Trendlyne Marketwatch
Trendlyne Marketwatch
17 Oct 2022
Market closes higher, PVR’s Q2 loss narrows to Rs 71.2 crore

Trendlyne Analysis

Nifty 50 rises over 125 points and closed above the 17,300 mark. European stocks traded higher as UK's new finance minister Jeremy Hunt is set to make a statement regarding a new fiscal plan. However, major Asian indices closed mixed, despite the US indices closing deep in the red on Friday. US stocks fell as investors digested the red-hot US inflation print, which pushes the US Federal Reserve to continue with its aggressive monetary policy. The tech-heavy NASDAQ 100 fell over 3% while the S&P 500 closed 2.4% lower. Brent crude oil futures trade higher after falling over 6.8% last week amid demand concerns due to rising risks of a global recession.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, following the benchmark index. Nifty Energy and Nifty Auto closed higher than Friday’s levels. Nifty IT also closed higher, despite the NASDAQ 100 closing deep in the red on Friday.

Nifty 50 closed at 17,320.55 (134.9, 0.8%), BSE Sensex closed at 58,410.98 (491.0, 0.9%) while the broader Nifty 500 closed at 14,915.20 (100.1, 0.7%)

Market breadth is in the red. Of the 1,967 stocks traded today, 785 were gainers and 1,125 were losers.

  • Shree Cements sees a short build-up in its October 27 future series as its open interest rises 13.1% with put to call ratio of 0.51.

  • HM Bangur, Managing Director of Shree Cements, expects the volume to grow 10% in FY23. He also expects EBITDA per tonne to rise up to Rs 900-1000 during Q3FY23. This comes after the company reported a fall in net profit by 67% YoY in Q2FY23.

  • Godfrey Philips India and Sun Pharmaceutical industries hit their 52-week highs of Rs 1,409.5 and Rs 985, respectively. Godfrey Philips rises for three sessions, while Sun Pharma trades higher for four sessions.

  • ACC posts a loss of Rs 87.3 crore in Q2FY23 compared to a profit of Rs 450.2 crore in Q2FY22 despite its revenue growing 7% YoY. A rise in the company’s cost of materials consumed, power & fuel expenses, and purchases of stock-in-trade hurt its profitability. Its EBITDA margin falls by 19.1 percentage points YoY to 0.4%.

  • Commodity Printing/Stationery, Food & Drugs Retailing, and Roads & Highways industries rise over 3% in trade today

  • PVR’s Q2FY23 net loss narrows to Rs 71.2 crore from Rs 153.1 crore in Q2FY22 as its revenue jumps 5.7X YoY. Revenue from movie screenings, production and distribution increases more than 2.5 times in Q2. The management is focused on improving admissions back to cinema halls and expects a full recovery in business by the end of FY23.

  • Craftsman Automation is rising as its Q2FY23 net profit is up 25.1% YoY to Rs 62.5. Revenue increases by 35.9% YoY driven by growth across all its business segments. The stock shows up on the screener for companies with improving return on assets over the last two years.

  • Ujjivan Small Finance Bank's board approves its merger with the company's subsidiary, Ujjivan Financial Services. Shareholders of Ujjivan Financial Services will get 116 shares of Ujjivan Small Finance for every 10 shares held in Ujjivan Financial Services.

  • Public sector banks like Canara Bank, Bank of Baroda and Bank of Maharashtra rise more than 3% in trade. The broader Nifty PSU Bank index trades above 2.5%.

  • Stocks like ICICI Prudential Life Insurance, Bajaj Auto, Cyient, Shree Cements, and Wipro report a QoQ fall in net profit in Q2FY23.

  • CLSA maintains its ‘Sell’ rating on Jubilant Foodworks with a target price of Rs 550. The brokerage believes the company's peers have a better earnings outlook. It also says that the company is falling behind on its diversification plan.

  • HDFC Securities remains positive on the future growth prospects of Angel One as it retains its ‘Buy’ rating on the company with a target price of Rs 2,020, indicating an upside of 22.4%. The brokerage believes the company is well-placed to capitalize on the growth momentum of the Indian capital markets given its flat-fee model, market share gains and cost management. The brokerage expects the company’s revenue to grow at a CAGR of 18.1% over FY22-25.

  • Porinju Veliyath sells stake in Cupid during Q2FY23, he now holds below 1% stake in the company as against a 1.3% stake at the end of Q1FY23.

  • Zydus Lifesciences is rising after it receives tentative approval from the US FDA for drugs used in the treatment of tardive dyskinesia. This drug had annual sales of USD 781 million in the US market and will be manufactured at a facility in Ahmedabad.

  • Avenue Supermarts is falling despite its Q2FY23 net profit surging 64.1% YoY to Rs 685.8 crore and revenue rising 36.6% YoY. This growth is driven by the company’s FMCG and staples segment performing well this quarter. However, its operating margin declines by 20 bps YoY due to higher purchases of stock-in-trade and other expenses.

  • L&T Infotech’s net profit for Q2FY23 rises 7.2% QoQ to Rs 679.3 with revenue increasing 6.9%. Maximum growth in revenue came from the energy and utilities segment followed by CPG, retail and pharma segments. Tata Elxsi’s net profit fell 5.4% QoQ on high employee benefit costs but revenue rises 5.1% QoQ in Q2.

  • Dilip Buildcon is rising as it wins an order from the Gujarat Metro Rail Corp for the construction of an 8.7 km long elevated viaduct for the Surat Metro Rail Project Phase-1. The cost of the project is estimated to be Rs 702 crore.

  • Centre raises the windfall tax on locally produced crude oil to Rs 11,000 per tonne from Rs 8,000 per tonne earlier. It also increases the export tax on diesel to Rs 12 from Rs 5. The Centre also imposed an export tax of Rs 3.5 on aviation turbine fuel (ATF) after removing it in the last fortnightly revision.

  • Electronics Mart India’s shares list at a 52.5% premium to the issue price of Rs 59, on its debut on the bourses. The Rs 500-crore IPO was subscribed for 71.9 times the total shares on offer.

  • Sunteck Realty’s pre-sales rise 24% YoY to Rs 337 crore in Q2FY23 with collections increasing 60% YoY. The company recently acquired a land parcel at Mira Road, Mumbai for a project, whose estimated revenue is nearly Rs 3,000 crore.

  • HDFC Bank’s Q2FY23 net profit rises 20% YoY to Rs 10,605.7 crore as net interest income increases 18.9% and provisions fall 17%. Revenue from retail and wholesale banking is also up in Q2. The bank’s asset quality further improved as gross NPA and net NPA falls 12 bps and 7 bps YoY, respectively. The bank shows up on a screener which lists stocks with improving net cash flow for the past two years.

Riding High:

Largecap and midcap gainers today include Adani Green Energy Ltd. (2,154.45, 5.97%), Canara Bank (237.40, 4.70%) and Bank of Baroda (136.15, 4.37%).

Downers:

Largecap and midcap losers today include Tata Elxsi Ltd. (7,782.80, -8.07%), Oberoi Realty Ltd. (857.60, -4.75%) and FSN E-Commerce Ventures Ltd. (1,160.50, -3.87%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included IRB Infrastructure Developers Ltd. (239.10, 10.62%), Aptus Value Housing Finance India Ltd. (331.60, 9.84%) and Deepak Fertilisers & Petrochemicals Corporation Ltd. (966.15, 8.00%).

Top high volume losers on BSE were Tata Elxsi Ltd. (7,782.80, -8.07%), Oberoi Realty Ltd. (857.60, -4.75%) and CreditAccess Grameen Ltd. (935.40, -4.27%).

Just Dial Ltd. (597.55, 4.85%) was trading at 18.4 times of weekly average. Grindwell Norton Ltd. (2,028.35, -1.01%) and Esab India Ltd. (3,489.70, 3.41%) were trading with volumes 17.4 and 12.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

6 stocks took off, crossing 52-week highs, while 16 stocks hit their 52-week lows.

Stocks touching their year highs included - City Union Bank Ltd. (193.10, 4.92%), Federal Bank Ltd. (131.50, 0.88%) and IDFC Ltd. (77.50, 1.51%).

Stocks making new 52 weeks lows included - Alembic Pharmaceuticals Ltd. (571.05, -0.13%) and Bharat Petroleum Corporation Ltd. (296.55, -0.44%).

16 stocks climbed above their 200 day SMA including IRB Infrastructure Developers Ltd. (239.10, 10.62%) and Aptus Value Housing Finance India Ltd. (331.60, 9.84%). 21 stocks slipped below their 200 SMA including Tata Elxsi Ltd. (7,782.80, -8.07%) and Oberoi Realty Ltd. (857.60, -4.75%).

 
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