Market closes in green, LIC’s Q3 net profit surges 1.5X YoY due to change in fund distribution policy

Trendlyne Analysis

Indian indices finally closed in the green after gyrating between gains and losses. Asian indices ended mixed amid weak global cues after rebounding on Thursday. The US indices closed lower yesterday as the US inflation print hit a 40-year high of 7.9%. This points to interest rate hikes by the Fed in the next week’s monetary policy meeting. Investors breathed a sigh of relief on Thursday as Bhartiya Janata Party won four out of the five states, indicating political stability at the center.

Nifty Smallcap 100 ended the week in green, gaining close to 6% in the last four trading sessions. Nifty Pharma surged 2.4% to outperform the benchmark index. Nifty IT closed flat despite the tech-heavy NASDAQ 100 closing 1.1% lower on Thursday.

Nifty 50 closed at 16,625.50 (30.6, 0.2%), BSE Sensex closed at 55,550.30 (85.9, 0.2%) while the broader Nifty 500 closed at 14,233.95 (45.0, 0.3%).

Market breadth is in the green. Of the 1,864 stocks traded today, 1,115 were in the positive territory and 715 were negative.

LIC’s Q3FY22 net profit surges 1.5X YoY to Rs 235 crore as a change in fund distribution policy now allows shareholders to receive a higher share. Shareholders now receive 5% of surplus from participating fund, and 100% from the non-participating fund. Total premium collection rises 0.8% YoY to Rs 97,761 crore with new business premiums rising 10% to Rs 8,748 crore.
Geojit PNB Paribas upgrades from ‘Accumulate’ to ‘Buy’ rating for Avanti Feeds and reduces the target price from Rs 620 to Rs 535, indicating an upside of 25%. The brokerage is bullish for the company on a positive demand outlook due to the re-opening of hotels & malls, better export prices, and favourable shrimp culture conditions.
Ajcon Global maintains a ‘BUY’ rating on Ajanta Pharma with a target price of Rs 2,400, indicating an upside of 39.5%. According to the report, the brokerage has a positive outlook on the company as its business model is well diversified across geographies with strong research and development (R&D) capabilities. The brokerage expects the company to retain leadership in the anti?glaucoma segment in India.
Symphony is trading with more than fifteen times its weekly average trading volume. JK Paper, The Fertilisers and Chemicals Travancore, MOIL, and Central Depository Services (India) are trading at more than four times their weekly average trading volumes.
Strides Pharma Global, a wholly-owned subsidiary of Strides Pharma Science receives US Food & Drug Administration (USFDA) for its Colchicine Tablets, 0.6 mg. Colchicine tablets are used for the treatment and prevention of gout. The product will be manufactured at the company’s facility in Bengaluru.
Geojit PNB Paribas recommends a ‘Buy’ rating on Aarti Industries with a target price of Rs 1,038, indicating an upside of 25%. The brokerage has a positive view of the company given its focus on new products through backward and forward integration, a strong customer base, and an improving sector outlook. The brokerage expects the company’s profit to grow by 30% CAGR over FY21- FY24.
Exide Industries rises after it announces a technical collaboration with SVOLT Energy Technology for manufacturing of lithium-ion batteries. This Chinese company will provide Exide the neccesary technology and know-how for the manufacturing process. Additionally, Exide is also in process of setting-up a special pruspose vehicle to engage in this new segment
Jindal Steel & Power announces an interim dividend of Rs 1 per share for FY22. The total dividend payout amounts to nearly Rs 102 crore. The record date is March 19, 2022.
Lupin launches its first reference laboratory in East India at Kolkata. The new reference laboratory has the capabilities to conduct a broad spectrum of routine and specialized tests in various fields including molecular diagnostics, microbiology, and routine biochemistry. The company had forayed into the diagnostics segment in December last year as part of its strategy to provide integrated healthcare in India.
Hulst BV, an affiliate of Baring Private Equity Asia, and promoter of Coforge sells 9.86% stake (60 lakh shares) worth Rs 2,560 crore through a bulk deal. The IT company’s share price plunged 6% in intra-day trading on Thursday.

Riding High:

Largecap and midcap gainers today include Atul Ltd. (9,537.30, 6.61%), Cipla Ltd. (1,043.95, 5.76%) and Hindustan Petroleum Corporation Ltd. (294.30, 5.43%).

Downers:

Largecap and midcap losers today include Dalmia Bharat Ltd. (1,429.85, -3.53%), Havells India Ltd. (1,092.60, -3.11%) and Godrej Industries Ltd. (500.15, -2.08%).

Volume Rockets

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

Top high volume gainers on BSE included Gujarat Narmada Valley Fertilizers & Chemicals Ltd. (708.85, 12.43%), JK Paper Ltd. (266.50, 11.67%) and Esab India Ltd. (3,154.30, 8.01%).

Top high volume losers on BSE were Procter & Gamble Health Ltd. (4,378.70, -3.99%), Godrej Industries Ltd. (500.15, -2.08%) and Torrent Power Ltd. (480.85, -0.52%).

Symphony Ltd. (1,037.35, 6.19%) was trading at 20.1 times of weekly average. MOIL Ltd. (176.85, 3.60%) and Gujarat State Fertilizer & Chemicals Ltd. (139.15, 6.26%) were trading with volumes 6.9 and 6.0 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

6 stocks made 52-week highs, while 1 stock were underachiever and hit their 52-week lows.

Stocks touching their year highs included - Cipla Ltd. (1,043.95, 5.76%), GHCL Ltd. (493.95, 6.44%) and Sun Pharmaceutical Industries Ltd. (902.00, 3.73%).

Stock making new 52 weeks lows included - Procter & Gamble Health Ltd. (4,378.70, -3.99%).

22 stocks climbed above their 200 day SMA including Atul Ltd. (9,537.30, 6.61%) and Rashtriya Chemicals & Fertilizers Ltd. (80.60, 6.61%). 7 stocks slipped below their 200 SMA including EIH Ltd. (123.45, -1.20%) and HFCL Ltd. (72.90, -0.82%).