Market closes higher, BPCL's Q3 profit rises 79.2% YoY

Trendlyne Analysis

Markets rose in today's trading. Nifty 50 closed at 17,576.85 (237, 1.4%) , BSE Sensex closed at 58,862.57 (848.4, 1.5%) while the broader Nifty 500 closed at 15,116.20 (194.8, 1.3%)

Market breadth is in the green. Of the 1,847 stocks traded today, 983 were gainers and 837 were losers.

Suzlon Energy, Varroc Engineering, Godrej Agrovet, and J B Chemicals & Pharmaceuticals are trading with higher volumes as compared to Monday.
BPCL's Q3FY22 net profits rises 79.2% YoY to Rs 2,805 crore and revenues rise 44.3% YoY to Rs 95,915 crore. Higher fuel demand and improvement in gross refining margins by nearly 3X YoY aid the earnings growth in Q3. The company also announces an interim dividend of Rs 5 per share.
KPIT Technologies' Q3FY22 net profits rises 7.5% QoQ to Rs 70.3 crore and revenue rises 4.8% QoQ to Rs 631 crore. Electric Powertrain and autosar business segments lead the revenue growth in Q3. The company also announces an interim dividend of Rs 1.25 per share.
Nifty Metal is trading up with stocks like Ratnamani Metals & Tubes, Tata Steel, Hindalco Industries, Jindal Steel & Power, Vedanta, SAIL among others after the union budget extends the custom duty exemption on steel scrap till FY23. The budget also announces revoking of anti-dumping duties on stainless steel, coated steel, among others in the larger public interest to tackle the problem of high price of metals.
Escorts' January 2022 tractor wholesales drop 36.7% YoY to 5,707 units due to unseasonal rainfall in certain parts of the country and impact of inflation on short term demand. The company's construction machinery wholesales drop 21.1% YoY to 375 units.
NTPC's arm NTPC Vidyut Vyapar Nigam purchases 5% equity stake in Power Exchange of India (PXIL) from NSE Investment, a co-promoter shareholder of PXIL.
Shipping Corporation of India's Q3FY22 net profit jumps 137% YoY to Rs 311.5 crore and revenue rises 71% YoY to Rs 1,456.2 crore. The company's flagship segments of liner and bulk carrier post over 2.5X YoY revenue growth which aids the overall earnings rise in Q3.
Indoco Remedies is trading with more than 10 times its weekly average trading volume. Future Retail, Shipping Corporation of India, PNC Infratech, and KNR Constructions are trading at more than three times their weekly average trading volumes.
Nifty Bank is trading up with stocks like Kotak Mahindra Bank, HDFC Bank, IndusInd Bank, ICICI Bank, Axis Bank, IDFC First Bank among others after the budget announces the continuation of ECLGS scheme to be extended till March 2023 for the benefit of MSME focused banks.
Real estate stocks are trading up with stocks like Prestige Estates, Brigade Enterprises, and Oberoi Realty rising. The broader sectoral index i.e. the Nifty Realty is also trading higher post the announcement of a Rs 48,000 crore allocation to the Pradhan Mantri Awas Yojana in Budget 2022-23.
Roads and Highways stocks like PNC Infratech, MEP Infrastructure Developers, Ashoka Buildcon, KNR Constructions among others are rising in trade after the budget announces national highways to be increased by 25,000 km in FY23.
DLF's Q3FY22 net profits fall 15.9% YoY to Rs 379.5 crore and revenues rise marginally by 0.43% to Rs 1,686.9 crore. An impairment provision of Rs 224 crore due to a debt default by its investee company pulls down its profits during the quarter.
Tata Steel Long Products is set to acquire 93.71% equity stake in Neelachal Ispat Nigam for a consideration of Rs 12,100 crore as a part of the government's disinvestment plan. Neelachal Ispat has a steelmaking capacity of one million tonne per annum (MTPA) and plans to set up a 4.5 MTPA long products complex in the next few years.
Tata Motors reports a net loss of Rs 1,451 crore in Q3FY22 as its arm, Jaguar Land Rover’s (JLR), net revenues fall 21.2% to Rs 4,716 crore because of reducing sales due to chip supply shortage. Consolidated net revenues fell 4.5% YoY to Rs 72,229.3 crore and EBITDA margins fell 350 bps to 3.3%. Finance cost increases by 12.9% YoY to Rs 2,401 crore in Q3FY22 due to higher gross borrowings.

Riding High:

Largecap and midcap gainers today include Tata Steel Ltd. (1,167.35, 7.54%), Sun Pharmaceutical Industries Ltd. (891.75, 6.86%) and Dalmia Bharat Ltd. (1,902.70, 6.79%).

Downers:

Largecap and midcap losers today include Hindustan Petroleum Corporation Ltd. (291.50, -7.20%), Bharat Petroleum Corporation Ltd. (378.85, -4.58%) and The New India Assurance Company Ltd. (139.45, -3.13%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Hatsun Agro Products Ltd. (1,165.70, 14.06%), Aavas Financiers Ltd. (3,113.90, 8.34%) and Navin Fluorine International Ltd. (4,256.80, 8.20%).

Top high volume losers on BSE were Hindustan Petroleum Corporation Ltd. (291.50, -7.20%), Vinati Organics Ltd. (1,945.45, -1.95%) and KNR Constructions Ltd. (311.00, -1.38%).

Indoco Remedies Ltd. (401.90, 4.29%) was trading at 12.9 times of weekly average. Shipping Corporation of India Ltd. (129.90, 5.95%) and PNC Infratech Ltd. (297.90, 0.98%) were trading with volumes 7.2 and 5.6 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

12 stocks hit their 52-week highs, while 3 stocks tanked below their 52-week lows.

Stocks touching their year highs included - Bank of Baroda (106.15, -1.30%), Canara Bank (258.75, 2.29%) and Deepak Fertilisers & Petrochemicals Corporation Ltd. (571.40, 0.29%).

Stocks making new 52 weeks lows included - Mas Financial Services Ltd. (473.40, -3.42%) and Vaibhav Global Ltd. (443.05, -4.29%).

40 stocks climbed above their 200 day SMA including Hatsun Agro Products Ltd. (1,165.70, 14.06%) and Jindal Steel & Power Ltd. (411.15, 6.52%). 11 stocks slipped below their 200 SMA including PCBL Ltd. (230.60, -2.95%) and Indian Overseas Bank (20.80, -2.80%).