
Trendlyne Analysis
Nifty 50 was trading at 19,541.00 (-91.6, -0.5%), BSE Sensex was trading at 65,759.80 (-236.0, -0.4%) while the broader Nifty 500 was trading at 16,942.20 (-61.7, -0.4%), of the 1,904 stocks traded today, 916 were on the uptrend, and 916 went down.
Indian indices extend the losses from the morning session and trade in the red, with the Nifty 50 trading below the 19,600 mark. India's volatility index, Nifty VIX, rises by 4.1%.
The RBI in its monetary policy meeting today kept the interest rate unchanged at 6.5%. RBI raised the CPI inflation forecast for FY24 to 5.4% from an earlier estimate of 5.1%. Banks have been asked to maintain an incremental cash reserve ratio of 10% on their deposits. This is expected to remove Rs 1 lakh crore liquidity from the banking system.
Nifty Smallcap 100 and Nifty Midcap 100 trade flat with the benchmark index trading lower. Nifty Media and Nifty Metal trade in the green. According to Trendlyne’s sector dashboard, media, commercial services & supplies, and oil & gas are trading higher.
Most major Asian indices trade higher except for Taiwan’s TSEC 50 trading in the red. European indices futures trade higher, indicating a negative start. European luxury stocks gain as China allows group tours to Europe, US, and Japan.
Max Financial Services sees a long buildup in its August 31 future series as its open interest rises 29.4% with a put-call ratio of 0.68.
Zydus Lifesciences, Godrej Industries, PNC Infratech and Indian Railway Finance Corp's weekly average delivery volumes rise ahead of their Q1FY24 results tomorrow.
Samvardhana Motherson International is falling despite its Q1FY24 net profit surging by 325.5% YoY to Rs 600.9 crore and its EBITDA margin expanding by 2.3 percentage points YoY. The company's revenue increases by 27.2% YoY, led by healthy growth in the wiring harness, polymer products and vision systems business verticals. Vivek Chaand Sehgal, Chairman of the company, says, “We have delivered another quarter of strong performance. The automotive industry is stabilising with new cost structures, and Motherson continues to adapt to the evolving landscape.”
Zee Entertainment Enterprises surges as the National Company Law Tribunal reportedly approves its merger with Sony. This deal will lead to the creation of a $10 billion media company.
V-Mart Retail reports a loss of Rs 21.9 crore in Q1FY24, as against a profit of Rs 20.5 crore in Q1FY23, despite a 14.9% YoY rise in revenue. The loss is due to an increase in inventory costs. The company features in a screener of stocks with low debts.
Page Industries rises despite its Q1FY24 net profit falling 23.5% YoY to Rs 158.4 crore due to higher inventory and finance expenses. Its revenue decreases by 7.6% YoY, aided by the e-commerce platform. The company appears in a screener of stocks with declining cash flow from operations.
Pidilite Industries is falling despite its Q1FY24 net profit rising 32.4% YoY to Rs 468.2 crore. Its EBITDA margin also expands by 4.5 percentage points YoY to 21.6% and revenue increases by 5.6% YoY, led by its consumer business segment. The stock shows up in a screener for companies with book value per share improving over the past two years.
Bata India is falling as its Q1FY24 net profit declines 10.5% YoY to Rs 106.9 crore due to higher inventory costs. Its revenue rises marginally by 1.6% YoY to Rs 958.2 crore. The stock shows up in a screener for companies with declining net profit and profit margins on a YoY basis.
TVS Supply Chain Solutions' Rs 880 crore IPO gets bids for 0.24X the available 2.5 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 1.19X of the available 46.3 lakh shares on offer.
- Aditya Saraogi, CFO of Birla Corp, says the company maintains its guidance of volume growth of over 15% and EBITDA per tonne of around Rs 850 for FY24. The company’s cement sales by volume grew 12.2% YoY in Q1FY24.
Birla Corp
— Nigel D'Souza (@Nigel__DSouza) August 10, 2023
Maintains Guidance for FY24
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Incentives in H2FY24
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????Mukutban unit starts#StockMarkethttps://t.co/kA0YRSP7MM HDFC Securities initiates coverage on Metro Brands with a ‘Sell’ rating and a target price of Rs 840, implying a downside of 19%. The brokerage believes that the stock is trading at a bloated valuation and sees margin pressure increasing in the coming quarters. It also expects a slowdown in urban demand, a predominance of products below Rs 1,500 in the product mix, and an increasing share of discounted sales to impact the firm's operational performance.
CarTrade Tech is rising despite witnessing a 13.1% QoQ decline in net profit to Rs 13 crore in Q1FY24. Its revenue falls by 10.2% QoQ to Rs 8,607 crore. The company appears in a screener of stocks with rising cash flow from operating activities.
Zee Entertainment Enterprises rises as it awaits NCLT's verdict on the Sony merger case. However, its Q1FY24 net loss stands at Rs 53.4 crore, compared to a net profit of Rs 106.6 crore in Q1FY23. The company's revenue grows by 6.5% YoY, driven by its subscription business. It appears in a screener of stocks with a significant decline in TTM net profit.
ITD Cementation India touches a 52-week high today as it bags an order worth Rs 17,000 crore from Power Grid Company of Bangladesh. The company will collaborate with Transrail Lighting in a joint venture for this project. The project involves the development of a 400 kV double circuit transmission line on a turnkey basis in the Jamuna river crossing section of Bogura-Kaliakair, Bangladesh. It appears in a screener for stocks with strong momentum.
CMS Info Systems falls more than 5% as reports suggest that 3.2 crore shares (21.6% equity), amounting to Rs 1,163.3 crore, have changed hands in a large trade.
CMS Info Large Trade | 3.2 cr shares (21.6% equity) worth ?1,163.3 cr change hands at ?364.8/sh pic.twitter.com/IMM0EbegJj
— CNBC-TV18 (@CNBCTV18Live) August 10, 2023Suzlon rises as its board approves the raising of Rs 2,000 crore through a qualified institutional placement. The board has set the minimum price at Rs 18.4 per share and will approve the issue price on August 14. The company appears in a screener of stocks with increasing FII/FPI shareholdings.
PI Industries’ Q1FY24 net profit rises 45.9% YoY to Rs 382.9 crore, while its revenue increases by 23.8% YoY led by robust growth in the agrochemicals segment. The stock shows up in a screener for companies with no debt.
JB Chemicals & Pharmaceuticalsrises to a new 52-week high of Rs 2844.5 as its Q1FY24 net profit increases by 35.5% YoY to Rs 142.3 crore. Its revenue grows by 14.8% YoY, aided by the domestic formulations segment. The company appears in ascreener of stocks with increasing net profit and margins.
Axis Bank is falling after announcing that the company and its subsidiaries will infuse Rs 1,612 crore into Max Life Insurance Co through preferential allotment. This will raise the bank’s stake in Max Life Insurance Co to 19% from 16.2%. The bank believes that this acquisition will aid in strengthening its position in the life insurance business.
JSW Steel’s monthly total crude steel production in July rises by 12% YoY to 20.4 lakh tonnes. Production from its Indian businesses grows 10% YoY to 19.7 lakh tonnes, while it jumps 96% YoY to 67,000 tonnes for the US business. The stock shows up in a screener for companies with decreasing promoter pledges.
The RBI's MPC maintains India's real GDP growth forecast for FY24 at 6.5%. It revises the prediction for India’s CPI inflation to 5.4% in FY24 from 5.1%. RBI Governor Shaktikanta Das says the MPC remains committed to keeping inflation at 4%.
#BREAKING: #RBI's MPC retains India's real #GDP#growth projection for FY24 at 6.5%
— Economic Times (@EconomicTimes) August 10, 2023
???? #RBIPolicy#MPCMeet#LIVE Updates: https://t.co/YgudrnIm0B@RBI@DasShaktikanta#RBIMPC#RBIPolicy#MPCpic.twitter.com/lnMytCsV1XTVS Supply Chain Solutions raises Rs 396 crore from anchor investors ahead of its IPO by allotting 2.01 crore shares at Rs 197 each. Investors include Tata Mutual Fund, Franklin India Mutual Fund, SBI Life Insurance, Societe Generale, and BNP Paribas Arbitrage.
Abbott India touches a new all-time high of Rs 24,744.2 per share as its net profit grows by 41.1% YoY to Rs 290.2 crore in Q1FY24. Revenue increases by 13.4% YoY to Rs 1,479 crore. Its EBITDA margin improves by 328 bps YoY, aided by reduced employee benefit expenses. It shows up in a screener of stocks with rising return on equity over the past two years.
Media stocks like TV18 Broadcast, Zee Entertainment Enterprises, Hathway Cable & Datacom and Sun TV Network are rising in trade. The broader sectoral index Nifty Media is also trading in the green.
RBI decides to keep the policy repo rate unchanged at 6.5% during the Monetary Policy Committee (MPC) meeting.
#NewsAlert ???? RBI keeps the repo rate unchanged at 6.5%#RBIPolicy#MonetaryPolicy#RBIMPC#MPC#RepoRatepic.twitter.com/slcK0VN53i
— Moneycontrol (@moneycontrolcom) August 10, 2023IRCTC falls as its Q1FY24 net profit decreases by 5.4% YoY to Rs 232.2 crore due to exceptional charges for two Tejas Express trains. However, its revenue grows by 18.7% YoY, aided by the catering, tourism and Rail Neer segments. The company appears in a screener of stocks showing increasing trend in non-core income.
Tata Power is rising as its net profit grows by 22.4% YoY to Rs 972.5 crore in Q1FY24. Revenue improves by 5.2% YoY, aided by the transmission and distribution segment. Its EBITDA margin expands by 774 bps YoY owing to reduced costs of fuel and raw materials. The company features in a screener of stocks near their 52-week highs with significant volume.
Riding High:
Largecap and midcap gainers today include Max Financial Services Ltd. (875.00, 10.80%), Trent Ltd. (1,890.00, 5.71%) and JSW Energy Ltd. (327.95, 4.36%).
Downers:
Largecap and midcap losers today include Laurus Labs Ltd. (397.15, -3.22%), ICICI Lombard General Insurance Company Ltd. (1,356.00, -2.73%) and Indraprastha Gas Ltd. (447.80, -2.71%).
Crowd Puller Stocks
18 stocks in BSE 500 are trading on high volumes today.
Top high volume gainers on BSE included Varroc Engineering Ltd. (386.85, 12.83%), Max Financial Services Ltd. (875.00, 10.80%) and Jubilant Pharmova Ltd. (442.00, 9.20%).
Top high volume losers on BSE were Granules India Ltd. (307.50, -4.62%), Bata India Ltd. (1,658.10, -2.48%) and BASF India Ltd. (2,553.25, -1.37%).
Prince Pipes & Fittings Ltd. (709.00, 4.10%) was trading at 7.2 times of weekly average. KNR Constructions Ltd. (254.70, 4.79%) and TV18 Broadcast Ltd. (42.80, 6.34%) were trading with volumes 6.1 and 5.6 times weekly average respectively on BSE at the time of posting this article.
BSE 500: highs, lows and moving averages
41 stocks overperformed with 52 week highs,
Stocks touching their year highs included - Abbott India Ltd. (23,919.10, 0.72%), Ashok Leyland Ltd. (187.85, 0.16%) and Aurobindo Pharma Ltd. (870.05, -1.05%).
17 stocks climbed above their 200 day SMA including KNR Constructions Ltd. (254.70, 4.79%) and Jindal Worldwide Ltd. (355.40, 4.75%). 5 stocks slipped below their 200 SMA including Granules India Ltd. (307.50, -4.62%) and Bandhan Bank Ltd. (229.05, -1.40%).