Nifty 50 closed at 21,725.70 (203.6, 1.0%), BSE Sensex closed at 71,752.11 (612.2, 0.9%) while the broader Nifty 500 closed at 19,802.10 (227.9, 1.2%), of the 2,022 stocks traded today, 1,357 were gainers and 632 were losers.
Indian indices extended the gains from afternoon session and closed in the green. The volatility index, Nifty VIX, dropped by 0.3% and closed at 16.1 points. Maruti Suzuki India's Q3FY24 net profit rises by 33.3% YoY to Rs 3,206.8 crore. Its revenue increases by 14.6% YoY, driven by the utility vehicles, vans, and light commercial vehicles segments.
Nifty Smallcap 100 and Nifty Midcap 100 closed in the green following the benchmark index. Nifty Bank and Nifty Pharma closed higher than Tuesday’s closing level. According to Trendlyne’s sector dashboard, healthcare equipment & supplies emerged as the top-performing sector of the day, with a rise of over 2.5%.
Most European indices trade in the green except for England’s FTSE 100 and Germany’s DAX trading lower. US indices futures trade lower indicating a negative start. The German government's data indicated that the country’s retail sales in December contracted by 1.6% MoM against estimates of 0.7% growth.
Money flow index (MFI) indicates that stocks like NMDC Steel, PNC Infratech, Tata Investment Corp and IRB Infrastructure Developers are in the overbought zone.
Welspun Living rises as its Q3FY24 net profit increases by 3.2x YoY to Rs 176.8 crore due to lower inventory expenses. Its revenue grows by 29% YoY, helped by gains in the home textiles and flooring segments. The company's board has also allotted a capex of $12.5 million (approx. Rs 103.8 crore) to set up a unit in Ohio, USA.
Kajaria Ceramics is rising as its net profit grows by 40.2% YoY to Rs 104.2 crore in Q3FY24. Revenue increases by 5.5% YoY, helped by improved tile sales. EBITDA margin expands by 341 bps YoY, owing to reduced power & fuel and finance costs. The company appears in a screener of stocks near their 52-week high with significant volumes.
Suzlon Energy rises as its Q3FY24 revenue increases by 7.2% YoY to Rs 1,569.7 crore. Its net profit grows by 159% YoY to Rs 203.1 crore due to an 80% YoY decline in finance costs. The firm appears in a screener of stocks with improving net profit margin.
Maruti Suzuki India's Q3FY24 net profit rises by 33.3% YoY to Rs 3,206.8 crore. Its revenue increases by 14.6% YoY, driven by the utility vehicles, vans, and light commercial vehicles segments, while EBITDA margin improves by 198 bps YoY.
Apeejay Surrendra Park Hotels sets its IPO price band at Rs 147-155 per share. The issue size is Rs 920 crore, with a fresh issue up to Rs 600 crore and an offer for sale of Rs 320 crore. The issue opens on February 5.
Healthcare stocks like Max Healthcare Institute, Dr. Reddy's Laboratories, Syngene International and Sun Pharmaceutical Industries surge more than 4% in trade. This helps the broader Nifty Healthcare index to touch its all-time high of 11,438.8.
BLS E-Services' Rs 310.9 crore IPO gets bids for 32X the available 1.4 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 100.4X the available 20.7 lakh shares on offer.
Max Healthcare Institute rises sharply as its net profit surges by 30.1% YoY to Rs 289.3 crore in Q3FY23. Revenue grows by 16.9% YoY, while its EBITDA margin expands by 140 bps YoY on the back of reduced finance costs. The company appears in a screener of stocks with improving return on equity (RoE) over the past two years.
Reports suggest that 1.4 crore shares (4.4% equity) of Religare Enterprises, amounting to Rs 338 crore, change hands in a large trade.
Edelweiss maintains its 'Buy' rating on DLF with an upgraded target price of Rs 1,021 per share. This indicates a potential upside of 28%. The brokerage is positive on the realtor owing to its strong launch pipeline, steady project acquisitions and increase in the sales velocity. It expects the company's revenue to grow at a CAGR of 7.6% over FY23-26.
Man Infraconstructionis rising as it achieves record sales of Rs 333 crore for its luxurious residential project, Aaradhya OnePark in Mumbai. This amount represents 25% of the project's total estimated sales.
Voltas rises to a new 52-week high of Rs 1,095.8 as its Q3FY24 net loss contracts by 72.4% YoY to Rs 30.4 crore. Its revenue increases by 31.8% YoY, helped by gains in the unitary cooling products and electro-mechanical projects segments. The company appears in a screener for stocks with strong momentum.
- The Centre lowers import duty on mobile phone components to 10% from 15% earlier. The components include rear covers, battery enclosures, primary lenses, and other mechanical components, say reports.
Dr. Reddy's Laboratories rises to an all-time high of Rs 6,095.2 as its Q3FY24 net profit grows by 11% YoY to Rs 1,380.9 crore due to lower raw material and finance expenses. Its revenue increases by 8.8% YoY, helped by gains in the global generics segment. It appears in a screener of stocks with growing quarterly revenue.
Lloyd Enterprises is rising as it acquires a 60.4% stake in Lloyds Reality Developers with a fresh fund infusion of Rs 110 crore. Post this all-cash deal, Lloyds Reality Developers becomes debt-free.
Cochin Shipyard rises to an all-time high of Rs 945 as its Q3FY24 net profit increases by 103.3% YoY to Rs 224.4 crore. Its revenue grows by 64.6% YoY, helped by gains in the ship building and ship repair segments. The company appears in a screener of stocks with improving net cash flow.
- The International Monetary Fund (IMF) raises India’s GDP growth forecast for FY24 by 40 bps to 6.7%, and also revises FY25 and FY26 projection by 20 bps to 6.5%. The IMF expects strong growth to continue in India, reflecting robust domestic demand.
KPI Green Energy hits a new 52-week high of Rs 1,821.1 as its subsidiary, KPIG Energia, secures an order from Skywin Paper Industries. The order includes building a 5MW captive power plant in various phases over FY24-25.
Nova Agritech’s shares debut on the bourses at a 34.2% premium to the issue price of Rs 41. The Rs 143.8 crore IPO has received bids for 109.4 times the total shares on offer.
KEC Internationalrises as its Q3FY24 net profit grows by 4.5x YoY to Rs 96.9 crore. Its revenue increases by 14.4% YoY and EBITDA margin improves by 158 bps YoY due to lower inventory and sub-contracting expenses.
HSBC resumes its 'Buy' rating on Titagarh Rail Systems with an upgraded target price of Rs 1,200. The brokerage believes that the company has improved its competitive position in the passenger coach market. It highlights the robust growth in the wagon industry, which bodes well for the company.
PB Fintechrises to a new 52-week high of Rs 1,039.9 as it reports a net profit of Rs 38 crore in Q3FY24, as compared to a net loss of Rs 20.2 crore in Q2FY24. The rise in net profit is due to lower expenses in employee benefits, finance, advertising and network. Its revenue rises by 6.1% QoQ, helped by performance in the insurance broker and other services segment.
JSL Overseas, promoter of Jindal Stainless, buys a 0.5% stake in the company. It now holds a 12.2% stake.
Ashish Kacholia sells a 0.5% stake in Venus Pipes & Tubes for approx Rs 15.6 crore in a bulk deal on Tuesday.
Larsen & Toubro's Q3FY24 net profit rises by 15.4% YoY to Rs 2,947.4 crore due to lower inventory and finance expenses. Its revenue grows by 18.8% YoY helped by growth in infrastructure projects, energy projects and IT & technology services segments. The company appears in a screener of stocks with growing net profit and margins.
Riding High:
Largecap and midcap gainers today include PB Fintech Ltd. (1,002.40, 10.24%), Voltas Ltd. (1,092.75, 7.46%) and UCO Bank (46.50, 6.29%).
Downers:
Largecap and midcap losers today include Larsen & Toubro Ltd. (3,479.75, -4.23%), Indus Towers Ltd. (221.95, -3.48%) and Vedant Fashions Ltd. (1003.50, -2.61%).
Volume Rockets
43 stocks in BSE 500 are trading on high volumes today.
Top high volume gainers on BSE included PB Fintech Ltd. (1,002.40, 10.24%), Ratnamani Metals & Tubes Ltd. (3,574.45, 10.13%) and Godfrey Phillips India Ltd. (2,459.95, 9.22%).
Top high volume losers on BSE were Kalyan Jewellers India Ltd. (350.20, -4.68%), Larsen & Toubro Ltd. (3,479.75, -4.23%) and Jyothy Labs Ltd. (515.15, -3.83%).
AstraZeneca Pharma India Ltd. (6,616.60, 4.21%) was trading at 10.9 times of weekly average. KEC International Ltd. (657.65, 4.60%) and VIP Industries Ltd. (538.65, -0.93%) were trading with volumes 10.6 and 9.4 times weekly average respectively on BSE at the time of posting this article.
BSE 500: highs, lows and moving averages
70 stocks made 52 week highs, while 4 stocks were underachievers and hit their 52 week lows.
Stocks touching their year highs included - ACC Ltd. (2,544.30, 1.24%), AIA Engineering Ltd. (4,107.35, 5.73%) and Amara Raja Energy & Mobility Ltd. (889.05, 6.07%).
Stocks making new 52 weeks lows included - Navin Fluorine International Ltd. (3,417.50, 3.31%) and VIP Industries Ltd. (538.65, -0.93%).
23 stocks climbed above their 200 day SMA including Clean Science & Technology Ltd. (1,493.55, 6.33%) and Lakshmi Machine Works Ltd. (13,720.15, 5.28%). 8 stocks slipped below their 200 SMA including Craftsman Automation Ltd. (4,373.00, -3.15%) and Data Patterns (India) Ltd. (1,905.50, -2.47%).