Market closes higher, Alembic Pharma gets USFDA approval to market generic drug

Trendlyne Analysis

Nifty 50 closed higher with the Indian volatility index, India VIX falling by over 5.5%. Most Asian indices closed in the green after US stocks closed sharply higher on Tuesday on the back of strong corporate earnings. However, NASDAQ 100 Futures fell 1% after trading hours as Netflix announced lower-than-expected subscriber numbers in Q4FY22. Crude oil prices snapped a four-day winning streak as International Monetary Fund lowered its forecast for global economic growth by a full percentage point, citing elevated inflation levels due to Russia’s invasion. Safe haven asset Gold continues to trade at elevated levels amid rising inflation and crisis in Ukraine. The pan-European index, STOXX 600 trades higher after positive earnings reports from food and beverages companies.

Nifty Smallcap 100 closed lower, despite the benchmark index closing in the green. Nifty Auto and Nifty Energy closed higher than Tuesday’s levels. Nifty IT, which has lost over 7.5% in last two trading sessions, closed in the green.

Nifty 50 closed at 17,136.55 (177.9, 1.1%), BSE Sensex closed at 57,037.50 (574.4, 1.0%) while the broader Nifty 500 closed at 14,850.30 (123.7, 0.8%)

Market breadth is even. Of the 1,895 stocks traded today, 933 were in the positive territory and 918 were negative.

Tata Teleservices (Maharashtra), AIA Engineering, Westlife Development, and Infibeam Avenues are trading with higher volumes as compared to Tuesday.
Axis Securities forecasts Nestle India’s revenue to grow moderately at 5.5% YoY to Rs 3,800 crore due to weak consumer demand, exports and rural sentiment. The brokerage expects raw material prices to dent gross margin by 96 bps YoY.
PSP Projects rises after announcing new order wins of Rs 611.4 crore for FY22 and Rs 327.4 crore for FY23. The new orders for FY22 include an Ahemdabad-based sports complex project worth Rs 503.6 crore. With the inclusion of these new construction projects of Rs 938.8 crore, the company's order book stands at Rs 1,802.2 crore at the end of FY22 .
Energy stocks like Mangalore Refinery and Petrochemicals, Bharat Petroleum Corporation, Hindustan Petroleum Corporation, Reliance Industries and Coal India are rising in trade. The broader sectoral index S&P BSE Energy is also up.
Escorts falls after it announces price hikes for tractors effective April 20, to offset the impact of continuous rise in commodity prices and inflation.
Sona BLW Precision Forgings inks partnership with Enedym to develop SRM drive platforms for Indian road and usage conditions targeting 2-wheeler high-performance motorcycles, 3-wheeler and 4-wheeler cargo delivery electric vehicles.
Vinati Organics is trading with more than seven times its weekly average trading volume. Vijaya Diagnostic Centre, Jamna Auto Industries, ACC, and KPR Mill are trading at more than three times their weekly average trading volumes.
Alembic Pharmaceuticals receives US Food and Drug Administration's (USFDA) tentative approval for its lvabradine tablets, 5 mg, and 7.5 mg. This drug is a generic equivalent of Corlanor tablets, which has an estimated annual sales of $ 102 million in the US. Ivabradine is used for symptomatic management of stable heart-related chest pain and heart failure.
Mastek’s Q4FY22 net profit rises 5.7% QoQ to 88.2 crore and revenues increase by 7.5% to Rs 599.5 crore. Operating profit margin falls 31 bps QoQ to 20.75% as employee expenses increase by 6.6% to Rs 291 crore. The company’s 12-month order backlog rises 15.6% QoQ to Rs 1,469.1 crore
Vinati Organics and Varun Beverages touch an all-time high of Rs 2,275 and Rs 1,080 respectively. Both stocks are rising for three consecutive sessions.
HDFC Securities maintains an ‘Add’ rating on Mindtree, but reduces its target price to Rs 4,855 from Rs 4,990, indicating an upside of 22.6%. The brokerage reduced its target price as the company missed revenue estimates. However, HDFCSec remains positive on the company due to its consistent growth in revenue and expansion into European markets.
ICICI Securities downgrades its rating on Larsen & Toubro Infotech from ‘HOLD’ to ‘REDUCE’ with a target price of Rs 4,986. The brokerage sees a 9% downside as the company missed revenue estimates due to weak growth in the banking and financial services segment.
HDFC sells 2.35 lakh equity shares (10% stake) of HDFC Capital to a wholly-owned subsidiary of Abu Dhabi Investment Authority (ADAI) for Rs 184 crore. ADAI is the primary investor in alternative investment funds managed by HDFC Capital.
Rakesh Jhunjhunwala buys a 0.47% stake in Jubilant Pharmova in Q4FY22 taking his holding to 6.76% in the company.
Tata Steel Long Products is falling as profit falls 82.46% YoY to Rs 59.6 crore in Q4FY22. The company's revenue rises 16.74% YoY in Q4FY22.
Larsen & Toubro Infotech’s Q4FY22 profit rises 4.1% QoQ to Rs 637 crore and revenue rises 4.6% QoQ to Rs 4,435.6 crore on higher deal flow. Revenue growth is driven by Consumer Packed Goods, Pharma, Retail segment growing 6.2% QoQ and Energy & Utilities segment rising 4.5% QoQ. However, EBITDA margin fell 40 bps QoQ to 19.7%.
Kolte-Patil Developers' Q4FY22 sales value falls 2% YoY to Rs 501 crore but rises 45% YoY to Rs 1,739 crore in FY22. The company's realization falls 1% per square foot in Q4FY22.
Future Enterprises defaults on payment of Rs 29.3 crore of interest on non-convertible debentures (NCDs) for the third time in April 2022. The company defaulted on payment of Rs 9 crore on April 12 and Rs 1.2 crore on April 15.
ACC’s Q4FY22 net profit falls 30% YoY to Rs 396 crore as cost of materials rise 14% YoY to Rs 627 per tonne and power and fuel cost surges 32% to Rs 1,323 per tonne. EBITDA margin fell 570 bps YoY to 14.7%. However, net sales increase 3% YoY to Rs 4,322 crore as net selling price of cement rises 5% YoY to Rs 5,112 per tonne.

Riding High:

Largecap and midcap gainers today include Max Healthcare Institute Ltd. (408.95, 10.26%), ACC Ltd. (2,208.25, 7.38%) and Ambuja Cements Ltd. (371.30, 4.81%).

Downers:

Largecap and midcap losers today include Larsen & Toubro Infotech Ltd. (5,170.30, -5.52%), Cholamandalam Investment & Finance Company Ltd. (709.85, -3.66%) and Macrotech Developers Ltd. (1,004.55, -3.61%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Mangalore Refinery And Petrochemicals Ltd. (67.90, 17.78%), Responsive Industries Ltd. (178.00, 10.49%) and Max Healthcare Institute Ltd. (408.95, 10.26%).

Top high volume losers on BSE were Nilkamal Ltd. (2053.80, -4.58%), Macrotech Developers Ltd. (1,004.55, -3.61%) and Carborundum Universal Ltd. (740.25, -2.60%).

Vinati Organics Ltd. (2,170.65, 3.09%) was trading at 9.7 times of weekly average. Krishna Institute of Medical Sciences Ltd. (1,399.45, -0.20%) and Procter & Gamble Hygiene & Healthcare Ltd. (14,445.35, -1.07%) were trading with volumes 6.9 and 6.5 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

6 stocks hit their 52-week highs,

Stocks touching their year highs included - Coal India Ltd. (199.10, 0.68%), Mangalore Refinery And Petrochemicals Ltd. (67.90, 17.78%) and Swan Energy Ltd. (302.45, 4.93%).

12 stocks climbed above their 200 day SMA including TCI Express Ltd. (1,821.25, 3.99%) and Astral Ltd. (2,154.30, 3.13%). 15 stocks slipped below their 200 SMA including Garware Technical Fibres Ltd. (3,120.80, -3.91%) and Bajaj Finance Ltd. (7,032.50, -3.13%).