Trendlyne Marketwatch
Trendlyne Marketwatch
30 Oct 2023
Market closes higher, ICICI Sec downgrades rating on Home First Finance Co to ‘Add’ from ‘Buy’

Trendlyne Analysis

Nifty 50 closed at 19,140.90 (93.7, 0.5%) , BSE Sensex closed at 64,112.65 (329.9, 0.5%) while the broader Nifty 500 closed at 16826.10 (60.7, 0.4%), of the 2,005 stocks traded today, 1,008 were on the uptick, and 941 were down.

Indian indices maintained their gains from the afternoon session and closed in the green, with the Nifty 50 closing at 19,140.9 points. The Indian volatility index, Nifty VIX, rose 5.3% and closed at 11.5 points. Bharat Petroleum Corp closed 3.6% higher after it reported a Q2FY24 net profit of Rs 8,243.5 crore, a turnaround from a net loss of Rs 338.5 crore in Q2FY23.

Nifty Smallcap 100 and Nifty Midcap 100 closed flat, underperforming the benchmark index. Nifty Energy and Nifty Realty closed higher than their Friday levels. According to Trendlyne's sector dashboard, Hardware Technology & Equipment was the top-performing sector of the day as it rose 2.1%.

Major Asian indices recovered from their day lows and closed in the green, except for Japan’s Nikkei 225 closing lower. European indices traded higher, in line with Asian indices. US index futures traded in the green, indicating a positive start to the trading session. Brent crude oil futures traded in the red after rising 1.8% on Friday.

  • Money flow index (MFI) indicates that stocks like Angel One, BSE, Bombay Burmah Trading Corp and CreditAccess Grameen are in the overbought zone.

  • UPL touches a new 52-week low as it reports a net loss of Rs 189 crore in Q2FY24, as against a net profit of Rs 814 in Q2FY23, on account of muted global demand. Its revenue also declines 18.7% to Rs 10,170 crore due to weakness in its crop protection and non-agro segments. It features in a screener of companies with weak momentum.

  • Adani Green Energy rises as its Q2FY24 net profit rises by 149% YoY to Rs 371 crore due to a fall in equipment costs and foreign exchange expenses. Its revenue also increases by 53.7% YoY. The stock shows up in a screener for companies with improving net cash flow for the past two years.

  • ICICI Securities lowers its rating on Home First Finance Co to ‘Add’ from ‘Buy’ and keeps its target price unchanged at Rs 1,030. This implies an upside of 9.7%. The brokerage is positive about the firm’s prospects given the healthy growth of its assets under management, stable asset quality and lower subsidy repayments. However, it cites the company’s expensive valuation for lowering its recommendation.

  • UltraTech Cements rises as its board approves a capex of Rs 13,000 crore to boost capacity by 21.9 mtpa. The expansion will be a mix of brown field and green field projects. The company appears in a screener of stocks nearing their 52-week highs with significant volumes.

  • Reliance Industries anticipates global oil demand to stay strong, driven by transportation fuel consumption, and believes it will settle at 102.7 million barrels per day (bpd) in 2024. The company has stated that global oil demand would average at 101.8 bpd in 2023.

  • Supreme Industries is rising as its Q2FY24 net profit jumps by 196.5% YoY to Rs 243.2 crore, while its EBITDA margin expands by 8.3 percentage points YoY to 15.4%. Its revenue rises by 10.6% YoY. The stock shows up in a screener for companies with boom value per share improving over the past two years.

  • Cello World's Rs 1,900 crore IPO gets bids for 0.4X the available 2.2 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 0.4X the available 1.1 crore shares on offer.

  • Dr. Reddy's Laboratories falls as the US FDA issues 10 Form 483 observations for its manufacturing facility in Bachupally, Hyderabad. The inspections were conducted between October 19 and 27. The company appears in a screener of stocks with declining net cash flow.

  • Ittira Davis, MD & CEO of Ujjivan Small Finance Bank, says the bank's net interest margins (NIMs) have declined during the quarter due to higher cost of funds. Ujivan SFB's NIMs dropped to 8.8% in Q2FY24 from 9.2% in Q1. He believes that NIMs have bottomed out and it will improve to 9% in FY24. He also anticpates an improvement in the asset quality of the bank.

  • KPIT Technologies touches a new 52-week high as its Q2 net profit grows 5.1% QoQ to Rs 140.9 crore on the back of improving realisations. Its revenue rises 9.3% QoQ, led by healthy growth in the UK & Europe segment. The company features in a screener of companies with increasing revenue for the past eight quarters.

  • SBI Cards and Payment Services declines despite its Q2FY24 net profit rising by 14.7% YoY to Rs 603 crore. Its revenue also rises by 22.2% YoY due to higher fees and commission income. The stock shows up in a screener for companies with weak momentum.

  • Zee Entertainment Enterprises rises as SAT lifts the ban on Punit Goenka from holding a key managerial post. The company appears in a screener of stocks with low debt.

  • According to reports, the International Monetary Fund (IMF) expects global growth to remain at 3% in 2023 before falling to 2.9% in 2024. The IMF also forecasts a slowdown in advanced economies to 1.5% in 2023, driven by policy tightening measures to curb inflation.

  • IDFC First Bank is falling despite its Q2FY24 net profit rising by 35.2% YoY to Rs 751.3 crore, while its net interest income increases by 32% YoY. Its net interest margin expands by 49 bps YoY to 6.3%. The bank shows up in a screener for stocks with consistently high returns over the past five years. 

  • Bharat Petroleum Corp rises as it reports a Q2FY24 net profit of Rs 8,243.5 crore, a turnaround from a net loss of Rs 338.5 crore in Q2FY23. The rise can be attributed to the falling raw material and inventory expenses. However, its revenue drops by 9.1% YoY due to a fall in the downstream petroleum segment.

  • Carborundum Universal declines despite its Q2FY24 net profit rising by 14.8% YoY to Rs 101.8 crore due to a fall in raw material costs. Its revenue rises by 2.7% YoY. The stock shows up in a screener for companies with low debt.

  • AU Small Finance Bank's board approves its merger with Fincare Small Finance Bank, set for February 1, 2024. According to the terms of the merger, Fincare SFB's shareholders will receive 579 shares of AU SFB for every 2,000 shares held in Fincare SFB. The merger allows AU SFB to diversify its portfolio and expand AU SFB's deposit and asset franchise.

  • Larsen & Toubro bags orders worth Rs 2,500-5,000 crore from India and overseas. Domestically, the company wins a project to construct transmission lines in Chhattisgarh. Internationally, it gains contracts for constructing substations in Saudi Arabia, Kuwait and Qatar, along with an order to establish an underground cable system in Malaysia.

  • JSL Overseas, promoter of Jindal Stainless, buys a 0.2% stake in the company in a bulk deal on Friday.

  • Cello World raises Rs 567 crore from anchor investors ahead of its IPO by allotting around 87.5 lakh shares at Rs 648 each. Investors include Goldman Sachs, Nomura, HSBC, Morgan Stanley, CLSA Global, Quant Mutual Fund, HDFC Mutual Fund, Edelweiss Trusteeship, and ICICI Prudential Mutual Fund.

  • Jefferies downgrades its rating on Cipla to 'Hold' and hikes the target price to Rs 1,230. The brokerage says that lower operational expenditure (OPEX) by the company led to the Q2 beat. It adds that Cipla's US revenues have grown by 4% QoQ, exceeding projections. Jefferies expects the company's India business to grow at a 12% CAGR over the next five years but sees limited upside following the current rise.

  • Mahindra & Mahindra Financial Services falls as its Q2FY24 net profit decreases by 47.5% YoY to Rs 235.2 crore. However, its net interest income grows by 9% YoY. The company appears in a screener of stocks with declining net profit and margins.

  • Automobile stocks like Maruti Suzuki India, Tata Motors, Mahindra & Mahindra, Bajaj Auto, Eicher Motors, TVS Motor Co, and Samvardhana Motherson International are falling in trade. The broader sectoral index, Nifty Auto, also trades in the red.

  • Macrotech Developers is rising as it reports a net profit of Rs 201.9 crore in Q2FY24, as against a net loss of Rs 940.3 crore in Q2FY23. However, its revenue declines marginally YoY to Rs 1,749.6 crore. The company's pre-sales increases by 12% YoY to Rs 3,530 crore during the quarter.

  • Reliance Industries rises as its Q2FY24 net profit grows 296.8% YoY to Rs 16,251 crore due to reduced employee benefit and raw material expenses. Its revenue increases by 1.3% YoY, aided by growth in the oil & gas and retail segments. The company appears in a screener of stocks with improving net profit.

Riding High:

Largecap and midcap gainers today include Supreme Industries Ltd. (4,552.30, 8.19%), Vodafone Idea Ltd. (11.65, 6.88%) and Adani Green Energy Ltd. (915.25, 5.09%).

Downers:

Largecap and midcap losers today include Mahindra & Mahindra Financial Services Ltd. (245.50, -11.47%), Petronet LNG Ltd. (201.70, -8.42%) and SBI Cards and Payment Services Ltd. (750.35, -5.07%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included EIH Ltd. (227.90, 7.83%), Intellect Design Arena Ltd. (679.45, 5.48%) and KPIT Technologies Ltd. (1,185.40, 5.04%).

Top high volume losers on BSE were Mahindra & Mahindra Financial Services Ltd. (245.50, -11.47%), Petronet LNG Ltd. (201.70, -8.42%) and V-Mart Retail Ltd. (1,625.30, -6.87%).

SBI Cards and Payment Services Ltd. (750.35, -5.07%) was trading at 9.0 times of weekly average. Piramal Pharma Ltd. (95.45, 3.19%) and Craftsman Automation Ltd. (4,791.55, 2.90%) were trading with volumes 6.4 and 5.7 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

4 stocks made 52 week highs, while 6 stocks tanked below their 52 week lows.

Stocks touching their year highs included - KPR Mill Ltd. (828.30, 2.44%), Swan Energy Ltd. (390.30, 5.72%) and Welspun India Ltd. (153.20, 5.15%).

Stocks making new 52 weeks lows included - Indraprastha Gas Ltd. (385.55, 0.88%) and Petronet LNG Ltd. (201.70, -8.42%).

21 stocks climbed above their 200 day SMA including Finolex Cables Ltd. (921.30, 5.78%) and Elgi Equipments Ltd. (500.00, 3.92%). 12 stocks slipped below their 200 SMA including IndiaMART InterMESH Ltd. (2,634.40, -4.95%) and Schaeffler India Ltd. (2,887.00, -3.53%).

 
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