Trendlyne Marketwatch
Trendlyne Marketwatch
29 May 2023
Market closes higher, GMR Airports Infrastructure's Q4 loss nearly triples to Rs 636.7 crore

Trendlyne Analysis

Nifty 50 closed at 18,598.65 (99.3, 0.5%), BSE Sensex closed at 62,846.38 (344.7, 0.6%) while the broader Nifty 500 closed at 15,772.35 (75.6, 0.5%). Of the 1,999 stocks traded today, 1,035 were in the positive territory and 887 were negative.

Indian indices maintain gains from the morning session and closed in the green with the Nifty 50 hovering around the 18,600 mark. The volatility index, Nifty VIX, rose above 12 at the close. India is now the fifth largest stock market with a market capitalization of USD 3.3 trillion.

Nifty Smallcap 100 and Nifty Midcap 100 closed higher, following the benchmark index. The Nifty Bank index closed at an all-time high. Nifty IT closed lower, despite the tech-heavy Nasdaq 100 closing in the green on Friday. According to Trendlyne’s sector dashboard, coal was the top-performing sector of the day as it rose over 1.92%.

Most European indices trade flat except for Switzerland’s Swiss Market Index, which traded in the green. US indices will remain closed today on account of Memorial Day. US Federal Bank is expected to shore up capital from the current holding of USD 50 billion to USD 500 - 600 billion as the debt ceiling for the government is removed until January 2025.

  • Relative strength index (RSI) indicates that stocks like Indigo Paints, CG Power and Industrial Solutions, Dixon Technologies (India) and Intellect Design Arena are in the overbought zone.

  • Natco Pharma rises as it returns to profitability in Q4FY23 with a net profit of Rs 275.8 crore, compared to a loss of Rs 50.5 crore in Q4FY22. Profitability improves as the cost of raw materials declines. Revenue rises 50.5% YoY on the back of robust growth in the US market.

  • Adani Enterprises, Varun Beverages, Tube Investments, Patanjali Foods and Linde India outperform the Nifty 500 index over a 5-year period.

  • Vartika Shukla, Managing Director of Engineers India, expects an increase in order inflow from the consultancy business in FY24, and its revenue contribution to rise to around 50% from the current 43%.

  • Ipca Laboratories’ Q4FY23 net profit declines 41.2% YoY to Rs 76.5 crore due to rising inventory costs and employee expenses. The firm’s revenue rises 17.3% YoY driven by healthy growth in exports and India formulations business. The company shows up in a screener for stocks with medium to low Trendlyne momentum scores.

  • Godfrey Phillips falls despite a 41.8% YoY growth in its Q4FY23 net profit to Rs 147.1 crore. Its revenue also rises 16% YoY, driven by robust growth in sales of retail & related products and cigarette, tobacco & related products. It appears in a screener of stocks with RSI indicating price strength.

  • Auto tyres manufacturers such as Balkrishna Industries, Ceat, MRF and Goodyear India are falling in trade. The broader Auto tyres & rubber products industry is also trading in the red.

  • GMR Airports Infrastructure plunges over 10% as its Q4FY23 net loss almost triples to Rs 636.7 crore. The increase in net loss is attributed to revenue share paid to concessionaire grantors and higher employee benefits and finance costs. However, revenue grows 44.3% YoY to Rs 2,001.9 crore, backed by improved domestic and international passenger traffic at its airports.

  • City Union Bank is falling despite its Q4FY23 standalone net profit rising 4.4% YoY to Rs 218 crore and net interest income growing by 2.7% YoY. Its asset quality also improves as its net and gross NPAs fall by 59 bps and 33 bps YoY respectively. But the bank missed Trendlyne Forecaster’s net profit estimates by 7%.

  • Goldman Sachs maintains its ‘Sell’ rating on Bharat Heavy Electricals with a target price of Rs 34. The brokerage says the company’s Q4 results have been a mixed bag with revenue below its estimates.

  • ICICI Securities upgrades its rating on Steel Authority of India (SAIL) to ‘Add’ from ‘Sell’ and increases the target price to Rs 92 from Rs 77. This implies an upside of 8.8%. The brokerage's outlook improves as it expects SAIL to benefit from lower coking coal prices and increasing sales volumes in the coming quarters. It expects the company’s net profit to grow at a CAGR of 43.3% over FY23-25.

  • Chambal Fertilisers & Chemicals is falling as its Q4FY23 consolidated net profit decreases 61.4% YoY to Rs 94.1 crore due to an increase in inventory costs. However, its revenue rises 9.3% YoY. It appears in a screener for stocks with low durability.

  • The sectoral index Nifty Bank is trading in the green and hits an all-time high. Banking stocks like HDFC Bank, ICICI Bank, State Bank of India and Kotak Mahindra Bank are rising in trade.

  • Aurobindo Pharma is falling as its Q4FY23 net profit decreases 34% YoY to Rs 519.3 crore due to higher raw material expenses. However, its revenue rises 12.8% YoY on the back of robust growth in the US and Europe formulation and active pharmaceutical ingredients (API) segments. It appears in a screener of stocks with promoters increasing pledged shares QoQ.

  • Saurabh Mittal, MD and CEO of Greenlam Industries, says the company's peak revenue potential is around Rs 3,500-3,600 crore. He anticipates a growth rate of 20-25% for Greenlam's revenue in FY24.

  • Karnataka Bank is rising as its Q4FY23 standalone net profit surges 171.4% YoY to Rs 353.8 crore due to lower tax expenses. Its revenue increases 28.8% YoY on the back of robust growth in the retail banking segment. It appears in a screener for companies with consistently high returns over five years in Nifty 500.

  • Financial services stocks like ICICI Lombard General Insurance, Power Finance Corp and REC are rising in trade. All constituents of the broader Nifty Financial Services index are also trading in the green.

  • Metal stocks like Hindalco Industries, Steel Authority of India, National Aluminium Company, Jindal Steel & Power and Tata Steel are rising in trade. The broader sectoral index BSE Metal is also trading in the green.

  • Ahluwalia Contracts touches its all-time high of Rs 617.6 as its net profit surges 70.4% YoY to Rs 72.2 crore in Q4FY23. Revenue grows by 18.1% YoY to Rs 863.1 crore backed by growth in contract work and property investments. It appears in a screener for top price gainers since market open.

  • Tencent Cloud Europe BV, a foreign direct investor, sells a 2.1% stake in PB Fintech in a bulk deal on Friday.

  • Reports suggest that 37.4 lakh shares (0.2% equity) of Ambuja Cements, amounting to Rs 159 crore, change hands in a large trade.

  • Sunteck Realty is falling as its Q4FY23 consolidated net profit drops 547.7% YoY to Rs 27.9 crore due to higher construction, development and inventory costs. Its revenue also dips 65.4% YoY and appears in a screener of stocks with declining revenue and profits.

  • Bharat Heavy Electricals is rising despite its Q4FY23 consolidated net profit falling 33.1% YoY to Rs 611 crore due to a rise in raw material and finance costs. However, the firm's revenue rises by 1.9% YoY. It appears in a screener for companies with high momentum scores.

  • Clean Science & Technology is falling as reports suggest that 3.95% of the company's equity, amounting to Rs 594 crore, change hands in a large trade.

  • Balkrishna Industries falls as its net profit decreases by 30.9% YoY to Rs 259.8 crore in Q4FY23 due to increased inventory expenses. Its revenue also dips by 4% YoY on the back of a reduction in net sales in Q4FY23. It appears in a screener of stocks with reduced MF holdings in the past quarter.

  • Sun Pharmaceuticals falls despite its net profit rising to Rs 1837.8 crore in Q4FY23, compared to a net loss of Rs 1996.5 crore in Q4FY22, due to a reduction in raw material expenses. Its revenue increases by 18.2% YoY, driven by robust growth in India and US formulation sales and global specialty sales. It appears in a screener of stocks representing top Indian listed exporter companies.

  • Oil & Natural Gas Corp's net profit plunges 64.8% YoY to Rs 3,715.5 crore in Q4FY23. Revenue increases 5.2% YoY, while EBITDA margin decreases by 354 bps YoY due to a rise in raw materials, finance, employee benefits, and exploration costs. The company features in a screener of stocks that released their results in the past week, showing a decline in net profit YoY or QoQ.

Riding High:

Largecap and midcap gainers today include ICICI Lombard General Insurance Company Ltd. (1,190.95, 8.27%), Macrotech Developers Ltd. (1,060.30, 3.93%) and Mahindra & Mahindra Ltd. (1,330.15, 3.77%).

Downers:

Largecap and midcap losers today include Balkrishna Industries Ltd. (2,280.50, -7.64%), Adani Total Gas Ltd. (729.20, -4.14%) and Bosch Ltd. (18,329.00, -3.23%).

Movers and Shakers

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

Top high volume gainers on BSE included Mahindra Lifespace Developers Ltd. (440.05, 8.32%), ICICI Lombard General Insurance Company Ltd. (1,190.95, 8.27%) and Bharat Heavy Electricals Ltd. (83.00, 5.13%).

Top high volume losers on BSE were Greaves Cotton Ltd. (133.05, -10.28%), GMR Airports Infrastructure Ltd. (40.55, -9.89%) and City Union Bank Ltd. (125.65, -9.86%).

Clean Science & Technology Ltd. (1428.70, -0.39%) was trading at 129.1 times of weekly average. Natco Pharma Ltd. (633.10, 0.52%) and Prince Pipes & Fittings Ltd. (637.30, 4.42%) were trading with volumes 12.9 and 7.8 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

23 stocks overperformed with 52-week highs,

Stocks touching their year highs included - Apollo Tyres Ltd. (392.30, -0.05%), Crisil Ltd. (3,722.15, 0.55%) and Cummins India Ltd. (1,744.05, 0.52%).

24 stocks climbed above their 200 day SMA including ICICI Lombard General Insurance Company Ltd. (1,190.95, 8.27%) and Macrotech Developers Ltd. (1,060.30, 3.93%). 3 stocks slipped below their 200 SMA including Greaves Cotton Ltd. (133.05, -10.28%) and JK Lakshmi Cement Ltd. (667.75, -2.24%).

 
More from Trendlyne Marketwatch
More from Trendlyne Analysis
Recommended
Five Interesting Stocks Today - May 16, 2025
The Baseline | 16 May 2025
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