Trendlyne Marketwatch
Trendlyne Marketwatch
16 Jan 2024
Market closes lower, Newgen Software Technologies' net profit grows by 43% YoY to Rs 68.3 crore in Q3FY24
By Trendlyne Analysis

 

Nifty 50 closed at 22,032.30 (-65.2, -0.3%), BSE Sensex closed at 73,128.77 (-199.2, -0.3%) while the broader Nifty 500 closed at 19,827.55 (-58, -0.3%). Market breadth is overwhelmingly negative. Of the 2,027 stocks traded today, 621 were gainers and 1,387 were losers.

Indian indices maintained the losses from the afternoon session and closed in the red, with the Nifty 50 closing at 22,032.3. The volatility index, Nifty VIX, dropped by 1.6% and closed at 13.6 points. Federal Bank’s net profit increased by 25.3% YoY to Rs 1,007 crore in Q3FY24. The bank's asset quality improved as its gross and net NPAs contracted by 14 bps and 11 bps YoY.

Nifty Midcap 100 and Nifty Smallcap 100 closed lower following the benchmark index. Nifty Metal and Nifty PSU Bank closed higher than Monday’s closing level. According to Trendlyne’s sector dashboard, telecommunication equipment emerged as the top-performing sector of the day, with a rise of over 8.5%. 

Most European indices trade in the red as the European Central Bank (ECB) is expected to delay rate-cut decisions. ECB policymaker Joachim Nagel stated it is too early to discuss rate cuts with looming inflation.

  • Relative strength index (RSI) indicates that stocks like Indian Railway Finance Corp, MRF, Mangalore Refinery And Petrochemicals and Gujarat Gas are in the overbought zone.

  • Newgen Software Technologies surges 5% as its net profit grows by 43% YoY to Rs 68.3 crore in Q3FY24. Revenue rises by 10.4% YoY, owing to gains in the India, EMEA, APAC and USA markets. It appears in a screener of stocks with the highest recovery from their 52-week lows.

  • CE Info Systems falls as its Q3FY24 net profit declines by 6.9% QoQ to Rs 30.8 crore due to higher employee benefit, marketing and communication expenses. Its revenue rises by 1% QoQ.

  • Federal Bank is falling despite its net profit growing by 25.3% YoY to Rs 1,006.7 crore in Q3FY24. Revenue increases by 29.2% YoY, owing to gains in the treasury, corporate and retail banking segments. The bank's asset quality improves as its gross and net NPAs contract by 14 bps and 11 bps YoY. It appears in a screener of stocks with increasing return on equity over the past two years.

  • The Centre imposes a 50% export duty on molasses, a byproduct of sugarcane, in response to a shortage caused by erratic monsoon rainfall. This levy aims to balance supply and demand, ensuring sufficient domestic availability.

  • Realty stocks like DLF, Oberoi Realty, Prestige Estates Projects and Macrotech Developers surge over 2% in trade, leading to a 2% increase in the broader Nifty Realty index.

  • Himadri Speciality Chemicals rises as its Q3FY24 net profit grows by 66.9% YoY to Rs 108.8 crore due to lower raw material and inventory expenses. Its revenue increases by 1.4% YoY, helped by the carbon materials & chemicals and power segments.

  • Medi Assist Healthcare Services' Rs 1,171.6 crore IPO gets bids for 0.9X the available 2 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 1.4X the available 98.1 lakh shares on offer.

  • Crude oil prices rise marginally as Middle East tensions escalate and ship tracking data shows more tankers diverting away from the Red Sea in reaction to Houthi attacks. Brent crude oil prices increase by 0.2% to $78.27 per barrel.

  • Capri Global Capital rises over 12% upon receiving a composite corporate agency license from IRDAI to distribute life, general and health insurance products.

  • National Aluminium rises to an all-time high of Rs 144 as its joint venture with Hindustan Zinc, Khanij Bidesh India (Kabil), signs a deal with Argentina's Camyen for lithium mining. The company appears in a screener of stocks with strong momentum.

  • BLS International hits a new all-time high of Rs 412.9 as its subsidiary plans to acquire a 100% stake in Turkey-based iDATA for 50 million euros (around Rs 450 crore). iDATA provides visa and consular services to various governments.

  • Maruti Suzuki India announces a 0.45% price hike for its entire model range, effective immediately, in response to mounting cost pressures caused by high commodity prices. The firm's vehicle sales declined by 1.28% YoY to 137,551 in December 2023.

  • KIOCL rises as it resumes production at its iron pellet factory in Mangalore. The company paused operations at this plant in September due to a feedstock shortage.

  • Bank of Maharashtra rises to an all-time high of Rs 52.2 as its net profit improves by 33.6% YoY to Rs 1,035.5 crore. Its net interest income increases by 25.2% YoY. The bank appears in a screener of stocks with growing quarterly net profit and margins.

  • Larsen & Toubro rises as the Railways Strategic Business Group of L&T Construction bags an order worth Rs 10,000-15,000 crore from a Japanese agency to construct 508 km of High-Speed Electrification System Works for the Mumbai-Ahmedabad High-Speed Rail (MAHSR) project.

  • UBS initiates coverage on One97 Communications (Paytm) with a ‘Buy’ rating and target price of Rs 900. The brokerage expects a gradual increase in the company’s EBITDA margin to 20%. It also highlights that EBITDA break-even and growth will lead to a re-rating.

  • PNC Infratech rises to an all-time high of Rs 427.9 as it divests 12 of its road assets with an enterprise value of Rs 9,005.7 crore. The assets are located in Uttar Pradesh, Madhya Pradesh, Karnataka and Rajasthan.

  • Jyoti CNC Automation's shares debut on the bourses at an 11.8% premium to the issue price of Rs 331. The Rs 1,000 crore IPO has received bids for 38.5 times the total shares on offer.

  • Rail Vikas Nigam rises to an all-time high of Rs 231.9 as it bags an order worth Rs 251 crore from Madhya Pradesh Madhya Kshetra Vidyut Vitaran. The order involves the supply, installation, testing and commissioning of an 11 KV line in the next two years.

  • The Centre lowers the windfall tax on locally produced crude oil to Rs 1,700 per tonne from Rs 2,300 earlier. Meanwhile, the export tax on diesel, aviation turbine fuel (ATF), and petrol remains 'Nil'.

  • Kesoram Industries falls as its Q3FY24 net loss expands by 1.8% YoY to Rs 48.9 crore due to higher employee benefits, power & fuel and packing & carriage expenses. Its revenue decreases by 2.9% YoY due to lower sales in the cement segment.

  • Jio Financial Services is falling despite its net profit surging 7.7x YoY to Rs 70.5 crore in Q3FY24. Revenue grows by 238.5% YoY to Rs 134.1 crore during the same quarter. It features in a screener of stocks with declining net cash flow.\

  • Porinju Veliyath buys a 1% stake in Aurum Proptech in Q3FY24. He now holds a 4.5% stake in the company.

  • Angel One plunges more than 10% despite its net profit growing by 14.2% YoY to Rs 260.3 crore in Q3FY24. Revenue improves by 39.6% YoY on the back of higher active clients, average daily turnover and number of orders. It appears in a screener of stocks with improving cash flow from operations over the past two years.

Riding High:

Largecap and midcap gainers today include Indian Railway Finance Corporation Ltd. (141.85, 9.03%), One97 Communications Ltd. (747.35, 4.64%) and Life Insurance Corporation of India (892.55, 4.42%).

Downers:

Largecap and midcap losers today include Vodafone Idea Ltd. (15.75, -4.55%), FSN E-Commerce Ventures Ltd. (173.10, -3.75%) and Oracle Financial Services Software Ltd. (4,912.90, -3.11%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Capri Global Capital Ltd. (975.80, 20.00%), ITI Ltd. (373.85, 18.57%) and PNB Housing Finance Ltd. (848.00, 6.37%).

Top high volume losers on BSE were Angel One Ltd. (3,329.90, -14.08%), Aavas Financiers Ltd. (1,568.85, -2.74%) and Federal Bank Ltd. (149.70, -2.12%).

Aster DM Healthcare Ltd. (425.15, 6.23%) was trading at 17.3 times of weekly average. JM Financial Ltd. (107.35, 5.92%) and Indigo Paints Ltd. (1,500.80, -0.31%) were trading with volumes 10.5 and 9.0 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

58 stocks took off, crossing 52 week highs,

Stocks touching their year highs included - Apollo Hospitals Enterprise Ltd. (5,905.00, 0.15%), Bank of India (134.55, 2.79%) and Bank of Maharashtra (50.00, -0.79%).

2 stocks climbed above their 200 day SMA including Westlife Foodworld Ltd. (865.45, 2.93%) and Page Industries Ltd. (38,261.25, 1.72%). 5 stocks slipped below their 200 SMA including Orient Electric Ltd. (224.95, -3.54%) and Syngene International Ltd. (717.20, -2.30%).

 
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