Trendlyne Marketwatch
Trendlyne Marketwatch
08 Aug 2023, 03:45PM
Market closes flat, Axis Direct downgrades rating on KEC International to ‘Hold’ from ‘Buy’

Trendlyne Analysis

Nifty 50 closed at 19,570.85 (-26.5, -0.1%) , BSE Sensex closed at 65,846.50 (-107.0, -0.2%) while the broader Nifty 500 closed at 16,949.25 (-7.1, 0.0%). Of the 1,938 stocks traded today, 915 were on the uptick, and 962 were down.

Indian indices extend the losses from the morning session and close in the red, with the Nifty 50 closing at 19,571. The volatility index, Nifty VIX, rose by 2.1% and closed at 11.3 points. Gland Pharma’s Q1FY24 net profit contracts by 15.3% YoY to Rs 194 crore against the consensus estimates of Rs 177 crore.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green with the benchmark index closing in the red. Nifty PSU Bank and Nifty Media closed higher than Monday’s closing levels. According to Trendlyne’s sector dashboard, media emerged as the top-performing sector of the day, with a rise of over 1%.

Most European indices trade in the red. US indices futures trade lower, indicating a negative start. The data released by the German Statistical Office indicated July CPI cooled down to 6.2% against 6.4% in June.

  • Money flow index (MFI) indicates that stocks like Eris Lifesciences, FDC, KSB, Lupin and Poly Medicure are in the overbought zone.

  • Hero MotoCorp (in partnership with Harley-Davidson) halts booking after receiving 25,597 orders for its top-end X440 variant due to overwhelming demand. This indicates that Hero MotoCorp will likely eat into Royal Enfield's massive market share. Similar to Harley-Davidson, Triumph has partnered with Bajaj Auto to compete against Eicher Motors' Royal Enfield.

  • Adani Ports is falling despite its net profit growing by 82.6% YoY to Rs 2,114.7 crore in Q1FY24. Revenue improves by 24% YoY, aided by the port and SEZ activities segment. Its EBITDA margin also expands by 19 percentage points YoY on the back of foreign exchange gains earned this quarter, compared to a loss in Q1FY23. The company appears in a screener of stocks with decreasing promoter pledge.

  • Axis Direct downgrades its rating on KEC International to ‘Hold’ from ‘Buy’ but raises the target price to Rs 645 from Rs 570, implying an upside of 1.6%. The brokerage believes there is limited upside in the stock. However, it expects the company’s well-diversified order book to drive revenue growth in the coming quarters.

  • Tata Power Company rises as it signs an MoU with the Government of Maharashtra to develop 2,800 MW pumped hydro storage projects, with a proposed total investment of approximately Rs 13,000 crore. The aim is to support the clean energy landscape of Maharashtra and the country.

  • Concord Biotech's Rs 1,550 crore IPO gets bids for 24.86X the available 1.5 crore shares on offer on the last day of bidding. The retail investor quota gets bids for 3.87X of the available 73.2 lakh shares on offer.

  • Max Healthcare Institute falls despite its Q1FY24 net profit rising by 38.9% YoY to Rs 240.1 crore. Its revenue grows by 20.8% YoY due to the growth in average revenue per bed and occupied bed days. The company appears in a screener of stocks with strong annual EPS growth.

  • BofA Securities raises its Nifty 50 target for December 2023 to 20,500 from the earlier estimate of 18,000 as it anticipates the US to avoid recession. The revision is also supported by factors such as healthy domestic inflows and mostly positive Nifty returns.

  • GAIL rises in trade today as Custom Commissioner (Appeals), Pune, revokes the entire demand of Rs 934 crore, including penalty and interest, which was imposed on the firm on March 29, 2023. It appears on a screener for stocks with strong momentum.

  • ITD Cementation rises to an all-time high of Rs 199 as its Q1FY24 net profit grows by 73.7% YoY to Rs 52.2 crore. Its revenue increases by 66.4% YoY due to robust growth in the construction segment. The company appears in a screener of stocks with increasing quarterly revenue.

  • Hindalco Industries is falling as its Q1FY24 net profit falls 40.4% YoY to Rs 2,454 crore, while its revenue declines by 8.7% YoY due to subdued volumes. Revenue from its Novelis and aluminium business division falls on a YoY basis. Its EBITDA margins also contract by 375 bps YoY to 10.8%.

  • Hero MotoCorp rises as it receives 25,597 bookings for the Harley-Davidson X440 since the opening of the booking window on July 4. The company appears in a screener of stocks with high TTM EPS growth.

  • Mindspace Business Parks REIT appoints Ramesh Nair as the Chief Executive Officer (CEO) of the company, effective from September 1. As a result, the company elevates Vinod Rohira from his role as CEO to Board Member.

  • Maruti Suzuki rises as its board approves the acquisition of a 100% stake in Suzuki Motors Gujarat. The company appears in a screener of stocks with low debt.

  • Krishna Institute of Medical Sciences is falling despite its Q1FY24 net profit rising by 15.2% YoY to Rs 80.8 crore .Revenue increases by 21.6% YoY, led by robust growth from Telangana. It appears in a screener of stocks with high volume and are top losers.

  • Ramesh Kancharla, CMD of Rainbow Children’s Medicare, says, Q1 is seasonally a weaker quarter. He adds that the company aims to increase the occupancy rate above 50%. He expects the ARPOB (average revenue per occupied bed) to improve YoY in FY24. The firm’s net profit has dropped by 23.5% QoQ, while revenue fell 10.3% QoQ in Q1FY24.

  • PB Fintech plunges more than 5% as its net loss expands by 27.5% QoQ to Rs 11.4 crore in Q1FY24. Its revenue declines by 23.4% QoQ due to reduced revenue from the services segment. The company appears in a screener of stocks with low Piotroski scores.

  • PSU banks like Bank of Maharashtra, Bank of India, Punjab National Bank, Indian Bank and Bank of Baroda are rising in trade. All the constituents of the broader sectoral index, Nifty PSU Bank, are also trading in the green.

  • Tata Chemicals is falling as its Q1FY24 net profit declines 9.7% YoY to Rs 532 crore due to higher employee costs, power costs and freight charges. Its revenue increases 5.6% YoY led by growth in the basic chemistry products segment. The stock shows up in a screener for companies with strong annual EPS growth.

  • Railtel touches a new 52-week high today as it bags an order worth Rs 700 crore for 10 years from Pimpri Chinchwad Smart City to provide end-to-end services for the monetization of PCSCL City Network Infrastructure on a revenue-sharing model. It appears in a screener for stocks with strong momentum.

  • Hemant Jalan, CMD of Indigo Paints, says the company’s growth is outpacing the industry due to its focus on larger cities. He adds that it targets to double its revenue over the next 2-3 years, expanding at a CAGR of 30%. He anticipates the firm’s market share to improve further from the current 2.5%.

  • Porinju Veliyath buys a 0.6% stake in Gati for nearly Rs 12.5 crore in a bulk deal on Monday.

  • Gland Pharma rises despite its Q1FY24 net profit falling by 15.3% YoY to Rs 194.1 crore. However its revenue increases by 33.8% YoY, aided by robust growth in Europe and India. The company appears in a screener of stocks with declining quarterly net profit and margins.

  • Genus Power Infrastructures is rising as it receives a letter of award worth Rs 2,209.8 crore for the design, supply and installation of 21.77 lakh smart prepaid meters. Post this order, the company’s order book currently stands at Rs 8,200 crore.

  • Morgan Stanley maintains its ‘Overweight’ rating on Britannia Industries but lowers the target price to Rs 5,013. The brokerage highlights that the company’s volume growth was a miss during the quarter. Britannia’s net profit has grown by 32.4%, while revenue increased by 8.4% in Q1FY24.

  • BEML rises to an all-time high of Rs 2,134.5 as it bags a new order worth Rs 3,177 crore from Bangalore Metro Rail Corp. The order involves the designing, manufacturing, supplying, installing, testing, and commissioning of 318 standard gauge metro cars. The company appears in a screener of stocks with improving RoA.

  • Sobha falls as its Q1FY24 net profit decreases by 12% YoY to Rs 12.1 crore due to higher inventory expenses. However, its revenue rises by 57.8% YoY, aided by robust growth in the real estate segment. The company appears in a screener of stocks with declining net profit and margins.

  • Godrej Consumer Products’ Q1FY24 net profit falls by 7.6% YoY to Rs 318.8 crore despite its EBITDA margins expanding by 190 bps YoY to 18.6%. The profitability drop is due to a one-time expense of Rs 81.8 crore from the acquisition of Raymond Consumer Care Business and other restructuring costs. Its revenue increases by 10.4% YoY, driven by healthy growth across domestic and international business segments.

Riding High:

Largecap and midcap gainers today include Gland Pharma Ltd. (1,611.05, 20.00%), Indian Bank (392.65, 13.12%) and Bayer Cropscience Ltd. (4,827.30, 5.11%).

Downers:

Largecap and midcap losers today include PB Fintech Ltd. (760.15, -4.76%), Zomato Ltd. (93.45, -4.25%) and Max Healthcare Institute Ltd. (559.50, -4.09%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Gland Pharma Ltd. (1,611.05, 20.00%), Indian Bank (392.65, 13.12%) and Angel One Ltd. (1,701.00, 12.36%).

Top high volume losers on BSE were HLE Glasscoat Ltd. (599.15, -6.50%), Medplus Health Services Ltd. (909.20, -4.42%) and Borosil Renewables Ltd. (480.40, -4.25%).

Krishna Institute of Medical Sciences Ltd. (1,831.00, -1.36%) was trading at 11.5 times of weekly average. Bayer Cropscience Ltd. (4,827.30, 5.11%) and Sunteck Realty Ltd. (390.50, 5.46%) were trading with volumes 9.4 and 8.8 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

38 stocks took off, crossing 52 week highs,

Stocks touching their year highs included - Alembic Pharmaceuticals Ltd. (790.00, -0.42%), Aurobindo Pharma Ltd. (867.80, -0.05%) and Bank of Maharashtra (36.25, 7.09%).

8 stocks climbed above their 200 day SMA including Gland Pharma Ltd. (1,611.05, 20.00%) and VIP Industries Ltd. (659.00, 5.59%). 10 stocks slipped below their 200 SMA including HLE Glasscoat Ltd. (599.15, -6.50%) and Rain Industries Ltd. (156.15, -3.34%).

 
More from Trendlyne Marketwatch
More from Trendlyne Analysis
Recommended
IPOs This Week: Ganga Bath Fittings set to list; Oswal Pumps and Four New Issues
| 09 Jun 2025, 03:55PM
Five Interesting Stocks Today - June 06, 2025
The Baseline | 06 Jun 2025
Markets close higher, Rakesh Jhunjhunwala buys a 2.2% stake in Indiabulls Housing Finance
Trendlyne Marketwatch | 22 Jul 2021