Trendlyne Marketwatch
Trendlyne Marketwatch
24 Apr 2023
Market closes higher, Bank of Maharashtra's Q4FY23 net profit jumps 2.4X YoY to Rs 840 crore

Trendlyne Analysis

Nifty 50 closed at 17,743.40 (119.4, 0.7%), BSE Sensex closed at 60,056.10 (401.0, 0.7%) while the broader Nifty 500 closed at 14,930.15 (83.1, 0.6%). Of the 1,990 stocks traded today, 1,014 were gainers and 908 were losers.

Indian indices extend the gains made in the morning session and close in the green. The volatility index, India VIX, rose above 11 at the close. India's crude steel production increased by 4.18% to 125 MT in FY23. Domestic consumption increased by 12.7% to 120 MT in FY23. 

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green following the benchmark. Nifty Healthcare and Nifty Media closed lower than Friday’s levels. Nifty Bank closed sharply higher, led by industry heavyweights ICICI Bank and SBI Bank. Indusind Bank’s Q4FY23 profit increased by 50% YoY to Rs 2,040 crore, lower than analyst estimates by 1%. Its shares closed 1.34% lower than the previous close

Most European indices trade in the red except for Switzerland’s SMI trading higher. US indices futures trade flat as investors wait for earnings reports and commentary from tech giants like Microsoft, Amazon, Meta and Alphabet this week.

  • Relative strength index (RSI) indicates that stocks like Aurobindo Pharma, Navin Fluorine International, Glenmark Pharmaceuticals and Welspun India are in the overbought zone.

  • Nestle India, Bajaj Auto and Mahindra CIE Automotive rise 5.1%, 0.8% and 0.7% respectively in the past week, ahead of their Q4FY23 results.

  • IndusInd Bank’s Q4FY23 net profit rises 49.9% YoY to Rs 2,040.5 crore, while its consolidated net interest income grows by 17.2% YoY, led by the corporate and retail banking segments. The banks’ Gross and Net NPAs decline 72 bps and 5 bps YoY respectively.

  • Oil prices fall amid concerns of rising interest rates, a slowdown in the global economy and a weakening fuel demand outlook. Brent crude oil hovers around the $80-81 per barrel mark.

  • Zydus Lifesciences recieves US FDA approval for Icosapent Ethyl Capsules used to reduce triglyceride levels in adult patients with severe hypertriglyceridemia. The drug has annual sales of $1,316 million in the United States.

  • Bank of Maharashtra is rising after announcing its Q4FY23 results. The bank’s net profit jumps 2.4X YoY to Rs 840 crore, with net interest income rising 35.6%. Gross advances grow 30% with maximum contribution from the corporate and retail loans segment. NIM also expands 61 bps YoY to 3.78% in Q4.

  • Realty stocks like Indiabulls Real Estate, Prestige Estates Projects, Mahindra Lifespace Developers, DLF and Godrej Properties are rising in trade. All the constituents of the broader sectoral index Nifty Realty are also trading in the green.

  • Tamilnad Mercantile Bank is rising as its Q4FY23 net profit increases 11.5% YoY to Rs 253.1 crore and net interest income grows by 8% YoY, led by the retail banking segment. The bank’s Gross NPA and Net NPA decline by 30 bps and 33 bps YoY respectively in Q4.

  • Rohan Verma, CEO and Executive Director at C.E. Info Systems (MapmyIndia), says the company’s order book has increased to Rs 918 crore in Q4FY23. He adds that the EBITDA margin will exceed 40% in FY24.

  • Cyient touches its 52-week high of Rs 1,230.2 in a flat market. The surge follows the company's Q4FY23 earnings report, which shows a rise in revenue, deal wins and EBIT. The stock has gained 12% in the past week and 44.5% in the past year.

  • Bajaj Finance, Maruti Suzuki and L&T Technology Services fall 0.2%, 2.3% and 3.1% respectively over the past week, ahead of their Q4FY23 results on Wednesday.

  • Arun Misra, CEO of Hindustan Zinc, says that the company will meet the FY24 volume guidance of 750 tonnes for silver. He adds that it has been impacted by high imported coal prices in FY23 and expects international coal prices to cool down to $130 per tonne in FY24.

  • HDFC Securities maintains its ‘Buy’ rating on Navin Fluorine International with a target price of Rs 5,471. This implies an upside of 16.1%. The brokerage remains positive about the company due to its long-term contracts, rising share of high-margin products in the sales mix, capacity expansion, and strong R&D infrastructure.

  • Sun Pharmaceuticals enters a consent decree with the US FDA to undertake corrective actions at its Mohali facility before releasing any more final products in the US. The shipments from Mohali will resume once the measures are in place. The stock is down nearly 2% in trade.

  • Solar Industries bags a contract worth Rs 212 crore from the Ministry of Defence for the supply of loitering munition. The stock shows up in a screener for companies with high TTM EPS growth.

  • PSU banks like Punjab & Sind Bank, Bank of Maharashtra, UCO Bank, Bank of India and Canara Bank are rising in trade. All the constituents of the broader sectoral index Nifty PSU Bank are also trading in the green.

  • Morgan Stanley maintains its ‘Underweight’ rating on Asian Paints and Kansai Nerolac. The brokerage says competition may intensify with new entrants.

  • Wipro is rising as its board of directors considers a proposal for a share buyback. The company will announce the decision along with its Q4FY23 results on April 27.

  • Maruti Suzuki is falling as it is recalling 7,213 cars over a defect in the vacuum pump that assists its brake function. The company shows up in a screener for upcoming results with rising delivery volumes.

  • Ashish Kacholia buys a 0.1% stake in Gravita India in Q4FY23. He now holds 2.2% of the company.

  • CLSA maintains its ‘Buy’ rating on ICICI Bank with a target price of RS 1,200. The brokerage says the bank continues to be its top pick and believes there is a certainty for high earnings over the coming three years. It has increased the earnings estimates by 2-4%.

  • Macrotech Developers (Lodha) is rising as its Q4FY23 net profit increases 39% YoY to Rs 744.3 crore. Its FY23 pre-sales rise 34% YoY. The company declares a 1:1 bonus issue subject to shareholders’ approval. The stock has gained 7% in the past month.

  • Rakesh Jhunjhunwala's portfolio adds Sun Pharma Advanced Research to its holdings in Q4FY23 by buying a 1.9% stake in the company.

  • YES Bank is falling as its Q4FY23 net profit falls 45% YoY to Rs 202 crore due to a 2.3X YoY increase in provisions. However, the bank's net interest income increases 16% YoY, and profit rises 3.9X QoQ. It shows up in a screener of stocks with a decrease in NPAs in recent results.

  • ICICI Bank is rising as its Q4FY23 net profit rises 30% YoY to Rs 9,122 crore. Net interest income also increases 40% YoY and asset quality improves as gross and net NPAs fall 79 bps and 28 bps YoY respectively. Sandeep Batra, Executive Director, says that with the peaking of repo rates, the bank’s income has peaked as loan re-pricing was faster than deposits. He adds that net interest margins have near-peaked and will fall in the coming quarters.

  • Reliance Industries reports a 19% YoY rise in Q4FY23 net profit to Rs 19,299 crore, with revenue increasing by 2.1% YoY driven by growth in its O2C (oil to chemicals) business. Mukesh Ambani, Chairman and Managing Director, says that the O2C segment has posted the highest operating profit despite global uncertainties, and the oil and gas segment is likely to contribute to 30% of India’s domestic gas production.

Riding High:

Largecap and midcap gainers today include HDFC Life Insurance Company Ltd. (547.55, 6.67%), Indian Railway Finance Corporation Ltd. (29.55, 5.35%) and Tata Consumer Products Ltd. (732.55, 4.59%).

Downers:

Largecap and midcap losers today include Adani Green Energy Ltd. (887.10, -3.18%), YES Bank Ltd. (15.70, -3.09%) and Adani Transmission Ltd. (965.10, -3.00%).

Movers and Shakers

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

Top high volume gainers on BSE included Rail Vikas Nigam Ltd. (87.75, 13.23%), Indiabulls Real Estate Ltd. (63.50, 11.50%) and Bank of Maharashtra (30.10, 8.08%).

Top high volume losers on BSE were Computer Age Management Services Ltd. (2,034.65, -1.44%), C.E. Info Systems Ltd. (996.75, -1.24%) and 3M India Ltd. (22,150.00, -0.89%).

Aegis Logistics Ltd. (407.85, 5.46%) was trading at 11.4 times of weekly average. Alembic Pharmaceuticals Ltd. (541.80, 0.86%) and HDFC Life Insurance Company Ltd. (547.55, 6.67%) were trading with volumes 9.3 and 8.7 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

10 stocks made 52-week highs, while 5 stocks tanked below their 52-week lows.

Stocks touching their year highs included - Aegis Logistics Ltd. (407.85, 5.46%), Bajaj Auto Ltd. (4,332.10, 0.55%) and Zydus Lifesciences Ltd. (516.50, -0.43%).

Stocks making new 52 weeks lows included - PVR Ltd. (1,477.70, -1.41%) and Aavas Financiers Ltd. (1,558.05, -1.33%).

12 stocks climbed above their 200 day SMA including HDFC Life Insurance Company Ltd. (547.55, 6.67%) and Bombay Burmah Trading Corporation Ltd. (977.85, 5.72%). 13 stocks slipped below their 200 SMA including PI Industries Ltd. (3,112.95, -2.41%) and Sona BLW Precision Forgings Ltd. (457.80, -1.83%).

 
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