Trendlyne Marketwatch
Trendlyne Marketwatch
11 Aug 2023
Market closes lower, Allcargo Logistics' Q1 net profit down 53.7% YoY to Rs 122.6 crore

Trendlyne Analysis

Nifty 50 closed at 19,428.30 (-114.8, -0.6%), BSE Sensex closed at 65,322.65 (-365.5, -0.6%) while the broader Nifty 500 closed at 16,860.15 (-79.7, -0.5%). Of the 1,924 stocks traded today, 739 were on the uptick, and 1,133 were down.

Indian indices extended their losses from the afternoon session and closed in the red, with the Nifty 50 closing below the 19,450 mark. Indian indices posted weekly losses for a third straight week after hitting their all-time high on July 20. HCL Technologies closed over 2.9% higher after it signed a deal worth $2.1 billion with Verizon Business to provide managed network solutions to its global enterprise customers.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the red, following the benchmark index. Nifty Media and Nifty Pharma closed sharply lower than their Thursday’s close. According to Trendlyne's sector dashboard, Media was the top-performing sector of the week as it rose over 6.9%.

European indices traded in the red, in line with most major Asian indices. US index futures traded flat or lower, indicating a cautious start to the trading session. Brent crude oil futures traded flat after falling over 1.3% on Thursday.

  • Money flow index (MFI) indicates that stocks like Gland Pharma, Cipla, FDC and Indian Railway Finance Corp are in the overbought zone.

  • 3M India and Force Motors touch their 52-week highs of Rs 29,310 and Rs 3,342.7 respectively. The former has risen 4.5% over the past month, while the latter increased by 29.1%.

  • Apollo Hospitals Enterprise falls as its Q1FY24 net profit decreases by 47.5% YoY to Rs 166.6 crore due to higher inventory and employee benefit expenses. However, its revenue rises by 16.6% YoY, aided by healthcare services and digital health & pharmacy distribution. The company appears in a screener of stocks with declining quarterly profits.

  • Apollo Tyres plunges more than 7% despite its net profit surging by 123.8% YoY to Rs 396.9 crore in Q1FY24. Its revenue improves by 5.1% YoY, aided by the Asia Pacific Middle East and Africa (APMEA) and Europe segments. However, the revenue misses Trendlyne's Forecaster estimates by 1.4%. It appears in a screener of stocks where mutual funds have decreased their holdings.

  • Baba Kalyani, CMD of Bharat Forge, says 80% of the company’s defence business is exports, with a strong demand for defence products across different countries. He adds that it targets Rs 12,000 crore in revenue from the defence vertical in FY24.

  • Raymond touches a 52-week high as its Q1FY24 net profit rises by 1,216.8% YoY to Rs 1,065.3 crore due to gains from the complete shareholding acquisition of Castello Italia, ltaly. Its revenue also increases by 2.5% YoY. The company appears in a screener of stocks with strong momentum.

  • Info Edge (India) falls despite posting a Q1FY24 net profit of Rs 158.6 crore, compared to a net loss of Rs 272.8 crore in Q4FY23. The profit rise is aided by reduced advertising and promotion expenses. However, its revenue grows by 4.1X YoY on the back of growth in the recruitment solutions and real estate segments. The company appears in a screener of stocks with MACD crossover above the signal line.

  • TVS Supply Chain Solutions' Rs 880 crore IPO gets bids for 1.03X the available 2.5 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 3.62X of the available 46.3 lakh shares on offer.

  • Axis Direct downgrades its rating on UNO Minda to ‘Hold’ from ‘Buy’ but raises the target price to Rs 620 from Rs 600. This implies an upside of 5.2%. The brokerage cites the stock’s recent run-up in the market for lowering its rating. However, it believes the firm will continue its operational outperformance on the back of its EV product portfolio, robust order book and capacity expansion projects.

  • Lemon Tree Hotels falls despite its Q1FY24 net profit rising 69.4% YoY to Rs 23.5 crore. Its revenue grows by 16.8% YoY, aided by average room rent and occupancy. The company appears in a screener of stocks with improving RoA.

  • Allcargo Logistics falls as its Q1FY24 net profit decreases by 53.7% YoY to Rs 122.6 crore due to higher employee benefits and finance expenses. Its revenue drops by 42.2% YoY, aided by international supply chain and express distribution. The company appears in a screener of stocks with declining quarterly revenues.

  • Foreign institutional investors invest Rs 3,256.9 crore in the equity market over the past week, according to Trendlyne's FII dashboard. Meanwhile, index options witness the highest outflow of Rs 16,074.1 crore from foreign investors.

  • Zydus Lifesciences' Q1FY24 net profit jumps 109.7% YoY to Rs 1,086.9 crore as EBITDA margins expand by 8.3 percentage points YoY. Its revenue rises by 28.4% YoY, led by robust growth in the US formulations segment. The stock shows up in a screener for companies with revenue increasing sequentially for the past four quarters.

  • Anuj Poddar, MD & CEO of Bajaj Electricals, reports a 6% growth in appliance segment volumes during Q1, with the fans segment declining around 10-11%. He says that achieving a double-digit EBITDA margin for FY24 is not feasible, but remains optimistic and assures that the trajectory will be upward.

  • Tilaknagar Industries is rising as it prepays a restructured debt amounting to Rs 176.2 crore to Edelweiss Asset Reconstruction. The company has funded the prepayment through a loan of Rs 130 crore from Kotak Mahindra Bank and utilizing internal accruals.

  • Torrent Power is falling despite its net profit growing by 3% YoY to Rs 517.3 crore in Q1FY24. Revenue also improves by 12.6% YoY, aided by the generation, transmission & distribution and renewables segments. The company appears in a screener of affordable stocks with high return on equity and momentum.

  • Citibank sells a 1.1% stake in Tata Motors for approx Rs 2,089.2 crore in a bulk deal on Thursday.

  • The MSCI Global Standard Index adds eight companies, including Ashok Leyland, Astral, Cummins India, and Supreme Industries, to its list during its August review. Meanwhile, ACC has been excluded from the MSCI Global Standard India Index, while the MSCI India SmallCap index has seen 41 new additions.

  • K P R Developers, promoter of KPR Mill, sells a 0.5% stake in the company for approx Rs 114.1 crore in a bulk deal on Thursday.

  • GMM Pfaudler rises in trade as its Q1FY24 net profit increases by 22% YoY to Rs 835.2 crore. Revenue improves by 23.4% YoY due to robust performance in its overseas segment. It appears in a screener of companies with zero promoter pledge.

  • PSU banks like Indian Overseas Bank, Central Bank of India, UCO Bank, Punjab & Sind Bank and Bank of Maharashtra are rising in trade. The broader sectoral index, Nifty PSU Bank, is also trading in the green.

  • Morgan Stanley has an ‘Overweight’ rating on Page Industries and raises the target price to Rs 44,738. The brokerage believes that the company's margins have improved sharply in Q1 on the back of cost-control measures. It adds that the firm's volume has been impacted by lower demand, but the management is hoping for a strong festive season.

  • Life Insurance Corporation of India rises as its Q1FY24 net profit increases by 13.9X YoY to Rs 9,543.7 crore due to a change in the accounting of solvency margin. While its revenue grows by 12% YoY, the gross value of new business added drops by 7% YoY. The company appears in a screener of stocks with strong annual EPS growth.

  • HCL Technologies is rising as it signs a deal worth $2.1 billion with Verizon Business to provide managed network solutions to its global enterprise customers. The total contract value will be spread out over the next six years. The stock shows up in a screener for companies with book value per share improving over the past two years.

  • Steel Authority of India falls as its Q1FY24 net profit decreases by 73.6% YoY to Rs 212.5 crore due to higher finance and inventory expenses. However, its revenue grows by 2.6% YoY, aided by Salem, IISCO and Durgapur steel plants. The company appears in a screener of stocks with a significant drop in TTM net profit.

  • Hero MotoCorp’s Q1FY24 net profit rises 20.3% YoY to Rs 710.1 crore and revenue grows by 4.8% YoY. Its EBITDA margin expands by 250 bps YoY to 13.8%, driven by softening commodity costs, cost-saving programs and strategic price hikes. Niranjan Gupta, CEO of the company, says, "The key economic indicators are trending in a positive direction, and a normal monsoon augurs well for demand, as we will soon enter the festive season.”

Riding High:

Largecap and midcap gainers today include Indian Overseas Bank (30.55, 13.36%), Gujarat Fluorochemicals Ltd. (2,916.10, 6.51%) and Supreme Industries Ltd. (4,071.35, 5.72%).

Downers:

Largecap and midcap losers today include Alkem Laboratories Ltd. (3,822.10, -7.71%), Torrent Power Ltd. (639.90, -4.71%) and Info Edge (India) Ltd. (4,460.80, -4.06%).

Volume Rockets

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

Top high volume gainers on BSE included Indian Overseas Bank (30.55, 13.36%), Kalyan Jewellers India Ltd. (202.40, 11.52%) and GMM Pfaudler Ltd. (1,590.10, 9.67%).

Top high volume losers on BSE were Apollo Tyres Ltd. (395.85, -8.27%), Alkem Laboratories Ltd. (3,822.10, -7.71%) and Polyplex Corporation Ltd. (1,195.45, -4.76%).

Supreme Industries Ltd. (4,071.35, 5.72%) was trading at 13.5 times of weekly average. Relaxo Footwears Ltd. (956.60, 0.94%) and Central Bank of India (32.95, 6.63%) were trading with volumes 8.4 and 8.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

32 stocks hit their 52-week highs,

Stocks touching their year highs included - 3M India Ltd. (29,350.00, 4.38%), AIA Engineering Ltd. (3,600.65, 0.37%) and Ashok Leyland Ltd. (187.10, 0.48%).

15 stocks climbed above their 200 day SMA including GMM Pfaudler Ltd. (1,590.10, 9.67%) and RHI Magnesita India Ltd. (724.25, 7.42%). 5 stocks slipped below their 200 SMA including Container Corporation of India Ltd. (677.95, -2.67%) and Pfizer Ltd. (3,965.25, -1.84%).

 
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