Trendlyne Marketwatch
Trendlyne Marketwatch
09 Feb 2024
Market closes higher, Alkem Laboratories' Q3FY24 net profit rises by 30.8% YoY to Rs 595 crore
By Trendlyne Analysis

Nifty 50 closed at 21,782.50 (64.6, 0.3%), BSE Sensex closed at 71,595.49 (167.1, 0.2%) while the broader Nifty 500 closed at 19,961.50 (-26.1, -0.1%). Market breadth is overwhelmingly negative. Of the 2,013 stocks traded today, 575 were on the uptick, and 1,414 were down.

Indian indices extended the gains from the afternoon session and closed in the green. The volatility index, Nifty VIX, dropped by 2.4% and closed at 15.5 points. Life Insurance Corp of India’s Q3FY24 net profit grows by 49.1% YoY to Rs 9,444.4 crore. Its net premium income also increases by 4.7% YoY and the value of new business added improves by 14% YoY.

Nifty Midcap 100 and Nifty Smallcap 100 closed lower with the benchmark index closing in the green. Nifty FMCG and Nifty PSU Bank closed higher than Thursday’s closing level. According to Trendlyne’s sector dashboard, forest materials emerged as the top-performing sector of the day, with a rise of over 1%. 

Most European indices trade higher except for France’s CAC 40 trading in the red. US indices futures trade flat, indicating a cautious start. US equity mutual funds saw an $11.7 billion outflow in the past week, as Fed Chair Jerome Powell indicated that markets need to wait further for rate cuts.

  • The Ramco Cements sees a long buildup in its February 29 future series as its open interest rises 46.3% with a put-call ratio of 0.4.

  • Zydus Lifesciences’ board approves the buyback of equity shares worth Rs 6,000 crore or 0.59% of outstanding shares at Rs 1,005 each, implying a premium of around 25%.

  • Alkem Laboratories' Q3FY24 net profit rises by 30.8% YoY to Rs 595 crore on lower inventory and finance expenses. Its revenue increases by 9.3% YoY on growing income from international markets. It appears in a screener of stocks with high TTM EPS growth.

  • VP Nandakumar, MD & CEO of Manappuram Finance, projects non-gold AUM growth to exceed 30%, with overall AUM expected between 18% and 20%. In Q3FY24, gold loans comprised 51.4% of its portfolio. He also notes an improvement in NIMs to 15.4%, expected to be maintained in the coming quarters.

  • Rashi Peripherals' Rs 600 crore IPO gets bids for 26.3X the available 1.4 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 8.2X the available 71.2 lakh shares on offer.

  • Jana Small Finance Bank's Rs 570 crore IPO gets bids for 9.1X the available 1 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 1.6X the available 49.1 lakh shares on offer.

  • Capital Small Finance Bank's Rs 523.1 crore IPO gets bids for 2.1X the available 81.5 lakh shares on offer on the third day of bidding. The retail investor quota gets bids for 2.1X the available 40.9 lakh shares on offer.

  • India’s domestic oil demand rises 8.3% YoY in January to 20 million tonnes. Petrol and diesel consumption increase by 9.6% YoY and 3.5% YoY, respectively, over the same period.

  • Foreign institutional investors withdraw Rs 1,082.7 crore from the equity market over the past week, according to Trendlyne's FII dashboard. Index options witness the highest outflow of Rs 82,584.6 crore from foreign investors. Meanwhile, mutual funds are net buyers in the equity market, injecting Rs 570.8 crore during the same period.

  • MRF falls as its Q3FY24 net profit misses Forecaster estimates by 4.1% despite growing by 191.5% YoY to Rs 509.7 crore, helped by lower raw material costs. Revenue also rises by 9.2% YoY to Rs 6,162.5 crore. It features in a screener of stocks with declining net cash flow.

  • JK Lakshmi Cement rises to an all-time high of Rs 999.9 as its Q3FY24 net profit grows by 88.1% YoY to Rs 143.7 crore. Its revenue increases by 9.1% YoY and EBITDA margin improves by 600 bps YoY due to lower employee benefits and power & fuel expenses.

  • J Kumar Infraprojects' 50% JV with NCC, J Kumar-NCC (JV), bags a Rs 4,548.1 crore order from the Brihanmumbai Municipal Corp (BMC) for constructing a coastal road from Bangur Nagar to Mindspace Malad interchange, including an elevated road.

  • Pramod Patwari, CFO of Balrampur Chini Mills, reports an uptick in cane supply, with distilleries running at full capacity in Q3. He anticipates a potential reduction in ethanol output next quarter but expects a 10-11% revenue increase in FY24. Patwari believes that higher sap costs will be offset by volume growth and improved recovery.

  • Patanjali Foods falls as its Q3FY24 net profit declines by 19.6% YoY to Rs 216.5 crore due to higher inventory, employee benefits, and finance expenses. Its revenue decreases by 0.1% YoY, impacted by the edible oils segment. It appears in a screener of stocks with declining net profit and margins.

  • Max Healthcare hits a new 52-week high of Rs 883.9 as its board announces the acquisition of a 100% stake in Alexis Multi-Specialty Hospital for Rs 412 crore. The deal will strengthen Max Healthcare’s presence in western India.

  • Zomato rises to a new 52-week high of Rs 151.4 as its Q3FY24 net profit grows by 139.8% YoY to Rs 138 crore due to lower employee benefit, finance, and advertisement expenses. Its revenue increases by 65.3% YoY, helped by growing income from the food delivery, hyperpure supplies, and quick commerce segments.

  • Rajendra Gogri, CMD of Aarti Industries, says FY24 performance has been impacted by the global slowdown but raises FY25 EBITDA guidance to Rs 1,450-1,700 crore. He confirms the commissioning of new plants in FY25 is on schedule, expecting sizable export growth in the coming quarters.

  • AstraZeneca Pharma India falls as its profit drops 46.1% YoY to Rs 15.8 crore, while its revenue rises 22.7% YoY. The dip in profit is due to increasing inventory costs. The company appears in a screener for stocks with improving book value per share for the past two years.

  • Life Insurance Corp of India rises to an all-time high of Rs 1,175 as its Q3FY24 net profit grows by 49.1% YoY to Rs 9,444.4 crore. Its net premium income also increases by 4.7% YoY and the value of new business added improves by 14% YoY. It appears in a screener of stocks with strong annual EPS growth.

  • Entero Healthcare Solutions raises Rs 716.4 crore from anchor investors ahead of its IPO by allotting 56.9 lakh shares at Rs 1,258 each. Investors include the Government of Singapore, Smallcal World Fund Inc, Morgan Stanley, Goldman Sachs, Copthall Mauritius, Jupiter India Fund, SBI General Insurance, and Magna Umbrella Fund.

  • Amit Syngle, CEO of Asian Paints says, the industrial paints segment’s contribution to total sales will likely grow to 7-8% from the current 4-5%. He adds that the company will maintain margins in the range of 18-20%. Syngle also expects the company’s revenue to reach Rs 1 lakh crore in the next decade.

  • Rail Vikas Nigam falls sharply as its Q3FY24 net profit declines by 6.2% YoY to Rs 358.6 crore. Its revenue decreases by 6.4% YoY and EBITDA margin contracts by 18 bps on rising employee benefit expenses.

  • Bharat Heavy Electricals bags an order worth Rs 5,500 crore from Haryana Power Generation Corp to set up an 800 MW ultra-supercritical expansion unit at Deen Bandhu Chhotu Ram Thermal Power Plant in Haryana. As per the order, the company will supply the equipment, and set up and commission the plant.

  • Ashish Kacholia buys a 1.7% stake in Megatherm Induction for approx Rs 7.1 crore in a bulk deal on Thursday.

  • Torrent Power falls sharply as its net profit plunges by 47.4% YoY to Rs 359.8 crore in Q3FY24 due to higher electrical energy and fuel costs. Revenue falls by 1.2% YoY, impacted by the power generation segment. It appears in a screener of stocks with declining net cash flow.

Riding High:

Largecap and midcap gainers today include Grasim Industries Ltd. (2,168.50, 5.41%), Zee Entertainment Enterprises Ltd. (203.25, 5.15%) and Vodafone Idea Ltd. (15.50, 4.73%).

Downers:

Largecap and midcap losers today include Power Finance Corporation Ltd. (428.85, -8.47%), General Insurance Corporation of India (405.00, -8.18%) and One97 Communications Ltd. (419.85, -6.00%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Prism Johnson Ltd. (183.00, 7.58%), Welspun Living Ltd. (157.50, 6.49%) and Birla Corporation Ltd. (1,696.15, 6.49%).

Top high volume losers on BSE were AstraZeneca Pharma India Ltd. (5,722.35, -12.90%), Power Finance Corporation Ltd. (428.85, -8.47%) and Ratnamani Metals & Tubes Ltd. (3,187.45, -7.82%).

JK Lakshmi Cement Ltd. (935.95, 2.03%) was trading at 22.6 times of weekly average. The Ramco Cements Ltd. (901.75, -7.45%) and Escorts Kubota Ltd. (2,807.25, -4.28%) were trading with volumes 13.9 and 10.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

38 stocks took off, crossing 52 week highs, while 4 stocks hit their 52 week lows.

Stocks touching their year highs included - ACC Ltd. (2,628.05, 4.67%), Apollo Hospitals Enterprise Ltd. (6,437.35, 3.31%) and Bajaj Holdings & Investment Ltd. (8,608.00, -0.76%).

Stocks making new 52 weeks lows included - UPL Ltd. (457.95, -1.48%) and Vinati Organics Ltd. (1,635.90, -2.27%).

9 stocks climbed above their 200 day SMA including Clean Science & Technology Ltd. (1,405.00, 2.40%) and RHI Magnesita India Ltd. (702.00, 1.83%). 21 stocks slipped below their 200 SMA including The Ramco Cements Ltd. (901.75, -7.45%) and Sundram Fasteners Ltd. (1,128.60, -5.10%).

 
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