Trendlyne Marketwatch
Trendlyne Marketwatch
02 Feb 2024
Market closes higher, Dhanlaxmi Bank's net profit declines by 86% YoY to Rs 3 crore in Q3
By Trendlyne Analysis

Nifty 50 closed at 21,853.80 (156.4, 0.7%), BSE Sensex closed at 72,085.63 (440.3, 0.6%) while the broader Nifty 500 closed at 19,910.80 (133.5, 0.7%). Market breadth is holding steady. Of the 2,017 stocks traded today, 1,001 were gainers and 990 were losers.

Indian indices maintained their gains from the afternoon session and closed in the green. The Indian volatility index, Nifty VIX, rose 1.6% and closed at 14.7 points. Abbott India closed 8.4% higher after its Q3FY24 net profit grew by 26% YoY to Rs 311 crore due to lower raw material and inventory expenses.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, taking cues from the benchmark index. Nifty Metal and Nifty IT closed higher than their Thursday close.  According to Trendlyne’s sector dashboard, Oil & Gas emerged as the top-performing sector of the week, with a rise of 8.9%.

Major Asian indices closed in the green, except for China’s Shanghai Composite and Hong Kong’s Hang Seng closing lower. European indices traded in the green amid positive global cues. US index futures traded higher, indicating a positive start to the trading session. Brent crude oil futures traded higher after closing over 2% lower for two consecutive trading sessions.

  • Relative strength index (RSI) indicates that stocks like Infibeam Avenues, NBCC (India), Elgi Equipments and EIH are in the overbought zone.

  • Dhanlaxmi Bank falls sharply as its net profit declines by 86% YoY to Rs 3 crore in Q3FY24 due to higher interest and employee benefit expenses. Revenue grows by 11.4% YoY, owing to gains in the retail and corporate banking segments. However, the bank's asset quality improves as its gross and net NPAs expand by 102 bps and 55 bps YoY, respectively.

  • TVS Motor rises as its monthly wholesales grow by 23% YoY to 3.4 lakh units, driven by motorcycles and electric vehicles. The company's export sales also increase by 22% YoY. It appears in a screener of stocks with increasing quarterly revenue.

  • Rashi Peripherals, a national distribution partner for global tech brands, sets its IPO price band at Rs 295-311 per share. The issue, valued at Rs 600 crore, is completely a fresh issue and opens on February 7.

  • Torrent Pharmaceuticals' Q3FY24 net profit rises 51.7% YoY to Rs 443 crore, with total revenue up 8.8% YoY. The board approves a dividend of Rs 22 per equity share, expected to be paid on or around February 23, 2024. The company appears in a screener for stocks with increasing profits over the past three quarters.

  • Kaveri Seed falls as its Q3FY24 net profit falls by 71% YoY to Rs 11.1 crore due to an increase in the cost of raw materials. Its revenue falls by 1% YoY to Rs 142.6 crore, while EBITA margin declines 301 bps to 6.8%.

  • Aegis Logistics' Q3FY24 net profit grows by 3.8% YoY to Rs 130.1 crore due to lower inventory expenses. However, its revenue decreases by 10.2% YoY on the back of falling liquid and gas terminal divisions. The company appears in a screener of stocks with high TTM EPS growth.

  • Oil and gas stocks like Bharat Petroleum Corp, Indian Oil Corp, Hindustan Petroleum Corp and Oil & Natural Gas Corp surge more than 3% in trade. All constituents of the broader BSE Oil & Gas index are also trading in the the green, helping it to touch its all-time high of 26,912.8.

  • Himanshu Mody, CFO of Suzlon Energy, anticipates improved order execution in Q4FY24, expecting FY24's execution to align with FY23 levels. He adds that the company’s order book stands at 3.2 GW and will be executed by FY26.

  • Abbott India rises to an all-time high of Rs 515.9 as its Q3FY24 net profit grows by 26% YoY to Rs 311 crore due to lower raw material and inventory expenses. Its revenue increases by 8.7% YoY. The company appears in a screener of stocks with growing net profit and margins.

  • Devyani International's Q3FY24 net profit falls 86.6% YoY to Rs 96.2 crore while revenue rises 6.2% YoY. The decline in profit is attributed to increased employee benefits, depreciation and amortisation, and tax expenses. The company appears in a screener for stocks with growing costs for long-term projects.

  • Foreign institutional investors withdraw Rs 6,079 crore from the equity market over the past week, according to Trendlyne's FII dashboard. Index options witness the highest outflow of Rs 1.8 lakh crore from foreign investors. Meanwhile, mutual funds are net buyers in the equity market, injecting Rs 4,120.9 crore during the same period.

  • Castrol India hits a new 52-week high of Rs 208.2 as its Q3FY24 revenue rises 7.6% YoY to Rs 1,286.3 crore. Its net profit grows by 25.2% YoY to Rs 241.9 crore due to lower inventory expenses. The firm also approves a dividend of Rs 4.5 per share.

  • Aadhar Housing Finance refiles its draft initial share offering documents with SEBI, intending to raise Rs 5,000 crore this year. As per the DRHP, the offer includes a fresh issue of shares of up to Rs 1,000 crore and an offer-for-sale of up to Rs 4,000 crore.

  • Hero MotoCorp rises to an all-time high of Rs 4,740 as its monthly wholesales increase by 22% YoY to 4,33,598 units, driven by motorcycles and domestic business. The company appears in a screener of stocks with increasing quarterly revenue.

  • Mahindra Holidays & Resorts India announces the resignation of MD and CEO Kavinder Singh, effective May 16, 2024. Following his departure, Manoj Bhat will assume the roles of MD and CEO.

  • PB Fintech (Policybazaar) is falling as reports suggest that 36 lakh shares (0.8% equity), amounting to Rs 354.6 crore, change hands in two large trades.

  • Rites plunges sharply as its net profit declines by 14.2% YoY to Rs 120.1 crore in Q3FY24 due to higher employee benefit, travel and supplies & services expenses. Revenue rises marginally by 0.8% YoY, owing to improvement in domestic consultancy and turnkey construction projects. It features in a screener of stocks where mutual funds have reduced their shareholding in the past quarter.

  • Indian Hotels Company rises to an all-time high of Rs 515.9 as its Q3FY24 net profit grows by 18.1% YoY to Rs 452 crore. Its revenue increases by 16.5% YoY, helped by growth in management fees, and international and domestic businesses. The company's EBITDA margin improves by 186 bps YoY due to lower finance expenses.

  • Gokaldas Exports is rising as it acquires a 100% stake in Matrix Clothing for Rs 489 crore. The firm has paid Rs 247.5 crore of this by allotting its preference shares in a share swap.

  • Ashish Kataria, Director of Ashoka Buildcon, projects a 30% revenue growth for FY24 and anticipates order inflows of Rs 8,000-9,000 crore in the upcoming term. He points to a robust bidding pipeline and mentions the company's current order book at Rs 15,000 crore, with recent additions in the power and bridges segments.

  • GMM Pfaudler falls as its EBITDA margin falls by 168 bps YoY due to higher inventory and employee benefit expenses. However, its net profit rises by 69.5% YoY to Rs 31.7 crore and revenue increases by 8% YoY, helped by growth in the systems and services segments.

  • Mahanagar Gas rises as it acquires a 100% stake in Unison Enviro for a cash consideration of Rs 562.1 crore.

  • Coforge's Chief Executive Officer Sudhir Singh sells a 0.3% stake in the company on Thursday. He now holds 0.5%.

  • MphasiS' Q3FY24 net profit falls 4.7% QoQ to Rs 373.6 crore due to rising employee benefits and finance costs. Revenue grows by 1.9% QoQ to Rs 3,337.9 crore, helped by the banking & financial services, logistics & transportation and insurance segments. It appears in a screener of stocks with declining net profit for the past four quarters.

Riding High:

Largecap and midcap gainers today include NHPC Ltd. (100.65, 10.12%), Bharat Petroleum Corporation Ltd. (558.35, 9.81%) and Indian Oil Corporation Ltd. (162.90, 8.78%).

Downers:

Largecap and midcap losers today include One97 Communications Ltd. (487.20, -20.00%), Bayer Cropscience Ltd. (5,788.65, -4.59%) and Max Healthcare Institute Ltd. (766.40, -4.57%).

Volume Shockers

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

Top high volume gainers on BSE included Engineers India Ltd. (261.35, 10.32%), Indian Oil Corporation Ltd. (162.90, 8.78%) and Abbott India Ltd. (28,064.30, 8.41%).

Top high volume losers on BSE were One97 Communications Ltd. (487.20, -20.00%), Bikaji Foods International Ltd. (547.55, -6.27%) and Bayer Cropscience Ltd. (5,788.65, -4.59%).

Mahindra Holidays & Resorts India Ltd. (418.65, 3.27%) was trading at 8.2 times of weekly average. Jubilant Pharmova Ltd. (592.25, 2.71%) and GMM Pfaudler Ltd. (1,512.30, -2.78%) were trading with volumes 8.0 and 6.7 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

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

Stocks touching their year highs included - Abbott India Ltd. (28,064.30, 8.41%), Adani Ports & Special Economic Zone Ltd. (1,261.45, 3.50%) and Amara Raja Energy & Mobility Ltd. (895.30, 1.70%).

Stocks making new 52 weeks lows included - One97 Communications Ltd. (487.20, -20.00%) and Vedant Fashions Ltd. (961.65, -2.06%).

10 stocks climbed above their 200 day SMA including Aditya Birla Capital Ltd. (180.35, 8.09%) and Shree Renuka Sugars Ltd. (49.70, 5.52%). 10 stocks slipped below their 200 SMA including Praj Industries Ltd. (477.25, -3.94%) and Galaxy Surfactants Ltd. (2,622.65, -3.28%).

 
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