Trendlyne Marketwatch
Trendlyne Marketwatch
08 May 2023
Market closes higher, UPL's Q4FY23 net profit falls 37.8% YoY to Rs 1,080 crore

Trendlyne Analysis

Nifty 50 closed at 18,264.40 (195.4, 1.1%), BSE Sensex closed at 61,764.25 (710.0, 1.2%) while the broader Nifty 500 closed at 15,427.10 (148.5, 1.0%).  Of the 1,978 stocks traded today, 1,123 were gainers and 787 were losers.

Indian indices maintained their gains from morning session and Nifty 50 closed over 1% higher, with the volatility index, India VIX, rising over 3%. India’s coal imports surge by 30% in FY23 to 162 MT.

One97 Communications (Paytm) Q4FY23 net loss declines by 77.9% YoY to Rs 168.4 crore against analyst estimates of 306 crore loss. Its revenue increases by 51.5% YoY as its value of loans distributed rises to Rs 12,554 crore.

Nifty Midcap 100 and Nifty Smallcap 100 closed in the green, following the benchmark index. However, Nifty PSU Bank index and Nifty Media closed lower than their Friday levels. All other major sectoral indices closed higher. According to Trendlyne’s sector dashboard, realty was the top-performing sector of the day.

European indices traded in the green, taking cues from the US indices futures, which also traded higher. Major Asian indices closed higher, except for Japan’s Nikkei 225 closing in the red. The US farm payroll data released on Friday indicated unemployment rate in April 2023 at 3.4% against estimates of 3.6%. The Fed needs to take a fresh look against their earlier outlook to pause interest rate hikes.

  • Relative strength index (RSI) indicates that stocks like Rail Vikas Nigam, Cholamandalam Investment & Finance, MRF and Devyani International are in the overbought zone.

  • Happiest Minds is falling despite its Q4FY23 net profit rising by 10.7% YoY to Rs 57.7 crore and revenue increasing by 25.8% YoY. However, its EBIT margin drops 70 bps YoY to 22.4% due to a sharp rise in employee costs.

  • Exide Industries is rising despite net profit declining by 95.4% YoY to Rs 181.1 crore in Q4FY23 on the back of rising raw material costs. Its revenue declined by 4.8% YoY to Rs 3,676,8 crore. The company shows up in a screener of stocks with declining net profit and profit margin (YoY). The company has also declared a final dividend of Rs 2 per share of face value of Rs 1 each.

  • Alembic Pharmaceuticals rises over 7% in trade today. The company features in a screener of stocks where brokers have upgraded their recommendations or target prices in the past month. According to Trendlyne’s Forecaster, the analyst price target on the stock is Rs 601 per share.

  • Union Bank of India, Bank of India, NCC and Petronet LNG are trading below their second support or S2 level.

  • CG Power and Industrial Solutions is rising as its Q4FY23 net profit jumps 282.4% YoY to Rs 426.1 crore and revenue increases 28.2% YoY, driven by robust growth in its industrial and power segments. The stock shows up in a screener for companies with book value per share improving over the past two years.

  • Tata Motors and Oracle Financial Services touch their 52-week highs of Rs 500 and Rs 3,722.5, respectively. Tata Motors has risen 16.8% in the past month, while the other increased by 13.2%.

  • UPL's Q4FY23 net profit falls 37.8% YoY to Rs 1,080 crore, while its revenue rises by 4.5% YoY. The decrease in profit is attributed to an increase in the cost of materials and components consumed. The company shows up in screener for stocks with improving return on equity for the past two years.

  • Tatva Chintan Pharma Chem is plunging as its net profit declines 3.2% YoY to Rs 16.9 crore in Q4FY23. However, its revenue grows by 26.4% YoY on the back of growth in the phase transfer catalysis (PTC), PASC and structured directing agents (SDA) segments. The company shows up in a screener of stocks with declining quarterly net profit and profit margin (YoY).

  • Automobile & auto component stocks like Tata Motors, Sona BLW Precision Forging, Mahindra & Mahindra, Bharat Forge and Bajaj Auto are rising in trade. The broader sectoral index Nifty Auto is also trading in the green.

  • Goldman Sachs expects brent crude oil price to increase to $95 per barrel by December. The brokerage says that global oil demand is less likely to be impacted by the US banking crisis or China’s weak industrial data.

  • Canara Bank is falling despite its Q4FY23 net profit surging by 90.5% YoY to Rs 3,174.7 crore and its interest income rising 33.9% YoY, driven by growth in the retail banking segment. The bank’s asset quality also improves as its net NPA drops 92 bps YoY to 1.73%. The company shows up in a screener for stocks in the PE Buy zone with high durability scores and rising momentum scores.

  • Equitas Small Finance Bank reaches its all-time high of Rs 78.4 as its net profit grows 59% YoY to Rs 190 crore in Q4FY23. Its revenue increases by 29% YoY on the back of increased advances and loan disbursements. The bank's asset quality has improved as its gross and net NPAs declined by 147 bps YoY and 123 bps YoY.

  • Gautam Saraogi, the Executive Director and CEO of Go Fashion (India), says the company plans to add around 130 stores in FY24. He adds that it targets a market share of 14-15% in the next few years.

     

  • Pennar Industries is rising as it bags orders worth Rs 682 crore across various business verticals like steel, railways, tubes, and construction. The company expects to execute these orders within the next two quarters.

  • ICICI Direct downgrades its rating on United Breweries to ‘Hold’ from ‘Buy’ and lowers its target price to Rs 1,500 from Rs 1,900. This implies an upside of 8.1% from the current market price. The brokerage expects high volatility in the firm’s operations in FY24 & FY25. It also anticipates margins to be impacted due to high input costs, supply-side constraints and subdued sales growth in the near term.

  • JSW Energy rises as its arm, JSW Renew Energy Three, inks a power purchase agreement with Solar Energy Corp of India for a 300-megawatt ISTS-connected wind power project.

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

  • Shyam Srinivasan, CEO of Federal Bank, says the company targets a loan growth of 18-20% for FY24. He also expects a contraction in the bank’s margins.

  • One97 Communications (Paytm) is rising as its net loss declines by 77.9% YoY to Rs 168.4 crore in Q4FY23. Its revenue increases by 51.5% YoY as its value of loans distributed rises to Rs 12,554 crore. The company shows up in a screener of stocks with improving net profits, operating profit margin, and revenues in the past quarter.

  • Bank of India is falling despite a 105.5% YoY rise in net profit to Rs 1413.9 crore, while revenue rises 44.7% YoY. Treasury and wholesale banking operations segments have contributed most to the rise in profit. The bank features in a screener for stocks with increasing revenue for four consecutive quarters.

  • Coal India is falling as its Q4FY23 net profit decreases 17.3% YoY to Rs 5,533.2 crore, despite a 17% YoY increase in revenue. The decline in profit is attributed to the rise in expenses like employee benefits, contractual expenses, and others. The company features in screener for stocks with zero promoter pledges.

  • Nomura upgrades its rating on Bharat Forge to 'Buy’ with a target price of Rs 929. The brokerage says the company’s defence revenue is expected to grow sharply during FY24-25.

  • Private bank stocks like IndusInd Bank, Kotak Mahindra Bank, RBL Bank and Bandhan Bank are rising in trade. The broader sectoral indices, Nifty Private Bank and BSE Private Bank, are also trading in the green.

  • Aditya Birla Fashion and Retail inks an agreement to acquire up to 51% stake in TCNS Clothing worth Rs 1,650 crore from public shareholders and founder promoters.

  • Marico surges as its Q4FY23 net profit rises 20.3% YoY to Rs 302 crore, driven by an increase in other income, which includes a one-time gain on the sale of land. Its revenue also grows by 5.6% YoY. It shows up in a screener for stocks with improving book value over the past two years.

  • Britannia Industries’ Q4FY23 net profit rises 47.1% YoY to Rs 558.7 crore as its revenue increases by 13.3% YoY. Varun Berry, Vice-Chairman & MD of the company, attributes the growth to significant distribution gains and expansion of its rural network. The stock shows up in a screener for companies with high TTM EPS growth.

Riding High:

Largecap and midcap gainers today include Marico Ltd. (530.70, 7.52%), Tata Motors Limited (DVR) (258.50, 4.97%) and IndusInd Bank Ltd. (1,126.35, 4.94%).

Downers:

Largecap and midcap losers today include Bank of India (81.15, -5.86%), Adani Transmission Ltd. (949.05, -5.00%) and Adani Total Gas Ltd. (872.90, -5.00%).

Movers and Shakers

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

Top high volume gainers on BSE included Marico Ltd. (530.70, 7.52%), Alembic Pharmaceuticals Ltd. (593.00, 6.90%) and Indigo Paints Ltd. (1,275.20, 5.43%).

Top high volume losers on BSE were TCNS Clothing Co. Ltd. (416.75, -19.99%), Gujarat Ambuja Exports Ltd. (259.75, -9.57%) and Indian Bank (315.30, -5.00%).

Aditya Birla Fashion and Retail Ltd. (205.95, -3.85%) was trading at 14.0 times of weekly average. Macrotech Developers Ltd. (925.75, 3.31%) and FDC Ltd. (301.00, 0.92%) were trading with volumes 10.9 and 7.9 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

32 stocks made 52-week highs, while 4 stocks were underachievers and hit their 52-week lows.

Stocks touching their year highs included - Akzo Nobel India Ltd. (2,454.80, 1.92%), Apollo Tyres Ltd. (376.25, 1.99%) and Bajaj Auto Ltd. (4,549.25, 1.93%).

Stocks making new 52 weeks lows included - Blue Dart Express Ltd. (5,702.30, -1.58%) and Aditya Birla Fashion and Retail Ltd. (205.95, -3.85%).

16 stocks climbed above their 200 day SMA including Marico Ltd. (530.70, 7.52%) and Alembic Pharmaceuticals Ltd. (593.00, 6.90%). 11 stocks slipped below their 200 SMA including Gujarat Ambuja Exports Ltd. (259.75, -9.57%) and Symphony Ltd. (892.15, -5.20%).

 
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