T
Trendlyne Marketwatch
13 Nov 2023
Market closes lower, Axis Direct upgrades its rating on PI Industries to ‘Buy’ from ‘Hold’

Trendlyne Analysis

Nifty 50 closed at 19,443.55 (-82, -0.4%), BSE Sensex closed at 64,933.87 (-325.6, -0.5%) while the broader Nifty 500 closed at 17,318.60 (-42.5, -0.2%). Market breadth is in the red. Of the 2,009 stocks traded today, 779 were in the positive territory and 1,182 were negative.

Indian indices extended the losses from the afternoon session and closed in the red, with the Nifty 50 closing at 19,444. The volatility index, Nifty VIX, dropped by 1.4% and closed at 11.2 points. Life Insurance Corporation of India’s Q2FY24 net profit declined by 50.3% YoY to Rs 7,925 crore. Its revenue also decreased by 9.3% YoY.

Nifty Smallcap 100 closed in the green, while Nifty Midcap 100 closed flat with the benchmark index closing lower. Nifty PSU Bank and Nifty Energy closed higher than Friday’s closing level. According to Trendlyne’s sector dashboard, coal emerged as the top-performing sector of the day, with a rise of over 4.9%. 

Most European indices trade in the green except for France’s CAC 40 trading in the red. US indices futures trade lower indicating a negative start. On Friday, Fed Chair Jerome Powell hinted that inflation in the US is still a concern and might require another rate hike to curb the price rise.

  • Relative strength index (RSI) indicates that stocks like Alkem Laboratories, Central Depository Services (India), Global Health and Swan Energy are in the overbought zone.

  • Union Bank of India rises over 7% today, trading near its 52-week high. The company ranks high on Trendlyne's Checklist, scoring 65.4%. It features in a screener of stocks where foreign investors have increased their holdings in the past quarter.

  • BSE surges more than 9% as its net profit jumps by 3.6X to Rs 120.5 crore in Q2FY24. Revenue grows by 59.1%, aided by the corporate services, treasury and transaction segments. It appears in a screener of stocks with increasing revenue for the past four quarters.

  • Nazara Technologies, Inox Wind, Power Mech Projects and Updater Services witness an increase in mutual fund holdings in the past month.

  • Fortis Healthcare is rising despite its Q2FY24 net profit falling 15% YoY to Rs 173.7 crore on a high base in Q2FY23, including a one-time gain of Rs 51.6 crore from the reversal of impairment in its associate firm. Its revenue increases by 10.1% YoY, driven by improved average revenue per operating bed, higher bed occupancy, and a better service mix.

  • Patanjali Keswani, CMD of Lemon Tree Hotels, anticipates the company's occupancy to reach 75% in Q3 (excluding Mumbai Aurika, which is projected to have around 35% occupancy). The company targets to operate around 105 hotels with a total of 10,000 rooms by the end of FY24.

  • Hindustan Copper rises over 6% as its Q2FY24 net profit grows by 134.6% YoY to Rs 60.7 crore. Its revenue grows by 67.8% YoY, aided by increasing volumes. The company appears in a screener of stocks with improving book value per share.

  • Axis Direct upgrades its rating on PI Industries to ‘Buy’ from ‘Hold’ and increases the target price to Rs 4,090 from Rs 4,000. This implies an upside of 11.8%. is optimistic about the company's future, citing an improved product mix, expanding margins, strong brand value, and global presence. It expects the company’s net profit to grow at a CAGR of 26% over FY23-25.

  • Consumer durables stocks like TTK Prestige, Voltas, Amber Enterprises India and Crompton Greaves Consumer Electricals are falling in trade. All constituents of the broader Nifty Consumer Durables index are also trading in the red.

  • Tata Chemicals is falling as its Q2FY24 net profit falls 31.9% YoY to Rs 428 crore, while its revenue declines by 5.7% YoY due to weak demand in the international markets. R Mukundan, CEO & MD of Tata Chemicals, says, “The demand for soda ash in India and the US was stable. In other markets, softness was observed, especially in the container glass and flat glass sectors, leading to pricing pressure.”

  • Steel Authority of India falls despite reporting a net profit of Rs 1,305.6 crore in Q2FY24, against a net loss of Rs 329.4 crore in Q2FY23, due to lower raw material expenses. Its revenue grows by 13.2% YoY, aided by strong sales from the Bhilai, Rourkela and Bokaro steel plants. The company appears in a screener of stocks with rising net profit and margins.

  • Goldman Sachs upgrades its rating on India to 'Outperform', citing its strategic appeal. The brokerage says India has the best structural growth prospects, and anticipates mid-teen earnings growth over the next two years.

  • PTC Industries surges more than 3% as its net profit grows by 6.4% YoY to Rs 8.1 crore in Q2FY24. Revenue also grows by 6.4% YoY. However, EBITDA margin contracts by 437 bps YoY due to increased cost of raw materials and employee benefits. The company shows up in a screener of stocks with improving return on equity (RoE) over the past two years.

  • Protean eGov Technologies’ shares make a flat debut on the bourses at Rs 792. The Rs 490.3 crore IPO has received bids for 23.9 times the total shares on offer.

  • Glenmark Pharmaceuticals is falling as it posts a net loss of Rs 81.9 crore in Q2FY24, as opposed to a net profit of Rs 260.4 crore in Q2FY23. Its revenue rises 6.3% YoY to Rs 3,207.4 crore on the back of robust growth in Europe, which offset a downturn in the US market. The stock shows up in a screener for companies with declining net cash flows.

  • Life Insurance Corporation of India falls as its Q2FY24 net profit drops by 50.3% YoY to Rs 7,925 crore. Its revenue also decreases by 9.3% YoY. However, net VNB improves by 11.3% YoY, aided by growth in par and non-par businesses. The company appears in a screener of stocks with declining net cash flow.

  • Unnathan Shekhar, Managing Director of Galaxy Surfactants, says the company's volumes have grown across categories and regions in Q2, with a 9.8% increase in H1FY24, exceeding its estimates. He states that the target for EBITDA per tonne is set at Rs 19,500-20,500, with a double-digit volume growth in FY24.

  • Tech stocks like Persistent Systems, Coforge, MphasiS and L&T Technology Services are falling in trade. All constituents of the broader Nifty IT index are also trading in the red.

  • Oil and Natural Gas Corp falls despite its net profit growing by 65.5% YoY to Rs 13,734.1 crore in Q2FY24. However, revenue declines by 12.9% YoY due to the exploration & production (E&P) and refining & marketing segments. Its EBITDA margin expands by 11 percentage points, aided by a decrease in the cost of raw materials. The company features in a screener of stocks with decreasing revenue for the past two quarters.

  • Eicher Motors rises as its Q2FY24 net profit grows by 54.7% YoY to Rs 1,016.2 crore. Its revenue increases by 19.6% YoY, aided by growth in international markets and non-motorcycle segments. It appears in a screener of stocks nearing their 52-week highs with significant volumes.

  • Morgan Stanley maintains its 'Overweight' rating on Page Industries with a target price of Rs 4,381. The brokerage notes subdued demand in Q2 but points out the company's robust EBITDA margin of 20.8%, despite weak top-line growth. Morgan Stanley predicts a rise in Page Industries' share price in the next 60 days.

  • Jubilant Pharmova is rising as its subsidiary, Jubilant Draximage, receives approval from the US FDA for its abbreviated new drug application (ANDA) for technetium sulfur colloid injection. The injection is used to locate lymph node tumours in patients with breast cancer.

  • Anil Kumar Goel sells a 1.2% stake in Majestic Auto for approx Rs 3.3 crore in a bulk deal on Friday.

  • Coal India rises to an all-time high of Rs 337.7 as its Q2FY24 net profit increases by 12.5%YoY to Rs 6,799.8 crore due to lower raw material expenses. Its revenue grows by 9.8% YoY, aided by an increase in the realisation of raw coal. The company appears in a screener of stocks with strong momentum.

  • Biocon is falling despite its net profit growing by 167.8% YoY to Rs 125.6 crore in Q2FY24. Revenue rises by 49.2% YoY, aided by the biosimilars and research services segments. It appears in a screener of stocks with increasing cash flow from operations over the past two years.

Riding High:

Largecap and midcap gainers today include Union Bank of India (112.00, 7.13%), Indian Bank (447.05, 6.39%) and YES Bank Ltd. (19.40, 5.43%).

Downers:

Largecap and midcap losers today include Page Industries Ltd. (37,035.85, -3.44%), Biocon Ltd. (227.35, -3.17%) and Abbott India Ltd. (23,149.00, -2.80%).

Movers and Shakers

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

Top high volume gainers on BSE included Hindustan Copper Ltd. (162.05, 8.07%), Motilal Oswal Financial Services Ltd. (1,130.60, 8.04%) and Computer Age Management Services Ltd. (2,683.10, 7.94%).

Top high volume losers on BSE were Glenmark Pharmaceuticals Ltd. (724.45, -5.03%), Swan Energy Ltd. (429.90, -4.35%) and Biocon Ltd. (227.35, -3.17%).

Jubilant Pharmova Ltd. (414.00, 0.41%) was trading at 7.9 times of weekly average. Indian Bank (447.05, 6.39%) and Union Bank of India (112.00, 7.13%) were trading with volumes 6.5 and 5.7 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

34 stocks hit their 52 week highs,

Stocks touching their year highs included - Aurobindo Pharma Ltd. (979.60, 0.03%), BASF India Ltd. (2,862.10, 0.24%) and Canara Bank (404.45, 4.16%).

6 stocks slipped below their 200 SMA including Voltas Ltd. (814.00, -1.84%) and Affle (India) Ltd. (1,018.80, -1.46%).

 
More from Trendlyne Marketwatch
Recommended
Five Interesting Stocks Today - July 04, 2025
The Baseline | 04 Jul 2025, 05:12PM
Market closes higher, Bajaj Finance's AUM grows 25% YoY crore in Q1FY26
Trendlyne Marketwatch | 04 Jul 2025, 04:01PM
Markets close flat, RailTel's IPO oversubscribed on Day 1
Trendlyne Marketwatch | 16 Feb 2021