Trendlyne Marketwatch
Trendlyne Marketwatch
25 Jan 2024
Market closes lower, Hindustan Petroleum misses its net profit estimates by 31.9% in Q3
By Trendlyne Analysis

Nifty 50 closed at 21,352.60 (-101.4, -0.5%), BSE Sensex closed at 70,700.67 (-359.6, -0.5%) while the broader Nifty 500 closed at 19,393.00 (-58, -0.3%), of the 2,010 stocks traded today, 1,164 were gainers and 817 were losers.

Indian indices recovered from the day’s low and closed in the red, with the Nifty 50 closing at 21,353. The volatility index, Nifty VIX, dropped by 3.5% and closed at 13.9 points. Hindustan Petroleum Corp’s net profit grew by 60.4% YoY to Rs 712.8 crore in Q3FY24. Revenue increased marginally by 1.9 % YoY due to improvement in its downstream petroleum segment.

Nifty Smallcap 100 closed in the green, while Nifty Midcap 100 closed lower following the benchmark index. Nifty Energy and Nifty Realty closed higher than Wednesday’s closing level. According to Trendlyne’s sector dashboard, fertilizers emerged as the top-performing sector of the day, with a rise of over 3%.
 
Most European indices trade in the red, except for England’s FTSE 100 trading higher. US indices futures trade higher indicating a positive start. The data released by Hamburg Commercial Bank indicated that Germany’s manufacturing PMI for January declined to 45.4 against estimates of 43.7.

  • Relative strength index (RSI) indicates that stocks like Persistent Systems, Gujarat Gas, Alembic Pharmaceuticals and Bharti Airtel are in the overbought zone.

  • Bajaj Finance, NTPC,Tata Investment Corp, and Petronet LNG's weekly average delivery volumes rise ahead of their Q3FY24 results on Monday.

  • Hindustan Petroleum Corp falls sharply as its net profit misses Forecaster estimates by 31.9%, despite growing by 60.4% YoY to Rs 712.8 crore in Q3FY24. Revenue increases marginally by 1.9 % YoY due to improvement in its downstream petroleum segment. It shows up in a screener of stocks where mutual funds have decreased their shareholding in the past month.

  • Sterlite Technologies plunges as it reports a net loss of Rs 57 crore in Q3FY24, compared to a net profit of Rs 51 crore in Q3FY23. Revenue declines by 29.8% YoY due to challenges in the optical networking business. It features in a screener of stocks with declining net profit and profit margin YoY.

  • Foreign institutional investors withdraw Rs 15,455.7 crore from the equity market over the past week, according to Trendlyne's FII dashboard. Index options witness the highest outflow of Rs 72,423.1 crore from foreign investors. Meanwhile, mutual funds are net buyers in the equity market, injecting Rs 8,037.1 crore during the same period.

  • DLF's Q3FY24 net profit rises by 26.5% YoY to Rs 656.6 crore due to lower employee benefits and finance expenses. Its revenue improves by 5.4% YoY and EBITDA margin expands by 167 bps YoY.

  • Nova Agritech's Rs 143.8 crore IPO gets bids for 66X the available 2.5 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 60.3X the available 1.3 crore shares on offer.

  • Kamlesh Gandhi, Chairman and MD of Mas Financial Services, says the company targets to achieve an AUM growth of 20-25% in FY24. He adds that the MSME segment will contribute 60% to the overall AUM mix.

  • DCB Bank falls sharply as its net profit misses Forecaster estimates by 3.5% in Q3FY24 despite its net profit rising by 11.2% YoY to Rs 126.6 crore. Revenue grows by 28.2% YoY, helped by an increase in revenue from the treasury, corporate and retail banking segments. The bank's asset quality improves as its gross and net NPAs decline by 19 bps and 15 bps YoY.

  • Glenmark Pharmaceutical’s subsidiary, Glenmark Specialty SA, signs a licensing deal with Jiangsu Alphamab Biopharmaceuticals and 3D Medicines to develop and commercialize Envafolimab in India and other regions. The drug is used for treating cancer and chronic Hepatitis B in adults.

  • Coal India and Bharat Heavy Electricals rise as reports suggest that they will invest Rs 11,782 crore in a coal-to-ammonium nitrate project in Odisha.

  • Reports suggest that around 2.6 crore shares (9.9% equity) of PNB Housing Finance, amounting to Rs 2,141.3 crore, change hands in a large trade.

  • Mohnish Pabrai sells a 2.2% stake in Sunteck Realty on Wednesday. He now holds a 4.4% stake in the company.

  • Laurus Labs falls sharply as its Q3FY24 net profit decreases by 88.6% YoY to Rs 23.1 crore due to increasing raw material and finance expenses. Its revenue drops by 22.6% YoY due to falling contract development and antiretroviral segments.

  • Birlasoft reports a net profit of Rs 161.1 crore in Q3FY24, as against a loss of Rs 16.4 crore in Q3FY23. Its revenue rises 11.1% YoY to Rs 1,371.1 crore on the back of growth in the manufacturing and energy & utilities segements. The stock appears in a screener for companies with low debt.

  • Reports suggest that 15.4 lakh shares (0.1% equity) of CG Power and Industrial Solutions, amounting to approximately Rs 68.6 crore, change hands in a large trade.

  • Titagarh Rail Wagons forms a joint venture (JV) with Amber Enterprises' subsidiary, Sidwal Refrigeration Industries, marking its entry into the railway component and subsystem business. Both companies plan to invest Rs 120 crore each in the JV, ensuring equal control.

  • TVS Motor falls as it misses its Q3FY24 net profit estimates by 11.3%. However, its net profit rises 59.1% YoY to Rs 478.8 crore. Its revenue also increases by 25.4% YoY, helped by improving automotive vehicles & parts and financial services segments.

  • Railtel Corp rises sharply as its net profit surges by 94.5% YoY to Rs 62.1 crore in Q3FY24. Revenue grows by 47.1% YoY, helped by improvement in the telecom services and project work segments. The company also bags an order worth Rs 162.7 crore from Navodaya Vidyalaya Samiti to supply and implement integrated infrastructure and IT solutions for Jawahar Navodaya Vidyalayas (JNV) schools.

  • Bajaj Auto's Q3FY24 net profit rises by 38% YoY to Rs 2,032.6 crore. Its revenue also grows by 30.6% YoY due to improving automotive and investment segments. The company's EBITDA margins expand by 98 bps YoY, helped by lower inventory expenses.

  • Arnab Banerjee, CEO & MD of Ceat, notes a 12.5% YoY volume growth, driven by increased exports, and expects Q4 growth to mirror Q3. He also highlights a QoQ decline in margin due to rising raw material prices. The company's Q3FY24 net profit jumps by 412.8% YoY to Rs 181.5 crore, while its revenue rises by 8.7% YoY.

  • Mazagon Dock Shipbuilders wins an order worth Rs 1,070 crore from the Ministry of Defence to design, build and deliver vessels for the Indian Coast Guard.

  • Tech Mahindra falls as its net profit misses Forecaster estimates by 15.5% in Q3FY24. However, it has improved by 3.3% QoQ to Rs 510.4 crore due to reduced subcontracting expenses. Meanwhile, its revenue increases by 1.8% QoQ on the back of the IT segment. It appears in a screener of stocks with declining net cash flow.

  • Tata Steel's Q3FY24 net profit rises to Rs 513.4 crore from a net loss of Rs 2,223.8 crore in Q3FY23 due to lower inventory and raw material expenses. However, its revenue falls by 3.6% YoY, impacted by declines in Tata Steel Europe and South Asian Operations. The company appears in a screener of stocks with growing net profit and margins.

Riding High:

Largecap and midcap gainers today include ACC Ltd. (2,467.65, 10.13%), Ambuja Cements Ltd. (560.15, 6.20%) and Bajaj Auto Ltd. (7,597.50, 5.33%).

Downers:

Largecap and midcap losers today include Balkrishna Industries Ltd. (2,527.00, -6.91%), Indraprastha Gas Ltd. (405.15, -6.84%) and Tech Mahindra Ltd. (1,322.05, -6.10%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Rites Ltd. (684.75, 18.55%), ACC Ltd. (2,467.65, 10.13%) and Metro Brands Ltd. (1,179.90, 10.09%).

Top high volume losers on BSE were Indraprastha Gas Ltd. (405.15, -6.84%), KPIT Technologies Ltd. (1,415.45, -6.05%) and Laurus Labs Ltd. (378.80, -5.51%).

Grindwell Norton Ltd. (2,385.00, 3.98%) was trading at 16.8 times of weekly average. Kansai Nerolac Paints Ltd. (333.15, -2.06%) and JK Lakshmi Cement Ltd. (930.90, 5.42%) were trading with volumes 8.3 and 7.2 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

37 stocks overperformed with 52 week highs, while 2 stocks hit their 52 week lows.

Stocks touching their year highs included - ACC Ltd. (2,467.65, 10.13%), AIA Engineering Ltd. (3,896.75, 2.24%) and Ambuja Cements Ltd. (560.15, 6.20%).

Stocks making new 52 weeks lows included - Vinati Organics Ltd. (1,684.45, -1.12%) and Navin Fluorine International Ltd. (3,344.55, -2.21%).

12 stocks climbed above their 200 day SMA including Metro Brands Ltd. (1,179.90, 10.09%) and Fine Organic Industries Ltd. (4,655.15, 3.40%). 8 stocks slipped below their 200 SMA including Laurus Labs Ltd. (378.80, -5.51%) and Au Small Finance Bank Ltd. (707.85, -3.99%).

 
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