Trendlyne Marketwatch
Trendlyne Marketwatch
19 Jan 2024
Market closes higher, Ultratech Cement's net profit surges by 67.9% YoY to Rs 1,777 crore in Q3FY24
By Trendlyne Analysis

 

Nifty 50 closed at 21,622.40 (160.2, 0.8%), BSE Sensex closed at 71,683.23 (496.4, 0.7%) while the broader Nifty 500 closed at 19,606.40 (191.6, 1.0%). Market breadth is highly positive. Of the 2,013 stocks traded today, 1,349 were on the uptrend, and 632 went down.

Indian indices extended their gains from the afternoon session and closed in the green, with the Nifty 50 closing at 21,622.4 points. The Indian volatility index, Nifty VIX, fell 1.4% and closed at 13.9 points. BSE and NSE announced a full-fledged trading session on Saturday and declared a holiday on Monday.  

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, outperforming the benchmark index. Nifty Metal and Nifty FMCG closed higher than their Thursday close. According to Trendlyne’s sector dashboard, Telecommunications Equipment emerged as the top-performing sector of the week, with a rise of 6.5%. 

Most major Asian indices closed higher amid positive global cues. European stocks traded in the green, tracking Asian indices. US index futures also traded higher, extending their gains from Thursday. Brent crude oil futures traded up after closing 1.2% higher on Thursday.

  • Relative strength index (RSI) indicates that stocks like Rail Vikas Nigam, Indian Railway Finance Corp, Oracle Financial Services Software and Gujarat Gas are in the overbought zone.

  • Axis Bank, Pidilite Industries, Tata Elxsi, and CG Power and Industrial Solutions' weekly average delivery volumes rise ahead of their Q3FY24 results on Tuesday.

  • Ultratech Cement rises sharply as its net profit surges by 67.9% YoY to Rs 1,777 crore in Q3FY24. Revenue grows by 7.8% YoY on the back of an increase in sales of grey cement from the domestic market and ReadyMix concrete. It appears in a screener of stocks near their 52-week highs with significant volumes.

  • Hindustan Zinc rises as its Q3FY24 net profit beats Forecaster estimates by 9.2%. However, its net profit declines by 5.9% YoY to Rs 2,028 crore due to higher employee benefits and finance expenses. Its revenue slips by 7.4% YoY due to the falling zinc and lead segment.

  • Shilpa Medicare is rising after getting marketing authorization from Germany for Amifampridine tablets 10 mg. The drug, used to treat rare muscle diseases, has sales of around $20 million in Europe.

  • EPack Durables' Rs 640.1 crore IPO gets bids for 0.5X the available 2 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 0.8X the available 1 crore shares on offer.

  • Dixon Technologies (India) falls as the Directorate of Revenue Intelligence conducts searches at its subsidiary's Noida facility. The searches are related to the classification of the raw material imported for manufacturing one of the products at the facility.

  • C.E. Info Systems gains 3% after receiving an OEM business contract worth Rs 400 crore from Hyundai and Kia Motors. The contract involves providing digital mapping services and navigation solutions in India.

  • Abhyuday Jindal, Managing Director of Jindal Stainless Steel, expresses concern over the impact of the Red Sea crisis on the company's shipments. He mentions that the crisis affects export targets and increases transportation duration and costs to Europe. Jindal expects a decline in Q4 export sales and revises the target from 15% to approximately 12%.

  • Tata Steel rises sharply as reports emerge that the company has rejected the trade union's proposal to keep the blast furnaces operational at Port Talbot Steelworks. The report also claims that the company plans to set up electric arc furnaces to produce steel from recycled scrap.

  • Foreign institutional investors withdrew Rs 7,716.3 crore from the equity market over the past week, according to Trendlyne's FII dashboard. Index options witnessed the highest outflow of Rs 88,999.3 crore from foreign investors. Meanwhile, mutual funds were net buyers in the equity market, injecting Rs 724 crore during the same period.

  • Lupin rises to an all-time high of Rs 1,439.9 as it receives US FDA approval for its abbreviated new drug application for Febuxostat Tablets. The drug is used in the treatment of hyperuricemia in adult patients and has a market size of $24 million (approx Rs 224.5 crore) in the USA.

  • Aarti Industries rises to an all-time high of Rs 663.4 as Emkay Global initiates coverage with a ‘Buy’ rating and a target price of Rs 750. The brokerage highlights that demand for chemical products - Mono Methyl Aniline (MMA) and Methyl Ethyl Aniline (MEA) will grow substantially, which is positive for the company.

  • Metro Brands falls sharply as its net profit declines by 12.6% YoY to Rs 97.8 crore in Q3FY24. Revenue rises by 6.1% YoY, owing to the addition of 31 new stores during the quarter. It appears in a screener of stocks with declining net profit and profit margin (YoY).

  • Tata Consumer Products is rising after its board of directors approved fundraising of Rs 3,000 crore through a rights issue to the eligible equity shareholders of the company.

  • Poonawalla Fincorp rises to an all-time high of Rs 519.7 as its Q3FY24 net profit grows by 76.3% YoY to Rs 265.1 crore due to lower employee benefit expenses. Its revenue increases by 52% YoY, driven by growth in interest income.

  • Coal India rises as reports suggest that 46.4 lakh shares (0.1% equity), amounting to Rs 176.9 crore, change hands in a large trade.

  • EPack Durables raises Rs 192 crore from anchor investors ahead of its IPO by allotting around 1.4 crore shares at Rs 331 each. Investors include Societe Generale, Copthall Mauritius Investment, Integrated Core Strategies (Asia), Aditya Birla Sun Life, SBI Life Insurance, HDFC Life Insurance Co, and Bajaj Allianz Life Insurance.

  • Glenmark Lifesciences gains 2% after the announcement of a Master Supply Agreement (MSA) with a Japanese pharmaceutical company. This agreement involves the manufacturing and supply of Active Pharma Ingredients (API) for antispasmodic drugs used to treat urinary bladder spasms. The estimated commercial value of the project is $ 5 million (approx. Rs 41 crore).

  • Finolex Industries rises as its Q3FY24 net profit grows by 20% YoY to Rs 95.4 crore due to lower inventory expenses. However, the revenue falls by 9.4% YoY due to falling PVC resin and PVC pipes & fittings segments.

  • Naresh Jalan, Managing Director of Ramkrishna Forgings, says demand remains strong across the domestic and export markets. He anticipates that the company’s volumes will reach 1.45 lakh tonnes in FY24. Jalan highlights that its net debt is currently Rs 590 crore, and the firm’s target is to be debt-free over two years.

  • Dolly Khanna sells a 0.6% stake in Pondy Oxides & Chemicals in Q3FY24. She now holds a 2.4% stake in the company.

  • Porinju Veliyath cuts his stake in Shalimar Paints to below 1% in Q3FY24. He held 1.6% in Q2FY24.

  • Ashish Kacholia adds Updater Services to his portfolio in Q3FY24. He buys a 2% stake in the company.

  • IndiaMART InterMESH rises as its net profit beats Trendlyne's Forecaster estimates by 9.1% despite declining by 27.4% YoY to Rs 81.9 crore in Q3FY24. Revenue grows by 21.4% YoY on the back of an increase in revenue from the web and related services segments. It appears in a screener of stocks with medium to low Trendlyne momentum scores.

Riding High:

Largecap and midcap gainers today include General Insurance Corporation of India (356.05, 16.47%), Indian Railway Finance Corporation Ltd. (160.25, 9.57%) and Linde India Ltd. (5,822.25, 7.61%).

Downers:

Largecap and midcap losers today include Zee Entertainment Enterprises Ltd. (235.00, -5.32%), Dixon Technologies (India) Ltd. (6,100.20, -3.22%) and IndusInd Bank Ltd. (1,561.10, -3.21%).

Movers and Shakers

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

Top high volume gainers on BSE included General Insurance Corporation of India (356.05, 16.47%), Housing and Urban Development Corporation Ltd. (159.40, 15.76%) and Aarti Industries Ltd. (678.90, 11.00%).

Top high volume losers on BSE were Metro Brands Ltd. (1,166.50, -3.84%), IndusInd Bank Ltd. (1,561.10, -3.21%) and Hatsun Agro Products Ltd. (1,130.50, -2.32%).

Linde India Ltd. (5,822.25, 7.61%) was trading at 15.5 times of weekly average. Intellect Design Arena Ltd. (923.75, 6.64%) and Home First Finance Company India Ltd. (1,009.15, 2.56%) were trading with volumes 6.8 and 6.5 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

63 stocks overperformed with 52 week highs,

Stocks touching their year highs included - Apollo Hospitals Enterprise Ltd. (6,094.65, 1.73%), Bajaj Holdings & Investment Ltd. (8,472.80, 5.92%) and Bank of India (135.20, 0.63%).

8 stocks climbed above their 200 day SMA including Astral Ltd. (1,850.75, 3.31%) and Cera Sanitaryware Ltd. (8,179.00, 3.08%). 7 stocks slipped below their 200 SMA including Zee Entertainment Enterprises Ltd. (235.00, -5.32%) and Privi Speciality Chemicals Ltd. (1,141.00, -1.76%).

 
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