Trendlyne Marketwatch
Trendlyne Marketwatch
20 Oct 2022
Market closes higher, Colgate-Palmolive's Q2 profit rises 3.3% YoY to Rs 278 crore

Trendlyne Analysis

Nifty 50 closed in the green after gyrating between losses and gains throughout the day. Indian indices closed higher for a fifth straight session. Indian rupee touched a lifetime low of 83.08 against the US dollar in early trade. European stocks followed the global trend and traded lower than Wednesday's close as investors assess companies' quarterly earnings.

Most major Asian indices closed in the red, in line with the US indices, which closed in the red amid rising treasury yields. US stocks closed lower on a volatile day of trade due to mixed quarterly earnings releases by major companies. The tech-heavy NASDAQ 100 index lost 0.4% while the Dow Jones closed 0.3% lower. Brent crude oil futures traded higher, extending its 2.2% gain on Wednesday due to lower-than-expected US crude oil inventories.

Nifty Smallcap 100 closed flat while the Nifty Midcap 100 closed in the red. Nifty Pharma and Nifty Energy closed higher than Wednesday’s levels. Nifty IT closed higher, despite the NASDAQ 100 closing in the red on Wednesday.

Nifty 50 closed at 17,565.25 (53, 0.3%), BSE Sensex closed at 59,202.90 (95.7, 0.2%) while the broader Nifty 500 closed at 15,115.45 (46.9, 0.3%)

Market breadth is in the red. Of the 1,928 stocks traded today, 841 were on the uptrend, and 1,020 went down.

  • Asian Paints sees a short build-up in its October 27 future series as its open interest rises 9.6% with put to call ratio of 0.44.

  • EID Parry (India) and Aegis Logistics hit their 52-week highs of Rs 649.95 and Rs 308, respectively. EID Parry (India) rises for two consecutive sessions, while Aegis Logistics trades higher for three sessions.

  • Asian Paints is falling despite its Q2FY23 net profit rising 31.3% YoY to Rs 782.7 crore. Revenue grows 19.8% YoY on the back of growing sales volume across business verticals and price hikes. The company’s board announces an interim dividend of Rs 4.4 per share for FY23, which will be paid on or after November 10.

  • Phoenix Mills falls in trade as around 2 lakh shares (0.1% equity) amounting to Rs 27.4 crore change hands, according to reports.

  • Maharashtra Scooters' Chief Executive Officer (CEO) Shriniwas Pathak resigns on Wednesday, his resignation is effective from December 15. The company appoints Sanjay Vishram Uttekar as the new CEO.

  • Tata Consultancy Services is rising as it partners with UK’s leading supermarket company Sainsbury’s. Through this partnership, TCS will help modernise Sainsbury’s IT infrastructure by using TCS Enterprise Cloud.

  • HDFC Securities maintains its ‘Add’ rating on L&T Technology Services and increases its target price to Rs 3,750 from Rs 3,520. The brokerage is optimistic about the company’s growth potential in the coming quarters given its consistent large deal wins, strong bookings in Europe, and robust deal pipeline. It expects the company’s revenue to grow at a CAGR of 14.3% over FY22-25.

  • Colgate-Palmolive is rising as its Q2FY23 net profit increases 3.3% YoY to Rs 278 crore with net sales rising by 2.6% YoY. The management continues to remain cautious about the overall growth trend, especially in the rural markets. The company also declares an interim dividend of Rs 18 per share for FY23.

  • Stocks like Canara Bank, IIFL Wealth Management, Shoppers Stop, and Gujarat Fluorochemicals report a YoY increase in operating profit in Q2FY23.

  • Delhivery is falling as it anticipates moderate shipment volume growth for the rest of FY23. The market sentiment remains the same in Q2 as in Q1 with consumer discretionary spending remaining muted due to high levels of inflation.

  • Shoppers Stop is falling despite reporting a net profit of Rs 16.2 crore in Q2FY23 compared to a loss of Rs 3.6 crore in Q2FY22. Revenue rises 57.7% to aid the growth in net profit. Venu Nair, MD and CEO of the company believes that customer sentiments are positive which reflects in higher footfalls, average selling price, average transaction value and other key performance indicators.

  • Stocks like Reliance Industries, Oil and Natural Gas Corp, and Oil India rise in trade as Brent crude price rises above $93 per barrel. The broader index Nifty Energy is also trading in green.

  • SBI Card's credit card transaction value market share rose to 19% in September. While Axis Bank and ICICI Bank gained market share, MoM, HDFC Bank’s market share fell in September.

  • Bharat Electronics (BEL) bags an order from Triton Electric Vehicle India to supply 300-kilowatt lithium batteries for its semi-truck project in India. The estimated value of the order is around Rs 8,060 crore. BEL has also signed an MoU with TEV for manufacturing hydrogen fuel cells with the help of technology given by TEV.

  • IndusInd Bank is falling despite its Q2FY23 net profit surging 57.4% YoY to Rs 1,805.3 crore on the back of rising loan disbursements and net interest income growing 18% YoY. The bank’s asset quality improves as its net non-performing assets fall 19 bps YoY to 0.61%. The stock shows up on the screener which lists companies with rising profits sequentially for the past four quarters.

  • Glenmark Pharmaceuticals is rising as it launches teneligliptin and dapagliflozin fixed dose combination tablets, under the brand name Zita D. The drug is for the treatment of adult patients with type two diabetes. According to IGVIA sales data, for 12 months ended September 2022, the market for oral anti-diabetic drugs in India is estimated to be Rs 11,796 crore.

  • Havells is falling as its Q2FY23 net profit falls 38.2% YoY to Rs 187 crore. Rise in raw material costs and employee benefits expenses cause the EBITDA margin to fall 460 bps YoY to 10.2%. The company features in the screener reflecting stocks with declining profits for the past two quarters.

  • Indian rupee touches a record low of 83.067 against the US dollar in early trade today.

  • Tracxn Technologies’ shares list at a 5.6% premium to the issue price of Rs 80 on its debut on the bourses. The Rs 309-crore IPO was subscribed for 2X the total shares on offer.

  • Lupin is falling as the US FDA issues Form 483 with 17 observations to the company. The prior-approval inspection was conducted at its biotech manufacturing facility in Pune. The company is working towards addressing the issues and says there will be no material impact on existing revenues from the Pune facility.

  • Persistent Systems’ Q2FY23 net profit rises 4% QoQ to Rs 220 crore with revenue rising 9% QoQ. All segments like banking, financial services & insurance, healthcare & life sciences, and software segment report an increase in revenue. The company’s large client count (>$5 million annual revenue) is up by 15% in Q2. The company shows up on the screener listing stocks with high TTM EPS growth.

Riding High:

Largecap and midcap gainers today include UPL Ltd. (713.50, 5.42%), Adani Transmission Ltd. (3,290.25, 4.73%) and Canara Bank (258.90, 3.98%).

Downers:

Largecap and midcap losers today include Schaeffler India Ltd. (2,946.00, -7.62%), PB Fintech Ltd. (400.75, -6.18%) and Au Small Finance Bank Ltd. (592.35, -5.37%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included UPL Ltd. (713.50, 5.42%), Saregama India Ltd. (392.45, 5.26%) and Vardhman Textiles Ltd. (362.15, 4.96%).

Top high volume losers on BSE were PB Fintech Ltd. (400.75, -6.18%), Johnson Controls-Hitachi Air Conditioning India Ltd. (1,304.15, -6.05%) and KNR Constructions Ltd. (205.15, -5.66%).

Rallis India Ltd. (226.20, 4.53%) was trading at 18.2 times of weekly average. Symphony Ltd. (885.15, 2.77%) and Shilpa Medicare Ltd. (323.25, -2.96%) were trading with volumes 10.7 and 7.2 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

10 stocks overperformed with 52-week highs, while 15 stocks hit their 52-week lows.

Stocks touching their year highs included - Aegis Logistics Ltd. (302.00, 0.73%), Deepak Fertilisers & Petrochemicals Corporation Ltd. (1,038.05, 5.34%) and EID Parry (India) Ltd. (662.00, 4.33%).

Stocks making new 52 weeks lows included - Alembic Pharmaceuticals Ltd. (543.25, -1.72%) and Bharat Petroleum Corporation Ltd. (297.10, 1.69%).

12 stocks climbed above their 200 day SMA including Jamna Auto Industries Ltd. (114.55, 5.92%) and JK Cement Ltd. (2,684.70, 4.55%). 23 stocks slipped below their 200 SMA including Gujarat Pipavav Port Ltd. (81.70, -5.33%) and Thermax Ltd. (1,996.80, -4.02%).

 
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