Trendlyne Marketwatch    
24 Jan 2022
Market closes lower, HDFC Securities ups target price of Kajaria Ceramics by 14.4%

Trendlyne Analysis

 

Market sinks in today's trading. Nifty 50 closed at 17,149.10 (-468.1, -2.7%) , BSE Sensex closed at 57,491.51 (-1,545.7, -2.6%) while the broader Nifty 500 closed at 14,712.05 (-468.8, -3.1%)

Market breadth is moving down. Of the 1,902 stocks traded today, 114 were in the positive territory and 1,770 were negative.

  • Trident, Happiest Minds Technologies, Thermax and Galaxy Surfactants are trading with higher volumes as compared to Friday

  • HDFC Securities maintains a 'BUY' on Kajaria Ceramics with a target price upside of 14.4%. The brokerage is positive after the company posted robust YoY sales volume growth of 14% in Q3. It expects earnings to grow at a CAGR of 22% between FY22-24 led by the tile maker's capex plan and market share gains

  • Ashoka Buildcon wins project worth Rs 829.49 crore from National Highways Authority of India for construction of 6 lanes from Belgaum to Sankeshwar of NH-48.

  • HDFC Securities maintains its ‘Buy’ rating on SBI Life Insurance but keeps the same target price of Rs 1,530. The company’s protection segment grew moderately at 14% YoY in Q3FY22 due to lack of physical medicals, essential for underwriting protection plans for life insurance companies. The brokerage expects the company’s steady growth in protection mix and maintaining a low opex ratio (8.6% at the end of December 2021) will drive growth in value of new business at a CAGR of 25% over FY22-24.

  • ONGC rises as its overseas arm announces the commercial viability of the deep sea gas block in Brazil discovered in 2019. The company and Petrobras, Brazil will install a floating production storage and offloading facility and a gas pipeline as part of the development plan.

  • CSB Bank is trading with more than 15 times its weekly average trading volume. Sharda Cropchem, Ingersoll-Rand (India), Supreme Petrochem, and Sona BLW Precision Forgings are trading at more than two times their weekly average trading volumes.

  • Tanla Platforms' Q3FY22 net profit rises 69% YoY to Rs 158 crore and revenue rises 35.3% YoY to Rs 889 crore. Double-digit YoY rise in transaction volumes for turbloq and new client additions as well as robust growth in OTT, BFSI and government segments lead the overall earnings growth in Q3.

  • Reliance Industries Q3FY22 net profit jumps 54.3% YoY to Rs 18,549 crore with revenues increasing by 41.6% YoY to Rs 1.91 lakh crore. The profits were boosted by a Rs 2,872-crore exceptional gain on account sale of its shale gas business in North America. The highest contribution of revenue came from the oil-to-chemicals segment as revenues rose nearly 57% YoY to Rs 1.31 lakh crore. Reliance Retail's revenues rise 52% YoY to Rs 57,714 crore as sales increase because of a rise in footfalls aided by the festive season in Q3FY22.

  • JSW Steel's Q3FY22 net profit rises 62.5% YoY to Rs 4,357 crore and revenue rises 74% YoY to Rs 38,071 crore. Higher realizations backed by rise in steel prices drive the earnings growth on a YoY basis. However, the profit falls 39% sequentially due to higher coking coal cost, flat sales volumes and slight dip in realisations.

  • Mohnish Pabrai buys a 0.17% stake in Edelweiss Financial Services in Q3FY22, raising his holding in the company to 6.43%.

  • ICICI Bank’s Q3FY22 net profit rises 25% YoY to Rs 6,194 crore as net interest income (NII) rises and provisions fall. NII grew 23% YoY to Rs 12,236 crore and provisions fell 27% YoY to Rs 2,007 crore. Gross NPA falls 59 bps YoY to 4.1% and net NPA 16 bps to 0.85%.

Riding High:

Largecap and midcap gainers today include Bandhan Bank Ltd. (307.85, 4.18%), Cipla Ltd. (892.10, 2.84%) and ABB India Ltd. (2,408.40, 2.19%).

Downers:

Largecap and midcap losers today include Astral Ltd. (2,172.30, -8.61%), Godrej Properties Ltd. (1,655.90, -7.95%) and Tata Motors Limited (DVR) (235.50, -7.63%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Bandhan Bank Ltd. (307.85, 4.18%), Cipla Ltd. (892.10, 2.84%) and India Tourism Development Corporation Ltd. (399.55, 2.44%).

Top high volume losers on BSE were Route Mobile Ltd. (1,619.55, -9.47%), KPR Mill Ltd. (642.20, -9.13%) and Finolex Cables Ltd. (461.15, -7.75%).

CSB Bank Ltd. (242.50, 0.50%) was trading at 19.3 times of weekly average. Esab India Ltd. (3,049.10, -7.18%) and Krishna Institute of Medical Sciences Ltd. (1,360.65, -3.03%) were trading with volumes 7.1 and 6.5 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

2 stocks made 52-week highs, while 25 stocks hit their 52-week lows.

Stocks touching their year highs included - Cholamandalam Investment & Finance Company Ltd. (643.40, -1.64%) and ABB India Ltd. (2,408.40, 2.19%).

Stocks making new 52 weeks lows included - Akzo Nobel India Ltd. (1,945.10, -1.28%) and Aurobindo Pharma Ltd. (609.70, -6.98%).

4 stocks climbed above their 200 day SMA including Bandhan Bank Ltd. (307.85, 4.18%) and India Tourism Development Corporation Ltd. (399.55, 2.44%). 70 stocks slipped below their 200 SMA including Just Dial Ltd. (841.80, -10.10%) and Mahindra Logistics Ltd. (640.90, -9.88%).

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