Market closes higher, Divi's Labs Q2 profit rises 18% YoY

Trendlyne Analysis

The market closed on an upbeat note. Nifty 50 closed at 18,068.55 (151.8, 0.9%) , BSE Sensex closed at 60,545.61 (478.0, 0.8%) while the broader Nifty 500 closed at 15,520.15 (143.3, 0.9%)

Market breadth is in the green. Of the 1,825 stocks traded today, 945 were on the uptick, and 833 were down.

Trident, Cholamandalam Financial Holdings, Zydus Wellness, and Equitas Holdings are trading with higher delivery volumes compared to Wednesday.
ICICI Securities maintains a 'BUY' on Graphite India (Target: Rs 650) on back of robust demand outlook for Indian steel sector amid reduction in Chinese steel production.
Suven Pharma’s Q2 net profit up by 31% YoY to Rs 97 crore with revenue from operations increasing by 27% to Rs 301 crore. Increasing material costs and delay in shipments are hampering the company’s operations and profitability.
Geojit BNP Paribas maintains a ‘Buy’ rating on Federal Bank with a target price upside of 20% as the bank’s profitability and asset quality shows improvement in terms of boosting collection efficiency by 96% and reduction in net NPA by 11bps YoY.
Novelis, the US subsidiary of Hindalco, posted a 59% YoY growth in net profits on back of robust sales growth. The company has over 66% share in operating profits of Hindalco.
Pfizer rises in intra-day trade post its announcement of an experimental antiviral pill which can treat Covid-19, reducing the risk of hospitalization and death by 89%. Pfizer’s Q2 net profit is up by 9% YoY to Rs 143 crore.
One97 Communications' (Paytm's) Rs 4,838-crore IPO receives bids for 11% of the shares on offer, with the retail portion subscribed by up to 58% of the available shares on the first day of bidding.
Divi’s Labs Q2 net profit rises 18% YoY to Rs 606 crore with a 14% rise in total income to Rs 2,007 crore. The company’s higher earnings is because of growing demand in the Custom Synthesis (CS) segment, and Nutraceuticals segment.
Pfizer is trading with more than 15 times its weekly average trading volume. Anupam Rasayan India, Prism Johnson, and EIH are trading at more than six times their weekly average trading volumes.
Edelweiss maintains a ‘Buy’ rating on Bata India with a target price upside of 16%, expecting earnings to rise 30% CAGR over FY21-24. The company plans to open retail franchisee stores in 2-3 cities over the next 3 years.
IndusInd Bank slumps amid reports of loan evergreening despite its clarification that a tech issue caused the disbursal of loans without customer consent.
SJVN bags a 100-MW solar power project from Punjab State Power Corporation through competitive bidding process. The tentative cost of construction of the project is Rs 545 crore with a power purchase agreement between Punjab State Power Corporation and SJVN for 25 years.
One97 Communications (Paytm) raises Rs 8,235 crore from anchor investors including Blackrock, Canada Pension Plan Investment Board, Birla Sunlife Mutual Fund.
SunTV Networks’ Q2FY22 net profit rises 18% YoY to Rs 395.5 crore with 10.4% growth in revenues to Rs 848.6 crore
Nifty 50 was trading at 17,863.40 (-53.4, -0.3%) , BSE Sensex was trading at 59,980.11 (-87.5, -0.2%) while the broader Nifty 500 was trading at 15,342.80 (-34.1, -0.2%)
Market breadth is in the red. Of the 1,758 stocks traded today, 780 showed gains, and 892 showed losses.

Riding High:

Largecap and midcap gainers today include Union Bank of India (53.80, 9.46%), Whirlpool of India Ltd. (2304.70, 9.00%) and Muthoot Finance Ltd. (1659.40, 8.45%).

Downers:

Largecap and midcap losers today include IndusInd Bank Ltd. (1061.15, -10.76%), Divi's Laboratories Ltd. (4896.70, -5.98%) and Sun TV Network Ltd. (576.70, -5.08%).

Movers and Shakers

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

Top high volume gainers on BSE included Whirlpool of India Ltd. (2304.70, 9.00%), VIP Industries Ltd. (626.80, 8.54%) and Muthoot Finance Ltd. (1659.40, 8.45%).

Top high volume losers on BSE were IndusInd Bank Ltd. (1061.15, -10.76%), Divi's Laboratories Ltd. (4896.70, -5.98%) and Tasty Bite Eatables Ltd. (15827.90, -4.79%).

Pfizer Ltd. (5259.60, 5.03%) was trading at 17.1 times of weekly average. Prism Johnson Ltd. (130.70, 5.62%) and Wockhardt Ltd. (463.20, 5.17%) were trading with volumes 10.6 and 9.9 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

49 stocks hit their 52 week highs,

Stocks touching their year highs included - ACC Ltd. (2518.35, 3.57%), Allcargo Logistics Ltd. (375.00, 7.84%) and Ashok Leyland Ltd. (146.05, 0.76%).

17 stocks climbed above their 200 day SMA including Whirlpool of India Ltd. (2304.70, 9.00%) and Prism Johnson Ltd. (130.70, 5.62%). 8 stocks slipped below their 200 SMA including Tasty Bite Eatables Ltd. (15827.90, -4.79%) and Phillips Carbon Black Ltd. (219.25, -2.66%).