Trendlyne Marketwatch
Trendlyne Marketwatch
15 Feb 2024
Market trades higher, Rajesh Exports' net profit plunges by 97% YoY to Rs 12.4 crore in Q3
By Trendlyne Analysis

 

Nifty 50 closed at 21,910.75 (70.7, 0.3%), BSE Sensex closed at 72,050.38 (227.6, 0.3%) while the broader Nifty 500 closed at 20,037.00 (114.7, 0.6%). Market breadth is in the green. Of the 2,013 stocks traded today, 1,277 were gainers and 711 were losers.

Indian indices maintained the gains from the morning session and closed in the green. The volatility index, Nifty VIX, dropped by 1.4% and closed at 15.2 points. The Reserve Bank of India directs commercial card operators Visa and Mastercard to suspend card-based commercial transactions by both small and large businesses, citing lapses in adhering to Know Your Customer (KYC) norms.

Nifty Midcap 100 and Nifty Smallcap 100 closed higher following the benchmark index. Nifty Energy and Nifty PSU Bank closed higher than Wednesday’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 3.1%
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Most European indices trade in the green. US indices futures trade higher, indicating a positive start. Berkshire Hathway sold a 1.1% stake in Apple valued at around $1.8 billion. Morgan Stanley increased the target price of Nvidia from $603 to $750 ahead of its quarterly earnings release next week. The global brokerage cited booming demand for high-end chips for nascent AI technology to be the major reason.

  • Relative strength index (RSI) indicates that stocks like Zydus Lifesciences, Bosch, Kalpataru Projects International and Bajaj Auto are in the overbought zone.

  • ICICI Lombard General Insurance, HDFC Asset Management Co, and Federal Bank outperform the Nifty 50 index over the past month after their Q3FY24 results.

  • Happiest Minds Technologies is rising as it enters a partnership with Soroco, a US-based AI company, to provide IT solutions to automation discovery using Soroco's Scout AI model.

  • Coal India inks a memorandum of understanding with Haryana Power Purchase Centre for to supply 800 MW of power from its arm, Mahanadi Basin Power.

  • India’s merchandise trade deficit narrows to $17.5 billion in January from $19.8 billion in December. Merchandise exports stand at $36.9 billion in January, and imports at $54.4 billion.

  • Axis Direct reiterates its 'Buy' rating on Hindalco Industries with an upgraded target price of Rs 660. This indicates a potential upside of 28.6%. The brokerage is optimistic about the company's capital allocation, highlighting capex directed towards downstream assets in India and at Novelis. It expects the company's net profit to grow at a CAGR of 10.7% over FY23-26.

  • ABB India launches next-generation compact drive, ACH180, for its HVACR (heating, ventilation, air conditioning, and refrigeration) equipment. The compact drives require lower capital expenditures and are easy to commission.

  • Paytm falls another 5% as the stock exchanges NSE and BSE lower the circuit limits from 10% to 5%.

  • Vibhor Steel Tubes' Rs 72.2 crore IPO gets bids for 206X the available 35.9 lakh shares on offer on the third day of bidding. The retail investor quota gets bids for 152.6X the available 17.8 lakh shares on offer.

  • Reliance Industries is reportedly in talks to buy a 29.8% share in Tata Play from Walt Disney. If this deal closes, it will mark the company's entry into the television distribution market, positioning it as a major player in the Indian media space.

  • MIC Electronics rises sharply following its announcement of a new 42-volt EV battery charger for e-cycles and two-wheelers, set to commercialize in March 2024. The firm is also developing high-power rating EV battery chargers for the same categories.

  • Edelweiss retains its 'Buy' rating on Neogen Chemicals with a target price of Rs 1,600 per share. This indicates a potential upside of 18.5%. The brokerage remains positive, driven by the company's battery chemical business, which has been allotted significant capex. It expects the company's net profit to grow at a CAGR of 32% over FY23-26.

  • Lupin receives US FDA approval for Ganirelix Acetate Injection, used for inhibiting premature luteinizing hormone (LH) surges. The injection has estimated annual sales of $87 million.

  • Rajesh Jejurikar, Executive Director and CEO (Auto and Farm Sector) at Mahindra & Mahindra, notes an industry-wide decline in the tractor business. He expects muted performance in Q4 due to a shift in the festive season. Jejurikar foresees a delay in tractor launch in the US market.

  • Fineotex Chemical hits a new 52-week high of Rs 429 as its net profit increases 46.5% YoY to Rs 32.9 crore in Q3FY24 due to lower employee benefits and finance costs. Its revenue rises 26.7% YoY to Rs 138.4 crore due to a 37.7% YoY increase in the volumes.

  • Star Health and Allied Insurance receives a Rs 179.3 crore tax demand from the Deputy Commissioner of the Large Tax Unit, Chennai, for non-payment of GST on re-insurance commissions received in FY19.

  • Surya Roshni bags a Rs 94.8 crore order from a domestic entity in Siliguri, West Bengal, for supplying MS Coated Spiral Welded Pipes in six months.

  • KP Mahadevaswamy, CMD of NBCC (India), expects the company’s revenue to reach Rs 10,500-11,000 crore in FY24. He highlights execution challenges in Delhi due to pollution and farmer strikes. Mahadevaswamy forecasts a revenue of over Rs 13,000 crore in FY25, and PAT of more than Rs 600 crore.

  • The Reserve Bank of India directs commercial card operators Visa and Mastercard to suspend card-based commercial transactions by both small and large businesses, citing lapses in adhering to Know Your Customer (KYC) norms.

  • Rajesh Exports falls sharply to touch its 52-week low of Rs 300.3 per share as its net profit plunges by 97% YoY to Rs 12.4 crore in Q3FY24. Revenue drops by 30.7% YoY to Rs 65,476.9 crore during the quarter. It appears in a screener of stocks with medium to low Trendlyne momentum scores.

  • PSP Projects bags a Rs 630.9 crore order from Rail Vikas Nigam to construct Gati Shakti Vishwavidhyalaya in Vadodara within 30 months. The firm's cumulative order inflow in FY24 to date amounts to Rs 2,626.6 crore.

  • Yes Bank is rising as 39 crore shares (around 1.4% equity), amounting to Rs 1,129 crore, reportedly change hands in a large deal.

  • Narayana Hrudayalaya falls sharply as its Q3FY24 net profit grows 22.3% YoY to Rs 188 crore but misses Forecaster estimates by 6.4%. Revenue rises by 6.7% YoY to Rs 1,203.6 crore during the quarter. It features in a screener of stocks with improving cash flow from operations over the past two years.

  • Container Corp of India (CONCOR) and Container Company of Bangladesh (CCBL) renew their memorandum of understanding till April 2027. This agreement focuses on developing the modalities for operating container trains between India and Bangladesh, aiming to boost cross-border trade.

  • Vedanta is reportedly negotiating to sell a partial stake to GQG Partners in a $1 billion deal. This is believed to be a part of Vedanta's plans to raise funds to repay debt.

  • NMDC surges to its all-time high of Rs 248.8 per share as its net profit grows by 62.7% YoY to Rs 1,483.9 crore in Q3FY24. Revenue rises by 45.4% YoY on the back of improvement in the iron ore and pellet, other minerals & services segments. Its EBITDA margin expands by 650 bps YoY, owing to lower raw material costs.

  • Nifty 50 was trading at 21,907.95 (67.9, 0.3%), BSE Sensex was trading at 72,061.47 (238.6, 0.3%) while the broader Nifty 500 was trading at 20,036.00 (113.7, 0.6%).

  • Market breadth is ticking up strongly. Of the 1,785 stocks traded today, 1,504 were on the uptrend, and 247 went down.

Riding High:

Largecap and midcap gainers today include Oil India Ltd. (563.15, 12.91%), Torrent Power Ltd. (1,208.45, 6.87%) and Mahindra & Mahindra Ltd. (1,765.05, 6.52%).

Downers:

Largecap and midcap losers today include Zee Entertainment Enterprises Ltd. (187.90, -6.14%), One97 Communications Ltd. (325.05, -5.00%) and Vedanta Ltd. (267.95, -4.18%).

Volume Rockets

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

Top high volume gainers on BSE included Mangalore Refinery And Petrochemicals Ltd. (244.40, 19.83%), Oil India Ltd. (563.15, 12.91%) and NMDC Steel Ltd. (65.70, 11.36%).

Top high volume losers on BSE were Rajesh Exports Ltd. (311.45, -7.54%), Vedanta Ltd. (267.95, -4.18%) and Gland Pharma Ltd. (1,897.10, -2.72%).

Aptus Value Housing Finance India Ltd. (359.15, 0.35%) was trading at 8.7 times of weekly average. Muthoot Finance Ltd. (1,343.35, -2.60%) and Jubilant Pharmova Ltd. (610.25, 4.54%) were trading with volumes 5.6 and 4.9 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

43 stocks took off, crossing 52 week highs, while 3 stocks tanked below their 52 week lows.

Stocks touching their year highs included - Aegis Logistics Ltd. (426.70, 8.87%), Bajaj Auto Ltd. (8,123.05, 0.49%) and Bank of Baroda (275.70, 2.95%).

Stocks making new 52 weeks lows included - Rajesh Exports Ltd. (311.45, -7.54%) and Hindustan Unilever Ltd. (2,350.85, -1.55%).

23 stocks climbed above their 200 day SMA including Polycab India Ltd. (4,564.95, 4.81%) and PI Industries Ltd. (3,567.60, 4.37%). 6 stocks slipped below their 200 SMA including V-Mart Retail Ltd. (1978.30, -3.64%) and UNO Minda Ltd. (607.95, -2.46%).

 
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