Market closes in red, Dabur's Q3 profit rises marginally by 2.3% YoY

Trendlyne Analysis

Selling pressure in the last hour of trade meant the Nifty 50 ended the day in the red. The benchmark index barely managed to touch Wednesday’s closing levels during the day. The Nifty Auto, which was the only sectoral index trading in green throughout the day, gave up most of the gains as it finally settled higher by a mere 0.44%. Nifty IT was the major underperformer as it fell 2% taking cues from the global rout in technology stocks. Nifty Realty and Nifty Infra indices ended in the red.

Nifty 50 closed at 17,560.20 (-219.8, -1.2%), BSE Sensex closed at 58,788.02 (-770.3, -1.3%) while the broader Nifty 500 closed at 15,135.90 (-157.5, -1.0%)

Market breadth is in the red. Of the 1,853 stocks traded today, 841 were on the uptrend, and 991 went down.

Laxmi Organic Industries, Kalpataru Power Transmissions, Westlife Development, and Cholamandalam Financial Holdings are trading with higher volumes as compared to Wednesday.
Balaji Amines Q3FY22 net profit rises 29% YoY to Rs 101.59 crore as its revenues rise 44.1% to Rs 565.83 crore. The revenue growth was muted on a sequential basis due to sluggish demand for few products as some of the company's clients could not procure key starting materials for their products.
Dabur's Q3FY22 net profit rises marginally by 2.3% YoY to Rs 503.3 crore and revenues rise 7.8% YoY to Rs 3,038.5 crore. An over 30% growth in the company's food and beverage segment involving read-to-cook and ready-to-eat items drives the overall revenue growth. Profit growth remains low owing to cost inflationary pressures in Q3.
ICICI Direct maintains a 'Buy' rating on Sun Pharmaceuticals with a target price of Rs 1,075 with 21% upside because of the company’s higher contribution from its domestic franchise. This is likely to change the product mix towards more remunerative businesses by FY23.
Cadila Healthcare’s Q3FY22 net profit falls 5% YoY to Rs 500 crore and revenues fall 3.4% YoY to Rs 3655 crore despite a robust 17% YoY growth in the branded formulations business.
Tata Consumer Products' Q3FY22 net profit rises 21.5% YoY to Rs 265 crore and revenues rise 4.5% YoY to Rs 3,233.4 crore. Company's Indian beverages segment sees over 6% sales volume growth and EBIT margin improvement of 11.1 percentage points as inflation in tea prices moderates in Q3.
Auto stocks are trading up with stocks like Maruti Suzuki, Bajaj Auto, Hero MotoCorp, and TVS Motor Company, among others. The broader sectoral index Nifty Auto is also trading higher today.
Dhani Services is trading with more than 40 times its weekly average trading volume. Blue Star, Laxmi Organic Industries, Gujarat State Petronet, and Elgi Equipments are trading at more than three times their weekly average trading volumes.
CE Infosystems to acquire 9.99% stake in display technologies and augment reality developer Pupilmesh for 49.95 lakh. Pupilmesh will support the company in the area of navigation.
Jubilant Foodworks' Q3FY22 net profit rises 7.85% YoY to Rs 134 crore and revenues rise 13.2% YoY to Rs 1,222 crore. Recovery in dine-ins and robust growth in the delivery and takeaway channels drives the overall topline growth for Jubilant in Q3. Company also approves a share-split of 5:1 in its board meeting
Bharat Dynamics rises on the bourses as it gets a three-year contract from the Indian Army worth Rs 3,132 crore. The contract involves the supply of Konkurs - M Anti-Tank Guided Missiles to the Indian Army. The company will also be exporting these missles to friendly foreign nations.
HDFC's net profit rises 11.44% to Rs 3,260.7 crore because of rise in net interest income by 6.96% to Rs 4,284 crore. The housing finance company also sees a rise in assests under management by 12.09% YoY to Rs 6,18,917 crore because of rise in individual loan book by 16% YoY. The bank's gross individual non-performing loans (NPL) stands at 1.44% and non-individual NPLs stands at 5.04%.
Plutus Wealth Management buys 6.5 lakh shares of AGS Transact Technologies at an average price of Rs 160.1 in a bulk deal on Wednesday.
Competition Commission of India (CCI) fines five major tyre manufacturers for cartelization. These are Apollo Tyres, CEAT, JK Tyre, Birla Tyres, and MRF. CCI says that the tyre manufacturers shared price-sensitive information amongst themselves through Automotive Tyre Manufacturers Association (ATMA), and took collective decisions on the prices of tyres. The competition regulator fined Apollo Tyres Rs 425.5 crore, MRF Rs 622.1 crore, CEAT Rs 252.2 crore, JK Tyre Rs 309.9 crore, and Birla Tyres Rs 178.3 crore. It also fined ATMA Rs 8.4 lakh.

Riding High:

Largecap and midcap gainers today include TVS Motor Company Ltd. (657.25, 4.97%), IDBI Bank Ltd. (51.55, 4.78%) and Coromandel International Ltd. (820.55, 3.34%).

Downers:

Largecap and midcap losers today include Godrej Properties Ltd. (1,667.85, -6.42%), Mahindra & Mahindra Financial Services Ltd. (160.10, -5.27%) and L&T Technology Services Ltd. (4,591.95, -3.93%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Mas Financial Services Ltd. (565.70, 19.99%), Blue Star Ltd. (1,000.05, 9.66%) and Amber Enterprises India Ltd. (3,888.05, 8.94%).

Top high volume losers on BSE were Mahindra & Mahindra Financial Services Ltd. (160.10, -5.27%), Bajaj Consumer Care Ltd. (179.85, -4.08%) and Supreme Industries Ltd. (2,014.60, -3.73%).

Westlife Development Ltd. (497.45, 1.05%) was trading at 8.5 times of weekly average. Asahi India Glass Ltd. (596.50, 5.83%) and Gujarat State Petronet Ltd. (317.70, 1.11%) were trading with volumes 6.2 and 5.8 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

13 stocks took off, crossing 52-week highs, while 1 stock tanked below their 52-week lows.

Stocks touching their year highs included - Bank of Baroda (109.55, 0.14%), Canara Bank (264.90, -1.76%) and Deepak Fertilisers & Petrochemicals Corporation Ltd. (622.35, 4.99%).

Stock making new 52 weeks lows included - Akzo Nobel India Ltd. (1,920.00, -1.07%).

27 stocks climbed above their 200 day SMA including Blue Star Ltd. (1,000.05, 9.66%) and Balaji Amines Ltd. (3,604.90, 6.84%). 17 stocks slipped below their 200 SMA including Godrej Properties Ltd. (1,667.85, -6.42%) and Mahindra & Mahindra Financial Services Ltd. (160.10, -5.27%).