Trendlyne Marketwatch
Trendlyne Marketwatch
12 Feb 2024
Market closes lower, NHPC's Q3FY24 net profit declines by 26.8% YoY to Rs 491.9 crore
By Trendlyne Analysis

Nifty 50 closed at 21,616.05 (-166.5, -0.8%), BSE Sensex closed at 71,072.4900 (-523, -0.7%) while the broader Nifty 500 closed at 19,675.20 (-286.3, -1.4%). Market breadth is moving down. Of the 2,044 stocks traded today, 323 were gainers and 1,701 were losers.

Indian indices closed in the red after opening marginally higher on a volatile day of trade. The Indian volatility index, Nifty VIX, rose 4% and closed at 16.1 points. Zydus Lifesciences rose 6.4% as its board approved a buyback of 59.7 lakh shares for Rs 1,005 each, capping the total buyback amount at Rs 600 crore. 

Nifty Smallcap 100 and Nifty Midcap 100 closed sharply lower, underperforming the benchmark index. Nifty Metal and Nifty Media closed lower than their Friday close. According to Trendlyne’s industry dashboard, Auto Tyres & Rubber Products emerged as the top-performing industry of the day, with a rise of 1.7%.

Major European indices trade in the green except for England’s FTSE 100 trading flat. Asian indices closed mixed with a majority of Asian markets closed for the Chinese New Year. US index futures traded flat, indicating a cautious start to the trading session. Brent crude oil futures traded lower after rising for five consecutive trading sessions.

  • Relative strength index (RSI) indicates that stocks like Cummins India, Life Insurance Corp of India, EIH and Multi Commodity Exchange of India are in the overbought zone.

  • PSU bank stocks like Central Bank of India, Indian Overseas Bank, Punjab & Sind Bank and Bank of Maharashtra plunge more than 9% in trade. All constituents of the broader Nifty PSU Bank index are also trading in the red, causing it to fall more than 4%.

  • NHPC falls sharply as its Q3FY24 net profit declines by 26.8% YoY to Rs 491.9 crore due to higher generation, and employee benefit expenses. Its revenue also decreases by 20.4% YoY on lower income from the electricity generation segment. The company appears in a screener of stocks with declining net cash flow.

  • Zydus Lifesciences rises to an all-time high of Rs 863.4 as its board approves a buyback of 59.7 lakh shares for Rs 1,005 each, capping the total buyback amount at Rs 600 crore. The company appears in a screener of stocks with high TTM EPS growth.

  • Ramanpreet Sohi, CFO of Honasa Consumer, reports business value growth in double-digits and volume growth in teens in Q3. He expects a margin expansion of roughly 100-150 basis points from the current levels. The company's Q3FY24 net profit falls by 12% QoQ to Rs 25.9 crore, while its revenue falls by 0.8% QoQ.

  • Hindustan Aeronautics' Q3FY24 net profit rises by 9.2% YoY to Rs 1,261.5 crore. Its revenue increases by 7% YoY and its EBITDA margin improves by 629 bps YoY due to lower finance, inventory, provisions, and impairment expenses. The company appears in a screener of stocks nearing 52-week high with significant volumes.

  • Entero Healthcare Solutions' Rs 1,600 crore IPO gets bids for 0.2X the available 71.5 lakh shares on offer on the first day of bidding. The retail investor quota gets bids for 0.8X the available 13.1 lakh shares on offer.

  • SBI Securities keeps its 'Accumulate' rating on Star Cement with an upgraded target price of Rs 240. This indicates a potential upside of 13.8%. The brokerage remains confident owing to the firm's established track record in the rapidly growing cement markets of North-East and East India. It expects the company's revenue to grow at a CAGR of 13% over FY23-26.

  • Hemant Jalan, CMD of Indigo Paints, projects revenue targets of Rs 1,300-1,400 crore for FY24 and Rs 2,000 crore for FY25. He forecasts an improvement in EBITDA margins by 100-150 basis points, focusing on expansion into Tier 1 and 2 cities.

  • Cera Sanitaryware falls sharply as its Q3FY24 net profit declines by 9.4% YoY to Rs 51.5 crore. Its revenue also decreases by 4.1% YoY and its EBITDA margin drops by 360 bps YoY on higher raw material, employee benefits, and finance expenses. The company appears in a screener of stocks with declining net cash flow.

  • Anupam Rasayan India falls sharply as its Q3FY24 net profit declines by 57.1% YoY to Rs 18.4 crore. Its revenue also decreases by 23.4% YoY on lower income from specialty chemicals segment. Its EBITDA margin contracts by 158 bps YoY due to higher raw material and finance expenses. The company appears in a screener of stocks with declining net profit and margins.

  • Amber Enterprises falls sharply as it reports a net loss of Rs 0.5 crore in Q3FY24 as compared to a net profit of Rs 14.2 crore in Q3FY23. The fall in net profit is due to higher raw material, inventory, employee benefits, and finance expenses. Its revenue decreases by 4.2% YoY.

  • SpiceJet is falling in trade following reports of plans to lay off around 1,400 employees (which constitutes around 15% of its total workforce) to reduce costs. The airline currently has around 9,000-9,500 employees.

  • Shares of Apeejay Surrendra Park Hotel debut on the bourses at a 20% premium to the issue price of Rs 155. The Rs 970.6 crore IPO has received bids for 59.7 times the total shares on offer.

  • Oil and Natural Gas Corp falls as its Q3FY24 net profit decreases by 9.9% YoY to Rs 10,356.4 crore on higher inventory, employee benefits, exploratory wells, and finance expenses. Its revenue declines by 0.8% YoY due to lower income from offshore exploration and onshore exploration, and refining & marketing segments.

  • Bandhan Bank falls as its Q3FY24 net profit misses estimates by 9.2% despite growing by 152.1% YoY to Rs 732.7 crore. Net interest income increases by 21% YoY, helped by the treasury, retail banking and wholesale banking segments. Its asset quality declines as net NPA margin rises by 35 bps YoY.

  • Nuvama Research predicts that the domestic market may see FPI inflows of around $1 billion in the MSCI February review. India's participation in the MSCI EM Index, currently at 17.8%, is expected to exceed 18.5% post-rejig. According to the brokerage, Jindal Stainless, NMDC, and Oberoi Realty, among others, are likely to be included in the index.

  • Easy Trip Planners ventures into the hospitality sector, with its board approving a joint venture, Jeewani Hospitality, to establish a 5-star hotel in Ayodhya. The company commits a Rs 100 crore investment in the JV.

  • SJVN falls sharply as its Q3FY24 net profit decreases by 51.6% YoY to Rs 139 crore. Its revenue declines by 1.6% YoY and EBITDA margin contracts by 112 bps YoY on higher electricity trading and finance expenses. It appears in a screener of stocks with declining RoA for the past two years.

  • Gensol Engineering is surging as its consortium with Matrix Gas & Renewables bags a PLI bid to manufacture an electrolyser plant with a 63 MW per annum capacity under the Sustainable Hydrogen Innovation & Green Hydrogen Technologies (SIGHT) programme.

  • Bharat Madan, CFO of Escorts Kubota, indicates a muted Q4 performance owing to the festive season moving to April. He notes a downturn in overseas volumes, projecting a recovery by Q2FY25. Madan also forecasts a 20-25% growth in exports for FY25.

  • Tata Power Company falls as its Q3FY24 net profit, up by 0.8% YoY to Rs 953 crore, misses estimates by 3.5%. Revenue increases by 6.2% YoY, helped by the renewables and transmission & distribution segments.

  • Minda Corp rises sharply as it bags an order to supply smart key systems to a leading Japanese two-wheeler original equipment manufacturer. These systems will be manufactured at its subsidiary, Spark Minda's plant in Pune.

  • Promoters of Mankind Pharma, Arjun Juneja, Puja Juneja and Sheetal Arora, sell 0.6%, 0.6% and 0.5% stakes in the company, respectively, in a block deal on Friday.

  • Hero MotoCorp's net profit surges by 50.6% YoY to Rs 1,093.4 crore in Q3FY24. Revenue grows by 20.6% YoY to Rs 9,787.9 crore, helped by improved two-wheeler sales and a hike in its prices. It appears in a screener of stocks where mutual funds have increased their shareholding in the past quarter.

Riding High:

Largecap and midcap gainers today include Zydus Lifesciences Ltd. (856.65, 6.41%), MRF Ltd. (1,43,802.75, 4.90%) and Astral Ltd. (1,938.40, 4.64%).

Downers:

Largecap and midcap losers today include NHPC Ltd. (81.00, -15.84%), General Insurance Corporation of India (346.60, -14.42%) and Bharat Forge Ltd. (1,130.95, -13.93%).

Volume Rockets

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

Top high volume gainers on BSE included Jubilant Ingrevia Ltd. (483.20, 12.11%), Godfrey Phillips India Ltd. (2,581.80, 8.73%) and Star Cement Ltd. (208.35, 6.74%).

Top high volume losers on BSE were Bharat Forge Ltd. (1,130.95, -13.93%), Amber Enterprises India Ltd. (3,696.60, -11.09%) and Anupam Rasayan India Ltd. (830.45, -9.98%).

BASF India Ltd. (3,392.85, 5.59%) was trading at 8.2 times of weekly average. Global Health Ltd. (1,346.50, 6.07%) and Cera Sanitaryware Ltd. (7,706.00, -4.14%) were trading with volumes 5.4 and 5.3 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

32 stocks took off, crossing 52 week highs, while 5 stocks tanked below their 52 week lows.

Stocks touching their year highs included - ACC Ltd. (2,636.35, 0.32%), Ambuja Cements Ltd. (563.50, -2.20%) and Apollo Hospitals Enterprise Ltd. (6,614.45, 2.75%).

Stocks making new 52 weeks lows included - Deepak Fertilisers & Petrochemicals Corporation Ltd. (500.05, -2.96%) and Vinati Organics Ltd. (1,613.40, -1.38%).

10 stocks climbed above their 200 day SMA including Jubilant Ingrevia Ltd. (483.20, 12.11%) and Jindal Worldwide Ltd. (343.20, 5.99%). 16 stocks slipped below their 200 SMA including Shree Renuka Sugars Ltd. (46.10, -6.77%) and Asahi India Glass Ltd. (520.30, -4.82%).

 
More from Trendlyne Marketwatch
More from Trendlyne Analysis
Recommended
Market closes lower, Strides Pharma's Q4 net profit surges 5x YoY to Rs 113 crore
Trendlyne Marketwatch | 22 May 2025, 03:59PM
From grid to gains: Transformer makers electrify the market
The Baseline | 21 May 2025, 10:23AM
Markets close higher, Rakesh Jhunjhunwala buys a 2.2% stake in Indiabulls Housing Finance
Trendlyne Marketwatch | 22 Jul 2021, 03:53PM