Trendlyne Marketwatch
Trendlyne Marketwatch
07 Feb 2024
Market closes flat, Trent's net profit rises 124.2% YoY to Rs 374.4 crore in Q3
By Trendlyne Analysis

Nifty 50 closed at 21,930.50 (1.1, 0.0%), BSE Sensex closed at 72,210.22 (24.1, 0.0%) while the broader Nifty 500 closed at 20,109.55 (75.8, 0.4%), of the 2,026 stocks traded today, 1,129 were gainers and 863 were losers.

Indian indices recovered from the day’s low and closed flat. The volatility index, Nifty VIX, dropped by 1.8% and closed at 15.5 points. Brigade Enterprises Q3FY24 net profit grows by 29.2% YoY to Rs 73.5 crore due to lower sub-contractor and inventory expenses. Its revenue increased by 40.7% YoY, helped by rising income from the real estate, hospitality and leasing segments.

Nifty Smallcap 100 and Nifty Midcap 100 closed higher with the benchmark index closing flat. Nifty Media and Nifty PSU Bank closed higher than Tuesday’s closing level. According to Trendlyne’s sector dashboard, retailing emerged as the top-performing sector of the day, with a rise of over 5%.

Most European indices trade flat except for Italy’s FTSE MIB trading in the green. US indices futures trade flat, indicating a cautious start. German industrial production in December contracted by 1.6% MoM against estimates of a 0.4% decline.

  • Relative strength index (RSI) indicates that stocks like Indian Overseas Bank, EIH, Indian Oil Corp and Bharat Petroleum Corp are in the overbought zone.

  • Sanghvi Movers rises sharply to an all-time high of Rs 1,017.9 as its Q3FY24 net profit grows by 76.1% YoY to Rs 61.3 crore. Its revenue increases by 34.1% YoY and EBITDA margin expands by 640 bps YoY due to lower employee benefit expenses.

  • Trent rises sharply to an all-time high of Rs 3,438 as its Q3FY24 net profit grows by 124.2% YoY to Rs 374.4 crore. Its revenue increases by 50.5% YoY, helped by Star business, beauty & personal care, and clothing segments. It appears in a screener of stocks with improving book value per share.

  • HDFC Securities maintains its 'Buy' rating on HG Infra Engineering with an upgraded target price of Rs 1,338. This indicates a potential upside of 42.7%. The brokerage believes that the pick-up in project execution and a healthy balance sheet will drive the company's growth, projecting a 14.5% revenue CAGR for FY23-26.

  • Rashi Peripherals' Rs 600 crore IPO gets bids for 0.6X the available 1.4 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 0.9X the available 71.2 lakh shares on offer.

  • Jana Small Finance Bank's Rs 570 crore IPO gets bids for 0.5X the available 1 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 0.9X the available 49.1 lakh shares on offer.

  • Dhanuka Agritech signs a 'Letter of Intent' with Spain's Kimitec, forming a joint venture focused on the research and promotion of biological products to enhance crop health.

  • Capital Small Finance Bank's Rs 523.1 crore IPO gets bids for 0.3X the available 81.5 lakh shares on offer on the first day of bidding. The retail investor quota gets bids for 0.5X the available 40.9 lakh shares on offer.

  • Apeejay Surrendra Park Hotels' Rs 970.6 crore IPO gets bids for 20.4X the available 3.5 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 23.3X the available 61.9 lakh shares on offer.

  • TRF rises sharply to hit a new 52-week high of Rs 327.7 following its board's decision to cancel the merger with Tata Steel, citing business improvement since the 2022 merger agreement.

  • Reports suggest that 3.6 crore shares (1.3% equity) of Indus Towers, amounting to Rs 770 crore, change hands in a large trade.

  • Brigade Enterprises rises to an all-time high of Rs 1,108 as its Q3FY24 net profit grows by 29.2% YoY to Rs 73.5 crore due to lower sub-contractor and inventory expenses. Its revenue increases by 40.7% YoY, helped by rising income from the real estate, hospitality and leasing segments.

  • Intellect Design Arena hits a new 52-week high of Rs 994.9 as it bags an order from Turkey’s VakifBank International to transform its banking operations. This marks Intellect's second European banking transformation deal in the past month.

  • V-Mart Retail rises as its Q3FY24 net profit grows by 41.4% YoY to Rs 28.2 crore due to lower inventory expenses. Its revenue increases by 16% YoY, helped by growing income from retail trade and digital marketplace businesses. It appears in a screener of stocks with growing net profit and margins.

  • TT Jagannathan, Chairman of TTK Prestige, notes a demand decline due to shifts in discretionary spending, describing it as cyclical with expectations of a Q4 recovery. He foresees high single-digit revenue growth and margins of about 15% in FY25.

  • Jyoti Structures rises as it wins a contract worth Rs 290 crore from Torrent PowerGrid to develop a multi-circuit transmission line in Gujarat.

  • Tata Steel completes the amalgamation of Tata Steel Mining, Tata Steel Long Products, S&T Mining Company, The Tinplate Company of India, and Tata Metaliks into its operations, streamlining its business portfolio.

  • JB Chemicals & Pharmaceuticals surges to its all-time high of Rs 1,940 as its net profit grows by 25.9% YoY to Rs 133.6 crore in Q3FY24. Revenue rises by 6.5% YoY, helped by improvement in the domestic formulations segment. It features in a screener of stocks with rising FII holding.

  • Reports suggest that 10 lakh shares (0.3% equity) of SRF, amounting to Rs 227.3 crore, change hands in a large trade.

  • L&T bags three power transmission and distribution orders worth Rs 2,500-5,000 crore in India and the Middle East. These contracts include building a 75MW floating solar plant in Jharkhand's Panchet dam, a 380kV substation in Saudi Arabia, and executing voltage conversion orders in Kuwait.

  • Suraj Estate Developers rises following the announcement of its luxury residential project 'Suraj Lumina' in Mumbai with an estimated gross development value of Rs 100 crore. The project, featuring 35 units across 22,376 sq ft, is slated for completion by 2028.

  • Berger Paints (India)'s Q3FY24 net profit rises by 49.1% YoY to Rs 299.6 crore. Its revenue increases by 7.3% YoY and EBITDA margin improves by 367 bps YoY on lower raw material, inventory and finance expenses. It appears in a screener of stocks with growing net profit and margins.

  • Anuj Kathuria, President of JK Tyre & Industries, notes a slowdown in the agricultural sector. He also expects muted demand in the MHCV (medium and heavy commercial vehicles) segment in Q4. However, Kathuria believes that sales in the 2W and 3W segments will improve in Q4.

  • Godawari Power & Ispat rises sharply following the Ministry of Environment's approval to expand its iron ore pelletisation capacity from 2.7 MTPA to 4.7 MPTA in Chhattisgarh. The company expects the expansion to be completed by Q1FY26.

  • MN Ventures sells a 0.5% stake in HFCL for approx Rs 73.5 crore in a bulk deal on Tuesday.

  • FSN E-Commerce Ventures (Nykaa) rises as its Q3FY24 net profit grows by 97.7% YoY to Rs 16.2 crore on lower inventory expenses. Its revenue increases by 22.3% YoY, helped by the beauty & personal care and fashion segments. The company's board has approved an investment of Rs 150 crore via rights issue.

  • Britannia Industries' Q3FY24 net profit falls by 40.3% YoY to Rs 556.4 crore due to higher raw material, inventory and employee benefit expenses. However, its revenue improves by 1.4% YoY on rising income from rural and international businesses.

Riding High:

Largecap and midcap gainers today include Trent Ltd. (3,607.50, 18.86%), Indian Overseas Bank (79.65, 17.91%) and YES Bank Ltd. (29.80, 17.32%).

Downers:

Largecap and midcap losers today include Endurance Technologies Ltd. (1,983.25, -6.24%), Kansai Nerolac Paints Ltd. (318.90, -4.46%) and Gland Pharma Ltd. (2,049.00, -4.27%).

Volume Shockers

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

Top high volume gainers on BSE included EIH Ltd. (425.00, 19.57%), Trent Ltd. (3,607.50, 18.86%) and YES Bank Ltd. (29.80, 17.32%).

Top high volume losers on BSE were Navin Fluorine International Ltd. (3,093.20, -5.16%), Indian Energy Exchange Ltd. (145.10, -5.07%) and Prince Pipes & Fittings Ltd. (646.45, -4.02%).

J B Chemicals & Pharmaceuticals Ltd. (1,799.95, 4.33%) was trading at 24.4 times of weekly average. V-Mart Retail Ltd. (2,120.70, 0.94%) and Delta Corp Ltd. (151.60, 10.94%) were trading with volumes 19.7 and 14.3 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

79 stocks took off, crossing 52 week highs, while 1 stock hit their 52 week lows.

Stocks touching their year highs included - Abbott India Ltd. (28,740.00, 1.49%), Apollo Tyres Ltd. (552.20, -0.14%) and Bajaj Holdings & Investment Ltd. (8,611.85, 1.89%).

Stock making new 52 weeks lows included - Navin Fluorine International Ltd. (3,093.20, -5.16%).

16 stocks climbed above their 200 day SMA including Triveni Turbine Ltd. (469.60, 10.55%) and Pidilite Industries Ltd. (2,695.85, 3.11%). 6 stocks slipped below their 200 SMA including Prince Pipes & Fittings Ltd. (646.45, -4.02%) and Timken India Ltd. (3,072.50, -3.96%).

 
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