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Trendlyne Marketwatch
18 Jul 2022
Market closes higher, Bank of Maharashtra’s Q1 profit rises 117.5% YoY

Trendlyne Analysis

Nifty 50 closed in the green, with the volatility index, India VIX, falling below 17.5%. Centre’s Minister of State for Finance, Pankaj Chaudhary, said India's FY23 real GDP growth is expected to be more than 7% despite commodity price inflation. Indian Rupee hits a new low of 79.98 against the US dollar. European indices traded higher than Friday’s levels as investors look ahead to European Central Bank’s key meeting later in the week.

Asian stocks closed higher amid positive global cues. US indices closed sharply higher on Friday with the tech-heavy index, NASDAQ 100, rising 1.8%. The S&P 500 snapped its five-day losing streak and closed 1.9% higher. Brent crude oil futures rose and traded above $100 per barrel after falling about 5% last week. Gold hovers near its 11-month low, as interest rate hikes dent the appeal of the safe haven metal.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, following the benchmark index. Nifty Metal and Nifty Media closed sharply higher than Friday’s levels. Nifty IT closed in the green, tracking the NASDAQ 100, which closed sharply higher on Friday.

Nifty 50 closed at 16,281.40 (232.2, 1.5%), BSE Sensex closed at 54,521.15 (760.4, 1.4%) while the broader Nifty 500 closed at 13,986.10 (195.9, 1.4%)

Market breadth is overwhelmingly positive. Of the 1,917 stocks traded today, 1,382 showed gains, and 469 showed losses.

  • PB Fintech, JK Lakshmi Cement, SKF India, and Sonata Software are trading with higher volumes as compared to Friday.

  • Ashish Kacholia sells stake in Igarashi Motors India during Q1FY23. He now holds below 1% stake in the company.

  • Indian rupee depreciates 10 paise to a new record low of 79.98 against the US Dollar in trade today.

  • Au Small Finance Bank sees a long build-up in its July 28 future series as its open interest rises 20.6% with with a put-call ratio of 0.6.

  • India's FY23 real GDP growth to be more than 7% despite commodity price inflation, says the Centre's Minister of State for Finance Pankaj Chaudhary

  • Schaeffler India and Coromandel International hit their life highs of Rs 2,549 and Rs 1,019.4, respectively. While Schaeffler India rises for four consecutive sessions, Coromandel International trades higher for three sessions.

  • Morgan Stanley cuts India’s 2023 GDP growth forecast by 40 bps to 7.2% from its earlier estimate of 7.6%. The brokerage feels the slowdown in global growth, supply-side driven commodity price shock, and fast-paced tightening of financial conditions around the world will impact India's GDP growth as well.

  • Bank of Maharashtra’s net profit rises 117.5% YoY to Rs 452.2 crore as net interest income rises 11.4% to Rs. 3,457.5 crore. Provisions fall by 27.2% to Rs 548.4 crore. The bank’s asset quality improves as gross NPAs fall by 261 bps YoY to 3.7% and net NPAs by 135 bps to 0.8%.

  • HDFC Securities maintains its ‘Buy’ rating on Angel One but reduces its target price to Rs 1,865 from Rs 2,050, indicating an upside of 45.2%. The brokerage reduces its target price on the company due to the slowdown in new demat additions in the industry. However, it maintains a positive outlook on the company’s prospects as it believes the company’s flat-fee model and reduction in marketing costs will increase profitability. The brokerage estimates the company’s revenue to grow at a CAGR of 19.4% over FY22-24.

  • Metal stocks like JSW Steel, Tata Steel, Vedanta, Hindalco Industries, Jindal Steel & Power, NMDC, among others are rising in trade. The broader sectoral index Nifty Metal is also trading in the green.

  • Vardhman Textiles is trading with more than 12 times its weekly average trading volume. Rallis India, SIS, Bharat Electronics, and Tanla Platforms are trading at more than five times their weekly average trading volumes.

  • L&T Technology Services is rising as its Q1FY23 net profit rises 4.7% QoQ to Rs 274.2 crore and revenue rises 6.7% QoQ to Rs 1,873.7 crore. The revenue growth is led by the plant engineering and industrial products segments, along with robust deal wins across all its business verticals. Its EBIT margin falls 30 bps QoQ to 18.3%, as its employee costs rise 12.6% QoQ to Rs 1,068.3 crore. The company’s attrition rate rises by 280 bps QoQ to 23.2%.

  • Spicejet and Interglobe Aviation (IndiGo) are rising as oil marketing companies cut aviation turbine fuel prices by up to 2%.

  • Larsen & Toubro is rising as the company's arm L&T Realty to develop projects worth Rs 8,000 crore in South Mumbai, Western Suburbs and Thane.

  • ICICI Prudential Life Insurance’s Q1FY23 profit rises 184.5% YoY to Rs 156.5 crore but falls 16.2% QoQ. Revenue rises 4.3% YoY to Rs 6,884.2 crore but falls 39.4% QoQ. Value of new business (VNB) rises 31.9% to Rs 471 crore as VNB margin is up 300 bps to 31%. The quality of business improves as13-month persistency ratio rises 90 bps to 85.5% in April-May.

  • Cyient rises after it announces partnership with Honeywell to manufacture the first cloud-connect cockpit system. Cyient inks a multi-year deal with Honeywell for this project and will provide design validation and manufacturing push in the initial stages to support demand.

  • Edible oil makers like Adani Wilmar, Patanjali Foods, and Gujarat Ambuja Exports, among others, are rising in trade despite reducing the price of edible oil after a diktat from the Centre.

  • IT stocks like Tech Mahindra, Larsen & Toubro Infotech, Infosys, Mindtree, and Coforge, among others, are rising in trade. The broader sectoral index Nifty IT is also trading in the green.

  • Prestige Estates Projects rises as its Q1FY23 sales rise 310% YoY to Rs 3,012.1 crore and collections rise 110% YoY to Rs 2,164.4 crore. The growth in sales is driven by the Mumbai region, as it contributes Rs 737.8 crore or 24.4% of total sales in Q1FY23. During the quarter the company launched four new projects spanning 9.7 million square feet and completed three projects totalling 0.78 million square feet.

  • Jindal Steel & Power’s Q1FY23 total profit jumps to 194X YoY to Rs 2,770.8 crore because of higher income. Total revenue rises 22.8% YoY to Rs 13,069 crore, but total expenses also see a 46% rise to Rs 10,566.6 crore. Steel output is down marginally (1% YoY) to 1.99 million tonnes and net sales stand at 1.74 million tonnes in Q1FY23.

  • Bharat Electronics is rising as its Q1FY23 net profit rises nearly 15X YoY to Rs 365.6 crore and revenue rises 90.5% YoY to Rs 3,140.6 crore. Its EBITDA margin rises by 12.3 percentage points YoY to 16.6%. The company recommends a final dividend of Rs 1.5 per equity share for FY22.

  • HDFC Bank’s Q1FY23 net profit rises 20.9% YoY to Rs 9,579.1 crore on account of low provisions. Provisions fell 34% YoY to Rs 3,187.7 crore. Net interest margin on interest earnings assets is 4.2% in Q1FY23 against 4.3% in Q1FY22. Gross NPAs are down 19 bps YoY to 1.28% while net NPAs are down 13 bps to 0.35% in Q1FY23.

Riding High:

Largecap and midcap gainers today include Star Health and Allied Insurance Company Ltd. (671.55, 8.38%), Shriram Transport Finance Company Ltd. (1,397.10, 6.27%) and Larsen & Toubro Infotech Ltd. (4,215.75, 6.07%).

Downers:

Largecap and midcap losers today include Zydus Lifesciences Ltd. (358.25, -3.42%), Laurus Labs Ltd. (505.35, -3.30%) and Britannia Industries Ltd. (3,774.95, -1.92%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Vardhman Textiles Ltd. (307.30, 15.09%), Varroc Engineering Ltd. (329.95, 7.35%) and NBCC (India) Ltd. (32.35, 6.77%).

Top high volume losers on BSE were Zydus Lifesciences Ltd. (358.25, -3.42%) and Just Dial Ltd. (569.90, -1.27%).

SIS Ltd. (473.60, 5.35%) was trading at 11.6 times of weekly average. Rallis India Ltd. (207.30, 5.36%) and Welspun India Ltd. (73.10, 5.18%) were trading with volumes 9.7 and 8.8 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

10 stocks took off, crossing 52-week highs, while 1 stock was an underachiever and hit its 52-week lows.

Stocks touching their year highs included - Adani Transmission Ltd. (2,980.50, 3.15%), Bharat Electronics Ltd. (254.45, 3.65%) and Blue Dart Express Ltd. (8,286.05, 1.41%).

Stock making new 52 weeks lows included - PB Fintech Ltd. (524.95, 0.15%).

18 stocks climbed above their 200 day SMA including Garware Technical Fibres Ltd. (3,224.05, 5.90%) and Canara Bank (214.50, 4.08%). 3 stocks slipped below their 200 SMA including Kalyan Jewellers India Ltd. (65.35, -1.36%) and Max Healthcare Institute Ltd. (364.15, -1.18%).

 
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