Trendlyne Marketwatch
Trendlyne Marketwatch
13 Feb 2024
Market closes higher, Siemens' Q3FY24 net profit grows by 9.2% YoY to Rs 505.4 crore
By Trendlyne Analysis

 

Nifty 50 closed at 21,743.25 (127.2, 0.6%), BSE Sensex closed at 71,555.19 (482.7, 0.7%) while the broader Nifty 500 closed at 19,782.90 (107.7, 0.6%). Market breadth is in the red. Of the 2,017 stocks traded today, 892 were on the uptick, and 1,102 were down.

Indian indices extended the gains from the afternoon session and closed in the green. The volatility index, Nifty VIX, dropped by 1.4% and closed at 15.8 points. Steel Authority of India's (SAIL) net profit drops by 22% YoY to Rs 422.9 crore in Q3FY24 due to higher employee benefit expenses. Revenue also decreases by 6.8% YoY to Rs 23,348.6 crore on reduced revenue from the Bhilai, Durgapur, Rourkela and Bokaro steel plants.

Nifty Midcap 100 and Nifty Smallcap 100 closed higher following the benchmark index. Nifty IT and Nifty PSU Bank closed higher than Monday’s closing level. According to Trendlyne’s sector dashboard, telecommunication equipment emerged as the top-performing sector of the day, with a rise of over 2.8%. 

Most European indices trade lower except for Switzerland’s SMI index trading in the green. US indices futures trade flat, indicating a cautious start. Brent crude prices trade higher around $81.6 per barrel, as Israel prepares for an offensive in Rafah amidst US and Jordan pressuring for an Israel-Hamas truce.

  • Money flow index (MFI) indicates that stocks like Olectra Greentech, EIH, Dr. Reddy's Laboratories and Sun Pharmaceutical Industries are in the overbought zone.

  • Siemens' Q3FY24 net profit grows by 9.2% YoY to Rs 505.4 crore on lower inventory and finance expenses. Its revenue increases by 20% YoY, helped by growing income from mobility, digital industries and smart infrastructures. The company appears in a screener of stocks with improving RoA for the past two years.

  • HPL Electric & Power rises sharply as it bags an order worth Rs 181 crore from a leading advanced metering infrastructure service provider (AMISP) to supply smart meters.

  • Vibhor Steel Tubes' Rs 72.2 crore IPO gets bids for 15X the available 35.9 lakh shares on offer on the first day of bidding. The retail investor quota gets bids for 20.3X the available 17.8 lakh shares on offer.

  • Saurabh Gupta, CFO of Dixon Technologies, identifies the mobile segment as a key growth driver in FY25, expecting it to contribute over 50% of revenue. He also mentions plans to onboard new clients in the IT hardware sector.

     

  • Entero Healthcare Solutions' Rs 1,600 crore IPO gets bids for 1.3X the available 71.5 lakh shares on offer on the third day of bidding. The retail investor quota gets bids for 1.2X the available 13.1 lakh shares on offer.

  • Surya Roshni wins orders worth Rs 214.5 crore during the week for the supply of MS-coated pipes to a domestic entity over the week.

  • Larsen & Toubro rises as it bags orders worth Rs 1,000-2,500 crore for its hydrocarbon business in the Middle East and India. The orders involve the engineering, procurement, and construction of an enclosed ground flare system in India and a brownfield upgrade of shutdown systems in the Middle East.

  • Retail sales in the automotive industry rise 15% YoY to 21.3 lakh units in January, shows data from the Federation of Automotive Dealers' Association. Two-wheeler retail sales are up around 15% YoY, while car sales increase by 13.3% YoY.

  • Metal stocks like Hindalco Industries, Steel Authority of India (SAIL), National Aluminium and NMDC fall more than 2% in trade. The broader Nifty Metal index also falls more than 3% in trade.

  • KIOCL rises sharply as it reports a net profit of Rs 39 crore in Q3FY24 as compared to a net loss of Rs 33.9 crore in Q3FY23. This rise is due to lower inventory, employee benefit, and service contract expenses. Its revenue also increases by 90.9% YoY, helped by growing income from pellet plants.

  • KR Choksey maintains its 'Buy' rating on Tata Motors with an upgraded target price of Rs 1,060 per share. This indicates a potential upside of 17.2%. The firm predicts medium-term growth driven by robust infrastructure initiatives and enhanced industry profitability. It expects the company's revenue to grow at a CAGR of 12.6% over FY23-26.

  • Punjab National Bank (PNB), NMDC, BHEL, Union Bank of India, GMR Airports, and others have been added to the MSCI Global Standard Index during its February review. It has also added 27 stocks like Swan Energy, Honasa Consumer, Ethos, Cello World, and DB Realty to the Small Cap index, while removing six others.

  • GlaxoSmithKline Pharmaceuticals falls as its Q3FY24 net profit declines by 72.2% YoY to Rs 45.7 crore. Its revenue rises by 0.9% YoY. Its EBITDA margin contracts by 142 bps YoY due to higher raw material, inventory, employee benefits, and finance expenses.

  • Krsnaa Diagnostics' Managing Director Pallavi Shantilal Bhatevara steps down to the position of Executive Director, effective March 31, 2024.

  • Hindalco Industries falls sharply amid reports that its Atlanta-based subsidiary, Novalis, has raised the Bay Minette Project's capital cost from $2.5 billion to $4.1 billion and postponed its commissioning by a year. The project involves the construction of an aluminum rolling and recycling plant in the USA.

  • India’s Index of Industrial Production (IIP) grows by 3.8% in December 2023, compared to 2.4% in November, led by growth in the mining, manufacturing and electricity sectors.

  • JSW Steel forms a 50:50 joint venture (JV), JSW JFE Electrical Steel, with JFE Steel Corp, Japan, to produce grain-oriented electrical steel in India. The company will set up the manufacturing base in Bellary, with an expected investment of Rs 5,500 crore.

  • Rail Vikas Nigam rises sharply as it bags a Rs 106.4 crore order from Madhya Pradesh Paschim Kshetra Vidyut Vitran Co. The order involves the supply, installation, testing, and commissioning of a new 11 kV line in Jhabua, MP, and it is expected to be completed in two years.

  • HFCL bags a Rs 141 crore order from Bharat Sanchar Nigam (BSNL) to supply unlicensed band radios (UBRs) and related services. The deal also includes providing products and services to support BSNL's 4G network.

  • India’s CPI inflation eases to 5.1% in January from 5.7% in December 2023, driven by decreasing food prices. Food inflation stands at 8.3%, down from 9.5% in December 2023.

  • Coal India's Q3FY24 net profit rises by 17.8% YoY to Rs 9,093.7 crore due to lower raw material and inventory expenses. Its revenue increases by 2.8% YoY and EBITDA margin expands by 191 bps YoY. The company appears in a screener of stocks with improving book value per share over the past two years.

  • JSW Energy's subsidiary, JSW Neo Energy, receives a letter of award (LoA) from Solar Energy Corp of India (SECI) to construct a 500 MW wind power plant. The company expects its installed generation capacity to reach 9.8 GW by the end of 2024.

  • Mohnish Pabrai sells a 2% stake in Edelweiss Financial Services on Friday. He now holds a 7.1% stake in the company.

  • Steel Authority of India (SAIL) falls sharply as its net profit drops by 22% YoY to Rs 422.9 crore in Q3FY24 due to higher employee benefit expenses. Revenue also decreases by 6.8% YoY to Rs 23,348.6 crore on reduced revenue from the Bhilai, Durgapur, Rourkela and Bokaro steel plants. It appears in a screener of stocks with declining net profit YoY or QoQ.

Riding High:

Largecap and midcap gainers today include Indian Railway Finance Corporation Ltd. (153.45, 15.42%), Oracle Financial Services Software Ltd. (7,700.85, 6.97%) and NHPC Ltd. (85.80, 5.93%).

Downers:

Largecap and midcap losers today include Hindalco Industries Ltd. (510.10, -12.42%), One97 Communications Ltd. (380.15, -9.96%) and GlaxoSmithKline Pharmaceuticals Ltd. (2179.65, -6.86%).

Movers and Shakers

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

Top high volume gainers on BSE included Indian Railway Finance Corporation Ltd. (153.45, 15.42%), Borosil Renewables Ltd. (540.10, 10.11%) and Aegis Logistics Ltd. (398.90, 9.12%).

Top high volume losers on BSE were Hindalco Industries Ltd. (510.10, -12.42%), GlaxoSmithKline Pharmaceuticals Ltd. (2,179.65, -6.86%) and KRBL Ltd. (338.50, -4.46%).

Kajaria Ceramics Ltd. (1,218.70, 1.96%) was trading at 4.3 times of weekly average. ITI Ltd. (292.65, 4.05%) and Redington Ltd. (199.05, 8.98%) were trading with volumes 4.0 and 3.6 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

18 stocks made 52 week highs, while 9 stocks hit their 52 week lows.

Stocks touching their year highs included - Abbott India Ltd. (28,900.00, 1.48%), Apollo Hospitals Enterprise Ltd. (6.718.90, 1.58%) and Bajaj Auto Ltd. (7,917.40, 1.12%).

Stocks making new 52 weeks lows included - Deepak Fertilisers & Petrochemicals Corporation Ltd. (495.05, -1.00%) and Rajesh Exports Ltd. (333.85, -2.55%).

11 stocks climbed above their 200 day SMA including Cholamandalam Investment & Finance Company Ltd. (1,141.70, 3.64%) and Jindal Worldwide Ltd. (355.65, 3.63%). 17 stocks slipped below their 200 SMA including Emami Ltd. (470.00, -2.66%) and Chemplast Sanmar Ltd. (446.50, -2.40%).

 
More from Trendlyne Marketwatch
More from Trendlyne Analysis
Recommended
From grid to gains: Transformer makers electrify the market
The Baseline | 21 May 2025, 10:23AM
What CEOs are saying about FY26 | Screener: Stocks gaining momentum after Q4 results
The Baseline | 21 May 2025, 09:24AM
Markets close higher, Rakesh Jhunjhunwala buys a 2.2% stake in Indiabulls Housing Finance
Trendlyne Marketwatch | 22 Jul 2021, 03:53PM