Trendlyne Marketwatch
Trendlyne Marketwatch
20 Jul 2023
Market sees a record close, HDFC Securities keeps ‘Buy’ rating on Tanla Platforms

Trendlyne Analysis

Nifty 50 closed at 19,979.15 (146, 0.7%), BSE Sensex closed at 67,571.90 (474.5, 0.7%) while the broader Nifty 500 closed at 17,042.55 (89.1, 0.5%). Of the 1,951 stocks traded today, 951 were on the uptick, and 925 were down.

Indian indices rose towards the final hour of the trading session and closed in the green for a sixth consecutive session. The benchmark Nifty 50 index rose over 145 points and closed above the 19,950 mark. Can Fin Homes closed in the green after its Q1FY24 net profit rose 13.1% YoY to Rs 183.5 crore and revenue increased by 34.8% YoY driven by healthy demand for housing loans.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, following the benchmark index. Nifty FMCG and Nifty Pharma closed above Wednesday’s close. According to Trendlyne's sector dashboard, Food, Beverages & Tobacco was the top-performing sector of the day. 

European indices traded in the green, despite the Asian indices closing mixed. US index futures traded in the red as investors assessed Q1FY24 earnings from major US companies. Netflix shares fell nearly 9% in after-hours trading on Wednesday after its revenue fell short of analyst estimates. Brent crude oil futures recovered from its day low and traded flat on a volatile day of trade.

  • ABB India sees a short buildup in its July 27 future series as its open interest rises 16.5% with a put-call ratio of 0.42.

  • Kirloskar Pneumatic Co falls despite its Q1FY24 net profit rising by 10% YoY to Rs 17.9 crore. However, its revenue drops by 10% YoY on the back of a decline in the compression systems segment. The company appears in a screener of stocks in the 'Sell' zone.

  • Zensar Technologies is rising as its Q1FY24 net profit increases 31% QoQ to Rs 156.2 crore due to reduced employee costs and the purchase of traded goods. Its revenue also improves by 1.2% QoQ, as growth in its digital and application services segment remains flat. The stock shows up in a screener for companies with high promoter stock pledges.

  • Sun Pharmaceutical Industries and Century Textiles and Industries touch their 52-week highs of Rs 1,102.7 and Rs 990.9 respectively. The former has risen 9.2% over the past month, while the latter increased by 16.8%.

  • Media, software & services and hardware technology & equipment sectors rise by more than 5.8% over the past week.

  • Havells India falls despite an 18% YoY rise in net profit to Rs 287.1 crore in Q1FY24 due to lower inventory expenses. Its revenue grows by 13.9% YoY on the back of strong performance in cables and Lloyd consumer segments. It appears in a screener of stocks with increasing quarterly profits.

  • India’s domestic crude oil production stands at 2.4 MMT (million metric tonnes) in June, according to the data released by the Oil Ministry. Meanwhile, crude oil imports increase marginally by 0.6% YoY.

  • Sensex and Nifty 50 hit all-time highs of 67,171.4 and 19,972.8, respectively. Nifty Bank also reaches a record high of 46,214.5.

  • HDFC Securities keeps its ‘Buy’ rating on Tanla Platforms and increases the target price to Rs 1,350 from Rs 1,050. This implies an upside of 19%. The brokerage expects the company’s growth to accelerate, driven by a revival in its enterprise business due to rising volumes. It also sees traction in the platform vertical, led by new product launches. It anticipates the company’s revenue to grow at a CAGR of 23.7% over FY23-26.

  • Can Fin Homes is rising as its Q1FY24 net profit grows 13.1% YoY to Rs 183.5 crore and revenue increases by 34.8% YoY driven by healthy demand for housing loans, increased focus on retail lending and improving asset quality. The stock shows up in a screener for companies with profits increasing sequentially over the past three quarters.

  • SJVN touches a new all-time high of Rs 50.9 per share as its subsidiary, SJVN Green Energy, signs two power purchase agreements (PPA) worth Rs 1,950 crore for 300 MW renewable energy projects. The first PPA is for a 200 MW ground-mounted solar project for Maharashtra State Electricity Distribution. The second PPA is for a 100MW wind power project in Delhi with Solar Energy Corp of India on a build, own and operate basis.

  • Hatsun Agro Products surges more than 7% as its net profit jumps 54.3% YoY to Rs 80.1 crore in Q1FY24. Revenue grows 6.8% YoY, helped by improvement in sales of milk and milk products. The company's EBITDA margin expands 230 bps YoY on the back of reduced expenses. It appears in a screener of stocks with high volume and gain.

  • Jefferies maintains its ‘Buy’ rating on Newgen Software Technologies with a target price of Rs 860. The brokerage says that the company’s revenue is driven by its license sales and anticipates further growth driven by its banking vertical in the coming quarters.

  • Olectra Greentech awards a Rs 395.1 crore order to Megha Engineering & Infrastructure for the construction of a greenfield EV manufacturing facility in Seetharampur, Hyderabad. It is expected to be completed within two years.

  • As the special pre-open call auction held by the National Stock Exchange for Reliance Industries ends, Jio Financial Services’ shares are valued at Rs 261.85 each. According to reports, the share price of the demerged entity beat brokerages’ estimates of Rs 160-190 per share.

  • Finolex Industries is rising as its net profit grows 16.2% YoY to Rs 115.3 crore in Q1FY24. However, revenue remains flat due to decreased revenue from the PVC resin segment and a correction in the prices of PVC pipes. Its EBITDA margin improves by 230 bps YoY, aided by a dip in raw material and finance costs. The company features in a screener of weekly momentum gainers.

  • Dr. Reddy's Laboratories touches a 52-week high today as the USFDA completes a pre-approval inspection (PAI) and routine GMP inspection at their API manufacturing facility in Srikakulam, Andhra Pradesh. It has given a classification of 'no action indicated' (NAI) for the facility. It appears in a screener of stocks with strong momentum.

  • The Ministry of Heavy Industries is expected to issue a tender for applications for the Rs 18,000 crore Advanced Chemistry Cells (ACC) project under the PLI scheme. The scheme aims to provide incentives for the production of 20GWh battery storage capacity. In the first round, Ola Electric, Reliance New Energy, and Rajesh Exports have been deemed eligible for incentives.

  • PNC Infratech rises to a new 52-week high of Rs 368.6 as it signs a concession agreement with National Highway Authority of India for three hybrid annuity mode projects costing Rs 3,264.4 crore. The projects include six-lane greenfield construction on the Varanasi-Kolkata highway in three packages.

  • Vijay Kedia reduces his stake in Ramco Systems to below 1% in Q1FY24, compared to 1.1% held in Q4FY23.

  • Nuvama Wealth upgrades its rating on Bajaj Consumer Care to 'Buy' with a target price of Rs 258. The brokerage believes that Q1FY24 will be the beginning of a promising year for the company. It anticipates a recovery in volumes and robust growth.

  • Ashish Kacholia adds Venus Pipes & Tubes to his portfolio in Q1FY24. He buys a 2% stake in the company.

  • Porinju Veliyath adds Centum Electronics to his portfolio in Q1FY24. He buys a 1% stake in the company.

  • Mastek rises despite a 9.2% YoY drop in its net profit to Rs 70.1 crore in Q1FY24. However, its revenue rises by 22.1% YoY on the back of robust growth in UK & Europe, North America, and Middle East operations. It also signs a definitive agreement to acquire USA-based BizAnalytica for an upfront payment of $16.7 million (Rs 137.2 crore). The company appears in a screener of stocks with negative profit growth and decreasing promoter shareholdings.

  • Tata Communications is rising despite a 29.8% YoY decline in its net profit to Rs 381.7 crore in Q1FY24. However, revenue grows 10.7% YoY on the back of increased revenue from the data services and transformation services segments. Its EBITDA margin plunges 450 bps YoY due to increased expenses. The company appears in a screener of stocks with declining net profit and profit margin (YoY).

Riding High:

Largecap and midcap gainers today include Polycab India Ltd. (4,717.35, 9.48%), HDFC Asset Management Company Ltd. (2,520.15, 4.65%) and PB Fintech Ltd. (776.45, 4.20%).

Downers:

Largecap and midcap losers today include ABB India Ltd. (4,204.00, -6.44%), Shree Cements Ltd. (23,409.05, -2.58%) and ICICI Prudential Life Insurance Company Ltd. (547.75, -2.09%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Polycab India Ltd. (4,717.35, 9.48%), Hatsun Agro Products Ltd. (1,049.30, 7.52%) and Rail Vikas Nigam Ltd. (128.70, 7.34%).

Top high volume losers on BSE were ABB India Ltd. (4,204.00, -6.44%), Shree Cements Ltd. (23,409.05, -2.58%) and L&T Finance Holdings Ltd. (131.15, -1.76%).

Alembic Pharmaceuticals Ltd. (711.50, 7.33%) was trading at 14.7 times of weekly average. Nippon Life India Asset Management Ltd. (311.30, 4.80%) and Borosil Renewables Ltd. (499.80, 6.06%) were trading with volumes 7.6 and 7.4 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

48 stocks hit their 52-week highs,

Stocks touching their year highs included - Alembic Pharmaceuticals Ltd. (711.50, 7.33%), Ashok Leyland Ltd. (175.70, 1.44%) and Aurobindo Pharma Ltd. (772.60, 2.86%).

11 stocks climbed above their 200 day SMA including Restaurant Brands Asia Ltd. (114.10, 2.93%) and TTK Prestige Ltd. (798.90, 1.76%). 2 stocks slipped below their 200 SMA including Garware Technical Fibres Ltd. (3,091.95, -1.76%) and Network 18 Media & Investments Ltd. (59.70, 0.34%).

 
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