Nifty 50 closed at 21,453.95 (215.2, 1.0%), BSE Sensex closed at 71,060.31 (689.8, 1.0%) while the broader Nifty 500 closed at 19,451.00 (244.6, 1.3%), of the 2,018 stocks traded today, 1,411 were on the uptick, and 569 were down.
Indian indices recovered from their day lows and closed in the green, with the Nifty 50 closing at 21,454 points. The Indian volatility index, Nifty VIX, closed around 14.4 points. Bharat Dynamics rose 1.9% after its Q3FY24 net profit increased 61.2% YoY to Rs 135 crore, while its revenue grew by 38.4% to Rs 689.2 crore.
Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, outperforming the benchmark index. Nifty Metal and Nifty Media closed higher than their Tuesday close. According to Trendlyne’s sector dashboard, Telecommunications Equipment emerged as the top-performing sector of the day, with a rise of 4.9%.
Major Asian indices closed higher, except for Japan’s Nikkei 225 closing in the red. European indices traded higher, taking cues from the Asian stocks. US index futures traded in the green, indicating a positive start to the trading session. Brent crude oil futures traded marginally higher after closing in the red on Tuesday.
- Aurobindo Pharma sees a long buildup in its January 25 future series as its open interest rises 30.5% with a put-call ratio of 0.6.
Motilal Oswal Financial Services rises sharply to an all-time high of Rs 1,860.6 as its Q3FY24 net profit increases by 149.6% YoY to Rs 378.9 crore. Its revenue grows by 59.6% YoY. The company appears in a screener of stocks with increasing quarterly revenue for the past two quarters.
Intellect Design Arena, Punjab National Bank and KFin Technologies rise by 7.2%, 4.2% and 1.3% respectively, ahead of their Q3FY24 results tomorrow.
Indian Oil Corporation rises as its Q3FY24 net profit grows 9.4x YoY to Rs 9,224.8 crore due to lower raw material, inventory and finance expenses. However, its revenue improves by 2.3% YoY due to a fall in its petroleum products segment. The company appears in a screener of stocks nearing their 52-week high with significant volumes.
Indian Overseas Bank rises as its Q3FY24 net profit grows 30.2% YoY to Rs 722.6 crore. Its net interest income also increases by 5.5% YoY. The bank's asset quality improves as its gross and net NPAs fall by 429 bps YoY and 181 bps YoY, respectively.
Bharat Dynamics' Q3FY24 net profit rises 61.2% YoY to Rs 135 crore, while its revenue grows by 38.4% to Rs 689.2 crore. EBITDA also improves by 33.6% YoY to Rs 118.8 crore. It appears in a screener for stocks with improving book value per share over the past two years.
Sharda Cropchem falls sharply as its net profit plunges by 95.7% YoY to Rs 4.6 crore in Q3FY24. Revenue declines by 37.8% YoY due the agrochemicals and non-agrochemicals segments. It appears in a screener of stocks with a decline in their revenue and net profit (YoY).
KR Choksey maintains its 'Accumulate' rating on Hindustan Unilever with a target price of Rs 2,716 per share. This indicates a potential upside of 11.9%. The brokerage expects the company to take advantage of softening inflation and rising demand. It projects the company's net profit to grow at a CAGR of 8.8% over FY23-26.
Exide Industries' Q3FY24 net profit rises by 0.8% YoY to Rs 200.2 crore. Its revenue improves by 12.5% YoY due to the rising industrial segment. However, EBITDA margins decline by 40 bps YoY on the back of rising raw material and inventory expenses.
HSBC's Flash India Composite PMI rises to 61.0 In January from 58.5 in December 2023, driven by strong manufacturing output. Manufacturing PMI increases to 56.9, while services PMI rises to 61.2.
Nova Agritech's Rs 143.8 crore IPO gets bids for 23.1X the available 2.5 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 27.5X the available 1.3 crore shares on offer.
EPack Durables' Rs 640.1 crore IPO gets bids for 8.4X the available 2 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 5.2X the available 1 crore shares on offer.
NMDCincreases the prices of lump ore and fines by Rs 400 per tonne each, setting them at Rs 6,000 and Rs 5,310 per tonne, respectively. This marks the second price revision in January and is effective immediately.
Natarajan Srinivasan, CEO & MD of CG Power and Industrial Solutions, forecasts the company's revenue to hit Rs 7,750 crore by FY24 end with about 15% margins. He mentions plans to direct 20% of motor sales towards exports over the next 2-3 years. The firm's Q3FY24 net profit jumps by 228.1% YoY to Rs 747.5 crore, and revenue grows 10.9% YoY.
Nazara Technologiesacquires a 100% stake in Comic Con India for Rs 55 crore through a cash and share swap deal, with Comic Con India's promoters exchanging 27.5 crore of their shares for Nazara Technologies' shares.
Man Industriesfalls over 10% as its net profit declines by 17.7% YoY to Rs 30.6 crore in Q3FY24 due to higher raw material, employee benefit and finance costs. Revenue grows by 26.6% YoY, driven by gains in the manufacturing segment.
Sona BLW Precision Forgings' Q3FY24 net profit rises 23.9% YoY to Rs 132.7 crore, while its revenue increases 13.6% YoY. Its EBITDA margin also improves by 200 bps YoY to 29.2%. The battery electric vehicle segment, contributing 30% to revenue, grows by 28% YoY. It appears in a screenerfor companies with low debt.
Max Healthcare Institute is falling as 88.4 lakh shares (0.9% equity), amounting to approximately Rs 680 crore, reportedly change hands in a large trade.
Religare Enterprisesrises following the Competition Commission of India's reported approval for the Burman family, owners of Dabur India, to acquire a 5.3% stake in the company.
Karnataka Bank falls over 5% as its gross NPA ratio expands by 36 bps YoY to 3.6%, and its net interest income decreases by 0.8% YoY in Q3FY24. The bank reports a 10.1% YoY increase in its net profit during the quarter. The company appears in a screener for affordable stocks with high return on equity and momentum.
SVF India Holdings (Cayman) sells a 2% stake in One97 Communications (Paytm), reducing its holding to 5% in the company post-transaction.
CLSA maintains its 'Outperform' rating on Hero MotoCorp with a target price of Rs 4,964. The brokerage cites its competitive pricing and new 'Mavrick 440' launch as key to gaining market share in the premium segment.
Promoter of NHPC, President of India, sells a 3.5% stake in the company through an offer for sale and now holds 67.5%.
Axis Bank falls as it misses Bloomberg's net profit estimates by 0.8% in Q3FY24. However, the bank's net profit has grown by 3.7% YoY to Rs 6,071.1 crore. Net interest income also shows growth. The bank's asset quality is improving, with gross and net NPAs falling by 80 bps YoY and 11 bps YoY, respectively.
REC rises as its Q3FY24 net profit increases by 13.5% YoY to Rs 3,308.4 and total income improves by 23.2% YoY to Rs 12,071.54 crore. Net interest margin also grows by 16 basis points YoY to 3.6%. The company appears in a screener for affordable stocks with high return on equity.
L&T Finance Holdings' Q3FY24 net profit grows by 50% YoY to Rs 635.7 crore. Its revenue increases by 2.2% YoY. The company appears in a screener of stocks with growing net profit and margins.
Riding High:
Largecap and midcap gainers today include IDBI Bank Ltd. (84.20, 10.21%), General Insurance Corporation of India (362.60, 8.51%) and REC Ltd. (467.50, 7.53%).
Downers:
Largecap and midcap losers today include Tata Elxsi Ltd. (7,768.45, -5.21%), Max Healthcare Institute Ltd. (737.05, -5.03%) and Oberoi Realty Ltd. (1304.00, -4.80%).
Volume Rockets
34 stocks in BSE 500 are trading on high volumes today.
Top high volume gainers on BSE included Motilal Oswal Financial Services Ltd. (1,712.35, 10.44%), KEI Industries Ltd. (3,314.75, 9.97%) and Borosil Renewables Ltd. (608.75, 7.45%).
Top high volume losers on BSE were Tata Elxsi Ltd. (7,768.45, -5.21%), Oberoi Realty Ltd. (1,304.00, -4.80%) and Welspun Living Ltd. (135.95, -4.50%).
Adani Power Ltd. (519.95, 0.46%) was trading at 18.2 times of weekly average. Carborundum Universal Ltd. (1,177.20, 4.59%) and Vardhman Textiles Ltd. (394.25, 0.55%) were trading with volumes 14.2 and 8.7 times weekly average respectively on BSE at the time of posting this article.
BSE 500: highs, lows and moving averages
25 stocks hit their 52 week highs, while 5 stocks hit their 52 week lows.
Stocks touching their year highs included - AIA Engineering Ltd. (3,900.00, 7.26%), Alembic Pharmaceuticals Ltd. (981.40, 4.07%) and Bharti Airtel Ltd. (1,189.95, 2.76%).
Stocks making new 52 weeks lows included - HDFC Bank Ltd. (1,455.90, 2.00%) and Navin Fluorine International Ltd. (3,420.30, 1.72%).
15 stocks climbed above their 200 day SMA including Carborundum Universal Ltd. (1,177.20, 4.59%) and Vedanta Ltd. (262.55, 4.12%). 14 stocks slipped below their 200 SMA including Crisil Ltd. (3,876.45, -1.56%) and Rossari Biotech Ltd. (780.55, -1.28%).