Nifty 50 closed at 22,104.05 (48.9, 0.2%), BSE Sensex closed at 72,776.13 (111.7, 0.2%) while the broader Nifty 500 closed at 20,511 (41.9, 0.2%). Market breadth is in the red. Of the 2,163 stocks traded today, 859 were on the uptrend, and 1,256 went down.
Indian indices recovered from the day’s low and closed in the green. The volatility index, Nifty VIX, rose by 11.5% and closed at 20.6 points. Varun Beverages' net profit grew by 24.9% YoY to Rs 548 crore in Q1CY24, while its revenue increased by 11.3% YoY to Rs 4,398 crore.
Nifty Smallcap 100 closed lower, while Nifty Midcap 100 closed in the green following the benchmark index. Nifty Pharma and Nifty Metal closed higher than Friday’s closing level. According to Trendlyne’s sector dashboard, hardware technology & equipment emerged as the top-performing sector of the day, with a rise of over 3.2%.
Most European indices trade flat, except for Italy’s FTSE MIB trading higher. US indices futures trade flat, indicating a cautious start. According to Reuters, the US government is expected to announce a new set of tariffs on Chinese products. Electric vehicles, semiconductors, medical supplies and solar equipment from China are expected to be impacted by new tariffs.
Relative strength index (RSI) indicates that stocks like Jupiter Wagons, Hindustan Zinc, Schaeffler India and Polycab India are in the overbought zone.
BEML surges as its net profit grows 62.8% YoY to Rs 256.8 crore in Q4FY24, owing to a reduction in employee benefits and finance costs. Revenue increases by 9.1% YoY to Rs 1,513.7 crore during the quarter. It features in a screener of high volume and high gaining stocks.
UPL posts a net loss of Rs 80 crore in Q4FY24 compared to a net profit of Rs 1,080 crore in Q4FY23. This is due to an exceptional loss of Rs 105 crore during the quarter. Revenue declines by 15% YoY to Rs 14,078 crore, impacted by the crop protection and non-agro segments. It shows up in a screener of stocks with declining net profit for the past four quarters.
Tube Investments of India falls sharply as its net profit declines by 39.2% YoY to Rs 189.5 crore in Q4FY24, caused by an increase in raw materials, employee benefits, and finance costs. Revenue grows by 18.8% YoY to Rs 4,345 crore, led by improvements in the engineering, metal-formed products, electric vehicles, gears & gear products, power systems, and industrial systems segments.
Om Manchanda, Managing Director of Dr. Lal Pathlabs, highlights that the company aims for double-digit revenue growth, with margins at 26% in FY25. He adds that the focus remains on improving volumes, and says there are no plans for price hikes in the near term.
Personal products, IT networking equipment, oil equipment & services, and other leisure productsindustries surge more than 6% over the past week.
Varun Beverages' net profit grows by 24.9% YoY to Rs 548 crore in Q1CY24 due to a reduction in raw material costs. Revenue increases by 11.3% YoY to Rs 4,398 crore, due to improvements in the carbonated soft drinks (CSD), juice, and water segments. It shows up in a screener of stocks with improving net cash flow over the past two years.
Axis Securities retains its 'Buy' call on State Bank of India with an upgraded target price of Rs 1,010 per share. This indicates a potential upside of 25.9%. The brokerage believes that the bank's improving fee income profile, and declining operating expenses & credit costs will help increase profitability. It expects the company's net profit to grow at a CAGR of 7.8% over FY24-26.
Credit rating agency Fitch Ratings says the risk appetite of Indian banks, indicated by increased loan growth, will continue to influence their creditworthiness. The rating agency notes that the asset quality pressures from the previous credit cycle are easing.
Kalyan Jewellers' net profit surges by 96.3% YoY to Rs 137.6 crore in Q4FY24. Revenue grows by 34.1% YoY to Rs 4,534.9 crore, led by the improvement in customer additions and franchised showrooms. It features in a screener of stocks with increasing return on capital employed (RoCE) over the past two years.
KPI Green Energy’s board of directors approves raising funds worth Rs 1,000 crore through a qualified institutional placement (QIP).
Sharda Cropchem rises sharply as its net profit beats Forecaster estimates by 19.9x despite falling by 27.8% YoY to Rs 143.5 crore in Q4FY24. Revenue declines by 11.5% YoY to Rs 1,312.1 crore, impacted by the agrochemical and non-agrochemical segments. It appears in a screener of stocks with zero promoter pledge.
Indian Oil Corp reportedly plans a capex of Rs 31,000 crore for FY25 to expand its core business and green energy projects. The company targets to achieve net-zero emissions by 2046.
Bank of India's net profit grows by 6.6% YoY to Rs 1,438.9 crore in Q4FY24, helped by a decline in employee benefits expenses and provisions. Revenue increases by 20.2% YoY to Rs 16,161.7 crore, owing to an improvement in the wholesale and retail banking segments. It shows up in a screener of stocks with rising net cash flow and cash from operating activities.
Piramal Pharma surges to its 52-week high of Rs 166.7 per share as its net profit grows by 102.1% YoY to Rs 101.3 crore in Q4FY24, driven by a reduction in raw material costs. Revenue increases by 18% YoY to Rs 2,552.4 crore, owing to improvements in the CDMO and India Consumer Healthcare (ICH) segments. It features in a screener of stocks where FIIs increased their shareholding.
Auto stocks like Maruti Suzuki, Tata Motors, Mahindra & Mahindra, Bajaj Auto, and TVS Motor are falling in trade. All constituents of the broader Nifty Auto are trading in the red.
Rajendra V Gogri, CMD of Aarti Industries says the company maintains its FY25 EBITDA guidance in the Rs 1,450-1,700 crore range. He forecasts volume growth of 20-30% for the year.
Neuland Laboratories plunges as its net profit declines by 20.1% YoY to Rs 67.6 crore in Q4FY24 due to higher raw material, employee benefits, and manufacturing expenses. Revenue falls by 5.4% YoY to Rs 385 crore, impacted by the prime segment. It shows up in a screener of stocks underperforming their industries in terms of price change in the past quarter.
Indegene’s shares debut on the bourses at a 44.9% premium to the issue price of Rs 452. The Rs 548.8 crore IPO has received bids for 69.9 times the total shares on offer.
Va Tech Wabag is rising as it bags a repeat order worth $49 million (approx. Rs 409.3 crore) from Kathmandu Upatyaka Khanepani to design, build, and operate three waste water treatment plants in Nepal.
Sanjay Purohit, Group CEO of Sapphire Foods India, highlights the impact of muted demand and increased competition in Q4, and expects it to continue in H1FY25. He says that the company targets to improve its SSSG (same-store sales growth) by 5-7%.
ABB India surges to its all-time high of Rs 7,791.5 per share as its net profit grows by 87.5% YoY to Rs 459.3 crore in Q4FY24. Revenue increases by 28.9% YoY to Rs 3,063.7 crore, owing to improvements in the robotics & discrete automation, motion, electrification, and process automation segments. It features in a screener of stocks where brokers upgraded their recommendation or target price in the past month.
Prestige Estates Projects falls sharply as its Chief Executive Officer, Venkata Narayana K, resigns with effect from Friday.
Vedanta's board approves the acquisition of a 46.6% stake in AvanStrate through its subsidiary, Cairn India Holdings, for JPY 12.2 billion (approx. Rs 654 crore).
Tata Motors' net profit surges by 3.2x to Rs 17,407.2 crore in Q4FY24 due to a deferred repayment of Rs 9,478.2 crore. Revenue grows by 13.3% YoY to Rs 1.2 lakh crore, owing to an increase in the commercial vehicle, passenger vehicle, and Jaguar & Land Rover segments. It appears in a screener of stocks with high momentum scores.
Nifty 50 was trading at 21,970.20 (-85, -0.4%), BSE Sensex was trading at 72,573.93 (-90.5, -0.1%) while the broader Nifty 500 was trading at 20,406.40 (-62.7, -0.3%).
Market breadth is in the red. Of the 1,940 stocks traded today, 839 were on the uptick, and 1,006 were down.
Riding High:
Largecap and midcap gainers today include ABB India Ltd. (7,984.25, 11.2%), Hindustan Zinc Ltd. (579.10, 10.2%) and Siemens Ltd. (6,620.10, 7.3%).
Downers:
Largecap and midcap losers today include Bank of India (124.60, -10.2%), Tata Motors Limited (DVR) (645.60, -8.6%) and Tata Motors Ltd. (959.75, -8.3%).
Volume Rockets
23 stocks in BSE 500 are trading on high volumes today.
Top high volume gainers on BSE included Esab India Ltd. (5,669, 12.1%), ABB India Ltd. (7,984.25, 11.2%) and UPL Ltd. (534.10, 6.4%).
Top high volume losers on BSE were Bank of India (124.60, -10.2%), Tata Motors Ltd. (959.75, -8.3%) and TCI Express Ltd. (1,009.75, -8.2%).
Cera Sanitaryware Ltd. (,7133, 5.8%) was trading at 10.8 times of weekly average. Dr. Lal Pathlabs Ltd. (2,494.30, 6.2%) and V-Mart Retail Ltd. (2,167, 3.0%) were trading with volumes 6.9 and 6.4 times weekly average respectively on BSE at the time of posting this article.
BSE 500: highs, lows and moving averages
18 stocks made 52 week highs, while 8 stocks hit their 52 week lows.
Stocks touching their year highs included - Astral Ltd. (2,215.55, 2.6%), Aurobindo Pharma Ltd. (1,177.60, 4.4%) and Cummins India Ltd. (3,512.35, 3.0%).
Stocks making new 52 weeks lows included - Bata India Ltd. (1,319, 0.8%) and CCL Products India Ltd. (572.75, -0.6%).
10 stocks climbed above their 200 day SMA including Esab India Ltd. (5,669, 12.1%) and Dr. Lal Pathlabs Ltd. (2,494.30, 6.2%). 15 stocks slipped below their 200 SMA including eClerx Services Ltd. (2,175.70, -5.2%) and Sona BLW Precision Forgings Ltd. (570.65, -3.3%).