Trendlyne Marketwatch
Trendlyne Marketwatch
17 Oct 2023
Market closes higher, KEC International bags multiple orders worth Rs 1,315 crore

Trendlyne Analysis

 

Nifty 50 closed at 19,811.50 (79.8, 0.4%), BSE Sensex closed at 66,428.09 (261.2, 0.4%) while the broader Nifty 500 closed at 17,467.70 (74.7, 0.4%). Market breadth is in the green. Of the 1,991 stocks traded today, 1,189 were on the uptrend, and 743 went down.

Indian indices pared the gains from the afternoon session and closed in the green, with the Nifty 50 closing at 19,812. The volatility index, Nifty VIX, dropped by 3.3% and closed at 10.7 points. According to a report by Kotak Institutional Equities, the unemployment rate among Indian graduates stands at 13.4% as of June 2023.

Nifty Midcap 100 and Nifty Smallcap 100 closed in the green, following the benchmark index closing flat. Nifty Energy and Nifty Bank closed higher than Monday’s closing levels. According to Trendlyne’s sector dashboard, telecommunication equipment emerged as the top-performing sector of the day, with a rise of over 4.84%.

Most European indices trade in the red except for England’s FTSE 100 trading higher. US indices futures trade lower, indicating a negative start. China’s largest property developer Country Garden moves nearer to default, as it needs to make a $15 million coupon payment at the end of the day. Non-payment of coupons will result in a default of $11 billion worth of offshore bonds.

  • Dalmia Bharat sees a short buildup in its October 26 future series as its open interest rises 14.2% with a put-call ratio of 0.3.

  • UPL sees six analyst target price downgrades and two recommendation downgrades in the past three months. Bandhan Bank, Navin Fluorine International, and Infosys see five analyst target price downgrades over the same time period.

  • Tata Metaliks rises to a new 52-week high of Rs 1,006.7 as its Q2FY24 net profit surges by 209.1% YoY to Rs 44.2 crore, aided by lower raw material expenses. However, its revenue falls by 13.9% YoY due to lower realisation in the pig iron segment. The company appears in a screener of stocks with strong momentum.

  • Jefferies maintains its ‘Buy’ rating on KFin Technologies with an upgraded target price of Rs 560. The brokerage says, KFin is among the leading providers of RTA (registrar and transfer agent) services for AMCs and corporate issuers, and is now evolving into a data processing and analytics solution provider. Jefferies notes that KFin’s expansion into global AMCs and the account aggregator space can further boost its growth.

  • PCBL is falling despite its net profit rising by 5.4% YoY to Rs 122.6 crore on the back of raw material expenses declining by 16.7% YoY. However, its revenue falls by 8.7% YoY due to a decline in its carbon black business segment. The stock shows up in a screener for companies with declining net cash flows.

  • Newgen Software Technologies surges to touch its all-time high of Rs 1,060 per share as its Q2FY24 net profit grows by 58.2% YoY to Rs 47.8 crore. Revenue also rises by 16.5% YoY, driven by gains in the India, EMEA, APAC and USA segments. It features in a screener of growth stocks with good technical scores.

  • Va Tech Wabag surges as it inks a partnership agreement with Pani Energy to implement applied AI solutions for treatment plants.

  • Ramesh Babu, the CEO & MD of Karur Vysya Bank, anticipates loan growth of over 15% for FY24. He expects NIMs to be around 3.8% by the end of FY24 and an RoA of 1.6%. He also states that NPAs would not exceed 1%, and sets the credit cost forecast at 0.75%.

  • ICICI Securities rises to touch its 52-week high of Rs 683 per share as its net profit grows by 41.5% YoY to Rs 423.8 crore in Q2FY24. Revenue increases by 45.5% YoY on the back of the equity, derivatives and distribution segments. It shows up in a screener of stock with increasing net profit over the past two quarters.

  • Power stocks like Power Grid Corp of India, Adani Power, NHPC, NTPC and Tata Power Co are rising in trade. Barring Siemens, all the other constituents of the broader sectoral index, BSE Power, are trading in the green.

  • J Kumar Infraprojects rises to an all-time high of Rs 473 after receiving an order worth Rs 509 crore. The contract is for the engineering, procurement, and construction of the Command Hospital in Lucknow and is expected to be completed in 90 months. The company appears in a screener of stocks with growing net profits and margins.

  • Kotak Securities maintains its ‘Buy’ rating on Federal Bank, with an upgraded target price of Rs 170. According to the brokerage, the bank’s NIMs have remained steady in Q2FY24. Federal Bank is its preferred pick in the mid-tier banks space. Kotak Securities also highlights a possible re-rating, as it sees positive surprises ahead.

  • HDFC Securities maintains its ‘Sell’ rating on Avenue Supermarts (DMART) with a target price of Rs 3,200. This implies a downside of 17.1%. The brokerage expects margin pressures to persist for the firm over the short term due to intense competition leading to lower apparel sales, diminishing the share of merchandise and apparel from its total sales mix.

  • Telecommunications equipment, coal and consumer durables sectors rise more than 10% in the past month.

  • Ajmera Realty & Infra India rises over 4% upon securing a residential redevelopment project in Versova, Mumbai. The company expects this redevelopment project to generate sales of Rs 360 crore. It appears in a screener for stocks with strong momentum.

  • The Society of Indian Automobile Manufacturers (SIAM) reports a 4.7% YoY rise in passenger vehicle sales, reaching 10.7 lakh units in Q2FY24. According to Vinod Aggarwal, President of SIAM, "The growth in the PV segment is on the back of robust demand for multi-utility and sports utility vehicles." Meanwhile, two-wheeler sales have declined by 1.6% to around 46 lakh.

  • Ceat is rising as its Q2FY24 net profit surges to Rs 208 crore from Rs 7.8 crore on the back of a 13.6% YoY decrease in raw material costs. Revenue also increases by 5.5% YoY. Profitability improves due to the absence of any compensation for voluntary retirement, which cost Rs 23.7 crore in Q2FY23.

  • KEC International is rising as it bags multiple orders worth Rs 1,315 crore in the Indian and overseas markets. One such order includes providing a 765 kV transmission line and 765 kV AIS substation in India for Power Grid Corp. The other orders are for the supply of towers, hardware and poles in the Middle East, Australia and the Americas.

  • Bajaj Finance rises as it enters into a binding term sheet to acquire a 26% stake (9.9 lakh shares) of Pennant Technologies for Rs 267.5 crore. Pennant Tech is involved in software products for the banking and finance industry. The company appears in a screener of stocks with strong momentum.

  • Anthony Montalbano, CEO of Cyient DLM, expresses a positive outlook for the aerospace and defence sectors. He notes that, as of now, the supply chain in Israel is unaffected, but will be continually assessed. The company forecasts a 40% growth rate for FY24. 

  • Ashish Kacholia sells a 0.4% stake in Xpro India in Q2FY24. He now holds a 3.9% stake in the company.

  • Porinju Veliyath sells a 1.3% stake in Shalimar Paints for approx Rs 18.8 crore in a bulk deal on Thursday.

  • Vijay Kedia adds Om Infra to his portfolio in Q2FY24. He buys a 2.6% stake in the company.

  • HDFC Bank's net profit grows by 50.1% YoY to Rs 15,796.1 crore in Q2FY24 post its merger with HDFC. Net interest income increases by 118.7% YoY on the back of improved revenue from the treasury, retail banking and wholesale banking segments. It appears in a screener of stocks with improving cash flow and high durability.

Riding High:

Largecap and midcap gainers today include Supreme Industries Ltd. (4,625.60, 6.61%), Indian Railway Finance Corporation Ltd. (79.15, 3.74%) and Oil India Ltd. (331.60, 3.67%).

Downers:

Largecap and midcap losers today include MphasiS Ltd. (2,290.75, -2.91%), Dalmia Bharat Ltd. (2,255.90, -2.85%) and Havells India Ltd. (1,384.05, -2.14%).

Volume Rockets

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

Top high volume gainers on BSE included KIOCL Ltd. (476.40, 20.00%), Ircon International Ltd. (160.05, 8.99%) and Gujarat Pipavav Port Ltd. (139.50, 8.73%).

Top high volume losers on BSE were Anupam Rasayan India Ltd. (850.10, -3.57%), Trident Ltd. (36.10, -2.83%) and Cholamandalam Financial Holdings Ltd. (1,130.30, -0.72%).

Jindal Worldwide Ltd. (378.70, 8.48%) was trading at 23.9 times of weekly average. ICICI Securities Ltd. (644.25, 1.95%) and Ceat Ltd. (2194.75, 4.41%) were trading with volumes 21.5 and 17.4 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

38 stocks made 52 week highs, while 1 stock were underachiever and hit their 52 week lows.

Stocks touching their year highs included - Alembic Pharmaceuticals Ltd. (803.25, -0.44%), Balkrishna Industries Ltd. (2,616.50, 0.84%) and Bharti Airtel Ltd. (953.65, 0.75%).

Stock making new 52 weeks lows included - V-Mart Retail Ltd. (1,915.00, -0.98%).

7 stocks climbed above their 200 day SMA including Jindal Worldwide Ltd. (378.70, 8.48%) and Bharat Petroleum Corporation Ltd. (354.70, 2.15%).

 
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