • Karur Vysya Bank, Tata Elxsi, Bajaj Auto and CIE Automotive India outrperform the Nifty 50 index over the past month post their Q2FY24 results.

  • PSU bank stocks like Bank of Baroda, Canara Bank, Bank of India and Union Bank of India are rising in trade. All constituents of the broader Nifty PSU Bank index are also trading in the red.

  • Morgan Stanley maintains its ‘Underweight’ rating on Indiabulls Housing Finance with a target price of Rs 103. The brokerage says that the company’s Q2 earnings have been in line with its estimates and PPOP (pre-provision operating profit) beat estimates by 43%, driven by higher assignment income and lower operating costs.

  • Cipla completes the sale of its 51.8% stake in Cipla Quality Chemicals, through its subsidiaries Cipla EU and Meditab Holdings, for $25 million (around Rs 207.9 crore).

  • Gland Pharmareceives tentative approval from the US Food and Drug Administration (US FDA) for its angiotensin injection. It has reported sales of $38 million in the US over the past 12 months ending September 2023. The stock shows up in a screenerfor companies with zero promoter pledge.

  • Aster DM Healthcarefalls as it reports a net loss of Rs 30.8 crore in Q2FY24, against a net profit of Rs 46.2 crore in Q2FY23, due to rising raw material and employee benefit expenses. However, its revenue grows by 17.3% YoY, aided by the hospitals, clinics and retail pharmacies segments. The company appears in a screenerof stocks with declining net profit and margins.

  • Ramesh Kalyanaraman, Executive Director of Kalyan Jewellers, reports a 35% revenue growth in Q3 so far. He adds that it plans to add nine stores in Q3 and 12-13 stores in Q4. He notes a reduction of Rs 115 crore in gross debt in Q2FY24 and targets a 15% debt reduction for FY24.

  • Siemensis rising as its parent company, Siemens AG, plans to acquire an 18% stake in the company from Siemens Energy for 2.1 billion euros (approximately Rs 18,976 crore). Post the acquisition, Siemens AG will hold a 66% stake, while Siemens Energy will retain a 6% stake in the company.

  • KRChoksey downgrades its rating on Dr. Reddy’s Laboratories to ‘Add’ from ‘Buy’ and lowers the target price to Rs 5,826 from Rs 6,555. This implies an upside of 7.3%. The brokerage cites expected lower margins and weakness in the India business as reasons for the revision. It forecasts the company’s net profit to grow at a CAGR of 9.3% over FY23-25.

  • Tech stocks like MphasiS, Coforge, Tech Mahindra and LTIMindtree rise more than 2% in trade. All constituents of the broader Nifty IT index are also trading in the green.

  • Narayana Hrudayalaya rises to an all-time high of Rs 1,182 as its Q2FY24 net profit surges by 34.2% YoY to Rs 226.6 crore. Its revenue grows by 12.9% YoY, aided by higher average revenue per patient. The company appears in a screener of stocks with high TTM EPS growth.

  • The MSCI Global Standard Index adds IndusInd Bank, Suzlon Energy, One97 Communications (Paytm) and Persistent Systems, among others, in its November review. The index has not excluded any Indian stocks during the rejig.

  • ASK Automotive’s shares debut on the bourses at a 7.5% premium to the issue price of Rs 282. The Rs 833.9 crore IPO has received bids for 51.1 times the total shares on offer.

  • Rajesh Exports is falling as its Q2FY24 net profit drops 87.9% YoY to 45.3 crore, while its revenue plummets by 52.6% YoY to Rs 38,079.4 crore. The stock shows up in a screener for companies with net profit declining sequentially over the past two quarters.

  • Asian Paints is rising as it upgrades its original installed production capacity of the Khandala plant to 4 lakh KL per annum from 3 lakh KL. The company has invested Rs 385 crore for this expansion through internal accruals.

  • Realty stocks like Phoenix Mills, Oberoi Realty, Indiabulls Real Estate and Prestige Estates Projects surge more than 3% in trade today. All constituents of the broader BSE Realty index are also trading in the green.

  • India’s WPI inflation contracts to -0.5% in October, continuing its negative trend for the seventh consecutive month. This is due to a fall in the prices of chemical & chemical products, paper & paper products, basic metals, food products, and textiles.

  • Grasim Industries rises as its Q2FY24 net profit grows by 15.3% YoY to Rs 1,163.8 crore. Its revenue increases by 10% YoY, aided by the cement and financial services segments. The company appears in a screener of stocks nearing their 52-week highs with significant volumes.

  • Rail Vikas Nigam is rising as it bags an order worth Rs 311.2 crore from the Central Railway to construct four tunnels and 28 bridges in Madhya Pradesh.

  • Mohnish Pabrai sells a 0.5% stake in Nuvama Wealth Managementfor approx Rs 50.2 crore in a bulk deal on Monday.

  • Manappuram Financesurges over 9% as its Q2FY24 net profit grows by 20.4% YoY to Rs 419.9 crore. Revenue rises 16.5%, aided by the gold loan and microfinance segments. It appears in a screenerof stocks with broker upgrades in target price or recommendations over the past three months.

Riding High:

Largecap and midcap gainers today include Solar Industries India Ltd. (6,559.25, 5.81%), Oberoi Realty Ltd. (1,302.70, 5.62%) and Eicher Motors Ltd. (3,848.30, 5.57%).

Downers:

Largecap and midcap losers today include NMDC Ltd. (169.80, -3.11%), Honeywell Automation India Ltd. (35,901.65, -2.99%) and Supreme Industries Ltd. (4,151.85, -2.80%).

Movers and Shakers

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

Top high volume gainers on BSE included Network18 Media & Investments Ltd. (83.60, 10.00%), Star Cement Ltd. (171.15, 9.89%) and Motilal Oswal Financial Services Ltd. (1,223.85, 8.25%).

Top high volume losers on BSE were Rajesh Exports Ltd. (403.40, -8.05%), La Opala RG Ltd. (414.65, -7.32%) and Natco Pharma Ltd. (758.65, -4.48%).

Phoenix Mills Ltd. (2,228.05, 5.58%) was trading at 8.4 times of weekly average. Narayana Hrudayalaya Ltd. (1,133.45, 4.50%) and Manappuram Finance Ltd. (150.50, 7.23%) were trading with volumes 7.3 and 7.3 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

54 stocks made 52 week highs, while 1 stock tanked below their 52 week lows.

Stocks touching their year highs included - Ajanta Pharma Ltd. (1,949.30, 4.30%), Bajaj Auto Ltd. (5,536.70, 2.06%) and Balkrishna Industries Ltd. (2,630.05, 2.20%).

Stock making new 52 weeks lows included - Rajesh Exports Ltd. (403.40, -8.05%).

10 stocks climbed above their 200 day SMA including Tech Mahindra Ltd. (1,173.75, 3.75%) and HFCL Ltd. (68.35, 3.72%). 3 stocks slipped below their 200 SMA including Zydus Wellness Ltd. (1,506.50, -1.15%) and Avanti Feeds Ltd. (391.95, -0.47%).

 
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The Baseline
15 Nov 2023
Domestic investors unseat FIIs as the market movers | Screener: Outperformer stocks with rising FII holdings
By Shreesh Biradar

For a long time, Foreign Institutional Investors (FIIs) ruled Dalal Street. Their mood decided which way the Nifty and the Sensex swung, and they were the main players in the market.

That has changed recently - FIIs equity AUM in India is around $586 billion, while DIIs are roughly around $580 billion. The gap between FIIs and domestic investors has narrowed by around $140 billion in just two years.

The rise of mutual funds, pension funds, insurance schemes and discount brokers has helped increase domestic and retail investments into equities. The Indian population’s equity exposure has more than doubled from 1.3% in 2011 to 3% in 2023. While this penetration rate is still peanuts compared to the US market's 55%, the jump has been enough to skew the markets towards domestic investors.

The surge in domestic institutional investor (DII) money has taken a bite out of FII dominance – domestic inflows  have outpaced FIIs in the past 18 months. DIIs have invested $39 billion in the equity market, while FIIs have withdrawn $24 billion. DIIs have been the wall against potential declines for the Nifty 50 .

What is driving FII money out? Higher bond yields in the US, cheaper equity valuations, and a stronger dollar have been major reasons.

In this week’s Analyticks:

  • FII sour on India, for now: Should retail investors worry about FII outflows?
  • Screener: Stocks with rising FII holdings and strong Q2FY24 performance 

Let’s get into it.

Smallcaps jump, FIIs withdraw from large caps 

Since the beginning of 2023, FIIs have withdrawn nearly Rs 52,188 crore from the Indian equity market. In the same period, DIIs invested around Rs 1,55,861 crore.

DIIs sustain Indian markets amid FII outflow over the past 18 months 

DII money has compensated for FII outflows, but the investment preferences of these two sets of investors are very different.

The Nifty 50 has risen by 6.8% since the start of 2023. In contrast, the Nifty Midcap 100 and Nifty Smallcap 100 have jumped 30.1% and 39.9%, respectively. The growth in smallcap and midcap stocks is disproportionately high, thanks to DII interest in these stocks. FII investments have been mainly in large, and some mid-cap companies.

In largecaps, the damage from FII outflows has been cushioned a bit by DII inflows. But in smallcap stocks, the sheer volume of DII investments has resulted in remarkable returns. The low market cap of the Smallcap index also means that it benefits from even modest DII inflows.

For example, an inflow of Rs 100 crore into a company with a market cap of Rs 1,00,000 crore is unlikely to move its stock price much. But the same amount can do wonders for a stock with a Rs 10,000 crore market cap.

Higher US interest rates pull FII money from India

With US treasury yields near a 16-year high of 5%, FIIs are pulling money out of Indian stock markets. Since April 2022, when US interest rates began to rise, FIIs have taken out nearly Rs 2,00,269 crore. Rising US interest rates make it expensive to borrow money for Indian investments.

Historically, Indian indices fall with a rise in US treasury bond yields, due to FII outflows. However, the recent DII inflows have cushioned the impact this time. DIIs have invested Rs 3,27,858 crore from April 2022 to October 2023.

DII investments buffer the impact of FII selling 

The dollar also recently breached its previous high of Rs 83 against the rupee. A stronger dollar makes investments in Indian equities more expensive, as a depreciating rupee reduces gains. The dollar-adjusted returns of the Nifty 50 stand at 6.1% for 2023. The relatively cheaper valuation of US equities compared to their Indian counterparts also makes the US market more attractive for FIIs.  

With lower PEs, stocks in the US are cheaper than in India

For instance, Nifty IT is expensive at 26 PE, higher than Nasdaq 100’s 23.2. US stocks also have the advantage of a global presence, while Indian stocks are limited to domestic markets (except for IT)

Despite outflows, India remains a top choice for fund managers

The IMF projects India’s GDP growth at 6.3% for 2023 and 2024, the highest among emerging markets. Even China is expected to trail behind India, with a growth of 5% and 4.2% in 2023 and 2024. India’s inflation, currently at 4.5%, is expected to decline further thanks to falling vegetable and crude oil prices. 

This is particularly significant as many countries are struggling with price increases, economic slowdowns, and political tensions. In contrast, India’s huge domestic consumer market has helped the global recovery, making it a significant player. These factors make India an attractive option for foreign fund managers.


India tops as the leading FPI destination in 2023

Unlike FIIs, selling from foreign portfolio managers has been limited as they largely invest in indexes (like ETFs) rather than single stocks, and are governed by weightages.

Foreign portfolio managers invested nearly $12.2 billion into India from January 2023 to October 2023. In contrast, China fell out of favor with recent US sanctions and complex rules around foreign investments, and saw FPI outflows of $7.8 billion. 

Capital goods sector leads in FPI inflow since January 2023 

India's capital goods sector, especially the FMCG segment, has seen the highest FPI inflows. Increased market penetration in rural areas and the premiumization of products have made capital goods a favoured sector for FPIs. However, India’s extensive imports of Russian oil, which risk attracting US sanctions, have made some FPIs take out money from the oil&gas sector. 

While foreign portfolio managers show confidence in the Indian market, FIIs have been more fickle. DIIs have been sticking around, actively investing without any signs of slowing down.

Once the US Fed starts to reduce interest rates, as expected in the second half of 2024, the Indian equity market will likely see an influx of FII funds again, pushing the market to new heights. Until then, it seems that DIIs will run the show.

Screener: Stocks with increased FII holding, strong performance in Q2FY24 and outperforming the Nifty 50

Five-Star Business Finance has the highest FII change

As the shareholding data for Q2FY24 rolls out, we take a look at stocks with the highest rise in foreign institutional investor (FII) holdings. This screener consists of stocks that have seen a rise in FII holdings over the past quarter with strong financial performance in Q4FY23, outperforming both their industries and the Nifty 50 index.

The stocks in the screener are from industries like banks, IT consulting & software, auto parts & equipment, pharmaceuticals and non-banking finance companies (NBFCs). Major stocks in the screener are Five-Star Business Finance, Medplus Health Services, Adani Power, Blue Star, CreditAccess Grameen and CE Info Systems. 

Five-Star Business Finance tops the list with the highest rise in FII holding. It increased by 41.5 percentage points QoQ to reach 50.2% in Q4FY23. Funds like Tpg Asia Vii Sf Pte, Sirius Ii Pte and Norwest Venture Partners X - Mauritius have bought 14.3%, 6% and 5.3% stakes, respectively, in the NBFC. The company’s stock price has risen by 6.6% over the past month, boosted by strong Q2FY24 results.

Medplus Health Services has also seen its FII holding rise by 7.5 percentage points QoQ to 12.4% during the quarter. While major buyers of the healthcare supplies stock were the Steadview Capital Mauritius and the Government of Singapore, which bought 1.7% and 1.5% stakes, respectively, Fidelity Funds - India Focus Fund increased its stake by 1.4%. The stock has risen by 6.6% over the past month, owing to strong Q2FY24 results.


You can find more screeners here.

 
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The Baseline
13 Nov 2023
Five analyst picks from cement & construction, general industrials
By Suhas Reddy

This week, we take a look at the top analyst picks from the cement & construction and general industrials sectors.

1. Cummins India:

BoB Capital Markets keeps its ‘Buy’ rating on this industrial machinery manufacturer with a target price of Rs 2,200. This implies an upside of 23.7%. In Q2FY24, its net profit grew by 23.1% YoY to Rs 329.1 crore but its revenue fell 1.8% YoY. 

Analysts Vinod Chari, Swati Jhunjhunwala and Arshia Khosla attribute its net profit growth to strong performance in the industrial and distribution segments, which have expanded by 23% and 20% YoY respectively. They add that the firm’s EBITDA margin benefitted from lower commodity costs and a larger share of high-powered products in the mix. The analysts believe that the company’s market leadership helped increase its margin, as it was able to maintain its prices despite low input costs.

Chari, Jhunjhunwala and Khosla see sustainable long-term growth in the domestic power market and believe that the company is well-positioned to adapt to the new emission norms. They expect the firm’s net profit to grow at a CAGR of 15.7% over FY23-25.  

2. Ashoka Buildcon:

HDFC Securities maintains its ‘Buy’ call on this highway developer with a target price of Rs 202, indicating an upside of Rs 44.5%. In Q1FY24, the company’s net profit increased by 76.4% YoY to Rs 112.3 crore, while its revenue grew by 19% YoY to Rs 2,195.3 crore, in line with the brokerage's estimates. 

According to analysts Parikshit D Kandpal, Nikhil Kanodia and Manoj Rawat, the growth in EBITDA margin (up 463 basis points QoQ to 9.2%) is from declining overhead expenses. As the company didn't receive any new orders in Q2FY24, its order book stands at Rs 14,800 crore. The company has set its FY24 inflow guidance at Rs 5,000-6,000 crore due to a shorter ordering period in an  election year, and weaker-than-expected NHAI ordering. 

Despite these challenges, the analysts remain optimistic about Ashoka Buildcon on the back of its “strong order book, improving visibility on asset monetization, and likely cash inflow from asset monetization”.

3. JK Cement:

Motilal Oswal reiterates its ‘Buy’ call on this cement manufacturer with a target price of Rs 3,900. This indicates an upside of 13.9%. In Q2FY24, the company reported a 58.5% YoY rise in net profit to Rs 178.1 crore, while its revenue grew by 23.7% YoY. According to analysts Sanjeev Kumar Singh and Mudit Agarwal, the EBITDA of Rs 4,700 crore is led by higher white cement volumes in its UAE subsidiary, JK Cement (Fujairah), and lower costs.” The white cement volume included a one-off large order (40,000-tonne shipment) to Australia.

The management of JK Cement expects demand to remain strong, barring some moderation in November 2023 due to festivals and state elections. The analysts state that cement prices have increased in the company’s key markets. They say, “JK cement has shown strong volume growth, aided by capacity expansion,” and estimate its volumes to grow at a 12% CAGR over FY24- 26, higher than the industry’s average growth rate. 

4. GE T&D India:

ICICI Securities maintains its ‘Buy’ rating on this industrial machinery company and raises the target price to Rs 460 from Rs 315. This implies an upside of 19%. In Q2FY24, the company posted a net profit of Rs 75.6 crore, compared to a net loss of Rs 13.5 crore in Q2FY23. Its revenue fell marginally by 0.4% YoY to Rs 697.8 crore.  

Analysts Mohit Kumar, Ashwani Sharma, Bharat Kumar Jain and Nikhil Abhyankar remain positive about the company as its order inflow in Q2 grew by 121% YoY and operating margins expanded by 791 bps YoY to 8.7%. They expect an uptick in demand from the transmission segment, stating, “Transmission capital expenditure is likely to see a huge uptick, driven by the need to build renewables infrastructure. To accelerate the build-out, the government has launched a Rs 2.4 lakh crore plan for the new grid.”

The analysts cite the firm’s robust order pipeline and improving margins for the increased target price. They expect the company’s revenue to grow at a CAGR of 17.8% over FY23-26. 

5. HG Infra Engineering:

Axis Direct maintains its ‘Buy’ rating on this construction & engineering firm but cuts the target price to Rs 1,090 from 1,140. This indicates an upside of 28.9%. In Q2FY24, its net profit increased by 17.3% YoY to Rs 96.1 crore and revenue grew by 20% YoY. 

Although analysts Uttam K Srimal and Shikha Doshi are positive about the company’s prospects, they have reduced the target price due to the management’s revision of order inflow guidance to Rs 5,000-6,000 crore from Rs 8,000-9,000 crore in FY24. The company cites delays in tendering by the National Highways Authority of India for the revision. 

However, the analysts are confident about the company’s strong order pipeline and its focus on diversification. They note, “The company is looking to diversify more in railways, metros, and solar projects. The management expects 20-25% of its order book to come from non-road projects in the next 2-3 years.” 

Overall, they expect the firm’s strong order book, execution prowess, asset monetisation and diversification into other sectors to drive healthy revenue growth. The analysts project the company’s net profit to grow at a CAGR of 16.2% over FY23-25. 

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

(You can find all analyst picks here)

 
Trendlyne Marketwatch
Trendlyne Marketwatch
13 Nov 2023
Market closes lower, Axis Direct upgrades its rating on PI Industries to ‘Buy’ from ‘Hold’

Trendlyne Analysis

Nifty 50closed at 19,443.55 (-82, -0.4%), BSE Sensexclosed at 64,933.87 (-325.6, -0.5%) while the broader Nifty 500closed at 17,318.60 (-42.5, -0.2%). Market breadth is in the red. Of the 2,009 stocks traded today, 779 were in the positive territory and 1,182 were negative.

Indian indices extended the losses from the afternoon session and closed in the red, with the Nifty 50closing at 19,444. The volatility index, Nifty VIX, dropped by 1.4% and closed at 11.2 points. Life Insurance Corporation of India’s Q2FY24 net profit declined by 50.3% YoY to Rs 7,925 crore. Its revenue also decreased by 9.3% YoY.

Nifty Smallcap 100 closed in the green, while Nifty Midcap 100 closed flat with the benchmark index closing lower. Nifty PSU Bank and Nifty Energy closed higher than Friday’s closing level. According to Trendlyne’s sector dashboard, coal emerged as the top-performing sector of the day, with a rise of over 4.9%. 

Most European indices trade in the green except for France’s CAC 40 trading in the red. US indices futures trade lower indicating a negative start. On Friday, Fed Chair Jerome Powell hinted that inflation in the US is still a concern and might require another rate hike to curb the price rise.

  • Relative strength index (RSI) indicates that stocks like Alkem Laboratories, Central Depository Services (India), Global Health and Swan Energy are in the overbought zone.

  • Union Bank of India rises over 7% today, trading near its 52-week high. The company ranks high on Trendlyne's Checklist, scoring 65.4%. It features in a screener of stocks where foreign investors have increased their holdings in the past quarter.

  • BSE surges more than 9% as its net profit jumps by 3.6X to Rs 120.5 crore in Q2FY24. Revenue grows by 59.1%, aided by the corporate services, treasury and transaction segments. It appears in a screener of stocks with increasing revenue for the past four quarters.

  • Nazara Technologies, Inox Wind, Power Mech Projects and Updater Services witness an increase in mutual fund holdings in the past month.

  • Fortis Healthcare is rising despite its Q2FY24 net profit falling 15% YoY to Rs 173.7 crore on a high base in Q2FY23, including a one-time gain of Rs 51.6 crore from the reversal of impairment in its associate firm. Its revenue increases by 10.1% YoY, driven by improved average revenue per operating bed, higher bed occupancy, and a better service mix.

  • Patanjali Keswani, CMD of Lemon Tree Hotels, anticipates the company's occupancy to reach 75% in Q3 (excluding Mumbai Aurika, which is projected to have around 35% occupancy). The company targets to operate around 105 hotels with a total of 10,000 rooms by the end of FY24.

  • Hindustan Copper rises over 6% as its Q2FY24 net profit grows by 134.6% YoY to Rs 60.7 crore. Its revenue grows by 67.8% YoY, aided by increasing volumes. The company appears in a screener of stocks with improving book value per share.

  • Axis Direct upgrades its rating on PI Industries to ‘Buy’ from ‘Hold’ and increases the target price to Rs 4,090 from Rs 4,000. This implies an upside of 11.8%. is optimistic about the company's future, citing an improved product mix, expanding margins, strong brand value, and global presence. It expects the company’s net profit to grow at a CAGR of 26% over FY23-25.

  • Consumer durables stocks like TTK Prestige, Voltas, Amber Enterprises Indiaand Crompton Greaves Consumer Electricalsare falling in trade. All constituents of the broader Nifty Consumer Durablesindex are also trading in the red.

  • Tata Chemicalsis falling as its Q2FY24 net profit falls 31.9% YoY to Rs 428 crore, while its revenue declines by 5.7% YoY due to weak demand in the international markets. R Mukundan, CEO & MD of Tata Chemicals, says, “The demand for soda ash in India and the US was stable. In other markets, softness was observed, especially in the container glass and flat glass sectors, leading to pricing pressure.”

  • Steel Authority of Indiafalls despite reporting a net profit of Rs 1,305.6 crore in Q2FY24, against a net loss of Rs 329.4 crore in Q2FY23, due to lower raw material expenses. Its revenue grows by 13.2% YoY, aided by strong sales from the Bhilai, Rourkela and Bokaro steel plants. The company appears in a screenerof stocks with rising net profit and margins.

  • Goldman Sachs upgrades its rating on India to 'Outperform', citing its strategic appeal. The brokerage says India has the best structural growth prospects, and anticipates mid-teen earnings growth over the next two years.

  • PTC Industries surges more than 3% as its net profit grows by 6.4% YoY to Rs 8.1 crore in Q2FY24. Revenue also grows by 6.4% YoY. However, EBITDA margin contracts by 437 bps YoY due to increased cost of raw materials and employee benefits. The company shows up in a screenerof stocks with improving return on equity (RoE) over the past two years.

  • Protean eGov Technologies’ shares make a flat debut on the bourses at Rs 792. The Rs 490.3 crore IPO has received bids for 23.9 times the total shares on offer.

  • Glenmark Pharmaceuticals is falling as it posts a net loss of Rs 81.9 crore in Q2FY24, as opposed to a net profit of Rs 260.4 crore in Q2FY23. Its revenue rises 6.3% YoY to Rs 3,207.4 crore on the back of robust growth in Europe, which offset a downturn in the US market. The stock shows up in a screenerfor companies with declining net cash flows.

  • Life Insurance Corporation of India falls as its Q2FY24 net profit drops by 50.3% YoY to Rs 7,925 crore. Its revenue also decreases by 9.3% YoY. However, net VNB improves by 11.3% YoY, aided by growth in par and non-par businesses. The company appears in a screener of stocks with declining net cash flow.

  • Unnathan Shekhar, Managing Director of Galaxy Surfactants, says the company's volumes have grown across categories and regions in Q2, with a 9.8% increase in H1FY24, exceeding its estimates. He states that the target for EBITDA per tonne is set at Rs 19,500-20,500, with a double-digit volume growth in FY24.

  • Tech stocks like Persistent Systems, Coforge, MphasiS and L&T Technology Services are falling in trade. All constituents of the broader Nifty IT index are also trading in the red.

  • Oil and Natural Gas Corp falls despite its net profit growing by 65.5% YoY to Rs 13,734.1 crore in Q2FY24. However, revenue declines by 12.9% YoY due to the exploration & production (E&P) and refining & marketing segments. Its EBITDA margin expands by 11 percentage points, aided by a decrease in the cost of raw materials. The company features in a screener of stocks with decreasing revenue for the past two quarters.

  • Eicher Motors rises as its Q2FY24 net profit grows by 54.7% YoY to Rs 1,016.2 crore. Its revenue increases by 19.6% YoY, aided by growth in international markets and non-motorcycle segments. It appears in a screener of stocks nearing their 52-week highs with significant volumes.

  • Morgan Stanley maintains its 'Overweight' rating on Page Industries with a target price of Rs 4,381. The brokerage notes subdued demand in Q2 but points out the company's robust EBITDA margin of 20.8%, despite weak top-line growth. Morgan Stanley predicts a rise in Page Industries' share price in the next 60 days.

  • Jubilant Pharmova is rising as its subsidiary, Jubilant Draximage, receives approval from the US FDA for its abbreviated new drug application (ANDA) for technetium sulfur colloid injection. The injection is used to locate lymph node tumours in patients with breast cancer.

  • Anil Kumar Goel sells a 1.2% stake in Majestic Auto for approx Rs 3.3 crore in a bulk deal on Friday.

  • Coal Indiarises to an all-time high of Rs 337.7 as its Q2FY24 net profit increases by 12.5%YoY to Rs 6,799.8 crore due to lower raw material expenses. Its revenue grows by 9.8% YoY, aided by an increase in the realisation of raw coal. The company appears in a screenerof stocks with strong momentum.

  • Bioconis falling despite its net profit growing by 167.8% YoY to Rs 125.6 crore in Q2FY24. Revenue rises by 49.2% YoY, aided by the biosimilars and research services segments. It appears in a screenerof stocks with increasing cash flow from operations over the past two years.

Riding High:

Largecap and midcap gainers today include Union Bank of India (112.00, 7.13%), Indian Bank (447.05, 6.39%) and YES Bank Ltd. (19.40, 5.43%).

Downers:

Largecap and midcap losers today include Page Industries Ltd. (37,035.85, -3.44%), Biocon Ltd. (227.35, -3.17%) and Abbott India Ltd. (23,149.00, -2.80%).

Movers and Shakers

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

Top high volume gainers on BSE included Hindustan Copper Ltd. (162.05, 8.07%), Motilal Oswal Financial Services Ltd. (1,130.60, 8.04%) and Computer Age Management Services Ltd. (2,683.10, 7.94%).

Top high volume losers on BSE were Glenmark Pharmaceuticals Ltd. (724.45, -5.03%), Swan Energy Ltd. (429.90, -4.35%) and Biocon Ltd. (227.35, -3.17%).

Jubilant Pharmova Ltd. (414.00, 0.41%) was trading at 7.9 times of weekly average. Indian Bank (447.05, 6.39%) and Union Bank of India (112.00, 7.13%) were trading with volumes 6.5 and 5.7 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

34 stocks hit their 52 week highs,

Stocks touching their year highs included - Aurobindo Pharma Ltd. (979.60, 0.03%), BASF India Ltd. (2,862.10, 0.24%) and Canara Bank (404.45, 4.16%).

6 stocks slipped below their 200 SMA including Voltas Ltd. (814.00, -1.84%) and Affle (India) Ltd. (1,018.80, -1.46%).

 
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The Baseline
10 Nov 2023
Which stocks did superstar investors buy in Q2FY24?
By Abhiraj Panchal

Superstar investors like Rekha Jhunjhunwala, Ashish Kacholia and Vijay Kedia are closely watched for their buys and sells. Their picks help investors gain insights into current market trends, and identify interesting stocks. In this piece, we look at some investments made by these superstar investors during Q2FY24.

The chart below compares superstar investors' current portfolio net worth to that of the previous quarter. Net worth is impacted not just by changes in current holdings, but also by new buys and sells. 

All superstars see a rise in their net worth in Q2FY24

Each superstar investor's public portfolios reveal approaches fairly unique to their investing style. The chart below provides a breakdown of the sectors that hold the largest share of each investor’s portfolio. 

Industries preferred by superstars

Rare Enterprises (Rakesh and Rekha Jhunjhunwala) prefers textiles, apparels and accessories stocks, while Sunil Singhania favours chemicals and petrochemicals. Ashish Kacholia and Porinju Veliyath lean towards software and services. Vijay Kedia’s favoured sector is automobiles & auto components, while Dolly Khanna’s preference is skewed towards oil and gas.

Rare Enterprises (Rakesh and Rekha Jhunjhunwala) remains conservative in Q2

Rakesh Jhunjhunwala’s portfolio, now managed by Rekha Jhunjhunwala and Rare Enterprises following his passing, grew by 1.6% QoQ to Rs 39,507 crore in Q2FY24. The firm increased its stakes in six companies and made one new addition in the July-September quarter. Rare Enterprises added a new investment in Karur Vysya Bank, a scheduled commercial bank, with a 4.6% stake buy. 

Rare Enterprises buys a 4.6% stake in Karur Vysya Bank

The investment firm also increased its holding in D B Realty by 0.6% to 2%. The realty company rose by 115.1% in Q2FY24. It also raised its stake in Fortis Healthcare, a healthcare facilities provider, by 0.2% to 4.7%. The stock rose 8.3% in Q2FY24.  

The Jhunjhunwala portfolio added minor stakes in Tata group companies – Tata Motors and Titan. It also bought a minor stake in the IT training services firm, Aptech. 

Ashish Kacholia adds multiple stocks to his portfolio 

Ashish Kacholia’s net worth rose by 25.3% QoQ to Rs 2,541.1 crore in Q2FY24. During the quarter, he added multiple small and micro-cap stocks into his portfolio. He acquired an 8.5% stake in Universal Autofoundry, an auto parts manufacturer. He also expanded into the general industrial sector, securing stakes of 6.4%, 5.4% and 2.2% in Dhabriya Polywood, BEW Engineering and Balu Forge Industries respectively.

Ashish Kacholia buys an 8.5% stake in Universal Autofoundry

The marquee investor also added Vasa Denticity, a healthcare equipment supplier, to his portfolio and now holds 3.8% of the company. He also purchased a 2.8% stake in an education company, NIIT Learning Systems and 1.8% and 1.7% stakes in Aeroflex Industries (iron and steel products company) and Zaggle Prepaid Ocean Services (software and services company), respectively, during the quarter. 

Kacholia increased his stakes in Faze Three and Agarwal Industrial Corp to 5.4% and 4% from the previous holdings of 5.2% and 3.9%, respectively, in Q1.

Sunil Singhania’s Abakkus Fund adds two new small-cap companies

Sunil Singhania’s Abakkus Fund saw its net worth rise by 12.6% QoQ to Rs 2,382.4 crore in Q2FY24. It added TTK Healthcare (a pharma company) and EMS (a utilities company) to its portfolio, with o1.1% and 1.7% stake additions respectively. 

Sunil Singhania adds TTK Healthcare and EMS to the portfolio

Besides the new buys, Abakkus made minor portfolio adjustments through selective purchases. It increased its share in Rupa & Company, a textile firm, by a marginal 0.1%, taking the holding up to 4.2%. It also bought a 0.1% stake in IIFL Securities, and now holds a 3.3% stake. The capital market company’s stock price grew by 42.3% during Q2FY24.

The fund also purchased minor stakes in two industrial machinery manufacturers, Dynamatic Technologies and The Anup Engineering. It now holds 2.9% and 3.9% stakes respectively in these companies.

Vijay Kedia buys stakes in Atul Auto for three consecutive quarters 

Vijay Kedia’s portfolio net worth increased by 41% QoQ to Rs 1,388.8 crore in Q2FY24. He added Om Infra to his public portfolio in Q2 by buying a 2.6% stake in the construction company. 

Vijay Kedia buys a 6% stake in Atul Auto

In a show of continued confidence, Kedia raised his stake in Atul Auto by 6% and now holds 20.9%. This marks the third consecutive quarter of increased investment in this auto components manufacturer since Q3FY23. He also bought a minor stake in Vaibhav Global and now holds 2% of the textile manufacturer. 

Dolly Khanna continues her buying spree from Q1FY24

Dolly Khanna’s net worth rose by 16.5% QoQ to Rs 359.8 crore in Q2FY24. Continuing her buying streak from Q1FY24, Dolly Khanna added four new companies to her portfolio and increased her stakes in three stocks during the July-September quarter. 

The ace investor bought a fresh stake (1.3%) in KCP Sugar & Industries Corp, a small-cap sugar company. She also added another sugar company to her portfolio by purchasing a 1.1% stake in Rajshree Sugars & Chemicals.

Dolly Khanna buys a 1.3% stake in KCP Sugar & Industries Corp

The two other new additions to the superstar’s portfolio include Salzer Electronics (an electrical products manufacturer) and Prakash Industries (an iron & steel products company). She bought 1.1% and 1% stakes in them respectively. 

Khanna increased her stake in Prakash Pipes by 0.5% to 3.2% and raised her holding in Talbros Automotive Components by 0.1% to 1.6%. She also added a minor stake in Control Print. 

Porinju Veliyath adds three new companies to his portfolio

Porinju Veliyath’s net worth grew by 38% QoQ to Rs 208.7 crore in Q2FY24. He added three new companies to his portfolio and increased his stake in one company. His new additions include Arrow Greentech (a plastic products maker), in which he bought a 1.1% stake. He also purchased a 1% stake in Singer India (a household appliances firm) and P G Foils (an aluminium company). 

Porinju buys a 1.1% stake in Arrow Greentech

Porinju increased his stake in Aurum Proptech by 0.2% to 3.5%. The IT consulting & software firm gained 6.4% in Q2FY24.

Mohnish Pabrai continues to invest in Edelweiss

Mohnish Pabrai’s net worth in Q2FY24 increased by 25.6% QoQ to Rs 1,364.9 crore. He increased his stake in Edelweiss Financial Services for the fourth consecutive quarter with an additional purchase of 0.1%. 

      Mohnish Pabrai buys a 0.1% stake in Edelweiss Financial Services