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Trendlyne Analysis

Nifty 50 closed at 19,680.60 (8.3, 0.0%), BSE Sensex closed at 66,355.71 (-29.1, 0.0%) while the broader Nifty 500 closed at 16,896.90 (31.8, 0.2%). Of the 1,948 stocks traded today, 943 were gainers and 941 were losers.

Indian indices switched between losses and gains throughout the day and settled flat, with the Nifty 50 closing below the 19,700 mark. The Indian volatility index, Nifty VIX, fell sharply by over 12%. Asian Paints fell over 4% despite its Q1FY24 net profit rising by 52.5% YoY to Rs 1,550.4 crore due to lower raw material and inventory expenses.

Nifty Midcap 100 closed in the green, outperforming the benchmark index. Nifty Metal and Nifty Energy closed sharply higher than Monday’s close. According to Trendlyne's sector dashboard, Utilities was the top-performing sector of the day.

Major Asian indices closed in the red, except for India’s BSE Sensex and Japan’s Nikkei 225, which closed flat. European indices traded in the green, following the US index futures, which also traded higher. Investors are waiting for corporate earnings from major companies and keeping an eye on cues from the Federal Reserve and the European Central Bank regarding interest rate hike decisions.

• Money flow index (MFI) indicates that stocks like Aarti Drugs, Rites, Gland Pharma, and Sterling and Wilson Renewable Energy are in the overbought zone.

• 5paisa Capital and Jindal Steel & Power touch their 52-week highs of Rs 472.35 and Rs 667.9 respectively. The former has risen 30.5% over the past month, while the latter increased by 16.8%.

• Aurobindo Pharma rises as its wholly owned subsidiary, Eugia Pharma Specialities, receives approval from the USFDA to manufacture and market Plerixafor Injection. Plerixafor is used in the preparation of autologous stem cells for transplantation in patients with non-Hodgkin’s lymphoma or multiple myeloma. It appears in a screener of stocks with strong momentum.

• Jubilant Foodworks rises despite its net profit falling by 74.1% YoY to Rs 28.9 crore and revenue increasing by 6.2% YoY. The decline in profit is due to the rise in input cost, employee benefits, and depreciation expenses. The company appears in a screener for stocks with low debt.

• Utility stocks like Adani Green Energy, SJVN, Reliance Infrastructure, NAVA and Inox Green Energy Services are rising in trade. The broader sectoral index, S&P BSE Utilities, is also trading in the green.

• Bajaj Auto is falling despite its Q1FY24 net profit rising by 41.3% YoY to Rs 1,644.1 crore and EBITDA margin expanding by 280 bps YoY to 19%. Its revenue increases by 28.8% YoY driven by strong volume growth and healthy domestic demand. The stock shows up in a screener for companies with book value per share increasing over the past two years.

• Asian Paints falls despite its Q1FY24 net profit rising by 52.5% YoY to Rs 1,550.4 crore due to lower raw material and inventory expenses. Its revenue grows by 6.7% YoY on the back of robust growth in the domestic decorative segment. The company appears in a screener of stocks nearing a 52-week high with significant volumes.

• KPIT Technologies rises as its Q1FY24 net profit increases by 20.1% QoQ to Rs 134 crore due to lower inventory expenses. Its revenue also surges by 7.9% QoQ on the back of robust growth in the UK and Europe segments. The company appears in a screener of stocks with improving quarterly profits.

• SpiceJet is rising as the DGCA removes it from 'enhanced surveillance' after conducting 51 spot checks of 23 aircraft. The regulator has made 95 observations, which they found were of routine nature, and highlighted that the airline took suitable maintenance action.

  #JustIn | Spicejet has been taken off the enhanced surveillance regime by DGCA.#Aviation#DGCA#spicejet#IndianAviationpic.twitter.com/8uPsupbxtm

  — Business Standard (@bsindia) July 25, 2023

• ICICI Securities downgrades its rating on Ashok Leyland to ‘Hold’ from ‘Add’ but increases the target price to Rs 185 from Rs 176, implying an upside of 1.6%. The brokerage believes that the stock’s positives are already priced in and is trading at an expensive valuation given its recent uptrend. However, it sees the company’s margins and market share expanding over the coming quarters.

• Reliance Industries is rising as it enters an agreement with Mercury Holdings SG Pte, a joint venture between Brookfield Infrastructure and Digital Realty, to acquire a 33.3% stake in each of the five Indian special purpose vehicles of Mercury Holdings. The total investment for this acquisition is Rs 378 crore.

• Larsen & Toubro's power transmission and distribution arm secures new orders worth Rs 1,000-2,500 crore. While one order is to implement IT infrastructure in central Gujarat, another is to build a transmission line in Jharkhand. The third and fourth orders involve the construction of a high-voltage direct current transmission line and a substation in West Asia and Malaysia respectively.

• RHI Magnesita India rises as Dalmia OCL acquires the remaining 98 lakh shares (49% equity) of RHI Magnesita Seven Refractories, a wholly owned subsidiary of RHI Magnesita India, for Rs 61.8 crore. It appears in a screener of stocks in the Nifty 500 with consistent high returns over five years.

• Shoppers Stop is falling as its net profit plunges 36.5% YoY to Rs 14.9 crore in Q1FY24. However, its revenue increases by 4.8% YoY, aided by improved sales in the first citizen loyalty customers, private brands, and beauty segments. It features in a screener of stocks with decreasing net profit and profit margin (YoY).

• Jyothy Labs touches a new 52-week high as its net profit increases by 101.7% YoY to Rs 96.3 crore in Q1FY24 on the back of decreased finance costs. Its revenue also grows by 15.1% YoY, driven by the dishwashing and fabric care segment. The stock has reported its fifth consecutive quarter of margin expansion.

  JYOTHY LAB
  - Stellar set once again
  - At a time when HUL cites competitive intensity
  - Jyothy Labs reports incredible growth & margin expansion
  - 5th straight quarter of margin expansion
  
  Jyothy Lab Q1FY24
  Revenue +15% at 687 Cr
  EBITDA +96% at 117.4 Cr
  PAT +102% at 96.3 Cr…

  — Mangalam Maloo (@blitzkreigm) July 25, 2023

• Aarti Drugs rises to a new 52-week high of Rs 267.5 as its net profit increases by 37.5% YoY to Rs 47.9 crore in Q1FY24 due to lower raw material and inventory expenses. Its revenue grows by 6.3% YoY, driven by the domestic segment. Additionally, its board has approved a share buyback of 0.7% equity (6.7 lakh shares) at Rs 900 per share. The company appears in a screener of stocks with strong momentum.

• CreditAccess Grameen splits the roles of Managing Director (MD) and Chief Executive Officer (CEO), with effect from August 1. It promotes Ganesh Narayan as the CEO from his previous role of Deputy CEO, while Udaya Kumar Hebbar (current MD and CEO) will continue to lead as the MD.

• Metal & mining stocks like APL Apollo Tubes, JSW Steel, National Aluminium Co, Tata Steel and Jindal Steel & Power are rising in trade. All constituents of the broader sectoral index, BSE Metal, are also trading in the green.

• K Satyanarayana Raju, MD & CEO of Canara Bank, says the bank has witnessed healthy loan growth in Q1FY24. He also highlights that there is stress on NIMs due to the high cost of funds. He expects credit cost to be in the range of 1.1-1.2% in FY24.

  #1QWithCNBCTV18 | Loan growth has been healthy, Q1 growth is in-line with the guidance of retail & corporate share
  
  There is stress on NIMs due to the high cost of funds. Expect credit cost to be between 1.1-1.2% in FY24
  
  K Satyanarayana Raju, Canara Bank to CNBC-TV18 pic.twitter.com/jfQNRgWfEK

  — CNBC-TV18 (@CNBCTV18Live) July 25, 2023

• Porinju Veliyath sells a 0.6% stake in Cupid for approx Rs 2.5 crore in a bulk deal on Monday.

• JK Paper rises as its net profit increases by 17.8% YoY to Rs 308.7 crore in Q1FY24 due to lower raw material, inventory, and finance expenses. Its revenue also grows by 11.9% YoY on the back of robust performance in the paper and packaging segment. The company appears in a screener of stocks with improving quarterly net profits.

• SJVN surges to a new all-time high of Rs 62.7 per share as it bags orders for five hydropower projects, totalling 5097 MW, from the Arunachal Pradesh government. All the projects are located in the Dibang Basin, with an estimated outlay of Rs 50,000 crore.

• CLSA downgrades its rating on DLF to 'Outperform' with a target price of Rs 547. The brokerage believes that housing demand momentum will continue, and highlights that the company has a sound new launch pipeline for H2FY24.

  Brokerage Radar | CLSA on DLF: Downgrade to Outperform; While demand for non-SEZ office is strong, SEZ remains a concern@CLSAInsights#DLFpic.twitter.com/NbmnuTHXCc

  — ET NOW (@ETNOWlive) July 25, 2023

• DCM Shriram is falling as its Q1FY24 net profit decreases 77.7% YoY to Rs 56.6 crore due to a 37.6% YoY rise in input costs. Its revenue also drops by 2.5% YoY, led by a decline in the chloro-vinyl and sugar segments. The stock shows up in a screener for companies with declining net cash flows.

• Relaxo Footwear rises as its Q1FY24 net profit increases by 45.6% YoY to Rs 56.3 crore. Its revenue also grows by 11.1% YoY. The company appears in a screener of stocks with high momentum scores.

• Tata Steel’s Q1FY24 net profit falls 91.8% YoY to Rs 634 crore due to higher inventory and finance costs. Its revenue also declines by 6.2% YoY on the back of lower volumes and weakness in its European operations. The stock shows up in a screener for companies with low Piotroski scores.

Riding High:

Largecap and midcap gainers today include Adani Green Energy Ltd. (1,088.05, 10.00%), Adani Power Ltd. (260.15, 9.31%) and Adani Transmission Ltd. (834.85, 7.97%).

Downers:

Largecap and midcap losers today include Asian Paints Ltd. (3,400.40, -4.04%), PB Fintech Ltd. (718.50, -3.54%) and Vedant Fashions Ltd. (1,242.00, -3.50%).

Movers and Shakers

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

Top high volume gainers on BSE included Jyothy Labs Ltd. (290.90, 19.98%), Adani Green Energy Ltd. (1,088.05, 10.00%) and Adani Power Ltd. (260.15, 9.31%).

Top high volume losers on BSE were DCM Shriram Ltd. (848.50, -6.14%), Asian Paints Ltd. (3,400.40, -4.04%) and Campus Activewear Ltd. (299.55, -3.01%).

Thermax Ltd. (2623.95, 7.22%) was trading at 20.4 times of weekly average. JK Paper Ltd. (326.00, 4.05%) and Ajanta Pharma Ltd. (1511.75, 6.09%) were trading with volumes 13.6 and 13.2 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

63 stocks overperformed with 52-week highs, while 3 stocks tanked below their 52-week lows.

Stocks touching their year highs included - Ajanta Pharma Ltd. (1,511.75, 6.09%), Bharat Heavy Electricals Ltd. (97.75, -0.31%) and Zydus Lifesciences Ltd. (621.75, 1.30%).

Stocks making new 52 weeks lows included - SRF Ltd. (2,164.10, 0.92%) and UPL Ltd. (626.00, -0.97%).

10 stocks climbed above their 200 day SMA including Adani Power Ltd. (260.15, 9.31%) and Sobha Ltd. (579.10, 4.22%). 12 stocks slipped below their 200 SMA including DCM Shriram Ltd. (848.50, -6.14%) and Vedant Fashions Ltd. (1,242.00, -3.50%).

Trendlyne Analysis

Nifty 50 closed at 19,672.35 (-72.7, -0.4%), BSE Sensex closed at 66,384.78 (-299.5, -0.5%) while the broader Nifty 500 closed at 16,865.15 (-39.2, -0.2%). Of the 1,986 stocks traded today, 954 were on the uptick, and 964 were down.

Indian indices dropped from the day’s high and closed in the red, with the Nifty 50 closing at 19,672. The volatility index, Nifty VIX, rose by 1.4% and closed at 11.6 points. Kotak Mahindra Bank’s net profit increased by 67% YoY to Rs 3,452 crore in Q1FY24.

Nifty Smallcap 100 closed in the green, while Nifty Midcap 100 closed lower, following the benchmark index. Nifty Healthcare and Nifty Pharma closed higher, compared to Friday’s closing levels. According to Trendlyne’s sector dashboard, coal emerged as the top-performing sector of the day, with a rise of over 0.9%.

Most European indices trade flat, except for Switzerland’s Swiss Market Index trading higher. US indices futures trade higher, indicating a positive start. The data released by Hamburg Commercial Bank (HCOB) indicates that France’s composite PMI for July has dropped to 46.6, against the estimates of 47.7. The reading has further cemented the recessionary fears in Europe.

• Relative strength index (RSI) indicates that stocks like Mphasis, Union Bank of India, Tanla Platforms and Zensar Technologies are in the overbought zone.

• TVS Motor Co is falling despite its Q1FY24 net profit rising 42.2% YoY to Rs 434.3 crore and revenue increasing by 23.8% YoY, led by healthy growth in the automotive vehicles and financial services segments. The stock shows up in a screener for companies with improving cash flows and high durability scores.

• Tata Teleservices, Shyam Metalics and Energy and Sona BLW Precision Forgings' weekly average delivery volumes rise ahead of their Q1FY24 results on Thursday.

• Canara Bank rises as its net profit jumps by 74.8% YoY to Rs 3,535 crore in Q1FY24. Its net interest income increases by 27.7% YoY. The bank's asset quality improves as gross and net NPAs fall by 183 bps and 91 bps YoY respectively. The company appears in a screener of stocks with increasing quarterly profits.

• IDBI Bank is rising as its Q1FY24 net profit increases by 61.9% YoY to Rs 1,224.2 crore, while its net interest income jumps 61% YoY. The bank's net interest margin (NIM) also expands by 178 bps YoY to 5.8%. Its asset quality improves as its GNPA and NNPA decline by 14.85 percentage points and 0.82 percentage points YoY respectively.

• United Spirits and Mazagon Dock Shipbuilders touch their 52-week highs of Rs 1,050 and Rs 1,957.8 respectively. The former has risen 15.5% over the past month, while the latter increased by 58.1%.

• GMR Power and Urban Infra is rising as reports suggest that its step-down subsidiary, GMR Smart Electricity Distribution Private Limited, has received an order worth Rs 7,593 crore to install 75 lakh smart meters in Uttar Pradesh. It appears in a screener of stocks with strong momentum.

• Kotak Mahindra Bank falls despite its net profit rising by 67% YoY to Rs 3,452 crore in Q1FY24. Its net interest income also increases by 33% YoY on the back of robust growth in corporate banking, insurance, and retail banking segments. The bank's asset quality improves as gross and net NPAs decline by 52 bps and 26 bps YoY respectively. The company appears in a screener of stocks with strong momentum.

• SRF's Q1FY24 net profit falls by 41% YoY to Rs 359 crore, while its revenue decreases by 14.3% YoY to Rs 3,338 YoY. A downcycle in the packaging film business led to the profit decline. Managing Director Ashish Bharat says, "This is expected to continue for the medium term." The company features in a screener for stocks with low debt.

• Power Finance Corp touches an all-time high of Rs 244 per share as it signs 20 memorandums of understanding (MoUs) worth approximately Rs 2.4 lakh crore. The MoUs have been signed with companies like Adani, Greenco and ReNew to fund projects in the clean energy sector.

• Computer hardware, other leisure facilities and sugar industries rise by more than 3% in trade today.

• ITC falls sharply as the board of directors grants an in-principle approval for the demerger of its hotel business. The company will hold a 40% stake in the new entity.

  ITC Limited's Board of Directors has granted in-principle approval for the demerger of the Hotels Business through a scheme of arrangement.
  
  Here's more about the proposed restructuring ????https://t.co/bTDC3t6m5a#ITC@ITCCorpCom#Hotel

  — Moneycontrol (@moneycontrolcom) July 24, 2023

• Samvardhana Motherson International’s arm Samvardhana Motherson Automotive Systems signs a pact to acquire assets and shares of the Germany-based Dr. Schneider Group for an enterprise value of 118.3 million euros (Rs 1,074 crore). The German company is a manufacturer of high-end electronic polymer components. Through this acquisition, the firm aims to gain access to innovative electronic polymer components.

• Rites wins an order worth Rs 500 crore from CFM, Mozambique, for the supply of 10 locomotives and 150 wagons.

• CreditAccess Grameen surges to an all-time high of Rs 1,427 per share as its net profit jumps 151.5% YoY to Rs 348.5 crore in Q1FY24. Net interest income (NII) grows 65.4% YoY, backed by an increase in the company's gross loan portfolio. The lender's asset quality improves, with its gross and net NPAs declining by 221 bps and 88 bps YoY respectively. It shows up in a screener of stocks with increasing revenue for four consecutive quarters.

• HDFC Securities keeps its ‘Buy’ rating on Persistent Systems and raises its target price to Rs 6,430 from Rs 6,410. This implies an upside of 34%. The brokerage expects the company to outperform its peers due to robust client mining and an increase in its large client count. The brokerage believes that the firm is well-positioned to double its revenue over the next four years.

• Bain Capital is set to acquire a 90% share in Adani Capital and Adani Housing. The deal will result in a total purchase of the Adani family's private stake in the business. It will infuse $120 million  in primary capital and $50 million in liquidity line to facilitate the NBFC's growth.

  #AdaniEnterprises’ shares went up today as the group made a move to exit the NBFC space. Bain Capital has agreed to acquire a substantial 90 per cent stake in Adani Capital and Adani Housing. https://t.co/s73I5roSol

  — businessline (@businessline) July 24, 2023

• Biocon falls more than 4% as the USFDA conducts inspections at its manufacturing facility in Malaysia. The agency has issued Form 483 with eight observations relating to enhancing the operational procedures and strengthening training programmes. It appears in ascreener of companies with declining net cash flows.

• Vedanta falls as its net profit decreases by 40.3% YoY to Rs 2,640 crore in Q1FY24. Its revenue also drops by 12.9% YoY due to reduced performance in the domestic zinc & lead, aluminum, and international zinc segments. Its EBITDA margin declines by 7.9 percentage points on the back of increased raw material and finance expenses. The company appears in a screener of stocks with declining net cash flow.

• Vijay Kedia sells a 0.3% stake in Repro India in Q1FY24. He now holds a 6.8% stake in the company.

• Jayant Acharya, MD & CEO of JSW Steel, says the company’s realisations were aided by an improvement in export booking and value-added products in Q1. He adds that coking coal price will drop by $45-50 per tonne in Q2FY24. He also expects an improvement in the company's debt situation in the future.

  #OnCNBCTV18 | Coking coal cost will decrease by $45-50/tonne in Q2FY24. We are interested in Canada's Teck coal but too early to commit, interested in NMDC Steel biz but yet to know the status of bids: Jayant Acharya of JSW Steel to CNBC-TV18 pic.twitter.com/uXKDJUHIAC

  — CNBC-TV18 (@CNBCTV18Live) July 24, 2023

• Ashish Kacholia cuts stake in Creative Newtech to below 1% in Q1FY24, as against a 2.7% stake held in Q4FY23.

• Sunil Singhania sells a 1.3% stake in Rajshree Polypack in Q1FY24. He now holds a 6.2% stake in the company.

• CLSA maintains its ‘Underperform’ rating on HDFC Life Insurance Co with a target price of Rs 680. The brokerage says the company has witnessed sound growth in APE (annual premium equivalent) across various products and channels in Q1FY24. However, it highlights a limited upside for HDFC Life in the near term.

  Brokerage Radar | CLSA on @HDFCLIFE: Maintain Underperform; Limited near-term upside @CLSAInsights#StockMarketpic.twitter.com/MOx2PJiGLb

  — ET NOW (@ETNOWlive) July 24, 2023

• One97 Communications rises as its net loss contracts by 45% YoY to Rs 358 crore in Q1FY24. Its revenue grows by 39% YoY on the back of robust growth in payment & financial and cloud services. The company appears in ascreener of stocks with increasing quarterly revenue.

• Tejas Networks falls as its net loss drops by 295.9% YoY to Rs 26.3 crore due to increased raw material and employee benefit expenses. However, its revenue rises by 43.6% YoY. The company appears in ascreener of stocks with declining quarterly net profit.

• Reliance Industries is falling as its net profit decreases 5.9% YoY to Rs 18,258 crore in Q1FY24. Revenue also drops 4.7% YoY due to a plunge in the order-to-cash (O2C) business caused by dipping crude oil prices. It features in a screener of stocks with declining revenue for two consecutive quarters.

Riding High:

Largecap and midcap gainers today include REC Ltd. (172.95, 6.86%), NHPC Ltd. (49.90, 6.17%) and Power Finance Corporation Ltd. (239.75, 5.62%).

Downers:

Largecap and midcap losers today include United Spirits Ltd. (977.65, -5.91%), Biocon Ltd. (249.50, -5.47%) and One97 Communications Ltd. (802.00, -5.01%).

Movers and Shakers

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

Top high volume gainers on BSE included Aarti Drugs Ltd. (605.50, 18.60%), SJVN Ltd. (57.10, 13.86%) and REC Ltd. (172.95, 6.86%).

Top high volume losers on BSE were Hikal Ltd. (280.40, -7.28%), One97 Communications Ltd. (802.00, -5.01%) and Indraprastha Gas Ltd. (470.55, -4.80%).

IFB Industries Ltd. (845.00, 1.15%) was trading at 12.2 times of weekly average. CreditAccess Grameen Ltd. (1,373.00, 4.53%) and BASF India Ltd. (2,660.00, 1.88%) were trading with volumes 9.3 and 8.7 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

54 stocks overperformed with 52-week highs,

Stocks touching their year highs included - AIA Engineering Ltd. (3,548.80, 1.03%), Ashok Leyland Ltd. (182.45, 0.33%) and Aurobindo Pharma Ltd. (785.30, 0.74%).

11 stocks climbed above their 200 day SMA including Aditya Birla Sun Life AMC Ltd. (401.80, 3.30%) and KRBL Ltd. (379.90, 2.68%). 6 stocks slipped below their 200 SMA including Rallis India Ltd. (213.15, -2.20%) and Trident Ltd. (33.05, -0.60%).

Trendlyne Analysis

Nifty 50 closed at 19,745.00 (-234.2, -1.2%), BSE Sensex closed at 66,684.26 (-887.6, -1.3%) while the broader Nifty 500 closed at 16,904.30 (-138.3, -0.8%). Of the 1,937 stocks traded today, 862 were in the positive territory and 1,014 were negative.

Indian indices extended their losses from the afternoon session and closed in the red, with the Nifty 50 closing at 19,745. The volatility index, Nifty VIX, dropped by 2.9% and closed at 11.4 points. JSW Steel’s net profit surged 2.9x YoY to Rs 2,428 crore in Q1FY24.

Nifty Smallcap 100 closed in the green, while Nifty Midcap 100 closed lower, following the benchmark index. Nifty IT and Nifty FMCG closed sharply lower compared to Thursday’s closing levels. According to Trendlyne’s sector dashboard, healthcare equipment and supplies emerged as the top-performing sector of the day, with a rise of over 2.1%.

Most European indices trade in the green, except for Germany’s DAX trading lower. US indices futures trade higher, indicating a positive start. Tesla shares traded 9.7% lower post results, despite reporting earnings of $0.91 per share, beating the consensus estimates of $0.79

• Money flow index (MFI) indicates that stocks like Polycab India, Mahindra Holidays & Resorts India, Sterling and Wilson Renewable Energy and Zensar Technologies are in the overbought zone.

• Can Fin Homes and APL Apollo Tubes touch their 52-week highs of Rs 845.45 and Rs 1,438.80 respectively. The former has risen 11.7% over the past month, while the latter increased by 5%.

• Glenmark Lifesciences falls despite its profit increasing by 23.4% YoY to Rs 135.5 crore in Q1FY24 due to falling inventory expenses. Its revenue rises by 18.1% YoY. The company appears in a screener of stocks with increasing quarterly revenue.

• UltraTech Cement is falling despite its Q1FY24 net profit rising by 6.6% YoY to Rs 1,688.5 crore and revenue growing 17% YoY. However, the EBITDA margin declines 320 bps YoY to 17.2% due to rising raw material costs, power & fuel expense and freight costs. The stock shows up in a screener for companies with declining net cash flows.

• HDFC Life Insurance's Q1FY24 profit rises 15.4% YoY to Rs 415.3 crore and assets under management increase by 19% YoY. Total annualized premium equivalent and value of new business also improve in line with profit. The company features in a screener for stocks with low debt.

• Hindustan Zinc is falling as its net profit declines by 36.5% YoY to Rs 1,964 crore in Q1FY24. Revenue also plunges by 23% YoY due to lower lead, zinc and silver volumes. Its EBITDA margin contracts 876 bps on account of higher raw material and inventory costs. The company features in a screener of stocks with high increase in promoter pledges.

• Ashok Leyland rises as its net profit increases by 699.3% YoY to Rs 543.9 crore in Q1FY24. Its revenue also grows by 34.3% YoY on the back of robust growth in the commercial vehicles and financial services segment. The company appears in a screener of stocks with strong momentum.

• Capital goods stocks like Suzlon Energy, Larsen & Toubro, Sona BLW Precision Forgings andLakshmi Machine Works are rising in trade. The broader sectoral index BSE Capital Goods is also trading in the green.

• ICICI Securities maintains its ‘Buy’ rating on Finolex Industries and raises the target price to Rs 230 from Rs 210. This implies an upside of 22.3%. The brokerage remains positive about the firm’s prospects, citing demand and margin tailwinds driven by lower raw material prices in the agri and non-agri segments.

• PVR INOX rises over 4% in trade following the announcement of a 12-screen Superplex in Bangalore. The upcoming theatrical releases are also supporting the rise in share price.

  PVR +4% at day's high! https://t.co/bRPVPeDMhZ

  — Mangalam Maloo (@blitzkreigm) July 21, 2023

• JSW Steel rises to its all-time high of Rs 823.4 per share as its net profit surges 2.9x YoY to Rs 2428 crore in Q1FY24. Revenue grows 10.8% YoY on the back of improvement in steel sales. Its EBITDA margin expands by 538 bps YoY, owing to reduced power and fuel expenses. The company features in a screener of stocks where FIIs and FPIs are increasing their shareholdings.

• Persistent Systems plunges as its net profit falls 9% QoQ to Rs 228.8 crore in Q1FY24. Revenue grows 3% QoQ owing to improvements in the banking, financial services & insurance (BFSI) and software, hi-tech and emerging industries segments. The company appears in a screener of stocks with decreasing net profit and profit margin (QoQ).

• IT stocks like Infosys, Persistent Systems, Tech Mahindra, HCL Technologies and Coforge are falling in trade. The broader sectoral index, Nifty IT, is also trading in the red.

• REC plans to sign MoUs worth Rs 2 lakh crore with over 20 renewable energy companies (from both public and private sectors) to support their energy transformation projects, say reports. These projects include renewable energy sources like solar, wind, green hydrogen, decarbonization, and battery storage.

  REC, one of the biggest lenders to India’s #powersector, is planning to sign MoUs worth Rs 2 trn with 20 renewable energy companies to fund their energy transition projects.@shreya_jai reports #RenewableEnergy#India#REC#G20https://t.co/kONozsGif4

  — Business Standard (@bsindia) July 21, 2023

• Mphasis rises as its net profit increases by 2.4% QoQ to Rs 456.3 crore in Q1FY24. However, its revenue falls by 3.2% QoQ due to a decline in the banking and financial services segment. Its EBITDA margins improve by 50 bps on the back of reduced employee benefit expenses. The company appears in a screener of stocks with growing quarterly net profit.

• Tanla Platforms is rising as its net profit grows by 12.6% QoQ to Rs 135.4 crore in Q1FY24. Revenue improves by 9.3% QoQ aided by growth in the digital platforms and enterprise communications segments. It features in a screener of stocks with increasing net profit for the past four quarters.

• Larsen & Toubro touches a new 52-week high today as it wins an order worth more than Rs 7,000 crore from the National High-Speed Corp for the construction of a 135.45 km stretch of Mumbai-Ahmedabad high-speed rail project. It appears in a screener of stocks with strong momentum.

• A Manimekhalai, MD and CEO of Union Bank of India, says the bank targets to maintain its credit costs at 1% or lower, and net interest margins at 3%. She highlights that it has delivered a strong performance in Q1FY24, with advances and deposits surpassing the guidance.

  #OnETNOW | A. Manimekhalai, MD & CEO, Union Bank of India on credit costs, ROA expectations and more
  
  Here are the key takeaways ????#UnionBank#StockMarketpic.twitter.com/cZiiqq16nt

  — ET NOW (@ETNOWlive) July 21, 2023

• Dolly Khanna buys a 0.3% stake in Monte Carlo Fashions in Q1FY24. She now holds a 2.4% stake in the company.

• Shares of Utkarsh Small Finance Bank debut on the bourses at a 60% premium to the issue price of Rs 25. The Rs 500 crore IPO has received bids for 101.9 times the total shares on offer.

• Sunil Singhania cuts stake in Tracxn Technologies to below 1% in Q1FY24, as compared to 1.3% held in Q4FY23.

• Nomura maintains its 'Buy' rating on Coforge with a target price of Rs 5,300. The brokerage says that the company has reported healthy Q1FY24 earnings with robust revenue growth due to strong order booking. It expects AI to drive revenue in the medium term. Meanwhile, Motilal Oswal reiterates its 'Neutral' stance, stating that the strong earnings are already factored into the stock price.

  CNBC-TV18 Stocks Board | @Nomura retains @Coforge_Tech as the top midcap pick on the back of #Q1FY24 earnings. #MotilalOswal reiterates its Neutral call on @Coforge_Tech on fair valuations. @Reematendulkar with all the details pic.twitter.com/5SRvEi1ohT

  — CNBC-TV18 (@CNBCTV18News) July 21, 2023

• Mohnish Pabrai buys a 0.6% stake in Edelweiss Financial Services in Q1FY24. He now holds a 7.6% stake in the company.

• Jindal Stainless is rising as it acquires a 74% stake in Jindal United Steel (JUSL) for Rs 958 crore. Earlier, Jindal Stainless held a 26% stake in JUSL, making it now a 100% owned subsidiary. Abhyuday Jindal, MD of Jindal Stainless, says, “This acquisition would result in improved synergies between both the companies and a preferred governance structure, thereby enhancing value for all stakeholders.”

• Hindustan Unilever’s Q1FY24 net profit rises by 7.3% YoY to Rs 2,554 crore, as raw material costs and inventory expenses fall. Its revenue grows by 6% YoY, driven by robust growth in the home care segment. The stock shows up in a screener for companies with improving cash flows over the past two years.

• Infosys’ Q1FY24 net profit falls 3% QoQ to Rs 5,945 crore due to rising employee expenses and sub-contractor costs. The firm’s revenue grows 10% QoQ, led by the manufacturing and hi-tech business verticals. The management says the impact is on the back of slow decision-making and low client spending, and revises its FY24 revenue guidance to 1-3.5% from 4-7% in constant currency.

Riding High:

Largecap and midcap gainers today include United Spirits Ltd. (1,039.05, 6.56%), Atul Ltd. (7,014.15, 6.56%) and MphasiS Ltd. (2,330.85, 5.28%).

Downers:

Largecap and midcap losers today include Infosys Ltd. (1,331.60, -8.13%), Persistent Systems Ltd. (4,749.60, -5.83%) and Dalmia Bharat Ltd. (1,920.00, -5.00%).

Volume Rockets

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

Top high volume gainers on BSE included Tanla Platforms Ltd. (1,266.10, 13.32%), IndiaMART InterMESH Ltd. (3,151.00, 8.64%) and Rites Ltd. (454.70, 7.19%).

Top high volume losers on BSE were Infosys Ltd. (1,331.60, -8.13%), Dalmia Bharat Ltd. (1,920.00, -5.00%) and Hindustan Unilever Ltd. (2,604.00, -3.67%).

Atul Ltd. (7,014.15, 6.56%) was trading at 19.8 times of weekly average. General Insurance Corporation of India (194.15, 3.66%) and Indian Railway Finance Corporation Ltd. (34.95, 5.11%) were trading with volumes 10.6 and 7.9 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

40 stocks overperformed with 52-week highs, while 1 stock tanked below their 52-week lows.

Stocks touching their year highs included - Ashok Leyland Ltd. (181.85, 3.50%), Aurobindo Pharma Ltd. (779.55, 0.90%) and Bharat Heavy Electricals Ltd. (94.50, -1.31%).

Stock making new 52 weeks lows included - Atul Ltd. (7,014.15, 6.56%).

4 stocks climbed above their 200 day SMA including MMTC Ltd. (34.15, 3.02%) and Trident Ltd. (33.25, 1.37%). 5 stocks slipped below their 200 SMA including Infosys Ltd. (1,331.60, -8.13%) and TTK Prestige Ltd. (784.35, -1.82%).

Trendlyne Analysis

Nifty 50 closed at 19,979.15 (146, 0.7%), BSE Sensex closed at 67,571.90 (474.5, 0.7%) while the broader Nifty 500 closed at 17,042.55 (89.1, 0.5%). Of the 1,951 stocks traded today, 951 were on the uptick, and 925 were down.

Indian indices rose towards the final hour of the trading session and closed in the green for a sixth consecutive session. The benchmark Nifty 50 index rose over 145 points and closed above the 19,950 mark. Can Fin Homes closed in the green after its Q1FY24 net profit rose 13.1% YoY to Rs 183.5 crore and revenue increased by 34.8% YoY driven by healthy demand for housing loans.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, following the benchmark index. Nifty FMCG and Nifty Pharma closed above Wednesday’s close. According to Trendlyne's sector dashboard, Food, Beverages & Tobacco was the top-performing sector of the day. 

European indices traded in the green, despite the Asian indices closing mixed. US index futures traded in the red as investors assessed Q1FY24 earnings from major US companies. Netflix shares fell nearly 9% in after-hours trading on Wednesday after its revenue fell short of analyst estimates. Brent crude oil futures recovered from its day low and traded flat on a volatile day of trade.

• ABB India sees a short buildup in its July 27 future series as its open interest rises 16.5% with a put-call ratio of 0.42.

• Kirloskar Pneumatic Co falls despite its Q1FY24 net profit rising by 10% YoY to Rs 17.9 crore. However, its revenue drops by 10% YoY on the back of a decline in the compression systems segment. The company appears in a screener of stocks in the 'Sell' zone.

• Zensar Technologies is rising as its Q1FY24 net profit increases 31% QoQ to Rs 156.2 crore due to reduced employee costs and the purchase of traded goods. Its revenue also improves by 1.2% QoQ, as growth in its digital and application services segment remains flat. The stock shows up in a screener for companies with high promoter stock pledges.

• Sun Pharmaceutical Industries and Century Textiles and Industries touch their 52-week highs of Rs 1,102.7 and Rs 990.9 respectively. The former has risen 9.2% over the past month, while the latter increased by 16.8%.

• Media, software & services and hardware technology & equipment sectors rise by more than 5.8% over the past week.

• Havells India falls despite an 18% YoY rise in net profit to Rs 287.1 crore in Q1FY24 due to lower inventory expenses. Its revenue grows by 13.9% YoY on the back of strong performance in cables and Lloyd consumer segments. It appears in a screener of stocks with increasing quarterly profits.

• India’s domestic crude oil production stands at 2.4 MMT (million metric tonnes) in June, according to the data released by the Oil Ministry. Meanwhile, crude oil imports increase marginally by 0.6% YoY.

  Domestic crude oil production remained steady at 2.4 million metric tonnes (MMT) in June, according to data released by the Oil Ministry on July 20.
  
  Read at ????https://t.co/ISVunMw7mO
  
  by @mshubhangi_19 | #CrudeOil#DomesticProduction#NaturalGas#OilProduction

  — Moneycontrol (@moneycontrolcom) July 20, 2023

• Sensex and Nifty 50 hit all-time highs of 67,171.4 and 19,972.8, respectively. Nifty Bank also reaches a record high of 46,214.5.

• HDFC Securities keeps its ‘Buy’ rating on Tanla Platforms and increases the target price to Rs 1,350 from Rs 1,050. This implies an upside of 19%. The brokerage expects the company’s growth to accelerate, driven by a revival in its enterprise business due to rising volumes. It also sees traction in the platform vertical, led by new product launches. It anticipates the company’s revenue to grow at a CAGR of 23.7% over FY23-26.

• Can Fin Homes is rising as its Q1FY24 net profit grows 13.1% YoY to Rs 183.5 crore and revenue increases by 34.8% YoY driven by healthy demand for housing loans, increased focus on retail lending and improving asset quality. The stock shows up in a screener for companies with profits increasing sequentially over the past three quarters.

• SJVN touches a new all-time high of Rs 50.9 per share as its subsidiary, SJVN Green Energy, signs two power purchase agreements (PPA) worth Rs 1,950 crore for 300 MW renewable energy projects. The first PPA is for a 200 MW ground-mounted solar project for Maharashtra State Electricity Distribution. The second PPA is for a 100MW wind power project in Delhi with Solar Energy Corp of India on a build, own and operate basis.

• Hatsun Agro Products surges more than 7% as its net profit jumps 54.3% YoY to Rs 80.1 crore in Q1FY24. Revenue grows 6.8% YoY, helped by improvement in sales of milk and milk products. The company's EBITDA margin expands 230 bps YoY on the back of reduced expenses. It appears in a screener of stocks with high volume and gain.

• Jefferies maintains its ‘Buy’ rating on Newgen Software Technologies with a target price of Rs 860. The brokerage says that the company’s revenue is driven by its license sales and anticipates further growth driven by its banking vertical in the coming quarters.

  Brokerage Radar | @Jefferies on Newgen Software: Maintain Buy; Strong growth visibility led by banking vertical#NewgenSoftware#StockMarketpic.twitter.com/Bt0KXyFA16

  — ET NOW (@ETNOWlive) July 20, 2023

• Olectra Greentech awards a Rs 395.1 crore order to Megha Engineering & Infrastructure for the construction of a greenfield EV manufacturing facility in Seetharampur, Hyderabad. It is expected to be completed within two years.

• As the special pre-open call auction held by the National Stock Exchange for Reliance Industries ends, Jio Financial Services’ shares are valued at Rs 261.85 each. According to reports, the share price of the demerged entity beat brokerages’ estimates of Rs 160-190 per share.

• Finolex Industries is rising as its net profit grows 16.2% YoY to Rs 115.3 crore in Q1FY24. However, revenue remains flat due to decreased revenue from the PVC resin segment and a correction in the prices of PVC pipes. Its EBITDA margin improves by 230 bps YoY, aided by a dip in raw material and finance costs. The company features in a screener of weekly momentum gainers.

• Dr. Reddy's Laboratories touches a 52-week high today as the USFDA completes a pre-approval inspection (PAI) and routine GMP inspection at their API manufacturing facility in Srikakulam, Andhra Pradesh. It has given a classification of 'no action indicated' (NAI) for the facility. It appears in a screener of stocks with strong momentum.

• The Ministry of Heavy Industries is expected to issue a tender for applications for the Rs 18,000 crore Advanced Chemistry Cells (ACC) project under the PLI scheme. The scheme aims to provide incentives for the production of 20GWh battery storage capacity. In the first round, Ola Electric, Reliance New Energy, and Rajesh Exports have been deemed eligible for incentives.

  The ministry of heavy industries will be issuing a fresh tender for applications under the production-linked incentive scheme inviting bids for the ?18,000-crore Advanced Chemistry Cells project.
  
  (@Alisha2494 reports)https://t.co/JPAGcLcSfK

  — Mint (@livemint) July 20, 2023

• PNC Infratech rises to a new 52-week high of Rs 368.6 as it signs a concession agreement with National Highway Authority of India for three hybrid annuity mode projects costing Rs 3,264.4 crore. The projects include six-lane greenfield construction on the Varanasi-Kolkata highway in three packages.

• Vijay Kedia reduces his stake in Ramco Systems to below 1% in Q1FY24, compared to 1.1% held in Q4FY23.

• Nuvama Wealth upgrades its rating on Bajaj Consumer Care to 'Buy' with a target price of Rs 258. The brokerage believes that Q1FY24 will be the beginning of a promising year for the company. It anticipates a recovery in volumes and robust growth.

  Brokerage Radar | Nuvama on Bajaj Consumer: Upgrade to 'Buy'; Expect Bajaj’s volumes to recover and see healthy growth#Nuvama#BajajConsumer#StockMarketpic.twitter.com/3hj0rXI5k2

  — ET NOW (@ETNOWlive) July 20, 2023

• Ashish Kacholia adds Venus Pipes & Tubes to his portfolio in Q1FY24. He buys a 2% stake in the company.

• Porinju Veliyath adds Centum Electronics to his portfolio in Q1FY24. He buys a 1% stake in the company.

• Mastek rises despite a 9.2% YoY drop in its net profit to Rs 70.1 crore in Q1FY24. However, its revenue rises by 22.1% YoY on the back of robust growth in UK & Europe, North America, and Middle East operations. It also signs a definitive agreement to acquire USA-based BizAnalytica for an upfront payment of $16.7 million (Rs 137.2 crore). The company appears in a screener of stocks with negative profit growth and decreasing promoter shareholdings.

• Tata Communications is rising despite a 29.8% YoY decline in its net profit to Rs 381.7 crore in Q1FY24. However, revenue grows 10.7% YoY on the back of increased revenue from the data services and transformation services segments. Its EBITDA margin plunges 450 bps YoY due to increased expenses. The company appears in a screener of stocks with declining net profit and profit margin (YoY).

Riding High:

Largecap and midcap gainers today include Polycab India Ltd. (4,717.35, 9.48%), HDFC Asset Management Company Ltd. (2,520.15, 4.65%) and PB Fintech Ltd. (776.45, 4.20%).

Downers:

Largecap and midcap losers today include ABB India Ltd. (4,204.00, -6.44%), Shree Cements Ltd. (23,409.05, -2.58%) and ICICI Prudential Life Insurance Company Ltd. (547.75, -2.09%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Polycab India Ltd. (4,717.35, 9.48%), Hatsun Agro Products Ltd. (1,049.30, 7.52%) and Rail Vikas Nigam Ltd. (128.70, 7.34%).

Top high volume losers on BSE were ABB India Ltd. (4,204.00, -6.44%), Shree Cements Ltd. (23,409.05, -2.58%) and L&T Finance Holdings Ltd. (131.15, -1.76%).

Alembic Pharmaceuticals Ltd. (711.50, 7.33%) was trading at 14.7 times of weekly average. Nippon Life India Asset Management Ltd. (311.30, 4.80%) and Borosil Renewables Ltd. (499.80, 6.06%) were trading with volumes 7.6 and 7.4 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

48 stocks hit their 52-week highs,

Stocks touching their year highs included - Alembic Pharmaceuticals Ltd. (711.50, 7.33%), Ashok Leyland Ltd. (175.70, 1.44%) and Aurobindo Pharma Ltd. (772.60, 2.86%).

11 stocks climbed above their 200 day SMA including Restaurant Brands Asia Ltd. (114.10, 2.93%) and TTK Prestige Ltd. (798.90, 1.76%). 2 stocks slipped below their 200 SMA including Garware Technical Fibres Ltd. (3,091.95, -1.76%) and Network 18 Media & Investments Ltd. (59.70, 0.34%).

Trendlyne Analysis

Nifty 50 closed at 19,833.15 (83.9, 0.4%), BSE Sensex closed at 67,097.44 (302.3, 0.5%) while the broader Nifty 500 closed at 16,953.50 (81.5, 0.5%). Of the 1,945 stocks traded today, 1,099 showed gains, and 785 showed losses.

Indian indices extended their gains from the afternoon session and closed in the green, with the Nifty 50 closing at an all-time high of 19,846. The volatility index, Nifty 50 VIX, dropped by 0.9% and closed at 11.6 points. Bank of Maharashtra’s net profit increased by 95.2% YoY to Rs 882 crore in Q1FY24.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, following the benchmark index. Nifty Media and Nifty Energy closed sharply higher compared to Tuesday’s closing levels. According to Trendlyne’s sector dashboard, hardware technology & equipment emerged as the top-performing sector of the day with a rise of over 4.1%.

Most European indices trade in the green. US indices futures trade mixed as investor brace for earnings report from Goldman Sachs, Tesla and Netflix. Microsoft shares closed at an all-time high on Tuesday after it announced pricing for its AI suite tools.

• Money flow index (MFI) indicates that stocks like Aarti Drugs, Sun TV Network, Mahindra Holidays & Resorts Indiaand Bayer Cropscience are in the overbought zone.

• Century Textiles & Industries rises to a new 52-week high of Rs 979, despite reporting a net loss of Rs 5.9 crore in Q1FY24. This is in contrast with a net profit of Rs 46.3 crore in Q1FY23. Its net sales decrease by 6% YoY due to a drop in the textiles and pulp & paper segments. The company appears in a screener of stocks with declining net cash flow.

• Jubilant Pharmova is falling as its Q1FY24 net profit declines 86.4% YoY to Rs 6.4 crore on a high base, as it received a deferred tax credit of Rs 16.6 crore in Q1FY23. Profitability also takes a hit due to rising raw material prices, finance costs and employee expenses. Its revenue grows 8.7% YoY, led by the radio pharma and generics segments.

• Network 18 Media & Investments plunges more than 5% as its net loss widens by 11.7x YoY to Rs 38.7 crore in Q1FY24 due to a 3.9x YoY surge in operational costs. However, its revenue rises 141.7% YoY to Rs 3,790.1 crore. The company shows up in a screener of stocks with high interest payments compared to earnings.

• Bank of Maharashtra rises as its net profit increases by 95.2% YoY to Rs 882.1 crore in Q1FY24. Its net interest income also improves by 38.8% YoY on the back of growth in the treasury and corporate banking segments. The company appears in a screener of stocks with strong annual EPS growth.

• Netweb Technologies India's Rs 631 crore IPO gets bids for 90.4X the available 88.6 lakh shares on offer on the third day of bidding. The retail investor quota gets bids for 19.2X of the available 44.9 lakh shares on offer.

• Infosys, Coforge, United Spirits and Tanla Platforms' weekly average delivery volumes rise ahead of their Q1FY24 results tomorrow.

• Asian Development Bank (ADB) maintains its forecast for India's economic growth at 6.4% in FY24 on the back of robust domestic demand. The bank predicts a further decline in inflation as energy and food costs decrease. ADB expects India's GDP to reach 6.7% in FY25.

  The bank forecasted 3.6 per cent #inflation this year for developing economies in #Asia and 3.4 per cent in 2024.https://t.co/dqo27mtpoC

  — Mint (@livemint) July 19, 2023

• TV18 Broadcast rises to a new 52-week high of Rs 45.2 as its net profit increases 31.7% YoY to Rs 44.3 crore in Q1FY24. Its revenue is up by 160.8% YoY. However, its EBITDA margin falls by 240 bps on the back of increased operational and marketing, distribution & promotional expenses. The company appears in a screener of stocks with increasing yearly and quarterly net profits.

• ICICI Securities downgrades its rating on Just Dial to ‘Add’ from ‘Buy’ with a target price of Rs 870. This implies an upside of 8.5%. The brokerage believes the stock has a limited upside, given its recent uptrend. While acknowledging the stability of the company's core business, ICICI Securities expects delays in commercial launches of new initiatives.

• Ramkrishna Forgings is rising as it commences commercial operations at its Jharkhand plant. This will enhance the company’s output by 23,800 tonnes per year, taking its total production capacity to 2,10,900 tonnes per year. The company shows up in a screener for stocks with high consistent returns over the past five years.

• Rakesh Jhunjhunwala's portfolio cuts its stake in Prozone Intu Properties to below 1% in Q1FY24, compared to 2.1% held in Q4FY23.

• HSBC initiates coverage on Titagarh Rail Systems with a ‘Buy’ rating and a target price of Rs 730. The brokerage believes that the Centre’s plan to increase the number of freight trains and order prospects from the metro segment will augur well for the firm.

  Brokerage Radar | @HSBC on Titagarh Wagon: Initiate 'Buy'; Have not assigned any value to its stake in Titagarh Firema SpA as we await sustainable signs of a turnaround in that business@titagarhgroup#StockMarketpic.twitter.com/KrGJezVZmK

  — ET NOW (@ETNOWlive) July 19, 2023

• CIE Automotive India rises to its all-time high of Rs 579.8 per share as its net profit surges 59.7% YoY to Rs 301.7 crore in Q1FY24. Its revenue also grows 4.7% YoY, aided by improvement in the India and Europe segments. Its EBIDTA margin expands 250 bps YoY, helped by a drop in raw materials prices. The company appears in a screener of stocks with consistently high returns over the past five years.

• Adani Transmission rises as its smart meter contract value stands at Rs 3,700 crore in Q1FY24. Its energy sales grow by 7.6% YoY to 275.4 crore units on the back of expansion of operational distribution networks.

• Rakesh Jhunjhunwala's portfolio sells a 4.8% stake in Metro Brands in Q1FY24. It now holds a 9.6% stake in the company.

• Bikaji Foods International rises over 8% and touches its 52-week high as the company acquires a 49% stake amounting to Rs 5.1 crore in Bhujialalji.

  #JustIn | #Bikaji acquires 49% stake in Bhujialalji for ?5.1 cr pic.twitter.com/UqFreNWo7E

  — CNBC-TV18 (@CNBCTV18Live) July 19, 2023

• Porinju Veliyath adds Kokuyo Camlin to his portfolio in Q1FY24, buys a 1% stake

• B L Kashyap & Sons rises as it bags an order worth Rs 369 crore from DLF Home Developers. The order involves civil structure and waterproofing works for DLF's The Arbour project and is expected to be completed in 33 months. The company appears in a screener of stocks with strong momentum.

• ICICI Lombard General Insurance is falling despite its net profit growing 11.8% YoY to Rs 390 crore in Q1FY24. Its gross direct premium income increases by 18.9% YoY, aided by improvement in premiums from the retail & corporate health and motor segments. It features in a screener of stocks near their 52-week highs with significant volumes.

• Jio Financial Services is set to demerge from Reliance Industries on Thursday. The NSE and BSE will hold a special pre-open session for Reliance Industries to discover the share price of Jio Financial.

  Jio Financial will be spun out of Reliance on Thursday.
  
  How will it happen ?
  
  10 points.
  
  1. The record date to determine who is eligible to get Jio Financial Svcs shares is July-20, i.e Thursday.
  
  1/8 @CNBCTV18Live

  — Prashant Nair (@_prashantnair) July 18, 2023

• Media stocks like TV18 Broadcast, Network 18 Media & Investments, Zee Entertainment Enterprises, Navneet Education and Sun TV Network are rising in trade. All the constituents of the broader index, Nifty Media, are also trading in the green.

• L&T Technology Services falls despite its net profit rising by 0.5% QoQ to Rs 311.1 crore in Q1FY24. Its revenue increases by 9.5% QoQ on the back of robust growth in the transportation segment. The company appears in a screener of stocks with improving quarterly revenue.

• IndusInd Bank’s Q1FY24 net profit rises 32.5% YoY to Rs 2,123.6 crore, while its net interest income grows 18% YoY. The bank’s robust performance is driven by healthy growth in the retail banking and corporate/wholesale banking segments. Its asset quality also improves, with Gross and Net NPAs declining by 41 bps and 9 bps YoY respectively.

Riding High:

Largecap and midcap gainers today include Polycab India Ltd. (4,308.85, 4.38%), Punjab National Bank (64.15, 4.14%) and Patanjali Foods Ltd. (1,323.00, 3.95%).

Downers:

Largecap and midcap losers today include ICICI Prudential Life Insurance Company Ltd. (559.45, -2.66%), Endurance Technologies Ltd. (1,661.05, -1.97%) and Tube Investments of India Ltd. (3,192.00, -1.82%).

Movers and Shakers

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

Top high volume gainers on BSE included Tata Teleservices (Maharashtra) Ltd. (80.95, 10.44%), TV18 Broadcast Ltd. (42.90, 9.16%) and Finolex Cables Ltd. (977.65, 9.03%).

Top high volume losers on BSE were Network 18 Media & Investments Ltd. (59.50, -7.54%), Jubilant Pharmova Ltd. (386.85, -2.83%) and CIE Automotive India Ltd. (517.85, -2.36%).

KEI Industries Ltd. (2,563.10, 5.07%) was trading at 14.6 times of weekly average. Bikaji Foods International Ltd. (448.65, 5.24%) and KRBL Ltd. (373.60, 5.18%) were trading with volumes 9.8 and 6.0 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

46 stocks made 52-week highs,

Stocks touching their year highs included - Ashok Leyland Ltd. (173.20, -0.14%), Aurobindo Pharma Ltd. (751.10, -0.27%) and Zydus Lifesciences Ltd. (607.50, 0.91%).

9 stocks climbed above their 200 day SMA including Tata Teleservices (Maharashtra) Ltd. (80.95, 10.44%) and Rain Industries Ltd. (167.65, 2.73%). 12 stocks slipped below their 200 SMA including Network 18 Media & Investments Ltd. (59.50, -7.54%) and MMTC Ltd. (33.45, -1.33%).

Trendlyne Analysis

Nifty 50 closed at 19,749.25 (37.8, 0.2%) , BSE Sensex closed at 66,795.14 (205.2, 0.3%) while the broader Nifty 500 closed at 16,872.00 (-0.1, 0%). Of the 1,959 stocks traded today, 691 were on the uptick, and 1,208 were down.

Indian indices closed in the green, with the Nifty 50 closing at an all-time high for a third consecutive trading session. The volatility index, Nifty VIX, rose over 2.9% but closed below the 12% level. Polycab India surged to its all-time high of Rs 4,148.7 per share as its net profit grew 81% YoY to Rs 402.8 crore in Q1FY24.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the red, underperforming the benchmark index. Nifty Energy and Nifty IT closed higher than Monday’s close. According to Trendlyne’s sector dashboard, Healthcare Equipment & Supplies was the top-performing sector of the day.

Major Asian indices closed in the red, except for India’s BSE Sensex and Japan’s Nikkei 225, which closed higher. European indices traded flat as investors looked ahead to Q1FY24 earnings announcements from major companies. Brent crude oil futures traded in the green after falling over 3.5% in the past two trading sessions.

• Relative strength index (RSI) indicates that stocks like 360 One Wam, Sunteck Realty, RBL Bank and C.E. Info Systems are in the overbought zone.

• Adani Enterprises rises as Gautam Adani addresses shareholders, dismissing Hindenburg’s report as a "malicious attempt to damage the group's reputation". He adds, “Even during this crisis, the company raised several billions from international investors. No credit agency in India or abroad cut any ratings." He reassures shareholders that the group remains resilient and focused on its long-term goals.

• ICICI Prudential Life Insurance Company falls despite a 31.7% YoY increase in net profit to Rs 206.2 crore in Q1FY24. Its revenue surges by 52% YoY, but the value of new business drops by 7% YoY. The company appears in a screener of stocks with rising quarterly profits.

• Polycab India surges to its all-time high of Rs 4,128.6 per share as its net profit grows 81% YoY to Rs 402.8 crore in Q1FY24. Revenue also improves by 42% YoY on the back of an increase in revenue from the wires & cables and international businesses. It shows up in a screener of stocks with prices above short, medium and long-term moving averages.

• Chetan Ahya, Chief Asia Economist at Morgan Stanley, maintains his forecast of 6.5% average growth for India in FY24. He expects inflation to be around 5% in Q1CY24, and RBI to begin interest rate cuts in February 2024.

  #OnCNBCTV18 | #Asia ex-China offers growth rates that are reasonably strong driven by domestic #demand. Still forecast 6.5% average growth for #India in #FY24. Estimate #RBI to cut interest rates in February 2024, says Chetan Ahya of Morgan Stanley pic.twitter.com/4WaJF44z5H

  — CNBC-TV18 (@CNBCTV18Live) July 18, 2023

• Ganesh Housing Corp surges as its net profit jumps 12.3x to Rs 161.3 crore in Q1FY24. Revenue also grows 6.4x to Rs 270.4 crore, backed by increased pre-sales and a strong pipeline of projects. It appears in a screener of stocks that have seen improvements in quarterly revenue, net profit, and operating profit margin.

• Satin Creditcare Network falls as Nordic Microfinance Initiative Fund III sells a 2.2% equity stake (20.4 lakh shares) worth Rs 35.8 crore in the company. The transaction was at Rs 175.5 per share for 15.6 lakh shares and Rs 176.2 per share for the remaining 4.4 lakh shares. The company appears in a screener of stocks with declining quarterly MF shareholdings.

• Netweb Technologies India's Rs 631 crore IPO gets bids for 6.71X the available 88.6 lakh shares on offer on the second day of bidding. The retail investor quota gets bids for 6.84X of the available 44.9 lakh shares on offer.

• HDFC Securities downgrades its rating on Angel One to ‘Add’ from ‘Buy’ but increases the target price to Rs 1,815 from Rs 1,800. This implies an upside of 20.7%. The brokerage cites moderation in the number of orders, slower customer acquisition, and increased employee costs for the downgrade. It also believes that the stock is trading at expensive levels after its uptrend over the past six months.

• One 97 Communications (Paytm) is falling as SoftBank reportedly sells an additional 2% stake worth $250-300 million in the company. This will reduce the investment bank's ownership in the company to below 10% for the first time.

  SoftBank has sold an additional 2% stake in #Paytm, generating proceeds of $250 million to $300 millionhttps://t.co/PdDzBj5ZLr

  — ETMarkets (@ETMarkets) July 18, 2023

• Ashish Kacholia adds Ugro Capital to his portfolio in Q1FY24, buying a 1.6% stake in the company. He also increases his stake in Aditya Vision to 2% by purchasing an additional 0.9% stake during the quarter.

• Happiest Minds Technologies completes its fundraising round of Rs 500 crore through qualified institutional placements. The board has approved the allotment of 54,11,255 shares at an average price of Rs 924 per share. The company appears in a screener of stocks with increasing FII/FPI shareholdings.

• Rama Steel Tubes is surging as it signs a memorandum of understanding (MoU) with JSW Steel to procure 1 lakh tonnes of hot rolled coils (HRC) used in the manufacturing of steel tubes and pipes. The MoU also establishes Rama Steel Tubes as the official distributor of HRC for JSW Steel in the western region.

• Dolly Khanna buys a 0.5% stake in Deepak Spinners in Q1FY24. She now holds a 1.7% stake in the company.

• Endurance Technologies rises as it acquires an additional 5% equity stake (6,850 shares) in Maxwell Energy Systems. The deal was executed at an average price of Rs 10,136 per share, totalling Rs 6.9 crore. Post this deal, Endurance will have a 56% equity stake in Maxwell.

• Rallis India rises more than 3% in trade after Tata Chemicals acquires 97 lakh shares (4.9% equity) in the company, amounting to Rs 208.6 crore, through a block deal. This will increase Tata Chemicals' shareholding to 55.04%.

  Just In | Tata Chemicals buys 9.7 mn Rallis India shares at Rs 215.05/sh#TataChemicals#RallisIndiapic.twitter.com/HOTg2i6AWA

  — ET NOW (@ETNOWlive) July 18, 2023

• Patanjali Ayurved, promoter of Patanjali Foods, sells a 7% stake (2.5 lakh equity shares) in the company on Thursday and Friday.

• Texmaco Rail & Engineering is falling despite its board's approval to raise funds up to Rs 500 crore through various financial instruments like preferential issue, rights issue, qualified institutional placement, follow-on public offer, or a combination of these. It appears in a screener of stocks which are in the 'Sell' zone.

• Tata Elxsi falls as its net profit drops by 6.3% QoQ to Rs 188.9 crore in Q1FY24. Its revenue rises marginally by 1.5% QoQ on the back of muted growth in the software development & services and system integration & support services segments. The company appears in a screener of stocks with declining quarterly net profit.

• Amara Raja Batteries falls more than 4% in trade as reports suggest that 2.72 crore shares (15.9% equity), amounting to Rs 1,788.3 crore, have changed hands in a large trade. Clarios ARBL Holding LP is the likely seller in this transaction.

  #AmaraRaja Large Trade | 2.72 cr shares (15.9% equity) worth ?1788.3 cr change hands at an average of ?654/sh#BlockDealhttps://t.co/ElLIiQQIxCpic.twitter.com/8oJ0KwcPCJ

  — CNBC-TV18 (@CNBCTV18Live) July 18, 2023

• Hindware Home Innovation appoints Salil Kappoor as the Chief Executive Officer of the company, with effect from today.

• IDFC reappoints Mahendra N Shah as Managing Director, effective from October 1, 2023, for a period of one year. The board also appoints Bipin Gemani as the Whole Time Director and Chief Financial Officer, effective from July 17, 2023.

• Macquarie maintains its ‘Outperform’ rating on HDFC Bank with a target price of Rs 2,110. The brokerage highlights that the bank witnessed low deposit growth due to seasonality in Q1, but loan growth improved on CRB (commercial and rural banking), and personal & home loans.

  Brokerage Radar | Macquarie on HDFC Bank: Maintain 'Outperform'; Merged entity ROA guidance remains unchanged#StockMarket#Macquarie#HDFCBankpic.twitter.com/YHkaXaAMY5

  — ET NOW (@ETNOWlive) July 18, 2023

• Infosys is rising as it enters into a framework agreement with one of its existing clients to provide AI and automation-led services. The deal is worth $2 billion (Rs 16,411 crore) over the next five years.

• Sheela Foam rises as it acquires a controlling stake of 94.7% in Kurl-On Enterprises for Rs 2,035 crore. The company has also bought a 35% equity stake in HoK-Furlenco for Rs 300 crore. These deals allow Sheela Foam to expand its customer base and enter the branded furniture and rental furniture segment.

• LTIMindtree’s Q1FY24 net profit rises 3.4% QoQ to Rs 1,151.5 crore, led by growth in the hi-tech, media and entertainment vertical and a fall in sub-contractor costs. Its revenue marginally increases by 0.1% QoQ due to weakness in the banking, financial services, and insurance segments. The stock shows up in a screener for companies with high momentum scores.

Riding High:

Largecap and midcap gainers today include Polycab India Ltd. (4,128.15, 5.45%), Supreme Industries Ltd. (3,479.00, 3.68%) and Infosys Ltd. (1,475.20, 3.67%).

Downers:

Largecap and midcap losers today include Indian Overseas Bank (25.70, -3.20%), LTIMindtree Ltd. (5,001.15, -2.60%) and One97 Communications Ltd. (840.40, -2.57%).

Volume Rockets

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

Top high volume gainers on BSE included Godrej Agrovet Ltd. (499.15, 5.62%), Polycab India Ltd. (4,128.15, 5.45%) and Saregama India Ltd. (447.75, 5.35%).

Top high volume losers on BSE were CCL Products India Ltd. (620.55, -8.59%), Amara Raja Batteries Ltd. (642.80, -6.16%) and Happiest Minds Technologies Ltd. (935.70, -6.00%).

Sheela Foam Ltd. (1,236.90, 4.20%) was trading at 13.6 times of weekly average. Vaibhav Global Ltd. (346.15, 4.89%) and Rallis India Ltd. (220.90, 2.72%) were trading with volumes 11.9 and 10.4 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

40 stocks hit their 52 week highs, while 1 stock hit their 52 week lows.

Stocks touching their year highs included - AIA Engineering Ltd. (3,509.00, 4.46%), Apollo Hospitals Enterprise Ltd. (5,162.60, -1.09%) and Bajaj Auto Ltd. (4,860.60, 0.57%).

Stock making new 52 weeks lows included - Rajesh Exports Ltd. (509.45, -2.06%).

15 stocks climbed above their 200 day SMA including Vaibhav Global Ltd. (346.15, 4.89%) and Sheela Foam Ltd. (1,236.90, 4.20%). 10 stocks slipped below their 200 SMA including Aptus Value Housing Finance India Ltd. (265.80, -3.68%) and India Cements Ltd. (210.10, -2.03%).