Trendlyne Marketwatch
Trendlyne Marketwatch
16 Aug 2023
Market closes flat, HDFC Sec downgrades its rating on Bata India to ‘Reduce’ from ‘Add’

Trendlyne Analysis

Nifty 50 closed at 19,465.00 (30.5, 0.2%), BSE Sensex closed at 65,539.42 (137.5, 0.2%) while the broader Nifty 500 closed at 16,853.05 (27.5, 0.2%). Market breadth is in the green. Of the 1,933 stocks traded today, 993 were gainers and 894 were losers.

Indian indices recovered from their day lows and closed marginally higher, with the Nifty 50 closing above the 19,450 mark. UNO Minda closed 5.3% higher after it announced the commissioning of two manufacturing plants in Haryana, dedicated to electric vehicle (EV) components and systems.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, following the benchmark index. Nifty Metal and Nifty Energy closed higher than Monday’s levels. According to Trendlyne's sector dashboard, Fertilizers was the top-performing sector of the day. Major Asian indices closed in the red, except for India’s BSE Sensex, which closed marginally higher.

European indices traded flat to lower, in line with the US index futures. Brent crude oil futures extended their losses from Tuesday and traded in the red for a third consecutive trading session.

  • Escorts Kubota sees a long buildup in its August 31 future series as its open interest rises 15.6% with a put-call ratio of 0.84.

  • Metal stocks like Steel Authority of India, Jindal Steel & Power, Tata Steel, National Aluminium Co and Hindalco Industries are falling in trade. Barring Vedanta, all the other constituents of the broader sectoral index, BSE Metal, are trading in the red.

  • GMR Airports Infrastructure falls despite its Q1FY24 net loss decreasing by 78.2% YoY to Rs 29.8 crore. Meanwhile, its EBITDA margin improves by 6.6 percentage points YoY and revenue grows by 30.6% YoY. The company appears in a screener of stocks with increasing quarterly revenue.

  • Safari Industries (India) and Zen Technologies touch their 52-week highs of Rs 3,590.05 and Rs 868 respectively. The former has risen 18.7% over the past month, while the latter increased by 40.9%.

  • Resurgent Trade and Investments and Emerging Market Investment DMCC, promoter groups of Adani Ports & Special Economic Zone, buy a 1.5% and a 0.5% stake in the company respectively.

  • Easy Trip Planners falls as its Q1FY24 net profit decreases by 21.5% YoY to Rs 26 crore. However, its revenue grows by 38.5% YoY aided by rising demand for air travel. The company appears in a screener of stocks with declining net profit and margins.

  • Kulin Lalbhai, Vice-Chairman and Non-Executive Director at Arvind Fashions, says the company maintains its revenue growth guidance of 10-15% in FY24. He adds that consumer sentiment has been muted, but believes it will improve during the festive season. He also expects the footwear segment to drive growth for the company.

  • HDFC Securities downgrades its rating on Bata India to ‘Reduce’ from ‘Add’ and lowers the target price to Rs 1,500 from Rs 1,650. This implies a downside of 8.3%. The revision is due to its weak top-line growth and margin contraction. It adds that the revenue growth in Q1 has been subdued despite the early launch of the end-of-season sale and Floatz (its sneaker brand) registering healthy traction.

  • Divi's Laboratories is falling as its net profit plunges by 49.3% YoY to Rs 356 crore in Q1FY24. Its revenue also decreases by 21.2% YoY due to a drop in sales in the European market and a decline in revenue from the custom synthesis segment. Its EBITDA margin contracts by 9.2 percentage points on the back of pricing pressure in Europe, growing raw material costs and employee benefit expenses. The company shows up in a screener of stocks with decreasing promoter holding.

  • The Managing Director and CEO of Aptech, Anil Pant, passes away on August 15. This comes after he took an indefinite leave on June 19 citing deteriorating health.

  • UNO Minda is rising as it announces the commissioning of two manufacturing plants in Haryana, dedicated to electric vehicle (EV) components and systems. The company’s aggregate order book for EV components and systems stands at Rs 2,500 crore, and it plans to achieve Rs 1,500 crore in revenue from its EV operations by FY26. The stock shows up in a screener for companies with high TTM EPS growth.

  • Aurobindo Pharma rises as its subsidiary, Eugia Pharma, gets final US FDA approval for its single-dose prefilled syringe, which is equivalent to FIRAZYR. The drug is used for the treatment of acute attacks of hereditary angioedema (HAE) in adults aged 18 and above. The company appears in a screener of stocks with strong momentum.

  • Rajesh Jejurika, the Executive Director and CEO (Auto and Farm Sector) at Mahindra & Mahindra, says there are significant opportunities in the lightweight tractor market. He adds that the company has invested $1,200 million on four Oja platforms and it will boost its presence in the US and Japan.

  • VIP Industries' Managing Director (MD) Anindya Dutta tenders his resignation on Monday. His resignation will be in effect from November 13, 2023. The company has appointed Neetu Kashiramka as the MD Designate and Chief Financial Officer, with effect from August 15.

  • SBFC Finance’s shares debut on the bourses at a 43.9% premium to the issue price of Rs 57. The Rs 1,025 crore IPO has received bids for 70.2 times the total shares on offer.

  • SRF falls as the GST department conducts a search on its factory premises in Bhiwadi, Rajasthan. The search has been ordered by the office of the Additional Commissioner, GST, Bhiwadi Zone, to obtain documents related to a claim of GST credit. The company appears in a screener of stocks with declining net cash flow.

  • Aster DM Healthcare’s Q1FY24 net profit drops by 92.9% YoY to Rs 4.9 crore despite its revenue rising by 20.8% YoY to Rs 3,215.4 crore. This decline in profitability is due to a sharp one-time increase in deferred tax. However, its EBITDA margins expand by 109 bps YoY to 12.1%, driven by improved realisations across its business verticals.

  • Tejas Networks is rising as it bags an order worth Rs 7,492 crore from Tata Consultancy Services (TCS) for the supply, support and maintenance services for BSNL's 4G/5G services. As per the order, the company will supply 4G/5G radio access network (RAN) equipment for 1 lakh sites under BSNL.

  • Economists raise their FY24 inflation forecasts for India following the surge in CPI inflation to a 15-month high in July, surpassing market estimates. This increase is due to a rise in food costs. Food inflation reached 11.51% in July, with vegetable inflation soaring to 37.34%. Citigroup revises its consumer price outlook to 5.7% in FY24 from the earlier 5.3%.

  • ITC rises as its Q1FY24 net profit increases by 16.3% YoY to Rs 5,104.9 crore. However, its revenue falls by 3.9% YoY due to declines in the agri business and paperboards, paper & packaging segments. Its EBITDA margin grows by 6.4 percentage points, aided by inventory expenses. The company appears in a screener of stocks with increasing net profit and margins.

  • InterGlobe Aviation's co-founder Rakesh Gangwal plans to sell a 4% stake worth Rs 3,730 crore through a block deal today, reports suggest.

  • Ashish Kacholia buys a 5.1% stake in Dhabriya Polywood for approx Rs 15.3 crore in a bulk deal on Monday.

  • India’s CPI inflation rises to a 15-month high of 7.4% in July, compared to 4.8% in June, due to a surge in food and vegetable prices. Food inflation increases to 11.5% from 4.5% in June.

  • Sunil Singhania's Abakkus Fund buys a 1% stake in Ujjivan Financial Services for approx Rs 56.9 crore in a bulk deal on Monday.

  • Infosys rises as it bags a deal worth €1.5 billion (Rs 13,624 crore) from Liberty Global for an initial five-year period. The agreement involves Infosys to evolve and scale up Liberty Global's digital entertainment and connectivity platforms. The deal can further be extended to eight years for €2.3 billion (Rs 20,891 crore). The company appears in a screener of stocks with improving RoA.

  • Vodafone Idea is falling as its net loss expands by 7.4% YoY to Rs 7,840 crore in Q1FY24. However, its revenue increases by 2.4% YoY owing to an improvement in subscriber mix and 4G subscriber additions. Its average revenue per user (ARPU) improves to Rs 139 during the quarter. The company appears in a screener of stocks with high interest payments compared to earnings.

Riding High:

Largecap and midcap gainers today include Indian Overseas Bank (32.65, 7.58%), JSW Energy Ltd. (368.00, 5.98%) and UNO Minda Ltd. (613.80, 5.08%).

Downers:

Largecap and midcap losers today include Crompton Greaves Consumer Electricals Ltd. (282.70, -5.88%), Indus Towers Ltd. (160.50, -5.81%) and Coforge Ltd. (5,075.95, -3.81%).

Volume Rockets

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

Top high volume gainers on BSE included Cochin Shipyard Ltd. (807.85, 17.44%), Mishra Dhatu Nigam Ltd. (384.70, 10.61%) and JBM Auto Ltd. (1,443.85, 10.13%).

Top high volume losers on BSE were Uflex Ltd. (376.60, -6.70%), InterGlobe Aviation Ltd. (2,458.65, -3.55%) and Balaji Amines Ltd. (2,107.10, -3.43%).

Oracle Financial Services Software Ltd. (4,099.05, 2.85%) was trading at 8.8 times of weekly average. UNO Minda Ltd. (613.80, 5.08%) and JK Paper Ltd. (352.35, 5.75%) were trading with volumes 8.6 and 8.3 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

30 stocks overperformed with 52 week highs, while 3 stocks were underachievers and hit their 52 week lows.

Stocks touching their year highs included - Ajanta Pharma Ltd. (1,768.85, 1.74%), Ashok Leyland Ltd. (188.60, 0.94%) and Bank of Maharashtra (38.40, -1.16%).

Stocks making new 52 weeks lows included - UPL Ltd. (589.80, -0.08%) and Vedanta Ltd. (236.50, 1.07%).

7 stocks climbed above their 200 day SMA including Piramal Pharma Ltd. (101.10, 4.77%) and Network 18 Media & Investments Ltd. (62.55, 2.12%). 24 stocks slipped below their 200 SMA including Indus Towers Ltd. (160.50, -5.81%) and KNR Constructions Ltd. (242.60, -3.60%).

 
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