Trendlyne Marketwatch
Trendlyne Marketwatch
25 Apr 2023
Market closes higher, Larsen & Toubro bags orders worth Rs 1,000-2,500 crore

Trendlyne Analysis

Nifty 50 closed at 17,769.25 (25.9, 0.2%) , BSE Sensex closed at 60,130.71 (74.6, 0.1%) while the broader Nifty 500 closed at 14,955.70 (25.6, 0.2%). Of the 1,951 stocks traded today, 962 were on the uptick, and 917 were down.

Indian indices switch between losses and gains on a volatile day of trade, with the Nifty 50 below the 17,800 mark. Anupam Rasayan India rises over 4% as it signs a letter of intent worth $46 million with an American multinational company.

Nifty Smallcap 100 trades in the green, outperforming the benchmark index. Nifty PSU bank trade sharply higher, led by heavyweights State Bank of India and Bank of Baroda.

Hardware Technology & Equipment, Commercial Services & Supplies and Utilities sectors are trading sharply higher, according to Trendlyne’s Sector dashboard.

European indices open lower, in line with major Asian indices amid weak global cues. European stocks open in the red, dragged by bank stocks as UBS’ net profit drops 52% YoY in Q1CY23. US indices futures also trade lower after closing mixed on Monday.

  • Money flow index (MFI) indicates that stocks like Glenmark Pharmaceuticals, Welspun India, FDC and Raymond are in the overbought zone

  • Mankind Pharma’s Rs 4,326.4 crore IPO gets bids for 14% of the available 2.8 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 10% of the available 1.4 crore shares on offer. The IPO is entirely an offer for sale of Rs 4,326.4 crore.

  • Motilal Oswal gives a ‘Neutral’ rating on Navin Fluorine with a target price of Rs 4,700, citing the limited upside potential of the stock. The stock is trading near its 52-week high. It shows up in a screener of stocks with improving book value for the past two years.

  • S Krishnan, Managing Director and CEO of Tamilnad Mercantile Bank, says its advances will grow 12-15%, while deposit growth will be around 10% in FY24. The bank's net profit has risen 11.5% YoY to Rs 253.1 crore in Q4FY23.

  • HDFC Asset Management Co is falling despite its net profit rising 9.5% YoY to Rs 376.2 crore and revenue growing by 4.8% YoY. The company’s board has recommended a dividend of Rs 48 per equity share for FY23.

  • Commercial services & supplies, utilities and media sectors fall by more than 10% over the past 90 days.

  • IIFL Finance, Maruti Suzuki and Indus Towers' weekly average delivery volumes rise ahead of their Q4FY23 results tomorrow.

  • Ratings agency ICRA says that the Indian hotel industry’s revenue growth will be around 13-15% in FY24, driven by a recovery in demand from domestic leisure travel, business travel and events like the G20 summit. ICRA expects occupancy of premium hotels to touch 70-72% in FY24.

  • Larsen & Toubro's power transmission and distribution arm wins orders worth Rs 1,000-2,500 crore. The orders include the development of distribution infrastructure in Rajasthan, a power supply system order for the second phase of Chennai Metro, and an overseas order to supply, construct, test and commission a substation in the United Arab Emirates.

  • IPCA Laboratories and Crompton Greaves Consumer Electricals reach their 52-week lows of Rs 742.2 and Rs 252.3 per share respectively. IPCA has fallen 4.7% over the past month, while the other went down 11.7%.

  • KRChoksey maintains its ‘Buy’ rating on ICICI Bank with a target price of Rs 1,175. This indicates an upside of 28.9%. The brokerage is optimistic about the bank’s growth prospects given its strong operating performance, improving asset quality, and superior return ratios compared to its peers. It expects the firm’s net profit to grow at a CAGR of 18.6% over FY23-25.

  • Mahindra Lifespace Developers is rising as it wins a redevelopment project of a residential society at Malad, with expected revenue of Rs 850 crore. It shows up in a screener of stocks being overbought by the money flow index (MFI).

  • PSU bank stocks like UCO Bank, Bank of Baroda, Canara Bank and Central Bank of India are rising in trade. The broader sectoral index Nifty PSU Bank is also trading in the green.

  • Keshav Bhajanka, Executive Director at Century Plyboards, says that the company targets to grow 20% in FY24. He adds that Century has taken a 2% price hike in plywood due to an increase in timber prices.

  • Welspun India is rising as its board of directors plans to announce its Q4FY23 results and recommendation for dividends on April 27, along with considering a share buyback proposal. The company shows up in a screener for stocks that gained more than 20% over the past month.

  • Rakesh Jhunjhunwala's portfolio cuts stake in Bilcare to below 1% in Q4FY23 from a 7.4% stake held in Q3FY23.

  • Anupam Rasayan India rises as it signs a letter of intent worth $46 million with an American multinational company to supply new age specialty chemical advance intermediate for the next 5 years.

  • Century Textiles & Industries is falling as its Q4FY23 revenue marginally declines by 0.2% YoY to Rs 1,208.5 crore due to revenue from the textile business segment falling 26.8% YoY. On the other hand, net profit surges by 68.8% YoY on the back of a net gain worth Rs 134.2 crore made from the transfer of its leasehold land in Gujarat to Grasim Industries for Rs 215.9 crore.

  • Serum Institute of Life Sciences will convert its $150 million loan provided to Biocon Pharma into equity of Biocon Biologics. Kiran Mazumdar Shaw, Executive Chairperson of Biocon, says Serum’s investment in Biocon Biologics is valued at $6 billion.

    Nestle trades near its 52-week high after reporting a 25% YoY increase in net profit to Rs 736.64 crore. Its total sales also rise as both domestic sales and exports go up more than 20% YoY. Suresh Narayanan, Chairman and Managing Director, says that the robust growth in sales is because of balanced pricing, volume growth and product mix.

  • Stocks like Persistent Systems, Bank of Maharashtra and IndusInd Bank report a YoY and QoQ rise in net profit in Q4FY23.

  • JP Morgan says that IndusInd Bank’s core PPOP (pre-provision operating profit) has increased on the back of loan growth. The brokerage adds that IndusInd's gross slippage has risen to 2.4% in Q4, but the bank expects it to moderate to less than 2% in Q1FY24.

    Crompton Greaves Consumer Electricals' Chief Executive Officer (CEO) Mathew Job resigns to pursue other career interests, with effect from April 30, 2023. The company appoints Promeet Ghosh as the Managing Director and CEO, subject to the approval of shareholders.

  • Ipca Laboratories hits a 52-week low of Rs 751 in trade today following the announcement of its acquisition of a 33.4% stake in Unichem Laboratories for Rs 1,034.06 crore.

  • Tata Teleservices’ (Maharashtra) Q4FY23 net loss narrows to Rs 277.07 crore from Rs 280.6 crore in Q4FY22. Its revenue has increased marginally by 2.7%. It shows up in a screener for average financial performers.

  • Mankind Pharma raises Rs 1,297.9 crore from anchor investors ahead of its IPO by allotting 1.2 crore equity shares at Rs 1,080 per share. The investors include Canada Pension Plan, Government of Singapore, Nomura Funds and SBI Mutual Fund.

  • Persistent Systems’ Q4FY23 net profit rises 25.1% YoY to Rs 251.5 crore and EBIT margin expands by 140 bps YoY. Its revenue grows 37.6% YoY, driven by robust growth in the BFSI and Hi-Tech business verticals. The stock shows up in a screener for companies with net profits increasing sequentially for the past four quarters.

Riding High:

Largecap and midcap gainers today include Adani Green Energy Ltd. (931.15, 4.97%), Adani Transmission Ltd. (1,012.95, 4.96%) and Adani Total Gas Ltd. (935.25, 4.95%).

Downers:

Largecap and midcap losers today include Crompton Greaves Consumer Electricals Ltd. (259.45, -11.83%), Ipca Laboratories Ltd. (741.15, -10.33%) and HDFC Life Insurance Company Ltd. (529.75, -3.25%).

Volume Shockers

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

Top high volume gainers on BSE included Rail Vikas Nigam Ltd. (104.60, 19.20%), Rites Ltd. (380.10, 8.69%) and Varroc Engineering Ltd. (281.55, 5.23%).

Top high volume losers on BSE were Crompton Greaves Consumer Electricals Ltd. (259.45, -11.83%), Ipca Laboratories Ltd. (741.15, -10.33%) and TCI Express Ltd. (1,403.85, -3.98%).

Tube Investments of India Ltd. (2,504.95, -2.09%) was trading at 11.1 times of weekly average. 3M India Ltd. (22,296.20, -0.52%) and Capri Global Capital Ltd. (645.80, -0.43%) were trading with volumes 9.3 and 6.9 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

13 stocks hit their 52 week highs, while 7 stocks were underachievers and hit their 52 week lows.

Stocks touching their year highs included - Aegis Logistics Ltd. (397.70, -2.49%), Bajaj Auto Ltd. (4,342.55, 0.24%) and Glenmark Pharmaceuticals Ltd. (517.65, 0.15%).

Stocks making new 52 weeks lows included - Ipca Laboratories Ltd. (741.15, -10.33%) and PVR Ltd. (1,478.60, 0.06%).

16 stocks climbed above their 200 day SMA including EPL Ltd. (165.75, 3.34%) and Zomato Ltd. (57.75, 3.12%). 6 stocks slipped below their 200 SMA including HDFC Life Insurance Company Ltd. (529.75, -3.25%) and Mastek Ltd. (1,703.60, -2.44%).

 
More from Trendlyne Marketwatch
More from Trendlyne Analysis
Recommended
Five Interesting Stocks Today - May 16, 2025
The Baseline | 16 May 2025, 06:42PM
A car running on flat tires: Pakistan's economy is struggling
The Baseline | 15 May 2025
Markets close higher, Rakesh Jhunjhunwala buys a 2.2% stake in Indiabulls Housing Finance
Trendlyne Marketwatch | 22 Jul 2021