Trendlyne Marketwatch
Trendlyne Marketwatch
29 Jan 2024
Market closes higher, BPCL's net profit grows by 82.1% YoY to Rs 3,181.4 crore in Q3FY24
By Trendlyne Analysis

Nifty 50 closed at 21,737.60 (385, 1.8%), BSE Sensex closed at 71,941.57 (1240.9, 1.8%) while the broader Nifty 500 closed at 19,711.65 (318.7, 1.6%). Market breadth is in the green. Of the 2,052 stocks traded today, 1,184 were in the positive territory and 843 were negative.

Indian indices extended their gains from the afternoon session and closed in the green. The Indian volatility index, Nifty VIX, rose 13.1% and closed at 15.7 points. Bharat Electronics' closed in the green after its net profit grew by 40.2% YoY to Rs 859.6 crore in Q3FY24 due to a reduction in finance and raw material costs. 

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, taking cues from the benchmark index. Nifty PSU Bank and Nifty Metal closed higher than their Thursday close. According to Trendlyne’s sector dashboard, Oil & Gas emerged as the top-performing sector of the day, with a rise of 6.2%. 

Major Asian indices closed in the green, except for China’s Shanghai Composite index closing in the red. However, European indices traded mixed on a volatile day of trade. US index futures traded flat, indicating a cautious start to the trading session. Brent crude oil futures traded lower after rising for three consecutive trading sessions. Crude oil prices are on the rise after Houthi rebels attacked a Russian fuel ship in Red Sea on Friday.

  • Money flow index (MFI) indicates that stocks like Borosil Renewables, IDBI Bank, Oracle Financial Services Software and PCBL are in the overbought zone.

  • IRB Infrastructure Developers, Ambuja Cements, Great Eastern Shipping Co and Jyothy Labs surge by 28.4%, 9.5%, 7.5 and 4% respectively over the past week, ahead of their Q3FY24 results on Wednesday.

  • BPCL surges to its 52-week high of Rs 501.4 per share as its net profit grows by 82.1% YoY to Rs 3,181.4 crore in Q3FY24. However, revenue declines by 2.5% YoY due to a decrease in the downstream petroleum segment. It shows up in a screener of undervalued growth stocks.

  • GAIL (India) rises to an all-time high of Rs 174.7 as its Q3FY24 net profit grows 6.7x YoY to Rs 3,194.6 crore, helped by lower raw materials and inventory expenses. However, revenue declines 3.3% YoY, impacted by downturns in natural gas marketing and LPG & Liquid hydrocarbons segments.

  • Bharat Electronics' net profit grows by 40.2% YoY to Rs 859.6 crore in Q3FY24 due to a reduction in finance and raw material costs. Revenue increases by 1.9% YoY to Rs 4,142.3 crore during the quarter. It appears in a screener of stocks with increasing net profit and expanding profit margins.

  • The Supreme Court has reportedly asked SpiceJet to pay $4 million (approx. Rs 33.2 crore) to two engine lessors by February 15. The airline currently owes its lessors $12.9 million (approx. Rs 107.2 crore).

  • Azad Engineering rises to its all-time high of Rs 745.9 per share as it signs a seven-year contract with Rolls-Royce to supply parts for military aircraft engines.

  • Man Infraconstruction rises to an all-time high of Rs 242 as it delivers a five lakh sq ft residential project, Aaradhya OneEarth, in Ghatkopar Mumbai. The project is expected to generate Rs 1,200 crore in the next four years.

  • Umesh Revankar, Executive VC of Shriram Finance, says the company aims for a 20% growth in assets under management(AUM). He expects CV sales to peak in Q4 and a 12-15% growth in this segment in FY24. He adds that the gold and MSME loans segments are growing at 30% YoY.

  • Tata Power Co rises to an all-time high of Rs 387.2 as its unit Tata Power Renewable Energy commissions a 1,040 kW solar power project in Chengmari Tea Estate, West Bengal. The company appears in a screener of stocks with improving book value per share.

  • Energy stocks like Oil and Natural Gas Corp, Reliance Industries, Tata Power and Coal India surge more than 3% in trade. All constituents of the broader Nifty Energy index are also trading in the green, helping it to touch its 52-week high of 36,645.1.

  • SBI Cards and Payment Services falls sharply as its Q3FY24 net profit misses estimates by 7.2%. However, its net profit grows by 7.8% YoY to Rs 549.1 crore and revenue rises by 29.7% YoY. The company appears in a screener of stocks with declining cash flow from operations.

  • Reports suggest that 10.3 lakh shares (01.% equity) of Godrej Consumer Products, amounting to approximately Rs 120.1 crore, change hands in a large trade.

  • Va Tech Wabag rises sharply as it signs a memorandum of understanding (MoU) with Peak Sustainability Ventures to set up 100 bio-CNG plants. The plants will be set up at sewage treatment facilities across India and other locations in the Gulf Cooperation Council (GCC), Africa and Europe.

  • Power Mech Projects rises to an all-time high of Rs 5,122.2 as it receives orders worth Rs 644.9 crore from RVNL and Neyveli Uttar Pradesh Power. The orders involve construction works and thermal power plant maintenance.

  • Shakti Pumps (India) rises sharply to an all-time high of Rs 1,271.1 as its Q3FY24 net profit grows 3x YoY to Rs 45.4 crore due to lower inventory expenses. Its revenue increases by 57.7% YoY on the back of India and overseas businesses.

  • Arul Selvan, CFO & President of Cholamandalam Investment and Finance, projects revenue growth of 30-32% for FY24 and over 20% for FY25. He also highlights the company's target to reduce the gross non-performing assets (GNPA) ratio to 3.5%.

  • Dodla Dairy surges to its all-time high of Rs 1,048 per share as its net profit grows by 16.8% YoY to Rs 41.3 crore in Q3FY24. Revenue increases by 10.6% YoY, owing to gains in the domestic market. It appears in a screener of the highest-gaining stocks from open.

  • Utkarsh Small Finance Bank's Q3FY24 net profit improves by 24.1% YoY to Rs 116.1 crore. Its net interest income also grows by 22.6% YoY, helped by retail, treasury and wholesale segments. The bank's asset quality improves as its gross and net NPAs fall by 54 bps YoY and 58 bps YoY, respectively.

  • SJVN surges to its all-time high of Rs 134 per share as it bags an order to build and operate a 100 MW solar project at an auction held by Gujarat Urja Vikas Nigam. The company's subsidiary, SJVN Green Energy, will undertake the project at an expected capex of Rs 550 crore.

  • Jayant Acharya, CEO & Joint Managing Director of JSW Steel, expects Budget 2024 to focus on public capex and a manufacturing push. He expresses optimism for protective measures against low-cost steel imports and predicts improved Q4 volumes, driven by increased exports.

  • Rising Sun Holdings, promoter of Poonawalla Fincorp, buys a 0.5% stake in the company on Thursday. It now holds a 62.5% stake.

  • Au Small Finance Bank falls sharply as its Q3FY24 net profit declines by 4.5% YoY to Rs 375.3 crore. However, its net interest income rises by 15.3% YoY, helped by the treasury, retail banking, and wholesale banking segments. The bank's asset quality declines as gross and net NPA margins grow by 17 bps YoY and 17 bps YoY, respectively.

  • Adani Power rises sharply as it signs a memorandum of understanding (MoU) with AdaniConnex to sell its 100% stake in subsidiaries, Aviceda Infra Park and Innovant Buildwell, for Rs 540 crore.

  • Cyient falls as its net profit declines by 17.4% QoQ to Rs 147.2 crore in Q3FY24 due to increasing employee benefit and inventory expenses. Its revenue grows by 2.4% QoQ, helped by gains in digital engineering & technology and design-led manufacturing. The company features in a screener of stocks with declining cash flow from operations over the past two years.

Riding High:

Largecap and midcap gainers today include Oil And Natural Gas Corporation Ltd. (252.50, 7.88%), Reliance Industries Ltd. (2,896.10, 7.02%) and Power Finance Corporation Ltd. (446.75, 6.62%).

Downers:

Largecap and midcap losers today include Au Small Finance Bank Ltd. (626.35, -11.51%), SBI Cards and Payment Services Ltd. (715.55, -5.83%) and Cipla Ltd. (1,336.85, -2.39%).

Volume Rockets

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

Top high volume gainers on BSE included IRB Infrastructure Developers Ltd. (59.95, 18.24%), NMDC Steel Ltd. (67.20, 14.48%) and Welspun Living Ltd. (149.95, 9.13%).

Top high volume losers on BSE were Au Small Finance Bank Ltd. (626.35, -11.51%), SBI Cards and Payment Services Ltd. (715.55, -5.83%) and Anupam Rasayan India Ltd. (930.00, -3.58%).

Eris Lifesciences Ltd. (911.80, 2.52%) was trading at 13.3 times of weekly average. Delhivery Ltd. (427.85, 6.62%) and Latent View Analytics Ltd. (473.95, 4.64%) were trading with volumes 7.6 and 6.4 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

70 stocks hit their 52 week highs, while 1 stock were underachiever and hit their 52 week lows.

Stocks touching their year highs included - ACC Ltd. (2,492.90, 1.02%), AIA Engineering Ltd. (4,034.95, 3.60%) and Ambuja Cements Ltd. (574.10, 2.49%).

Stock making new 52 weeks lows included - Navin Fluorine International Ltd. (3,324.10, -0.61%).

10 stocks climbed above their 200 day SMA including Shoppers Stop Ltd. (739.15, 4.84%) and IDFC First Bank Ltd. (83.50, 4.31%). 10 stocks slipped below their 200 SMA including Au Small Finance Bank Ltd. (626.35, -11.51%) and Fine Organic Industries Ltd. (4,595.00, -1.63%).

 
More from Trendlyne Marketwatch
More from Trendlyne Analysis
Recommended
Five Interesting Stocks Today - May 23, 2025
The Baseline | 23 May 2025, 05:22PM
From grid to gains: Transformer makers electrify the market
The Baseline | 21 May 2025
Markets close higher, Rakesh Jhunjhunwala buys a 2.2% stake in Indiabulls Housing Finance
Trendlyne Marketwatch | 22 Jul 2021, 03:53PM