Trendlyne Marketwatch
Trendlyne Marketwatch
25 May 2023
Market closes higher, Oil India's Q4FY23 net profit falls 17.7% YoY to Rs 1,742.8 crore

Trendlyne Analysis

Nifty 50 closed at 18,321.15 (35.8, 0.2%), BSE Sensex closed at 61,872.62 (98.8, 0.2%) while the broader Nifty 500 closed at 15,555.25 (39.3, 0.3%). Of the 1,946 stocks traded today, 1,022 were in the positive territory and 857 were negative.

Indian indices recovered from their day lows and closed in the green, on a volatile day of trade. The benchmark Nifty 50 index closed above the 18,300 mark. Oil India’s share price fell over 3.1% after its Q4FY23 net profit decreased by 17.7% YoY to Rs 1,742.8 crore. Reserve Bank of India's Governor Shaktikanta Das said that India's FY23 GDP growth could exceed the RBI's advance estimate of 7% due to the economic momentum maintained in Q3 and Q4FY23.

Nifty Midcap 100 closed in the green, following the benchmark index. Nifty FMCG and Nifty Metal closed higher than Wednesday’s close. According to Trendlyne’s sector dashboard, Telecom Services was the top-performing sector of the day.

Major European indices traded flat or lower as Germany’s economy entered a technical recession as the country’s GDP contracted QoQ for a second consecutive quarter. However, Asian indices closed mixed but US indices futures traded in the green. Brent crude oil futures traded in the red after rising for four straight trading sessions.

  • Relative strength index (RSI) indicates that stocks like Cholamandalam Financial Holdings, Indigo Paints, Dixon Technologies (India) and Intellect Design Arena are in the overbought zone.

  • Apar Industries, CreditAccess Grameen, Gujarat Fluorochemicals and Mahanagar Gas outperform their industries in terms of annual growth and capital returns.

  • Finolex Cables, Chambal Fertilisers & Chemicals and City Union Bank fall 6.8%, 5.4% and 2% respectively over the past week, ahead of their Q4FY23 results tomorrow.

  • Abbott India, Tata Elxsi, Sanofi India and Bajaj Auto are trading above the second resistance or R2 level.

  • Kolte-Patil Developers’ Q4FY23 net profit jumps 323.4% YoY to Rs 116.7 crore, while its revenue surges by 111.9% YoY driven by robust demand. The stock shows up in a screener for companies with strong annual EPS growth.

  • Hotel stocks like Indian Hotels Co, EIH, Chalet Hotels and Lemon Tree Hotels are rising in trade. The broader Hotels industry is also trading in the green.

  • Piramal Pharma is surging as it posts a net profit of Rs 50.11 crore in Q4FY23, compared to a net loss in Q3FY23. Its revenue falls by 1% YoY due to ongoing expansions. It appears in a screener of stocks with low DVM scores.

  • Hindustan Zinc is falling as its promoter, Vedanta, pledges a 3.3% stake (or 13.9 crore shares) to Axis Trustee Services. This takes Vedanta's holding in Hindustan Zinc to 7.6%.

  • Oil India is falling as its Q4FY23 consolidated net profit decreases 17.7% YoY to Rs 1,742.8 crore on the back of increasing input costs and employee expenses. The firm’s revenue dips 13.7% YoY due to subdued growth in the crude oil and refinery products segments. It appears in the screener for stocks with low PE ratios.

  • Hindware Home Innovation surges despite a 40.3% YoY fall in Q4FY23 profit to Rs 22.3 crore, but its revenue rises 12.1% YoY. The profit decrease is due to a rise in inventory, finance, and power and fuel expenses. The company features in a screener for stocks trading near their 52-week high.

  • Cummins India is rising as its Q4FY23 net profit surges 61.3% YoY to Rs 348.91 crore and its EBITDA margin grows by 300 bps YoY. Its revenue increases 29% YoY on the back of robust growth in sales of engines and lubes. It appears in a screener of stocks with high TTM EPS growth.

  • Tata Motors is falling as UBS resumes a ‘Sell’ rating on the company with a target price of Rs 450. The brokerage expects Tata Motor’s passenger vehicle market share to peak due to a weak launch pipeline. It adds that the market underestimates the EV risks relating to Jaguar Land Rover.

  • The sectoral index Nifty FMCG is trading in the green and hits an all-time high. FMCG stocks like ITC, United Breweries and Tata Consumer Products are rising in trade.

  • Porinju Veliyath sells a 0.3% stake in Hindware Home Innovation. He now holds a 9.3% stake in the company.

  • Axis Direct downgrades Shree Cements to 'Hold' from 'Buy' but increases target price to Rs 26,850 from Rs 26,700, implying an 11.1% upside. The brokerage cites expensive valuation for the downgrade but remains optimistic on the back of strong cement demand from higher government spending. It expects 12% CAGR revenue growth over FY22-25.

  • Indian rupee depreciates 10 paise to 82.76 against the US dollar in early trade today due to increased demand for the dollar.

  • Commercial Services & Supplies stocks like Adani Enterprises, eMudhra, Engineers India, Container Corporation of India and Delta Corp rise in the past week. The broader commercial services & supplies sector surges by over 15% in the same period.

  • Trident is falling as its Q4FY23 net profit decreases 28.4% YoY to Rs 129.7 crore and its EBITDA margin contracts by 102 bps YoY to 17.1%. The firm’s revenue has also dipped by 15.9% YoY on the back of sluggish domestic and export demand.

  • Metals prices decline around 2-5% overnight. This is due to weak economic conditions and rising Covid cases in China, among other factors.

  • FSN E-Commerce Ventures (Nykaa) remains flat as its net profit dips by 71% YoY to Rs 2.4 crore in Q4FY23 on the back of a muted fashion business. However, its revenue rises by 33.2% YoY. It appears in a screener of stocks with declining net cash flow.

  • Ircon International remains flat despite a surge in Q4FY23 net profit by 6.1% YoY to Rs 257 crore on the back of reduced inventory costs and robust growth in revenue from domestic customers. Its revenue also rises by 31.3% YoY. It appears in a screener of stocks with improving RoA for the past two years.

  • Jefferies maintains its ‘Buy’ rating on Indian Hotels Co with a target price of Rs 425. The brokerage says the company is gaining from its multi-brand strategy and diverse offerings.

  • National Aluminium Co's Q4FY23 net profit declines 51.7% YoY to Rs 495 crore due to higher input costs, while its revenue falls 15.4% YoY on lower sales from its aluminium business segment. It shows up in a screener for stocks with revenue declining sequentially over the past three quarters.

  • Life Insurance Corp of India is rising as its net profit increases 5.5x to Rs 13,427.8 crore in Q4FY23. However, its premium earned reduces by 8.3% due to lower premiums from pension participating, life non-participating and pension non-participating segments. The insurer's asset quality improves as gross NPA declines by 347 bps YoY.

Riding High:

Largecap and midcap gainers today include Zomato Ltd. (67.30, 4.42%), JSW Energy Ltd. (258.70, 3.60%) and Cummins India Ltd. (1,650.15, 3.44%).

Downers:

Largecap and midcap losers today include Indian Railway Finance Corporation Ltd. (32.00, -5.47%), Max Healthcare Institute Ltd. (536.70, -3.77%) and Oil India Ltd. (260.60, -3.36%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Star Cement Ltd. (133.80, 7.25%), J B Chemicals & Pharmaceuticals Ltd. (2,054.85, 7.02%) and Sanofi India Ltd. (6,775.40, 5.81%).

Top high volume losers on BSE were Bharat Dynamics Ltd. (1,007.20, -5.39%), TTK Prestige Ltd. (699.65, -3.44%) and Borosil Renewables Ltd. (483.00, -3.10%).

Fine Organic Industries Ltd. (4,461.95, -0.93%) was trading at 14.1 times of weekly average. Aster DM Healthcare Ltd. (278.15, 5.56%) and Chalet Hotels Ltd. (432.55, 3.01%) were trading with volumes 11.4 and 9.9 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

25 stocks overperformed with 52-week highs,

Stocks touching their year highs included - Apollo Tyres Ltd. (389.20, 1.41%), Bajaj Auto Ltd. (4,644.00, 2.80%) and Balkrishna Industries Ltd. (2,445.75, 2.91%).

15 stocks climbed above their 200 day SMA including J B Chemicals & Pharmaceuticals Ltd. (2,054.85, 7.02%) and Esab India Ltd. (3,655.00, 3.45%). 8 stocks slipped below their 200 SMA including Trident Ltd. (32.55, -6.33%) and Ashok Leyland Ltd. (145.50, -3.26%).

 
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