Trendlyne Marketwatch
Trendlyne Marketwatch
19 Jul 2023
Market closes higher, Bank of Maharashtra's Q1 net profit up by 95.2% YoY

Trendlyne Analysis

Nifty 50 closed at 19,833.15 (83.9, 0.4%), BSE Sensex closed at 67,097.44 (302.3, 0.5%) while the broader Nifty 500 closed at 16,953.50 (81.5, 0.5%). Of the 1,945 stocks traded today, 1,099 showed gains, and 785 showed losses.

Indian indices extended their gains from the afternoon session and closed in the green, with the Nifty 50 closing at an all-time high of 19,846. The volatility index, Nifty 50 VIX, dropped by 0.9% and closed at 11.6 points. Bank of Maharashtra’s net profit increased by 95.2% YoY to Rs 882 crore in Q1FY24.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, following the benchmark index. Nifty Media and Nifty Energy closed sharply higher compared to Tuesday’s closing levels. According to Trendlyne’s sector dashboard, hardware technology & equipment emerged as the top-performing sector of the day with a rise of over 4.1%.

Most European indices trade in the green. US indices futures trade mixed as investor brace for earnings report from Goldman Sachs, Tesla and Netflix. Microsoft shares closed at an all-time high on Tuesday after it announced pricing for its AI suite tools.

  • Money flow index (MFI) indicates that stocks like Aarti Drugs, Sun TV Network, Mahindra Holidays & Resorts India and Bayer Cropscience are in the overbought zone.

  • Century Textiles & Industries rises to a new 52-week high of Rs 979, despite reporting a net loss of Rs 5.9 crore in Q1FY24. This is in contrast with a net profit of Rs 46.3 crore in Q1FY23. Its net sales decrease by 6% YoY due to a drop in the textiles and pulp & paper segments. The company appears in a screener of stocks with declining net cash flow.

  • Jubilant Pharmova is falling as its Q1FY24 net profit declines 86.4% YoY to Rs 6.4 crore on a high base, as it received a deferred tax credit of Rs 16.6 crore in Q1FY23. Profitability also takes a hit due to rising raw material prices, finance costs and employee expenses. Its revenue grows 8.7% YoY, led by the radio pharma and generics segments.

  • Network 18 Media & Investments plunges more than 5% as its net loss widens by 11.7x YoY to Rs 38.7 crore in Q1FY24 due to a 3.9x YoY surge in operational costs. However, its revenue rises 141.7% YoY to Rs 3,790.1 crore. The company shows up in a screener of stocks with high interest payments compared to earnings.

  • Bank of Maharashtra rises as its net profit increases by 95.2% YoY to Rs 882.1 crore in Q1FY24. Its net interest income also improves by 38.8% YoY on the back of growth in the treasury and corporate banking segments. The company appears in a screener of stocks with strong annual EPS growth.

  • Netweb Technologies India's Rs 631 crore IPO gets bids for 90.4X the available 88.6 lakh shares on offer on the third day of bidding. The retail investor quota gets bids for 19.2X of the available 44.9 lakh shares on offer.

  • Infosys, Coforge, United Spirits and Tanla Platforms' weekly average delivery volumes rise ahead of their Q1FY24 results tomorrow.

  • Asian Development Bank (ADB) maintains its forecast for India's economic growth at 6.4% in FY24 on the back of robust domestic demand. The bank predicts a further decline in inflation as energy and food costs decrease. ADB expects India's GDP to reach 6.7% in FY25.

  • TV18 Broadcast rises to a new 52-week high of Rs 45.2 as its net profit increases 31.7% YoY to Rs 44.3 crore in Q1FY24. Its revenue is up by 160.8% YoY. However, its EBITDA margin falls by 240 bps on the back of increased operational and marketing, distribution & promotional expenses. The company appears in a screener of stocks with increasing yearly and quarterly net profits.

  • ICICI Securities downgrades its rating on Just Dial to ‘Add’ from ‘Buy’ with a target price of Rs 870. This implies an upside of 8.5%. The brokerage believes the stock has a limited upside, given its recent uptrend. While acknowledging the stability of the company's core business, ICICI Securities expects delays in commercial launches of new initiatives.

  • Ramkrishna Forgings is rising as it commences commercial operations at its Jharkhand plant. This will enhance the company’s output by 23,800 tonnes per year, taking its total production capacity to 2,10,900 tonnes per year. The company shows up in a screener for stocks with high consistent returns over the past five years.

  • Rakesh Jhunjhunwala's portfolio cuts its stake in Prozone Intu Properties to below 1% in Q1FY24, compared to 2.1% held in Q4FY23.

  • HSBC initiates coverage on Titagarh Rail Systems with a ‘Buy’ rating and a target price of Rs 730. The brokerage believes that the Centre’s plan to increase the number of freight trains and order prospects from the metro segment will augur well for the firm.

  • CIE Automotive India rises to its all-time high of Rs 579.8 per share as its net profit surges 59.7% YoY to Rs 301.7 crore in Q1FY24. Its revenue also grows 4.7% YoY, aided by improvement in the India and Europe segments. Its EBIDTA margin expands 250 bps YoY, helped by a drop in raw materials prices. The company appears in a screener of stocks with consistently high returns over the past five years.

  • Adani Transmission rises as its smart meter contract value stands at Rs 3,700 crore in Q1FY24. Its energy sales grow by 7.6% YoY to 275.4 crore units on the back of expansion of operational distribution networks.

  • Rakesh Jhunjhunwala's portfolio sells a 4.8% stake in Metro Brands in Q1FY24. It now holds a 9.6% stake in the company.

  • Bikaji Foods International rises over 8% and touches its 52-week high as the company acquires a 49% stake amounting to Rs 5.1 crore in Bhujialalji.

  • Porinju Veliyath adds Kokuyo Camlin to his portfolio in Q1FY24, buys a 1% stake

  • B L Kashyap & Sons rises as it bags an order worth Rs 369 crore from DLF Home Developers. The order involves civil structure and waterproofing works for DLF's The Arbour project and is expected to be completed in 33 months. The company appears in a screener of stocks with strong momentum.

  • ICICI Lombard General Insurance is falling despite its net profit growing 11.8% YoY to Rs 390 crore in Q1FY24. Its gross direct premium income increases by 18.9% YoY, aided by improvement in premiums from the retail & corporate health and motor segments. It features in a screener of stocks near their 52-week highs with significant volumes.

  • Jio Financial Services is set to demerge from Reliance Industries on Thursday. The NSE and BSE will hold a special pre-open session for Reliance Industries to discover the share price of Jio Financial.

  • Media stocks like TV18 Broadcast, Network 18 Media & Investments, Zee Entertainment Enterprises, Navneet Education and Sun TV Network are rising in trade. All the constituents of the broader index, Nifty Media, are also trading in the green.

  • L&T Technology Services falls despite its net profit rising by 0.5% QoQ to Rs 311.1 crore in Q1FY24. Its revenue increases by 9.5% QoQ on the back of robust growth in the transportation segment. The company appears in a screener of stocks with improving quarterly revenue.

  • IndusInd Bank’s Q1FY24 net profit rises 32.5% YoY to Rs 2,123.6 crore, while its net interest income grows 18% YoY. The bank’s robust performance is driven by healthy growth in the retail banking and corporate/wholesale banking segments. Its asset quality also improves, with Gross and Net NPAs declining by 41 bps and 9 bps YoY respectively.

Riding High:

Largecap and midcap gainers today include Polycab India Ltd. (4,308.85, 4.38%), Punjab National Bank (64.15, 4.14%) and Patanjali Foods Ltd. (1,323.00, 3.95%).

Downers:

Largecap and midcap losers today include ICICI Prudential Life Insurance Company Ltd. (559.45, -2.66%), Endurance Technologies Ltd. (1,661.05, -1.97%) and Tube Investments of India Ltd. (3,192.00, -1.82%).

Movers and Shakers

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

Top high volume gainers on BSE included Tata Teleservices (Maharashtra) Ltd. (80.95, 10.44%), TV18 Broadcast Ltd. (42.90, 9.16%) and Finolex Cables Ltd. (977.65, 9.03%).

Top high volume losers on BSE were Network 18 Media & Investments Ltd. (59.50, -7.54%), Jubilant Pharmova Ltd. (386.85, -2.83%) and CIE Automotive India Ltd. (517.85, -2.36%).

KEI Industries Ltd. (2,563.10, 5.07%) was trading at 14.6 times of weekly average. Bikaji Foods International Ltd. (448.65, 5.24%) and KRBL Ltd. (373.60, 5.18%) were trading with volumes 9.8 and 6.0 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

46 stocks made 52-week highs,

Stocks touching their year highs included - Ashok Leyland Ltd. (173.20, -0.14%), Aurobindo Pharma Ltd. (751.10, -0.27%) and Zydus Lifesciences Ltd. (607.50, 0.91%).

9 stocks climbed above their 200 day SMA including Tata Teleservices (Maharashtra) Ltd. (80.95, 10.44%) and Rain Industries Ltd. (167.65, 2.73%). 12 stocks slipped below their 200 SMA including Network 18 Media & Investments Ltd. (59.50, -7.54%) and MMTC Ltd. (33.45, -1.33%).

 
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