Trendlyne Marketwatch
Trendlyne Marketwatch
06 Feb 2024
Market closes higher, Welspun Corp's net profit rises by 12.6x YoY to Rs 291.9 crore in Q3
By Trendlyne Analysis

Nifty 50 closed at 21,929.40 (157.7, 0.7%), BSE Sensex closed at 72,186.09 (454.7, 0.6%) while the broader Nifty 500 closed at 20,033.75 (180.3, 0.9%), of the 2,024 stocks traded today, 1,272 were on the uptick, and 726 were down.

Indian indices maintained their gains from the afternoon session and closed in the green. The Indian volatility index, Nifty VIX, rose 1.1% and closed at 15.8 points. Triveni Turbine closed sharply higher as its revenue rose by 32.5% YoY to Rs 431.7 crore due to a 26% YoY increase in its order book to Rs 531 crore in Q3. Its net profit improved by 29.8% YoY to Rs 68 crore.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, taking cues from the benchmark index. Nifty IT and Nifty Infra closed higher than their Monday close. According to Trendlyne’s sector dashboard, Telecommunications Equipment emerged as the top-performing sector of the day, with a rise of 3.3%.

Major Asian indices closed higher, except for Japan’s Nikkei 225 index closing lower. Most European indices traded in the green following the Asian indices. US index futures traded flat, indicating a cautious start to the trading session. Brent crude oil futures traded flat after closing in the green on a volatile day of trade on Monday.

  • Steel Authority of India (SAIL) sees a long buildup in its February 29 future series as its open interest rises 18.1% with a put-call ratio of 0.6.

  • Welspun Corp's Q3FY24 net profit rises 12.6x YoY to Rs 291.9 crore. Its revenue grows by 97.7% YoY, helped by rising income from steel and plastic products segments. It appears in a screener of stocks with growing net profit and margins.

  • Capital Small Finance Bank is set to open for IPO subscription tomorrow. The price band for the issue is Rs 445-468 per share. The issue size is Rs 523.1 crore, with a fresh issue of Rs 450 crore and an offer for sale of Rs 73.1 crore. Jana Small Finance Bank and Rashi Peripherals are also set to launch their IPOs tomorrow.

  • Chambal Fertilisers & Chemicals' Q3FY24 profit rises 41.8% YoY to Rs 459.4 crore despite a 46.6% YoY fall in revenue. Profit rises on the back of decreased inventory and raw material expenses. The company appears in a screener for stocks with improving book value per share for the past two years.

  • Software and services stocks like Tata Consultancy Services, Infosys, HCL Technologies and Wipro surge more than 2% in trade. The broader Nifty IT index is also trading over 2.5% up, helping it touch a new 52-week high of 38,286.

  • Apeejay Surrendra Park Hotels' Rs 970.6 crore IPO gets bids for 4.4X the available 3.5 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 10.7X the available 61.9 lakh shares on offer.

  • Triveni Turbine surges as its revenue rises by 32.5% YoY to Rs 431.7 crore due to a 26% YoY increase in its order book to Rs 531 crore in Q3. Its net profit improves by 29.8% YoY to Rs 68 crore.

  • PNC Infratech rises as its Q3FY24 net profit grows by 32.4% YoY to Rs 185 crore due to lower employee benefit expenses. Its revenue increases by 13.5% YoY on better income from the water and toll/annuity segments. It appears in a screener of stocks nearing their 52-week high with significant volumes.

  • Petronet LNG is reportedly anticipated to sign a long-term contract with Qatar for the supply of 7.5 million tonnes of LNG to India annually for at least 10 years. Petronet currently has a long-term gas contract with Qatar, that is set to expire in 2028. The move aims to increase the share of natural gas contribution to India's energy mix from 6% to 15% by 2030.

  • PB Fintech falls sharply as the Income Tax (IT) Department reportedly conducts an IT survey at its subsidiary, Paisabazaar Marketing and Consulting, due to regulatory lapses and KYC norm violations.

  • Suven Pharmaceuticals plunges as its Q3 revenue declines 37.9% YoY to Rs 219.8 crore due to weak demand in the specialty chemicals segment amid global supply chain destocking. Its net profit falls by 56.6% YoY to Rs 46.5 crore.

  • SP Apparels rises sharply as it signs an agreement worth Rs 223 crore to acquire Young Brand Apparel, a subsidiary of Bannari Amman Spinning Mills.

  • Anuj Jain, MD & CEO of Kansai Nerolac Paints, forecasts an 8-10% volume growth in FY25 with sustainable margins of around 14%. He highlights double-digit volume growth in Q3FY24, driven by the festive season. Jain also notes the company's market dominance with over 50% share in the auto segment and approximately 9-10% in the decorative segment.

  • HDFC Bank receives RBI approval to acquire up to 9.5% stake each in Axis Bank, Suryoday Small Finance Bank, ICICI Bank, Bandhan Bank, Yes Bank and IndusInd Bank.

  • L&T rises as it wins a Rs 2,500-5,000 crore order from the public works roads department of Assam to construct a 12.2 km cable bridge across the Brahmaputra river.

  • Jio Financial Services falls sharply as it denies rumours about negotiating to acquire One97 Communications' Paytm wallet. Reports suggest that HDFC Bank is a leading contender for the potential acquisition.

  • Deepak Khetrapal, MD and CEO of Orient Cement, says the company’s volumes will likely reach 6.2 million tonnes in FY24, compared to its guidance of 6.3-6.5 million tonnes. He also highlights that its margins will improve as prices stabilise.

  • Indian Energy Exchange rises as its total volume increases by 26.1% YoY to 10,893 million units in January 2024. According to government data, the country's energy consumption has surged by 6% YoY to 133.8 billion units.

  • BLS E-Services’ shares debut on the bourses at a 125.9% premium to the issue price of Rs 135. The Rs 310.9 crore IPO has received bids for 162.5 times the total shares on offer.

  • GE T&D rises to an all-time high of Rs 736.1 as its Q3FY24 net profit grows 10.4x YoY to Rs 49.4 crore. Its revenue increases by 8.4% YoY, helped by higher income from the products, projects and systems segments. Its EBITDA margin also improves by 560 bps YoY due to lower inventory expenses.

  • HDFC Life Insurance Co is rising as reports suggest that 22 lakh shares (0.1% equity), amounting to approximately Rs 127.8 crore, change hands in a large trade.

  • Tata Chemicals' net profit declines by 60.3% YoY to Rs 158 crore in Q3FY24. Revenue falls by 10% YoY due to lower sales, rising inflation and plant shutdown in the US. Its EBITDA margin contracts by 700 bps YoY on the back of higher freight & forwarding and finance costs. The company features in a screener of stocks with declining net cash flow.

  • Zydus Lifesciences rises after announcing that its board will meet on Friday to consider a proposal to buy back fully paid-up equity shares of the company.

  • Bharti Airtel rises as its Q3FY24 profit grows by 53.8% YoY to Rs 2,442.2 crore due to lower forex expenses. Its revenue improves by 6.3% YoY, helped by increasing income from India, Africa, Airtel business, and home services. It appears in a screener of stocks with strong momentum.

  • Ashok Leyland's net profit surges by 75.6% YoY to Rs 560.2 crore in Q3FY24. Revenue grows by 6.7% YoY on the back of improvement in the commercial vehicle and financial services segments. Its EBITDA margin also expands by 475 bps, owing to reduced cost of raw materials. The company appears in a screener of stocks with growth in net profit and profit margin (YoY).

Riding High:

Largecap and midcap gainers today include YES Bank Ltd. (25.40, 11.40%), Indian Overseas Bank (67.55, 7.82%) and Steel Authority of India (SAIL) Ltd. (145.50, 7.54%).

Downers:

Largecap and midcap losers today include PB Fintech Ltd. (909.20, -5.75%), Bank of India (133.70, -3.54%) and Indian Bank (542.45, -3.17%).

Movers and Shakers

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

Top high volume gainers on BSE included Triveni Turbine Ltd. (424.80, 20.00%), Jindal Worldwide Ltd. (346.05, 18.59%) and YES Bank Ltd. (25.40, 11.40%).

Top high volume losers on BSE were Prince Pipes & Fittings Ltd. (673.55, -6.96%), Suven Pharmaceuticals Ltd. (618.45, -5.31%) and Blue Dart Express Ltd. (6132.30, -3.26%).

Akzo Nobel India Ltd. (2,931.95, 7.35%) was trading at 13.4 times of weekly average. One97 Communications Ltd. (451.15, 2.88%) and Ipca Laboratories Ltd. (1,199.15, 5.71%) were trading with volumes 13.4 and 10.5 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

78 stocks overperformed with 52-week highs, while 5 stocks hit their 52-week lows.

Stocks touching their year highs included - Abbott India Ltd. (28,345.00, 0.98%), Akzo Nobel India Ltd. (2,931.95, 7.35%) and Apollo Tyres Ltd. (553.00, 1.37%).

Stocks making new 52 weeks lows included - UPL Ltd. (481.85, 1.66%) and Vinati Organics Ltd. (1,679.60, -0.62%).

12 stocks climbed above their 200 day SMA including Triveni Turbine Ltd. (424.80, 20.00%) and Jindal Worldwide Ltd. (346.05, 18.59%). 9 stocks slipped below their 200 SMA including Prince Pipes & Fittings Ltd. (673.55, -6.96%) and Crompton Greaves Consumer Electricals Ltd. (288.45, -4.52%).

 
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