Trendlyne Marketwatch
Trendlyne Marketwatch
10 Nov 2023
Market closes higher, Hindalco Industries' Q2 net profit drops by 0.4% YoY to Rs 2,196 crore

Trendlyne Analysis

Nifty 50 closed at 19,425.35 (30.1, 0.2%) , BSE Sensex closed at 64,904.68 (72.5, 0.1%) while the broader Nifty 500 closed at 17256.60 (37.7, 0.2%), of the 1,994 stocks traded today, 1,014 were gainers and 935 were losers.

Indian indices closed marginally higher, with the benchmark Nifty 50 index closing at 19,425.4 points. The Indian volatility index, Nifty VIX, rose 1.2% and closed at 11.1 points. Mahindra & Mahindra closed 1.8% lower after its Q2FY24 net profit declined 15.3% YoY to Rs 2,347.8 crore due to higher cost of materials consumed and employee expenses.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, outperforming the benchmark index. Nifty Energy and Nifty Infra closed higher than their Thursday close. According to Trendlyne's sector dashboard, Metals & Mining was the top-performing sector of the day as it rose 1%.

Major Asian indices closed in the red, except for India’s BSE Sensex closing flat. European stocks traded lower amid weak global cues. US index futures traded flat, indicating a cautious start to the trading session. Brent crude oil futures traded in the green but are set to post weekly losses for a third straight week.

  • United Spirits sees a short buildup in its November 30 future series as its open interest rises 17.7% with a put-call ratio of 0.4.

  • Maruti Suzuki sees nine analyst target price upgrades and one recommendation upgrade in the past month. Nestle India, HCL Technologies, and Bajaj Auto see seven analyst target price upgrades over the same time period.

  • Hindustan Aeronautics rises to an all-time high of Rs 2,110.9 as its Q2FY24 net profit grows 1.3% YoY to Rs 1,236.7 crore due to lower impairment and work-in-progress expenses. Its revenue increases by 9.5% YoY. The company appears in a screener of stocks with improving book value per share.

  • Shyam Metalics and Energy is rising as its net profit surges by 3.2X YoY to Rs 484.1 crore. The rise is due to deferred and previous year tax returns. However, its revenue is down by 4.7% YoY. The company features in a screener of stocks near their 52-week highs with significant volumes.

  • Axis Direct keeps its ‘Buy’ rating on HG Infra Engineering with a target price of Rs 1,090. This implies an upside of 26.4%. The brokerage is positive about the company’s prospects given its robust order book, execution prowess and asset monetisation. It expects the firm’s net profit to grow at a CAGR of 16% over FY23-25.

  • Engineers India's Q2FY24 profit rises 69.6% YoY to Rs 127.5 crore, while its revenue falls marginally by 2.9% YoY. Its profit rises due to a fall in sub-contracts, and material and equipment expenses. The company features in a screener for stocks with no debt.

  • Petronet LNG is falling as 61 lakh shares (0.4% equity) amounting to Rs 118.4 crore change hands, according to reports.

  • Hindalco Industries falls as its Q2FY24 net profit drops by 0.4% YoY to Rs 2,196 crore on the back of higher raw material and finance expenses. Its revenue decreases by 3.6% YoY due to lower sales in the Novelis and aluminium upstream segments. It appears in a screener of stocks with declining net cash flow.

  • GR Infraprojects plunges over 4% as its Q2FY24 net profit falls by 35.4% YoY to Rs 217.2 crore. Revenue declines by 11.9% YoY due to fewer orders from the engineering, procurement and construction (EPC) segment. However, the company has bagged an order worth Rs 200 crore from RITES for a passenger ropeway in Jammu and Kashmir.

  • Campus Activewear falls to an all-time low of Rs 237.8 as its Q2FY24 net profit drops by 97.8% YoY to Rs 0.3 crore. Its revenue also decreases by 22.4% YoY amid channel inventory corrections, and EBITDA margin drops by 360 bps YoY due to higher inventory and employee benefit expenses. The company appears in a screener of stocks with declining net profit and margins.

  • Srikrishnan H, Managing Director of Karnataka Bank, reports an 8-9% increase in deposit growth. He highlights the pressure on NIMs due to rising cost of funds but retains a NIM guidance of 3.5-3.7% for FY24. He expects a rise in NII, led by growth in advances.

  • Foreign institutional investors take out Rs 931.1 crore from the equity market over the past week, according to Trendlyne's FII dashboard. Meanwhile, index options witness the highest outflow of Rs 1 lakh crore from foreign investors. Mutual Funds invest Rs 624.5 crore in the equity market over the same period.

  • Mahindra & Mahindra is falling as its Q2FY24 net profit declines 15.3% YoY to Rs 2,347.8 crore due to higher cost of materials consumed and employee expenses. Its revenue increases by 15.3% YoY led by robust growth in the automotive segment.

  • Subros is surging as its net profit jumps by 175% YoY to Rs 27.8 crore in Q2FY24. Revenue grows by 17% YoY to Rs 813.4 crore, contributing to a 305 bps YoY expansion in EBITDA margin. It appears in a screener of stocks with improving book value per share over the past two years.

  • Force Motors rises sharply as its Q2FY24 net profit jumps 387.6% YoY to Rs 93.9 crore due to lower inventory, finance and capitalized expenses. Its revenue improves 41.9% YoY, aided by robust sales in the domestic and export segments. The company appears in a screener of stocks nearing their 52-week highs.

  • The Society of Indian Automobile Manufacturers (SIAM) reports a 15.8 YoY rise in passenger vehicle sales, reaching 3.9 lakh units in October. Meanwhile, two-wheeler sales have risen by 20% to around 19 lakh.

  • Honasa Consumer (Mamaearth) falls 11.7% from its issue price of Rs 324 per share since its listing on Tuesday.

  • ESAF Small Finance Bank's shares debut on the bourses at an 18.3% premium to the issue price of Rs 60. The Rs 463 crore IPO has received bids for 73.2 times the total shares on offer.

  • Smallcap World Fund sells a 0.5% stake in Aegis Logistics for approx Rs 54 crore in a bulk deal on Thursday.

  • GlaxoSmithKline Pharmaceuticals rises as its Q2FY24 net profit increases by 12.5% YoY to Rs 217.5 crore due to lower raw material expenses. Its revenue also grows by 4.9% YoY, aided by the anti-infectives and dermatology segments. The company appears in a screener of stocks nearing their 52-week highs with significant volumes.

  • Aptus Value Housing Finance is rising as 74 lakh shares (1.5% equity), amounting to Rs 213.4 crore, reportedly change hands in a block deal.

  • Muthoot Finance is falling despite its net profit rising by 14.3% YoY to Rs 991 crore and revenue increasing by 22.5% YoY. This growth is driven by healthy demand for gold loans across the urban and semi-urban markets. The stock shows up in a screener for companies with zero promoter pledges.

  • NBCC India falls as its Q2FY24 net profit decreases by 16.6% YoY to Rs 79.6 crore due to a one-time land purchase expense and higher work & consultancy costs. However, its revenue grows by 1.7% YoY, aided by growth in the project management consultant segment. The company appears in a screener of stocks with growing net profit and margins.

  • Garden Reach Shipbuilders & Engineers receives an order worth Rs 840 crore from the National Centre for Polar and Ocean Research (NCPOR) for the construction and delivery of an ocean research vessel. The stock shows up in a screener for companies with improving net cash flows over the past two years.

  • Aurobindo Pharma is rising as its Q2FY24 net profit jumps by 84.9% YoY to Rs 757.2 crore and EBITDA margin expands by 485 bps YoY to 19.4%. Its revenue increases by 25.8% YoY, driven by the US formulations segment. The stock shows up in a screener for companies with a sequential increase in net profit over the past three quarters.

Riding High:

Largecap and midcap gainers today include Vedanta Ltd. (245.25, 4.27%), Power Finance Corporation Ltd. (287.70, 3.75%) and NMDC Ltd. (168.70, 3.47%).

Downers:

Largecap and midcap losers today include Zee Entertainment Enterprises Ltd. (248.95, -5.29%), United Spirits Ltd. (1,044.35, -4.81%) and Indian Oil Corporation Ltd. (98.05, -4.76%).

Volume Rockets

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

Top high volume gainers on BSE included Nesco Ltd. (756.45, 11.88%), Caplin Point Laboratories Ltd. (1,199.00, 8.36%) and IFB Industries Ltd. (921.70, 7.60%).

Top high volume losers on BSE were Zee Entertainment Enterprises Ltd. (248.95, -5.29%), AstraZeneca Pharma India Ltd. (4,652.90, -5.29%) and United Spirits Ltd. (1,044.35, -4.81%).

Campus Activewear Ltd. (258.85, -1.95%) was trading at 14.7 times of weekly average. Muthoot Finance Ltd. (1,273.25, -3.05%) and Engineers India Ltd. (137.70, 6.54%) were trading with volumes 12.4 and 10.0 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

24 stocks hit their 52 week highs, while 4 stocks tanked below their 52 week lows.

Stocks touching their year highs included - Ajanta Pharma Ltd. (1,887.85, 0.68%), Aurobindo Pharma Ltd. (979.70, 3.04%) and Caplin Point Laboratories Ltd. (1,199.00, 8.36%).

Stocks making new 52 weeks lows included - Petronet LNG Ltd. (194.70, -2.67%) and Rain Industries Ltd. (144.10, -1.54%).

8 stocks climbed above their 200 day SMA including EID Parry (India) Ltd. (503.35, 2.36%) and Chemplast Sanmar Ltd. (447.30, 2.05%). 9 stocks slipped below their 200 SMA including G R Infraprojects Ltd. (1,106.85, -3.93%) and SKF India Ltd. (4,615.00, -0.77%).

 
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