Trendlyne Marketwatch
Trendlyne Marketwatch
07 Nov 2023
Market closes flat, Alkem Laboratories' Q2 net profit surges by 87.6% YoY

Trendlyne Analysis

Nifty 50 closed at 19,406.70 (-5.1, 0.0%), BSE Sensex closed at 64,942.40 (-16.3, 0.0%) while the broader Nifty 500 closed at 17,187.80 (28.4, 0.2%). Market breadth is in the green. Of the 1,999 stocks traded today, 1,043 were in the positive territory and 919 were negative.

Indian indices recovered from the day’s low and closed flat, with the Nifty 50 closing at 19,407. The volatility index, Nifty VIX, rose by 0.7% and closed at 11.2 points. Cochin Shipyard’s net profit grew by 60.9% YoY to Rs 181.5 crore in Q2FY24. Revenue rises by 48% YoY on the back of an increase in revenue from the shipbuilding and ship repair segments.

Nifty Midcap 100 and Nifty Smallcap 100 closed in the green, with the benchmark index closing flat. Nifty Pharma and Nifty Bank closed higher than Monday’s closing level. According to Trendlyne’s sector dashboard, healthcare equipment & supplies emerged as the top-performing sector of the day, with a rise of over 1.9%.

Most European indices trade in the red except for Switzerland’s SMI trading flat. US indices futures trade lower, indicating a negative start. Reserve Bank of Australia hiked interest rates by 25 bps to 4.35%, citing a lower-than-expected decline in inflation.

  • Indian Oil Corp sees a long buildup in its November 30 future series as its open interest rises 14.6% with a put-call ratio of 1.1.

  • Alkem Laboratories is rising as its Q2FY24 net profit surges by 87.6% YoY to Rs 620.5 crore, led by a sharp decline in inventory costs and a deferred tax credit of Rs 125.9 crore. Its revenue also increases by 11.7% YoY to Rs 3,440.2 crore. The stock shows up in a screener for companies with low debt.

  • Cochin Shipyard surges over 4% as its Q2FY24 net profit climbs 60.9% YoY to Rs 181.5 crore. Revenues rises by 48% YoY on the back of increased activity in shipbuilding and repair. The board has also approved a 1:2 stock split, dividing each Rs 10 share into two Rs 5 shares.

  • Trent rises to an all-time high of Rs 2,427.1 as its Q2FY24 net profit jumps 152.3% YoY to Rs 234.7 crore. Its revenue grows by 52.7% YoY, aided by growth in the garments and emerging categories. The company appears in a screener of stocks with strong annual EPS growth.

  • Amit Mahajan, Business Development Director at Paras Defence & Space Technologies, affirms the FY24 revenue growth forecast of 30-40%, with expectations of similar levels into FY25. The current order pipeline exceeds Rs 2,000 crore. He highlights the growing focus on the space sector and expects opportunities to exceed Rs 1,000 crore by FY25.

  • ICICI Securities downgrades Crompton Greaves Consumer Electricals to ‘Add’ from ‘Buy’ and lowers its target price to Rs 320 from Rs 350, implying an upside of 13%. The brokerage cites near-term weakness in the lighting and kitchen appliances (Butterfly) segments for the revision. However, it remains optimistic about the firm’s new strategy to focus on improving innovation, supply chain and digital presence.

  • Zydus Lifesciences is rising as its Q2FY24 net profit surges by 53.2% YoY to Rs 800.7 crore on the back of lower raw material costs, while its revenue rises 9.1% YoY. Sharvil Patel, MD of Zydus Lifesciences, says, “We are on track to meet our growth objectives for the year. Going ahead, differentiated launches in the US and a rebound in India business growth, which was constrained by delayed seasonality, will be critical drivers.”

  • ASK Automotive's Rs 833.9 crore IPO gets bids for 0.4X the available 2.1 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 0.6X the available 1 crore shares on offer.

  • Protean eGov Technologies' Rs 490.3 crore IPO gets bids for 3.2X the available 43.8 lakh shares on offer on the second day of bidding. The retail investor quota gets bids for 3.9X the available 21.1 lakh shares on offer.

  • Tata Group is considering the sale of Voltas' home appliance business, according to reports. The group anticipates challenges in expanding the business in a competitive market. However, considerations are at an early stage.

  • ESAF Small Finance Bank's Rs 463 crore IPO gets bids for 73.2X the available 5.8 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 17X the available 2.8 crore shares on offer.

  • Bajaj Finance falls as its board approves a floor price of Rs 7,533.8 per share for its qualified institutional placements (QIP). The company plans to raise Rs 8,800 crore via the QIP issue.

  • Sobha is falling as its Q2FY24 net profit falls 22.2% YoY to Rs 14.9 crore on the back of higher land purchase costs, sub-contractor costs and employee expenses. Its revenue rises by 11.1% YoY to Rs 741.2 crore driven by steady demand for housing.

  • Rajesh Jain, CFO of R R Kabel, says the company's wires & cables business has grown by 24% YoY in H1. He adds that the company targets a volume growth of over 20% in FY24 and that it can achieve a revenue of over Rs 6,500 crore at the current run rate. Jain highlights that the FMEG segment's revenue will be around Rs 780 crore in FY24.

  • Keystone Realtors' subsidiary, Kingmaker Developers, acquires a 100% stake in Real Gem BuildTech for a cash consideration of Rs 231.4 crore.

  • Larsen & Toubro's construction arm secures a contract worth Rs 1,000 to 2,500 crore for water and effluent treatment projects from Odisha's Water Resources Department. The deal involves executing mega lift irrigation schemes.

  • Realty stocks like Macrotech Developers, Swan Energy, Sobha, Oberoi Realty and Godrej Properties are falling in trade. Barring Mahindra Lifespace Developers and Prestige Estate Projects, all the other constituents of the broader sectoral index, Nifty Realty, are trading in the red.

  • Emami is falling as its Q2FY24 net profit drops by 3.1% YoY to Rs 178.5 crore due to higher employee expenses and inventory costs. Its revenue rises by 6.3% YoY, with a strong 12% rise in international markets, while domestic market increases by 4% YoY. The stock shows up in a screener for companies with high promoter stock pledges.

  • Global crude oil prices rise after Saudi Arabia and Russia reaffirm that they would continue with the additional voluntary oil supply cuts till the end of the year.

  • Quess Corp surges over 4% as its net profit grows by 47% QoQ to Rs 71.9 crore in Q2FY24. Revenue rises by 3.2% QoQ, owing to gains in the workforce management, operating asset management and global technology solutions segments. It shows up in a screener of stocks where mutual funds have increased their shareholdings in the past quarter.

  • Hindustan Petroleum Corp is rising as it posts a net profit of Rs 5,826.9 crore in Q2FY24, compared to a net loss of Rs 2,475.7 crore in Q2FY23. However, revenue declines by 10% YoY due to reduced gains from downstream petroleum. It features in a screener of undervalued growth stocks.

  • Honasa Consumer's shares debut on the bourses at a 1.9% premium to the issue price of Rs 324. The Rs 1,701.4 crore IPO has received bids for 7.6 times the total shares on offer.

  • Jefferies maintains its 'Buy' rating on Varun Beverages with an upgraded target price of Rs 1,100. The brokerage notes an uptick in the company's volume growth to the mid-teens in Q3CY23, after a muted trend in the previous quarter. It adds that the plan to increase capacity shows the management's optimism on growth.

  • Media stocks like Zee Entertainment Enterprises, Dish TV India, DB Corp and Saregama India are falling in trade. All constituents of the broader Nifty Media index are also trading in the red.

  • KPR Mills is falling despite its board of directors approving a capex of Rs 400 crore for capacity addition. The company plans to increase garment production capacity to 37,000 MT from 25,000 MT and solar power capacity to 37 MW from 12 MW.

  • Adani Energy Solutions rises as its Q2FY24 net profit increases by 33.8% YoY to Rs 275.9 crore. Its revenue grows by 13%, aided by its generation, transmission & distribution and trading businesses. The company appears in a screener of stocks with growing net profit and margins.

  • FSN E-Commerce Ventures is rising as its net profit grows by 42.3% YoY to Rs 5.8 crore in Q2FY24. Its revenue also increases by 22% YoY on the back of improved sales in the beauty & personal care and fashion segments. Its EBITDA margin expands by 18 bps YoY, owing to lower raw material costs. It appears in a screener of stocks with low debt.

Riding High:

Largecap and midcap gainers today include Trent Ltd. (2,424.00, 8.54%), Solar Industries India Ltd. (5,940.00, 6.34%) and Hindustan Petroleum Corporation Ltd. (278.65, 6.31%).

Downers:

Largecap and midcap losers today include Godrej Properties Ltd. (1,764.60, -3.23%), Oberoi Realty Ltd. (1,210.55, -2.78%) and Atul Ltd. (6,522.05, -2.78%).

Volume Rockets

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

Top high volume gainers on BSE included Jyothy Labs Ltd. (401.40, 8.69%), Trent Ltd. (2,424.00, 8.54%) and Ratnamani Metals & Tubes Ltd. (3,100.00, 7.16%).

Top high volume losers on BSE were Avanti Feeds Ltd. (394.95, -3.03%), Bharat Forge Ltd. (1,054.80, -1.94%) and Alkyl Amines Chemicals Ltd. (2,178.00, -1.53%).

Quess Corp Ltd. (437.80, 2.53%) was trading at 13.8 times of weekly average. Bikaji Foods International Ltd. (519.55, 4.09%) and FSN E-Commerce Ventures Ltd. (149.25, 1.29%) were trading with volumes 8.1 and 7.5 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

33 stocks took off, crossing 52 week highs,

Stocks touching their year highs included - Bombay Burmah Trading Corporation Ltd. (1,457.45, 3.15%), Colgate-Palmolive (India) Ltd. (2,116.80, 0.04%) and Crisil Ltd. (4,350.35, -0.76%).

13 stocks climbed above their 200 day SMA including TeamLease Services Ltd. (2,468.75, 4.12%) and Gujarat State Petronet Ltd. (279.20, 2.42%). 9 stocks slipped below their 200 SMA including PNC Infratech Ltd. (324.10, -2.66%) and Marico Ltd. (524.45, -1.79%).

 
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