Trendlyne Marketwatch
Trendlyne Marketwatch
02 Nov 2023
Market closes higher, GR Infraprojects bags an order worth Rs 1,226.9 crore from NHAI

Trendlyne Analysis

 

Nifty 50 closed at 19,133.25 (144.1, 0.8%), BSE Sensex closed at 64,080.90 (489.6, 0.8%) while the broader Nifty 500 closed at 16,890.80 (157.9, 0.9%). Market breadth is surging up. Of the 1,995 stocks traded today, 1,361 were in the positive territory and 599 were negative.

Indian indices extended their gains from the afternoon session and closed in the green, with the Nifty 50 closing at 19,133.3 points. The Indian volatility index, Nifty VIX, fell 8.1% and closed at 11.1 points. Godrej Properties closed 3.1% higher after its Q2FY24 net profit rose by 8.4% YoY to Rs 72.6 crore, while its revenue increased by 107.8% YoY due to robust sales in the NCR region.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green and outperformed the benchmark Nifty 50 index. Nifty IT and Nifty Energy closed higher than their Wednesday close. According to Trendlyne's sector dashboard, Realty was the top-performing sector of the day as it rose 2.1%.

Major European indices traded higher amid positive global cues. Asian indices closed in the green, except for China’s Shanghai SE Composite Index closing lower. US index futures traded higher, indicating a positive start to the trading session. Brent crude oil futures traded in the green after falling 0.8% on a volatile day on Wednesday.Alkem Laboratories sees a long buildup in its November 30 future series as its open interest rises 21% with a put-call ratio of 0.6.

  • Prism Johnson, Godfrey Philips India, Chambal Fertilisers & Chemicals, and MRF rise 16.5%, 14.3%, 3.8%, and 1.6% respectively over the past week, ahead of their Q2FY24 results tomorrow.

  • Adani Power is rising as its Q2FY24 net profit jumps by 9.5X YoY to Rs 6,594.2 crore, led by reduced fuel costs, lower import coal prices, and a one-time deferred tax credit of Rs 1,370.6 crore. Revenue surges by 84.4% YoY due to increased sales volume and merchant sales. The stock shows up in a screener for companies with high TTM EPS growth.

  • Godrej Properties rises as its Q2FY24 net profit rises by 21.5% YoY to Rs 66.8 crore, while its revenue increases by 107.8% YoY due to robust sales in the NCR region. The stock shows up in a screener for stocks with strong momentum.

  • According to reports, 1.2 crore shares (0.2% equity) of HDFC Bank, amounting to approximately Rs 1,811.5 crore, have changed hands in a large trade.

  • Sun Pharmaceuticals Industries rises as its Q2FY24 net profit grows by 5% YoY to Rs 2,375.5 crore due to lower raw material expenses. Its revenue improves by 13.1% YoY, aided by growth in India, the rest of the world, and emerging markets. The company appears in a screener of stocks with growing net profit and margin.

  • KRChoksey downgrades its rating on Laxmi Organic Industries to ‘Hold’ from ‘Buy’ and lowers the target price to Rs 258 from Rs 302, implying an upside of 1.5%. The brokerage believes weak global demand for industrial solutions, unfavourable product mix and a lack of visible revenue growth in the specialty segment will impact growth in the near-to-medium term.

  • GR Infraprojects is rising as it bags an order worth Rs 1,226.9 crore from the National Highways Authority of India. The order pertains to the construction of four lanes of NH 530B from Devinagar to Kasganj Bypass.

  • Honasa Consumer's Rs 1,701.4 crore IPO gets bids for 7.6X the available 2.9 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 1.3X the available 52.5 lakh shares on offer.

  • Shashank Srivastava, Senior Executive Officer - Marketing and Sales of Maruti Suzuki India, says that the company's October wholesales have outpaced industry growth. Retail sales also see a strong 9% increase ahead of the festive season. He notes a slight dip in the company's SUV market share in October. Srivastava also claims that demand is robust as the semiconductor supply shortage appears to be over.

  • Triveni Turbines rises as its Q2FY24 net profit improves by 39% YoY to Rs 64.2 crore due to lower inventory expenses. Its revenue grows by 32.5% YoY, aided by robust demand in the industrial and American Petrol Institute (API) drive turbines segment. The company appears in a screener of stocks with high TTM EPS growth.

  • LIC Housing Finance declines despite its Q2FY24 net profit rising by 283.4% YoY to Rs 1,193.5 crore, with revenue also up by 32.6% YoY due to an increase in interest income. The stock shows up in a screener of volume shockers stocks.

  • Kotak Mahindra Bank is rising as it enters an agreement with Kotak Mahindra General Insurance and Zurich Insurance. According to the agreement, Zurich Insurance will buy a 51% stake in Kotak Mahindra General Insurance for Rs 4,051 crore. The company will have the option to acquire an additional 19% stake within three years of the initial transaction.

  • India's GST collections rise 13% YoY to Rs 1.7 lakh crore in October, driven by increased consumer spending during the festive season and strict anti-evasion measures.

  • Godrej Consumer Products is rising as its Q2FY24 net profit rises 20.6% YoY to Rs 432.8 crore and EBITDA margins expand by 360 bps YoY, driven by a decline in raw material costs. Its revenue also rises by 6.2% YoY to Rs 3,601.9 crore, led by a 10% YoY growth in volumes. The stock shows up in a screener for companies with low debt.

  • Power stocks like JSW Energy, Bharat Heavy Electricals, Tata Power and Adani Green Energy are rising in trade. All constituents of the broader BSE Power index are also trading in the green.

  • Skipper rises as it bags new orders worth Rs 924 crore, including a Rs 788 crore order from the domestic transmission & distribution (T&D) business of Power Grid Corporation of India and a Rs 136 crore order for several other domestic T&D projects. It appears in a screener for stocks with strong momentum.

  • Sudhir Sitapati, CEO of Godrej Consumer Products, expects H2 earnings to match H1, with a predicted 10% volume growth driven by festive demand. The company's strong pesticide business in Indonesia and upcoming advancements in Africa are set to improve margins. Its Q2FY24 net profit rises by 20.6% YoY to Rs 432.8 crore, while its revenue grows by 6.9% YoY.

  • Tata Steel is falling as it posts a net loss of Rs 6,196.2 crore in Q2FY24, compared to a net profit of Rs 1,514.4 crore in Q2FY23. The loss is due to a Rs 3,255.1 crore impairment provision for non-current assets in Europe and a Rs 3,612 crore provision for restructuring European operations. Revenue drops 7.1% YoY to Rs 55,681.9 crore, with downturns in both European and Indian segments.

  • Telecom stocks like RailTel Corp of India, Indus Towers, Tata Communications, Avantel and OnMobile Global are rising in trade. Barring Optiemus Infracom, all the other constituents of the broader sectoral index, S&P BSE Telecom, are trading in the green.

  • Gujarat Mineral Development Corp plunges more than 8% as its net profit declines by 50.7% YoY to Rs 74.6 crore in Q2FY24. Revenue falls by 29% YoY due to a reduction in revenue from the mining segment. It shows up in a screener of stocks with YoY decline in quarterly net profit and profit margin.

  • India’s manufacturing PMI drops for the second consecutive month to 55.5 in October from 57.5 in September. This is due to weakened demand in the consumer goods segment. The PMI reading, however, stays above 50 for the 28th straight month, indicating an expansion in manufacturing activity.

  • PSU bank stocks like Bank of India, Union Bank of India, Indian Overseas Bank and Bank of Maharashtra are rising in trade. All constituents of the broader Nifty PSU Bank index are also trading in the green.

  • GAIL (India) is rising as it signs an agreement with Bharat Petroleum Crop (BPCL) to procure propane for its petrochemical plant in Maharashtra for the next 15 years. The contract, worth an estimated Rs 63,000 crore, will supply a total of 600 KTPA of propane.

  • Britannia Industries rises as its Q2FY24 net profit improves by 19.1% YoY to Rs 587.6 crore due to lower inventory and employee benefit expenses. Its revenue grows by 1.2% YoY, aided by improved realisations. The company appears in a screener of stocks with growing net profit and margins.

  • Hero MotoCorp is rising as its net profit surges by 46.2% YoY to Rs 1,006.3 crore in Q2FY24. Its revenue also improves by 4.1% YoY, aided by an increase in two-wheeler sales. EBITDA margin expands by 260 bps YoY due to reduced raw material and finance costs. The company appears in a screener of stocks near their 52-week highs.

Riding High:

Largecap and midcap gainers today include Vodafone Idea Ltd. (13.75, 7.42%), REC Ltd. (302.40, 6.91%) and Power Finance Corporation Ltd. (257.65, 6.38%).

Downers:

Largecap and midcap losers today include Solar Industries India Ltd. (5,318.50, -3.67%), Schaeffler India Ltd. (2,651.00, -3.22%) and Gland Pharma Ltd. (1,490.75, -2.82%).

Movers and Shakers

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

Top high volume gainers on BSE included Hitachi Energy India Ltd. (4,471.25, 7.63%), REC Ltd. (302.40, 6.91%) and KRBL Ltd. (378.25, 5.95%).

Top high volume losers on BSE were Deepak Fertilisers & Petrochemicals Corporation Ltd. (594.75, -6.95%), Kansai Nerolac Paints Ltd. (310.90, -1.32%) and Hero MotoCorp Ltd. (3,052.10, -1.30%).

Minda Corporation Ltd. (337.40, -0.53%) was trading at 9.1 times of weekly average. Aptus Value Housing Finance India Ltd. (289.80, 1.28%) and Sun Pharma Advanced Research Company Ltd. (237.90, 3.64%) were trading with volumes 9.0 and 5.6 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

19 stocks overperformed with 52 week highs, while 3 stocks tanked below their 52 week lows.

Stocks touching their year highs included - Canara Bank (388.15, 1.27%), Colgate-Palmolive (India) Ltd. (2,124.65, 1.61%) and Vodafone Idea Ltd. (13.75, 7.42%).

Stocks making new 52 weeks lows included - Aegis Logistics Ltd. (289.50, 2.10%) and Sumitomo Chemical India Ltd. (373.20, -0.16%).

22 stocks climbed above their 200 day SMA including Triveni Turbine Ltd. (391.70, 9.15%) and KRBL Ltd. (378.25, 5.95%). 8 stocks slipped below their 200 SMA including Deepak Fertilisers & Petrochemicals Corporation Ltd. (594.75, -6.95%) and Sapphire Foods India Ltd. (1,319.80, -0.73%).

 
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