Trendlyne Marketwatch
Trendlyne Marketwatch
01 Feb 2024
Market closes lower, Titan's Q3FY24 net profit rises 16.5% YoY to Rs 1,053 crore
By Trendlyne Analysis

 

Nifty 50 closed at 21,697.45 (-28.3, -0.1%), BSE Sensex closed at 71,645.30 (-106.8, -0.2%) while the broader Nifty 500 closed at 19,777.35 (-24.8, -0.1%). Market breadth is in the red. Of the 2,015 stocks traded today, 818 were gainers and 1,162 were losers.

Indian indices started the trading session in green but fell at the close of the interim budget speech. Nifty 50 switched between losses and gains and ended the session marginally lower post the interim budget speech. The Indian volatility index fell sharply and closed at 14.5 points. India’s GST collections rose 10% YoY to Rs 1.7 lakh crore in January, according to the data released by the finance ministry. 

Nifty Smallcap 100 closed in the green, while the Nifty Midcap 100 closed lower. Nifty Auto and Nifty PSU Bank closed higher than their Wednesday close. According to Trendlyne’s sector dashboard, Transportation emerged as the top-performing sector of the day, with a rise of 1.4%.

European indices traded in the red, except for England’s FTSE 100 index, which traded flat. Major Asian indices closed mixed on a volatile day of trade. US index futures traded in the green, indicating a positive start to the trading session. Brent crude oil traded higher after falling over 2.3% on Wednesday.

  • Tata Consumer Products sees a long buildup in its February 29 future series as its open interest rises 35.3% with a put-call ratio of 1.

  • Jindal Steel & Power is falling as Bimlendra Jha resigns as Managing Director (MD) of the company with effect from January 31.

  • PSU Bank stocks like Punjab & Sind Bank, Indian Overseas Bank, Indian Bank and Bank of India surge more than 4% in trade. All constituents of the broader Nifty PSU Bank index are also trading in the green, helping it to touch its all-time high of 6,455.2.

  • Titan's Q3FY24 net profit rises 16.5% YoY to Rs 1,053 crore due to lower inventory expenses. Its revenue increases by 22% YoY, helped by the watches & wearables and jewellery segments. The company appears in a screener of stocks with improving RoE over the past two years.

  • Tata Motors, InterGlobe Aviation, LIC Housing Finance, and Devyani International's weekly average delivery volumes rise ahead of their Q3FY24 results tomorrow.

  • Amara Raja Energy & Mobility touches a new 52-week high of Rs 900 as its Q3FY24 net profit rises by 14.8% YoY to Rs 254.8 crore. Its revenue also increases by 15.4% YoY due to growth in the lead acid batteries and allied products segment. The stock shows up in a screener for companies with strong momentum.

  • BLS E-Services' Rs 310.9 crore IPO gets bids for 100.6X the available 1.4 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 200X the available 20.7 lakh shares on offer.

  • Dr. Lal Pathlabs' Q3FY24 revenue rises 10.1% YoY to Rs 539 crore. Its net profit grows by 53.3% YoY to Rs 82 crore due to a marginal decline in operating expenses and lower finance costs. Its EBITDA increases by 24.6% YoY to Rs 141 core and its margin improves by 3bps to 26.1%.

  • Tube Investment of India's Q3FY24 net profit rises by 125.7% YoY to Rs 531.1 crore. Its revenue increases by 15.3% YoY, helped by engineering, electric vehicles, power systems, and industrial systems. However, the company's EBITDA margin falls by 180 bps YoY due to higher raw material, employee benefit and inventory expenses.

  • Motilal Oswal maintains its 'Buy' rating on TeamLease Services with a target price of Rs 3,450 per share. This indicates a potential upside of 22.3%. The brokerage remains positive on the company's medium to long-term outlook owing to the formalisation of the labour market. It expects the company's revenue to grow at a CAGR of 19% over FY23-26.

  • Adani Enterprises' Q3FY24 net profit rises 166.6% YoY to Rs 1,972.8 crore, while revenue grows by 7% YoY. The company's margin improves by 535 basis points to 11%. It appears in a screener for stocks with strong annual EPS growth.

  • India Cements falls as the Enforcement Directorate searches its corporate offices to investigate irregularities related to the Foreign Exchange Management Act. The company does not anticipate any significant impact regarding the ongoing investigation.

  • Ion Exchange (India) wins a contract worth Rs 152.5 crore from Material Construction Trading FZCO, UAE, for the development of a desalinated water unit for a project in North Africa.

  • Deepak Fertilisers & Petrochemicals Corp falls as its Q3FY24 net profit plunges by 76.9% YoY to Rs 57.6 crore due to higher inventory and finance expenses. Its revenue also declines by 33.1% YoY due to falling trading and manufacturing segments.

  • India’s GST collections rise 10% YoY to Rs 1.7 lakh crore in January, according to the data released by the finance ministry.

  • Tata Motors' January 2024 total domestic wholesales rise 5.8% YoY to 84,276 units. Total commercial vehicle wholesales fall 2.1%, while passenger vehicle wholesales improve 11.9%.

  • Swan Energy rises to an all-time high of Rs 665.9 as it reports a net profit of Rs 220 crore in Q3FY24, as against a net loss of Rs 15.7 crore in Q3FY23. Its revenue increases by 14.7x YoY, helped by growth in textiles, energy, construction and distribution segments.

  • Fisheries stocks like Avanti Feeds and Godrej Agrovet are rising following the Finance Minister's announcement of setting up five integrated aquaparks, in response to seafood exports doubling since 2013.

  • Maneesh Dangi, Founder of Macro Mosaic Investing and Research, says this budget focuses on disinflation. He believes a private capex boom, similar to the one in the 2000s, is unlikely soon, as companies will need time to increase their spending.  #BudgetDay

  • Housing finance stocks like Housing and Urban Development Corp, PNB Housing Finance, Aavas Financiers, and Can Fin Homes trade in the green following FM Nirmala Sitharaman's announcement of new schemes aimed at helping sections of the middle class living in rented accommodation to build their own houses. #BudgetDay

  • Finance Minister announces three major railway corridors under PM Gati Shakti: energy, mineral and cement corridors; port connectivity corridors; and high traffic density corridors. CRISIL believes these will improve freight movement and reduce India's logistics costs from 12% of GDP. Additionally, the FY25 railway expenditure target is set at Rs 2.5 lakh crore. #BudgetDay

  • Renewable Energy stocks like KPI Green Energy, Waaree Renewable Technologies, Suzlon Energy, Borosil Renewables, and Power Grid Corp trade in the green. This comes after the announcement by FM Nirmala Sitharaman of setting up 100 million tonnes of coal gasification and liquefaction capacity by 2030, and promoting green mobility through increased e-bus adoption and new biomanufacturing and bio foundry schemes in the Budget 2024.

  • Finance Minister Nirmala Sitharaman announces a new scheme offering Rs 1 lakh crore in 50-year interest-free loans, aimed at providing low or zero-interest long-term funding for private sector research in sunrise sectors. #BudgetDay

  • The FM announces the FY25 expenditure target for semiconductors at Rs 6,903 crore, and Rs 6,200 crore for the PLI scheme.  #BudgetDay

  • The government sets the tax receipts target at Rs 26 lakh crore, with no changes in direct and indirect tax structures. #BudgetDay

  • The fiscal deficit target for FY24 is lowered to 5.8% of GDP from the previous 5.9%. The target for FY25 is set at 5.1%. #BudgetDay

  • Finance Minister Nirmala Sitharaman reports a $596 billion FDI inflow from FY14 to FY23. #BudgetDay

  • The government ramps up its infrastructure spending for FY25 by 11.1% to Rs 11.1 lakh crore. #BudgetDay

  • Finance Minister Nirmala Sitharaman says that Mudra Yojana has issued 43 crore loans, amounting to Rs 22.5 lakh crore, while sharing statistics on youth-focused initiatives. #BudgetDay

  • Indus Towers declines as 25.9 crore shares (9.6% equity), amounting to Rs 5,500 crore, reportedly change hands in multiple large trades.

  • Godrej Consumer Products surges to touch its all-time high of Rs 1,314.3 as its net profit grows by 6.3% YoY to Rs 581 crore in Q3FY24. Revenue rises by 1.7% YoY due to gains in the Indian and Indonesian markets. It features in a screener of stocks where brokers have upgraded their recommendation or target price over the past quarter.

  • Deepak Nitrite is rising as it signs a memorandum of understanding (MoU) with the Gujarat government to set up polycarbonate, methyl methacrylate and aniline production plants in Dahej, Gujarat. The company plans to invest Rs 9,000 crore to establish the plants.

  • India’s manufacturing PMI rises to a 4-month high of 56.5 in January due to an increase in new orders driven by robust demand. The PMI reading remains above the 50 mark for the 31st consecutive month.

  • Bajaj Auto's January 2024 wholesales rise 23.6% to 3.6 lakh units. Two-wheeler wholesales grow 26.8%, while commercial vehicle wholesales improve by 6.4%.

  • Motherson Sumi Wiring India rises to its 52-week high of Rs 68.5 per share as its net profit grows by 58.1% YoY to Rs 167.9 crore in Q3FY24. Revenue increases by 26.3% YoY on the back of capacity expansion. It shows up in a screener of stocks with low debt.

  • One97 Communications (Paytm) falls 20% following an RBI order to halt new customer onboarding immediately under Section 35A of the Banking Regulations Act, citing continued supervisory concerns. The regulator has also prohibited Paytm Payments Bank from accepting deposits and top-ups, including wallets and FASTag, starting February 29.

  • Shree Cements' Q3FY24 net profit rises by 148.8% YoY to Rs 701.9 crore. Its revenue increases by 21.5% YoY due to growth in premium products and RMC segments. The company's EBITDA margin improves by 729 bps YoY on lower inventory and power & fuel expenses.

Riding High:

Largecap and midcap gainers today include Godrej Consumer Products Ltd. (1,254.55, 7.76%), Indian Overseas Bank (52.05, 6.01%) and UCO Bank (48.90, 5.16%).

Downers:

Largecap and midcap losers today include One97 Communications Ltd. (609.00, -19.99%), Aurobindo Pharma Ltd. (1,070.80, -6.92%) and Voltas Ltd. (1,048.75, -4.03%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Housing and Urban Development Corporation Ltd. (205.90, 19.47%), Godrej Consumer Products Ltd. (1,254.55, 7.76%) and Motherson Sumi Wiring India Ltd. (69.95, 7.53%).

Top high volume losers on BSE were India Cements Ltd. (242.20, -7.35%), Aurobindo Pharma Ltd. (1,070.80, -6.92%) and C.E. Info Systems Ltd. (1,835.05, -6.56%).

Pfizer Ltd. (4,578.20, 5.90%) was trading at 20.2 times of weekly average. Indus Towers Ltd. (219.00, -1.33%) and Aegis Logistics Ltd. (388.90, 2.98%) were trading with volumes 13.2 and 10.3 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

72 stocks took off, crossing 52 week highs, while 2 stocks were underachievers and hit their 52 week lows.

Stocks touching their year highs included - Adani Ports & Special Economic Zone Ltd. (1,218.85, 0.93%), AIA Engineering Ltd. (4,356.40, 6.06%) and Amara Raja Energy & Mobility Ltd. (880.50, -0.96%).

Stocks making new 52 weeks lows included - UPL Ltd. (530.05, -1.42%) and Vedant Fashions Ltd. (982.85, -2.06%).

22 stocks climbed above their 200 day SMA including Astral Ltd. (1,889.20, 3.21%) and Dabur India Ltd. (554.40, 2.74%). 8 stocks slipped below their 200 SMA including Deepak Fertilisers & Petrochemicals Corporation Ltd. (579.75, -6.21%) and Jubilant Foodworks Ltd. (501.90, -3.40%).

 
More from Trendlyne Marketwatch
More from Trendlyne Analysis
Recommended
Five Interesting Stocks Today - May 23, 2025
The Baseline | 23 May 2025, 05:22PM
Market closes higher, BEML's Q4 net profit grows 12% YoY to Rs 287.6 crore
Trendlyne Marketwatch | 23 May 2025, 04:07PM
Markets close higher, Rakesh Jhunjhunwala buys a 2.2% stake in Indiabulls Housing Finance
Trendlyne Marketwatch | 22 Jul 2021, 03:53PM