Market closes higher, ICICI Direct maintains ‘Buy’ on PCBL

Trendlyne Analysis

Nifty 50 closed in the green with the Indian volatility index, India VIX slipping below 18%. Asian indices closed mixed with Chinese stocks trading lower owing to worries about the Chinese economy growth as the country combats with its recent Covid-19 outbreak. US indices closed mixed on Wednesday amid rising 10-year treasury yields. Dow Jones ended higher on Wednesday while the tech-heavy Nasdaq 100 closed in the red as Netflix plunged 35% after reporting a loss in subscriber count for the first time in a decade. Oil prices edge higher as investors weigh potential supply disruptions against demand prospects. Investors await comments from Fed Chairman, Jerome Powell and European Central Bank President, Christine Lagarde at an International Monetary Fund event later in the day. European stocks trade mixed as investors keep track of developments in Ukraine and the French presidential campaign.

Nifty Smallcap 100 and Nifty Midcap 100 closed higher, following the benchmark index. Nifty Auto and Nifty Bank close higher than Wednesday’s levels. Nifty IT closes in the green, tracking the tech-focused Nasdaq 100 futures.

Nifty 50 closed at 17,392.60 (256.1, 1.5%), BSE Sensex closed at 57,911.68 (874.2, 1.5%) while the broader Nifty 500 closed at 15,053.95 (203.7, 1.4%)

Market breadth is surging up. Of the 1,892 stocks traded today, 1,343 were on the uptick, and 504 were down.

Carborundum Universal, KPR Mill, Krishna Institute of Medical Sciences, and Procter & Gamble Hygiene & Healthcare are trading with higher volumes as compared to Wednesday.
Shriram Properties Q4FY22 sales bookings rise 15% QoQ to Rs 479 crore and sales volume rises 14% QoQ to 1.17 million square feet on robust demand. In FY22, sales bookings rise 19% YoY to Rs 1,482 crore and sales volume rises 25% to 3.76 million square feet.
Delivery volume of stocks like Biocon, Ambuja Cements, Tata Steel, and MphasiS, among others, are rising ahead of their Q4FY22 results to be announced over the next two weeks.
VRL Logistics surges after the company announces an MoU with Ratna Cements. VRL Logistics plans to transfer its wind power undertaking along with all assets and liabilities on a slump sale basis for Rs 48 crore. The management wants to dispose off this undertaking to focus on its goods transport business.
ICICI Direct maintains a ‘Buy’ rating on PCBL (Phillip Carbon Black) with a target price of Rs 160, indicating an upside of 42%. The brokerage maintains its positive outlook on the company due to its rising export sales, increasing speciality product sales and better realisations per tonne due to high crude oil prices. The brokerage expects EBITDA to rise at a 12.7% CAGR over FY22-24.
Ramkrishna Forgings rises as the company bags an export order worth Rs 33 crore from Europe’s leading tier-1 axle manufacturer for a period of five years.
PNC Infratech is trading with more than 18 times its weekly average trading volume. TCI Express, Gland Pharma, Saregama India, and Finolex Cables are trading at more than four times their weekly average trading volumes.
Nifty 50 rises for second consecutive day led by Reliance Industries, Infosys, HDFC Bank, and ICICI Bank, which constitute over 35% of the total weight of Nifty 50.
Fino Payments Bank surges after it receives RBI's approval to offer referral services of term deposits by partnering with Suryoday Small Finance Bank. Basically, the bank's 3.9 million customers will be able to avail fixed deposit and recurring deposit facilities through the partner bank.
Nestle India’s Q4FY22 profit falls 1.25% YoY to Rs 594.7 crore but revenue rises 9.9% YoY to 4,002.1 crore as domestic sales rise 10.2% YoY to Rs 3,794.2 crore. High input costs impact margins as the cost of materials consumed rise 22% YoY to Rs 1,845.9 crore.
ITC rises as it plans to acquire 10.07% stake in Blupin Tech in an all-cash deal. This is the second acquisition of ITC into the mother and baby care segment. It acquired Mother Sparsh Baby Care in November 2021.
According to reports, LIC’s new business premium collection rises 7.9% YoY to Rs 1.98 lakh crore with a market share of 63.2% at the end of March 2022. LIC’s individual single premium collections rise 61% YoY to Rs 4,018 crore in March 2022 while group single premiums rise 48.1% to Rs 30,052.8 crore.
Nykaa surges after it announces a tie-up with global haircare leader Aveda (owned by Estée Lauder) to launch premium hair-care salons in India. The first 'Aveda X Nykaa' salon will be launched today in Bangaluru under this partnership. With this tie-up, Nykaa will foray into professional beauty services segment in India.
Glenmark Life Sciences Q4FY22 revenue rises 10% YoY to Rs 514.06 crore but profit falls 5.5% YoY to Rs 98.9 crore on high input cost inflation. EBITDA margin falls by 7.7 percentage points YoY to 28.7%. In FY22, revenue rises 12.6% YoY to Rs 2,123.2 crore and profit rises 19.1% YoY to Rs 418.7 crore.
Reliance Industries surges to an all-time high. Morgan Stanley raises the target price on the company as it believes hydrogen adoption plans are quickly progressing, with Reliance Industries being in the best position to capitalize on it, according to reports.
Angel One is rising as its net profit jumps 2.1 times YoY to Rs 204.7 crore and revenues increase by 63.6% to Rs 685.3 crore. Operating profit margin rises by 6.52 percentage points to 42.46% with its total client base increasing
by 18.4% QoQ to 92 lakhs.
ICICI Securities Q4FY22 profit rises 3.2% YoY to Rs 340.3 crore and revenue rises 21% YoY to Rs 892.3 crore. The maximum revenue growth came in from the broking and distribution segment at 19.7% YoY growth. In FY22, revenue rises 32.9% to Rs 3,438.4 crore and profit rises 29.4% YoY to Rs 1,067.7 crore.
Tata Elxsi’s Q4FY22 net profit rises 6% QoQ to Rs 160 crore and revenue increases 7.3% to Rs 681.7 crore. Maximum revenue came in from industrial design & visualization segment with a 8.7% QoQ growth and embedded product design segment with a 7.6% QoQ growth. However, EBIT margins for the company fell 90 bps QoQ to 30.1%.

Riding High:

Largecap and midcap gainers today include L&T Finance Holdings Ltd. (88.45, 9.26%), Jubilant Foodworks Ltd. (594.75, 7.80%) and Biocon Ltd. (373.95, 6.07%).

Downers:

Largecap and midcap losers today include Jindal Steel & Power Ltd. (540.75, -2.91%), Tata Communications Ltd. (1,282.00, -2.31%) and Larsen & Toubro Infotech Ltd. (5,076.95, -1.81%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Angel One Ltd. (1,908.95, 17.54%), PNC Infratech Ltd. (271.50, 11.38%) and L&T Finance Holdings Ltd. (88.45, 9.26%).

Top high volume losers on BSE were ICICI Securities Ltd. (597.15, -4.99%), Saregama India Ltd. (4,450.15, -4.51%) and Kalpataru Power Transmissions Ltd. (365.00, -3.76%).

Indostar Capital Finance Ltd. (233.80, 4.40%) was trading at 20.2 times of weekly average. Gland Pharma Ltd. (3,448.70, 5.06%) and TCI Express Ltd. (1,862.90, 2.29%) were trading with volumes 10.7 and 10.4 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

13 stocks overperformed with 52-week highs,

Stocks touching their year highs included - Blue Star Ltd. (1,164.30, 0.13%), Coal India Ltd. (206.90, 3.92%) and Mangalore Refinery And Petrochemicals Ltd. (68.70, 1.18%).

28 stocks climbed above their 200 day SMA including L&T Finance Holdings Ltd. (88.45, 9.26%) and PCBL Ltd. (119.50, 6.60%). 5 stocks slipped below their 200 SMA including Sundram Fasteners Ltd. (830.10, -2.57%) and Astral Ltd. (2,119.95, -1.59%).