Trendlyne Marketwatch
Trendlyne Marketwatch
30 May 2023
Market closes higher, 3M India's net profit rises 22.3% YoY to Rs 135.7 crore in Q4FY23

Trendlyne Analysis

Nifty 50 closed at 18,633.85 (35.2, 0.2%) , BSE Sensex closed at 62,969.13 (122.8, 0.2%) while the broader Nifty 500 closed at 15,799.45 (27.1, 0.2%). Of the 1,952 stocks traded today, 882 were gainers and 1,016 were losers.

Indian indices rose during the afternoon session and closed in the green, with the Nifty 50 hovering above the key 18,600 mark. The volatility index, Nifty VIX, fell below 13 at the close. A report released by the RBI stated that the Indian economy has bounced back from the Covid pandemic, but the recovery is not yet complete. External factors like slowing global growth, geopolitical tensions and stress in the global financial system is offsetting the domestic growth.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, following the benchmark. Nifty Private Bank and Nifty Media closed higher than Monday’s closing levels. According to Trendlyne’s sector dashboard, media was the top-performing sector of the day as it rose over 0.9%.

Most European indices trade in the red except for Germany’s DAX trading lower. US indices futures trade higher indicating a positive start. US indices are set to gain amid the debt ceiling agreement and artificial intelligence optimism for semiconductor manufacturers.

  • Siemens beats ABB India in YoY revenue growth, PE ratio, broker average rating and annual dividend yield in percentage. But it lags in one-year price change, annual RoE in percentage and FII & MF holdings.

  • AIA Engineering and Power Finance Corp reach their all-time highs of Rs 3,033.9 and Rs 181.6 per share. The former rose 9% over the past month while the latter gained 6.9% in the same period.

  • 3M India is rising as its net profit improves by 22.3% YoY to Rs 135.7 crore in Q4FY23. Revenue jumps 13% YoY backed by growth in the safety & industrial, transportation & electronics and healthcare segments. It shows up in a screener of stocks with good quarterly growth in recent results.

  • ISGEC Heavy Engineering touches a new 52-week high today as its Q4FY23 consolidated net profit rises 128.8% YoY to Rs 86.1 crore. Its revenue also increases 28.2% YoY on the back of growth in the refinery segment. It appears in a screener for stocks with strong annual EPS growth.

  • Saloni Wagh, Whole-Time Director at Supriya Lifescience, says the company’s revenue will grow by 20-25% in FY24 and margins will be around 28-30% going forward.

  • NOCIL falls as its net profit dips by 58.9% YoY to Rs 28.32 crore due to increased inventory expenses. Its revenue also decreases by 14.7% YoY on the back of a drop in net sales. It appears in a screener of stocks with high promoter pledges.

  • Roads & highways construction companies like IRB Infrastructure Developers, G R Infraprojects, PNC Infratech and Dilip Buildcon are rising in trade. The broader roads & construction industry is also trading in the green.

  • HDFC Asset Management rises by over 3.5% and ranks high on Trendlyne's checklist with a score of 60.9%. The stock is in the 'Strong Buy' zone based on the number of days spent in the current P/E range. It also appears in a screener for stocks with an MACD crossover above the signal line.

  • Goodyear India falls despite its net profit increasing 93.1% YoY to Rs 33.6 crore in Q4FY23 due to lower raw material consumption and a better sales mix. Its revenue rises by 8.9% YoY, driven by higher volumes and better price realization. It appears in a screener of stocks with zero promoter pledges.

  • Vedanta, Campus Activewear, ITI and NOCIL are trading below their third support or S3 levels.

  • Jefferies maintains its 'Buy' rating on Amber Enterprises with a target price of Rs 3,120. The brokerage believes that the domestic AC industry is poised for multi-year growth, driven by increasing consumer spending and favorable weather conditions.

  • ICICI Direct upgrades its rating on Balkrishna Industries to ‘Buy’ from ‘Hold’ and raises the target price to Rs 2,700 from Rs 2,170. This implies an upside of 19.8%. The brokerage cites the company’s sooner-than-expected margin recovery amid a healthy demand outlook and declining input costs for the upgrade. It expects the firm’s net profit to grow at a CAGR of 31.5% over FY23-25.

  • Adani Transmission is falling as its net profit declines 18% QoQ to Rs 389.4 crore in Q4FY23 due to an increase in deferred tax. Its revenue also drops 5.5% QoQ, caused by reduced revenue in the generation, transmission, and distribution business. It appears in a screener of stocks with low Piotroski scores.

  • According to the RBI's annual report, India's real GDP is expected to grow by 6.5% in FY24, with risks evenly balanced. The report also highlights that India's growth momentum will likely sustain in FY24.

  • Campus Activewear is falling as its Q4FY23 consolidated net profit drops 0.09% YoY to Rs 22.9 crore due to an increase in inventory costs. Its revenue also decreases by 1.3% YoY. It appears in a screener for high-volume, top-loser stocks.

  • Vedanta is falling as its unit, Finsider International, pledges 4.4% of the company’s equity to Glencore International for a facility worth $250 million. Vedanta Resources will operate the facility. The stock shows up in a screener for companies with low Trendlyne durability scores.

  • Rail Vikas Nigam is falling as its Q4FY23 net profit declines 5% YoY to Rs 359.2 crore. Revenue also falls 11.2% YoY to Rs 5,719.8 crore. However, EBITDA margin expands 20 bps YoY to 6.5% on lower operational expenses.

  • Reports suggest that 65.6 lakh shares (1.35% equity) of Macrotech Developers, amounting to Rs 676.1 crore, change hands in a large trade.

  • Sobha surges over 5% as its Q4FY23 net profit expands 242.2% YoY to Rs 48.6 crore. Revenue rises 70.3% YoY on real estate and contractual & manufacturing growth. EBITDA margin contracts 140 bps YoY due to higher land and raw material costs. It features in a screener of stocks where brokers have upgraded their recommendations or target price in the past quarter.

  • NBCC (India) hits a new 52-week high as its Q4FY23 consolidated net profit rises 206.3% YoY to Rs 108.4 crore on lower raw material and finance costs. Its revenue also climbs 13.9% YoY. It features in a screener for stocks with consecutive revenue growth over the past 3 quarters.

  • IRCTC falls despite its Q4FY23 net profit rising 30.4% YoY to Rs 278.8 crore due to lower inventory costs. Its revenue also grows 40.1% YoY on the back of robust growth in catering, tourism and state teertha businesses. It appears in a screener of stocks with improving book value per share over the past two years.

  • Kalpataru Power Transmissions is falling as reports suggest that 1.1 crore shares (7.4% equity) of the company, amounting to Rs 546.6 crore, change hands in a large trade.

  • KNR Constructions is rising as its Q4FY23 net profit increases 5.8% YoY to Rs 147.3 crore, while its revenue grows 13% YoY. However, its EBITDA margin contracts by 5.5 percentage points YoY on the back of higher construction costs and spreading & assortment expenses. The stock shows up in a screener for companies with declining cash flows from operations over the past two years.

  • Eureka Forbes rises as its Q4FY23 net profit surges by 346% YoY to Rs 20.6 crore due to reduced net debt and inventory levels. Its revenue and EBITDA margin increases by 36.1% YoY and 510 bps YoY respectively. It appears in a screener of stocks with consecutive profit growth in the past two quarters.

  • Torrent Power is back in the black with a net profit of Rs 449.1 crore in Q4FY23, compared to a loss of Rs 488 crore in Q4FY22. Its revenue surges by 61.3% YoY on the back of robust growth in the licensed and franchised distribution businesses driven by rising electricity demand. The stock shows up in a screener for companies with improving net cash flows over the past two years.

Riding High:

Largecap and midcap gainers today include Aurobindo Pharma Ltd. (650.75, 6.45%), HDFC Asset Management Company Ltd. (1,951.10, 4.13%) and JSW Energy Ltd. (263.00, 4.08%).

Downers:

Largecap and midcap losers today include Vedanta Ltd. (285.60, -4.91%), Adani Total Gas Ltd. (698.05, -4.27%) and Info Edge (India) Ltd. (4,065.25, -3.37%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Eureka Forbes Ltd. (454.95, 13.44%), Hikal Ltd. (307.80, 8.67%) and Birla Corporation Ltd. (1,092.20, 7.05%).

Top high volume losers on BSE were Campus Activewear Ltd. (331.65, -7.57%), Jubilant Pharmova Ltd. (332.35, -7.29%) and NOCIL Ltd. (214.70, -3.18%).

Kalpataru Power Transmissions Ltd. (520.90, 2.87%) was trading at 28.7 times of weekly average. Krishna Institute of Medical Sciences Ltd. (1,609.00, 0.20%) and Sobha Ltd. (516.05, 1.80%) were trading with volumes 20.7 and 14.7 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

28 stocks hit their 52 week highs,

Stocks touching their year highs included - AIA Engineering Ltd. (2,971.75, 6.52%), Aurobindo Pharma Ltd. (650.75, 6.45%) and Cummins India Ltd. (1,755.35, 0.65%).

19 stocks climbed above their 200 day SMA including Sterling and Wilson Renewable Energy Ltd. (290.85, 4.40%) and Multi Commodity Exchange of India Ltd. (1,447.35, 3.96%). 9 stocks slipped below their 200 SMA including Jubilant Pharmova Ltd. (332.35, -7.29%) and Vedanta Ltd. (285.60, -4.91%).

 
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