Trendlyne Marketwatch
Trendlyne Marketwatch
12 Apr 2024
Market closes lower, CLSA maintains ‘Buy’ rating on PVR Inox
By Trendlyne Analysis

 

Nifty 50 closed at 22,519.40 (-234.4, -1.0%), BSE Sensex closed at 74,244.90 (-793.3, -1.1%) while the broader Nifty 500 closed at 20,745.50 (-169.7, -0.8%). Of the 2,058 stocks traded today, 648 were on the uptrend, and 1,371 went down.

Indian indices extended their losses from the afternoon session and closed in the red. The Indian volatility index, Nifty VIX, rose 3.8% and closed at 11.5 points. Metropolis Healthcare closed in the green after its core business revenue grew 15% YoY in Q4FY24, driven by volume growth. Its B2C revenue also rose 18% YoY.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the red, taking cues from the benchmark index. Nifty Media and Nifty Energy closed lower than their Wednesday close.  According to Trendlyne’s sector dashboard, Metals & Mining emerged as the top-performing sector of the week, with a rise of 6.6%.

Major Asian indices closed in the red, except for Japan’s Nikkei 225 index closing in the green. However, European indices traded in the green, amid mixed global cues. US indices futures traded flat or lower, indicating a cautious start to the trading session. Brent crude oil futures recovered from their losses at open and traded higher after the likelihood of Iran striking Israel triggered fears of a wider war.

  • Money flow index (MFI) indicates that stocks like Hindustan Zinc, Vedanta, Voltas and Honeywell Automation India are in the overbought zone.

  • Mohnish Pabrai sells a 3.8% stake in Edelweiss Financial Services through the open market. Post-transaction, he holds a 3.2% stake in the company.

  • Happiest Minds Technologies announces a collaboration with Enercon, a wind energy technology company, for wind energy solutions.

  • apan's Mitsubishi UFJ Financial Group is in talks to acquire a stake worth roughly $1.7 billion (equivalent to 20%) in HDFC Bank's arm, HDB Financial Services.

  • According to a poll of economists, India's CPI inflation is expected to drop below 5% in March due to softer food and fuel prices. It is anticipated that food prices will fall to 7.3% annually in March from 7.8% in February. The decrease in the headline CPI inflation rate can also be attributed to the reduction in LPG (cooking gas) prices in March.

  • Inox Wind, Anand Rathi Wealth, and Cochin Shipyard's stock prices increase 685.4%, 637% and 485% respectively over the past three years.

  • HFCL rises as the company, along with its arm HTL, bags an order worth Rs 64.9 crore from a private telecom operator to supply optical fibre cables.

  • Godfrey Phillips India exits its retail business division, operated under the name 24Seven, which accounted for 9.3% of its total revenue in FY23.

  • Goldman Sachs initiates a 'Buy' rating on CreditAccess Grameen with a target price of Rs 1,788. They believe the company's valuation is attractive compared to its peers. The brokerage thinks the company is well-positioned to benefit from the expected AUM growth of 19% over FY24-28E.

  • CLSA maintains its ‘Buy’ rating on PVR Inox with a target price of Rs 2,280. The brokerage notes that average collections for Bollywood and Hollywood films have fallen year-to-date. However, it does not expect structural concerns in the long run and sees improved occupancy levels driven by the content pull of new movies and new screens.

  • Foreign institutional investors sell Rs 2,147.2 crore in Indian equities in the past two weeks, according to Trendlyne's FII dashboard. Meanwhile, domestic institutional investors buy equities worth Rs 8,582.6 crore during the same period.

  • Airlines, mining, aluminium and aluminium products, special consumer services, and copper industries surge more than 7% over the past week.

  • The Society of Indian Automobile Manufacturers (SIAM) data shows a 12.5% YoY increase in March auto wholesales to 2,38,53,463 units. Two-wheeler wholesales rise 13.3% YoY to 1.8 crore units and passenger car wholesales improve 8.4% YoY.

  • Metropolis Healthcare surges as its core business revenue grows by 15% YoY in Q4FY24, driven by volume growth. Its B2C revenue also rises 18% YoY.

  • Manorama Industries surges after the commissioning of its new fractionation plant with an annual capacity of 25,000 tonnes. The new plant brings the total fractionation capacity to 40,000 tonnes per annum.

  • Phoenix Mills’ gross retail collections rise 27% YoY to Rs 2,743 crore in FY24. Meanwhile, in Q4, gross retail collections grow by 27% YoY to Rs 791 crore.

  • Goldman Sachs initiates a 'Buy' rating on Neuland Laboratories with a target price of Rs 9,100. The brokerage notes growth challenges in FY25 due to a high base. However, it sees multiple catalysts, including the commercialization of a large molecule in FY26-27 and improvement in the biotech funding environment.

  • Sun Pharmaceutical Industries falls as the US FDA puts its Dadra facility under the Official Action Indicated category following an inspection conducted in December 2023.

  • Computer Age Management Services (CAMS) is rising as it receives the RBI’s approval to operate as an online payment aggregator.

  • Bharti Hexacom’s shares debut on the bourses at a 32.5% premium to the issue price of Rs 570. The Rs 4,275 crore IPO has received bids for 29.9 times the total shares on offer.

  • Girish Kousgi, MD & CEO of PNB Housing Finance, foresees an opex-to-AUM ratio of around 95-100 bps and Assets under Management (AUM) growth of 17% in FY25. In addition, he notes that their retail book growth has been in double digits and expects a decrease in the cost of funds by 15-20 bps in the upcoming quarters.

  • Dolly Khanna cuts stake in KCP to below 1% in Q4FY24. She held a 1.1% stake in Q3FY24.

  • Sunil Singhania's Abakkus Fund cuts stake in CMS Info Systems to below 1% in Q4FY24. It held a 1% stake in Q3FY24.

  • Vijay Kedia adds Global Vectra Helicorp to his portfolio in Q4FY24. He buys a 2.9% stake in the company.

  • Vodafone Idea's board approves raising up to Rs 18,000 crore through a follow-up public offer (FPO). The FPO is priced at Rs 10 per share.

Riding High:

Largecap and midcap gainers today include Hindustan Zinc Ltd. (431.95, 7.6%), Sona BLW Precision Forgings Ltd. (680, 4.3%) and Indian Railway Catering & Tourism Corporation Ltd. (1,057.65, 3.4%).

Downers:

Largecap and midcap losers today include PB Fintech Ltd. (1,264.15, -5.1%), Page Industries Ltd. (35,803.55, -4.2%) and Sun Pharmaceutical Industries Ltd. (1,540, -4.0%).

Movers and Shakers

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

Top high volume gainers on BSE included Archean Chemical Industries Ltd. (694.60, 6.3%), Quess Corp Ltd. (611.25, 6.0%) and Sona BLW Precision Forgings Ltd. (680, 4.3%).

Top high volume losers on BSE were La Opala RG Ltd. (325, -6.1%), Sun Pharmaceutical Industries Ltd. (1,540, -4.0%) and HLE Glascoat Ltd. (449.55, -3.2%).

Metropolis Healthcare Ltd. (1841.45, 2.3%) was trading at 12.5 times of weekly average. VST Industries Ltd. (3,695, 2.6%) and SIS Ltd. (451.75, 0.0%) were trading with volumes 12.4 and 10.4 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

39 stocks made 52-week highs, while 2 stocks hit their 52-week lows.

Stocks touching their year highs included - Aegis Logistics Ltd. (480.25, 3.7%), Bharat Electronics Ltd. (233.50, 2.1%) and Indus Towers Ltd. (328.05, 0.4%).

Stocks making new 52-week lows included - Dabur India Ltd. (500.60, -1.1%) and Hindustan Unilever Ltd. (2,232.30, -1.3%).

9 stocks climbed above their 200 day SMA including CreditAccess Grameen Ltd. (1,471.40, 3.0%) and Crompton Greaves Consumer Electricals Ltd. (298.95, 2.9%). 10 stocks slipped below their 200 SMA including Shoppers Stop Ltd. (729.85, -1.9%) and DCM Shriram Ltd. (956.05, -1.9%).

 
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