Trendlyne Marketwatch
Trendlyne Marketwatch
24 May 2023
Market closes lower, India Cements posts a net loss of Rs 226.9 crore in Q4FY23

Trendlyne Analysis

Nifty 50 closed at 18,285.40 (-62.6, -0.3%), BSE Sensex closed at 61,773.78 (-208.0, -0.3%) while the broader Nifty 500 closed at 15,515.95 (-28.8, -0.2%). Of the 1,957 stocks traded today, 925 were in the positive territory and 971 were negative.

Indian indices settled in the red after switching between losses and gains, with the volatility index, Nifty VIX, rising by over 3.5%. The benchmark Nifty 50 index fell over 60 points and closed below the 18,300 mark. Dixon Technologies rose around 7.2% after its Q4 net profit increased by 28.1% YoY to Rs 80.6 crore with its EBITDA margin expanding by 110 bps YoY to 5.1%.

Nifty Midcap 100 closed in the green, despite the benchmark index closing in the red. Nifty Media and Nifty Bank closed lower than Tuesday's level. According to Trendlyne’s sector dashboard, hardware technology & equipment was the top-performing sector of the day.

Major Asian indices closed in the red amid weak global cues. European indices traded lower, in line with the US indices futures, which also traded in the red. Brent crude oil futures traded higher after rising over 2% on Tuesday. Investors look ahead to the Federal open market committee's (FOMC) May meeting minutes, to be released later today.

  • Astral beats Supreme Industries in QoQ & YoY revenue and profit growth, broker average target upside percentage and annual RoCE. But it lags in PE ratio, one-year price change, annual RoE and FII holdings.

  • Mahindra & Mahindra sells its entire 3.19% stake in Mahindra CIE Automotive at a gross price of Rs 447.7 per share.

  • Hindalco Industries is falling as its Q4FY23 net profit declines by 37.4% YoY to Rs 2,411 crore due to rising inventory costs, power & fuel expenses and employee costs. Its revenue rises by a marginal 0.2% YoY on the back of subdued growth across most of its business segments.

  • Dixon Technologies, Deepak Nitrite and Affle (India) are trading above their third support or S3 levels.

  • Consumer durables stocks like Dixon Technologies, Amber Enterprises India, Orient Electric and Blue Star are rising in trade. The broader sectoral indices Nifty Consumer Durables and BSE Consumer Durables are also trading in the green.

  • Ceat and Apollo Tyres touch their 10-year highs of Rs 2,079 and Rs 385 respectively. While Ceat has risen 47.8% in the past month, the other increased by 14.5%.

  • Galaxy Surfactants is falling as its Q4FY23 net profit drops by 8% YoY to Rs 90.5 crore and revenue declines by 7% YoY. This comes on the back of a decrease in sales volumes and rising inventory expenses. It features in a screener for stocks with negative breakdowns at second support.

  • Investec maintains its ‘Sell’ rating on Shree Cements with a target price of Rs 17,010. According to the brokerage, the company has guided for a lower fuel benefit in Q1FY24.

  • India Cements is falling as its posts a net loss of Rs 226.9 crore in Q4FY23, compared to a net profit in Q3FY23. However, revenue increases by 16% YoY to Rs 1,485.7 crore. It shows up in a screener of stocks where promoters have increased their pledged shares in the company.

  • Bikaji Foods International surges as its Q4FY23 net profit increases by 51.6% YoY to Rs 37.7 crore due to a 40% YoY increase in other income sources. Revenue rises by 15% YoY. It appears in a screener for stocks with low debt.

  • Dixon Technologies is rising as its Q4FY23 net profit rises 28.1% YoY to Rs 80.6 crore, aided by reduced inventory costs. Its revenue grows 3.8% YoY and EBITDA margin expands by 110 bps YoY to 5.1%. The stock shows up in a screener for companies with high TTM EPS growth.

  • Deepak Nitrite's arm Deepak Chem Tech inks a memorandum of understanding with the Gujarat Government to invest around Rs 5,000 crore for setting up projects to manufacture speciatity chemicals in the next four years.

  • ICICI Securities downgrades its rating on Aditya Birla Fashion & Retail to ‘Add’ from ‘Buy’ and lowers the target price to Rs 210 from Rs 330. This implies an upside of 4.7%. The brokerage cites the company’s weak profit growth in emerging businesses, a slowdown in retail expansion, increasing competitive intensity and increasing debt for the downgrade.

  • Reports suggest that 4.94 lakh shares (0.1% equity) of InterGlobe Aviation (Indigo), amounting to Rs 113.1 crore, change hands in a block deal.

  • Polyplex Corp plunges more than 5% in trade as its net profit declines 93.3% YoY to Rs 20.3 crore in Q4FY23 and revenue reduces by 11.6% YoY. EBITDA margin contracts 16.8 percentage points YoY due to a rise in employee benefits, finance and power & fuel expenses. It features in a screener of high-volume and top-losing stocks.

  • Fortis Healthcare trades flat despite its Q4FY23 net profit surging 95% YoY to Rs 132.6 crore and revenue rising 20% YoY. This robust performance comes on the back of the reallocation of funds to core business and increased capacity. It appears in a screener of stocks with overbought stocks, according to MFI.

  • GMR Power and Urban Infra is declining as its Q4FY23 net loss widens by 121% YoY to Rs 473.1 crore due to a 54.2% YoY increase in the purchase of traded goods. Revenue rises by 17.9% YoY, led by the power segment. It appears in a screener for stocks with low Piotroski scores.

  • RBI Governor Shaktikanta Das expects May retail inflation to be lower than 4.7%. He adds that India’s FY23 GDP will likely grow higher than the earlier forecast of 7%.

  • Shriram Properties is rising as its subsidiary, Shrivision Elevations, acquires 100% development rights of the Divine City project in Chennai. The project has a revenue potential of Rs 1,200 crore in the next five years. The company is also planning to launch two new projects in Chennai in the next 12-18 months.

  • Biocon is rising as its Q4FY23 net profit increases 31% YoY to Rs 313 crore and its EBITDA margin expands 270 bps YoY. Its revenue surges 59% YoY on robust growth in advanced and emerging markets, and Research Services - Syngene. It appears in a screener for stocks with improving book value per share for the past two years.

  • Crompton Greaves Consumer Electricals is rising as 65.2 lakh shares (1% equity) of the company, amounting to Rs 176.5 crore, change hands, according to reports.

  • Metro Brands' Q4FY23 profit falls by 0.4% to Rs 68.5 crore, despite a 35.1% rise in revenue. The decline is due to higher inventory, employee benefits and depreciation expenses. The company shows up on a screener for stocks with improving net cash flow for the past two years.

  • JSW Energy is rising despite its Q4FY23 net profit falling 68.5% YoY to Rs 272.1 crore due to a 54.7% YoY increase in fuel costs. Its revenue rises by 9.4% YoY to Rs 2,670 crore, led by robust growth in its thermal business segment. The company shows up in a screener for stocks with low Trendlyne durability scores.

  • Reports suggest that 1.2 crore shares (3.2% equity) of Mahindra CIE Automotive, amounting to Rs 560 crore, change hands in a large trade.

  • Amara Raja Batteries' board approves the acquisition of 100% equity share capital of Amara Raja Power Systems from RNGalla Family for Rs 133 crore.

  • Ashok Leyland rises as its consolidated net profit surges by 436% YoY to Rs 752.53 crore in Q4FY23, while its EBITDA margin improves by 280 bps. Its revenue grows by 33% YoY on robust growth in bus market share, domestic LCV volumes, and truck market share. It features in a screener for stocks with consistent profit growth over the past 3 quarters.

  • NMDC’s Q4FY23 net profit rises 25% YoY to Rs 2,271.5 crore on the back of an exceptional income of Rs 1,237.3 crore. However, the firm’s operational performance is lackluster, with a 12.7% YoY decline in revenue to Rs 5,851.4 crore due to subdued demand. Its EBITDA margin contracts by 320 bps YoY. The company shows up in a screener for companies with medium to low Trendlyne momentum scores.

Riding High:

Largecap and midcap gainers today include Deepak Nitrite Ltd. (2,135.10, 9.49%), Dixon Technologies (India) Ltd. (3,514.30, 7.29%) and Laurus Labs Ltd. (334.80, 6.47%).

Downers:

Largecap and midcap losers today include Adani Enterprises Ltd. (2,475.60, -6.00%), Cummins India Ltd. (1,595.30, -5.31%) and Adani Wilmar Ltd. (464.30, -4.99%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Deepak Nitrite Ltd. (2,135.10, 9.49%), Indiabulls Real Estate Ltd. (62.85, 8.64%) and Engineers India Ltd. (108.55, 7.80%).

Top high volume losers on BSE were Cummins India Ltd. (1,595.30, -5.31%), Eureka Forbes Ltd. (358.55, -4.41%) and Johnson Controls-Hitachi Air Conditioning India Ltd. (1,044.05, -4.34%).

Mahindra CIE Automotive Ltd. (474.30, 4.74%) was trading at 32.7 times of weekly average. Avanti Feeds Ltd. (379.40, 4.12%) and Metro Brands Ltd. (929.60, 5.58%) were trading with volumes 12.0 and 9.2 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

18 stocks overperformed with 52-week highs, while 2 stocks hit their 52-week lows.

Stocks touching their year highs included - Apollo Tyres Ltd. (383.80, 1.24%), Ceat Ltd. (2,076.70, 5.18%) and Cummins India Ltd. (1,595.30, -5.31%).

Stocks making new 52 weeks lows included - Aavas Financiers Ltd. (1,384.95, -0.06%) and Saregama India Ltd. (306.55, -2.19%).

15 stocks climbed above their 200 day SMA including Deepak Nitrite Ltd. (2,135.10, 9.49%) and TV18 Broadcast Ltd. (34.20, 3.79%). 12 stocks slipped below their 200 SMA including Jindal Steel & Power Ltd. (510.15, -2.05%) and Info Edge (India) Ltd. (3,878.10, -1.91%).

 
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