Trendlyne Marketwatch
Trendlyne Marketwatch
19 Oct 2023
Market closes lower, IRM Energy's IPO gets bids for 3X the available shares on offer

Trendlyne Analysis

 

Nifty 50 closed at 19,624.70 (-46.4, -0.2%), BSE Sensex closed at 65,629.24 (-247.8, -0.4%) while the broader Nifty 500 closed at 17.310.50 (-33.5, -0.2%). Market breadth is even. Of the 1,963 stocks traded today, 970 were in the positive territory and 943 were negative.

Indian indices closed in the red, with the Nifty 50 closing at 19,624.7 points. The Indian volatility index, Nifty VIX, fell 0.6% and closed at 10.9 points. Persistent Systems closed 2.3% higher after its Q2FY24 net profit increased by 15.1% QoQ to Rs 263.3 crore and EBIT margin expanded by 88 bps QoQ to 13.7%.

Nifty Smallcap 100 and Nifty Midcap 100 closed flat, despite the benchmark index closing in the red. Nifty FMCG and Nifty Auto closed higher than their Wednesday close. According to Trendlyne's sector dashboard, Telecommunications Equipment was the top-performing sector of the day as it rose 0.8% in a volatile market.

Major Asian indices closed lower, except for Taiwan’s TSEC 50 closing marginally higher. European indices traded in the red as investors looked ahead to the Fed chair Jerome Powell’s speech at the Economic Club of New York later today. US index futures also traded lower, indicating a negative start to the trading session. Brent crude oil futures traded in the red after rising 0.5% on a volatile day on Wednesday.

  • Money flow index (MFI) indicates that stocks like Prestige Estates Projects, Vijaya Diagnostic Centre, The Fertilisers and Chemicals Travancore and Oil India are in the overbought zone.

  • NBCC (India) rises over 8% in trade to touch a new 52-week high of Rs 70.6 per share. The company ranks high on Trendlyne’s Checklist scoring 54.5%. It features in a screener of companies with zero promoter pledges.

  • Ultratech Cement is rising as its net profit surges by 69.6% YoY to Rs 1,281.5 crore in Q2FY24. Revenue improves by 15.3% YoY to Rs 16,012.1 crore during the same period. It features in a screener of stocks with increasing profits for the past three consecutive quarters.

  • ICICI Securities maintains its ‘Buy’ rating on IndusInd Bank and raises its target price to Rs 1,750 from Rs 1,700. This implies an upside of 20.9%. The brokerage expects the bank to see a healthy rate of loan growth with a steady net interest margin and anticipates slippages to gradually reduce in the coming quarters.

  • PVR INOX is falling despite being back in the black in Q2FY24 with a net profit of Rs 166.3 crore. Its revenue jumps by nearly 3X YoY to Rs 2,000 crore, driven by improving box office collections and a 64% YoY rise in admissions. The stock shows up in a screener for companies with improving net cash flows from operations over the past two years.

  • Bandhan Bank is falling despite its net profit growing by 3.4X YoY to Rs 721.2 crore in Q2FY24. Interest revenue increases by 20% YoY on the back of gains in the treasury, retail banking and wholesale banking segments. The bank's asset quality declines with net NPA rising by 45 bps YoY. The company appears in a screener of stocks with rising debt.

  • SJVN offers power to the beneficiaries of Northern Region from a 1,000 MW solar PV station under development at a village in Rajasthan, as part of the CPSU government scheme. Jammu & Kashmir Power Corp and Rajasthan Urja Vidyut Nigam have both agreed to purchase 600 MW and 500 MW of power, respectively, against the station's total capacity of 1000 MW.

  • IRM Energy's Rs 545.4 crore IPO gets bids for 4.4X the available 76.3 lakh shares on offer on the second day of bidding. The retail investor quota gets bids for 4.4X the available 37 lakh shares on offer.

  • Gandharv Tongia, Executive Director and CFO of Polycab India, says the company will continue to outpace the cables and wires market. He remains positive that it will attain the Rs 20,000 crore revenue objective before 2026. He adds that the cable and wires business margins will be around 12-14% and Polycab's exports have grown by 14%.

  • Shyam Metalics and Energy is rising as its arm Shyam Sel and Power gets NCLT approval to acquire Mittal Corp for a consideration of Rs 351 crore. The company appears in a screener of stocks where foreign institutional investors have increased their shareholdings.

  • MTAR Technologies, Chambal Fertilisers & Chemicals, Sapphire Foods, and Zensar Technologies witness a decrease in mutual fund holdings in the past month.

  • Persistent Systems is rising as its Q2FY24 net profit increases by 15.1% QoQ to Rs 263.3 crore and EBIT margin expands by 88 bps QoQ to 13.7%. Its revenue also improves by 3.9% YoY, driven by healthy growth in the software, hi-tech and healthcare business verticals. The company also bags its highest-ever order in Q2, with a total contract value of $475 million.

  • Titagarh Rail Systems is falling despite reporting a profit of Rs 24 crore in Q2FY24, as against a loss of Rs 11.7 crore in Q2FY23. Its revenue grows by 54% YoY. The profit uptick is due to a one-time impairment loss of investment in Q2FY23. The company features in a screener for stocks with strong annual EPS growth.

  • Jefferies initiates coverage on One 97 Communications (Paytm) with a ‘Buy’ rating and a target price of Rs 1,300. The brokerage is optimistic about the company's accelerated monetisation of its expansive ecosystem, driven by the growth of its credit business. It predicts that the company will be profitable within the next year, making it one of the few major profitable fintech companies worldwide with strong growth.

  • LTIMindtree is rising as its Q2FY24 net profit increases by 0.9% QoQ to Rs 1,161.8 crore. Its revenue improves by 2.4% QoQ, aided by better sales in the banking, financial services & insurance segment.

  • KFIN Technologies is rising as it signs a contract with LIC Pension Fund to provide investment management solutions.

  • Nestle India is rising as its Q2FY24 net profit rises 37.3% YoY to Rs 908.1 crore, driven by better sales, lower raw material costs, and the write-back of provisions from earlier quarters. Its revenue increases by 9.5% YoY, led by healthy growth in domestic sales. The board has approved a stock split in a 1:10 ratio and has declared a dividend of Rs 140 per share, payable on November 16.

  • Hiranand Savlani, CFO of Astral, says that the FY24 volume growth guidance has been increased to over 20% from the earlier 15%. He adds that the bathware business is expected to breakeven in FY25, instead of Q4FY24. He is confident that the company will attain new business revenues of Rs 1,500 crore within the next five years.

  • Wisdomtree India Investment Portfolio buys a 0.5% stake in Gujarat Pipavav Port for approx Rs 34.2 crore in a bulk deal on Wednesday.

  • Metal stocks like APL Apollo Tubes, Coal India, Jindal Steel & Power and Tata Steel are falling in trade. All constituents of the broader BSE Metal index are trading in the red.

  • Bajaj Auto rises to its all-time high of Rs 5,395 per share as its net profit grows by 17.5% YoY to Rs 2,020.1 crore in Q2FY24. Revenue increases by 6.2% YoY, aided by improved sales in the Indian and overseas markets. It appears in a screener of stocks where mutual funds have increased their shareholdings over the past month.

  • BofA maintains its 'Buy' rating on IndusInd Bank with an upgraded target price of Rs 1,750 citing that the company's Q2 results were positive. The brokerage says the bank has demonstrated solid loan growth momentum in various segments. It adds that NIMs have been stable, and anticipates credit costs to fall further in H2.

  • Shakti Pumps surges more than 10% to touch its all-time high of Rs 1,066.6 per share as it bags an order worth Rs 1,603 crore from Maharashtra State Electricity Distribution. The order is for the supply of 50,000 pumps over the next two years.

  • Porinju Veliyath adds Arrow Greentech to his portfolio in Q2FY24. He buys a 1.1% stake in the company.

  • Ashish Kacholia adds Dhabriya Polywood, NIIT Learning Systems and Zaggle Prepaid Ocean Services to his portfolio in Q2FY24. He buys a 6.4%, 2.2% and 1.7% stake in the companies respectively.

  • Wipro is falling as its net profit declines by 7.8% QoQ to Rs 2,646.3 crore in Q2FY24. Revenue also decreases by 1.4% YoY due to the Americas, Europe and APMEA segments. It appears in a screener of stocks with dropping quarterly net profit and profit margin.

Riding High:

Largecap and midcap gainers today include Bajaj Auto Ltd. (5,482.60, 6.72%), LTIMindtree Ltd. (5,457.80, 5.87%) and Nestle India Ltd. (24,132.35, 3.74%).

Downers:

Largecap and midcap losers today include Astral Ltd. (1,843.85, -6.09%), Indraprastha Gas Ltd. (457.65, -4.80%) and APL Apollo Tubes Ltd. (1,698.95, -3.77%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included NBCC (India) Ltd. (70.75, 9.52%), Bajaj Auto Ltd. (5,482.60, 6.72%) and Minda Corporation Ltd. (363.65, 6.61%).

Top high volume losers on BSE were Astral Ltd. (1,843.85, -6.09%), Wipro Ltd. (395.30, -2.98%) and Shoppers Stop Ltd. (677.40, -1.94%).

Firstsource Solutions Ltd. (170.90, 2.64%) was trading at 6.4 times of weekly average. LTIMindtree Ltd. (5,457.80, 5.87%) and KSB Ltd. (3,223.90, 4.96%) were trading with volumes 6.1 and 5.9 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

16 stocks took off, crossing 52 week highs, while 5 stocks hit their 52 week lows.

Stocks touching their year highs included - Alembic Pharmaceuticals Ltd. (804.10, -1.34%), Bajaj Auto Ltd. (5,482.60, 6.72%) and Blue Star Ltd. (944.25, -0.01%).

Stocks making new 52 weeks lows included - Navin Fluorine International Ltd. (3,648.30, -0.74%) and V-Mart Retail Ltd. (1,892.50, -1.15%).

1 stock climbed above their 200 day SMA including Bharat Petroleum Corporation Ltd. (353.70, 1.00%). 16 stocks slipped below their 200 SMA including Bandhan Bank Ltd. (229.15, -3.76%) and Wipro Ltd. (395.30, -2.98%).

 
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