Trendlyne Marketwatch
Trendlyne Marketwatch
16 Apr 2024
Market closes lower, Crisil's Q4FY24 net profit falls 5.5% YoY to Rs 137.7 crore
By Trendlyne Analysis

 

Nifty 50 closed at 22,147.90 (-124.6, -0.6%), BSE Sensex closed at 72,943.68 (-456.1, -0.6%) while the broader Nifty 500 closed at 20,423 (-55.8, -0.3%). Market breadth is in the green. Of the 2,055 stocks traded today, 1,315 were on the uptrend, and 703 went down.

Indian indices maintained the losses from the afternoon session and closed in the red. The volatility index, Nifty VIX, rose by 1.2% and closed at 12.6 points. Crisil's Q4FY24 net profit fell 5.5% YoY to Rs 137.7 crore. Its revenue decreased by 3.6% YoY to Rs 758.8 crore due to a fall in revenue from the research, analytics, and solutions segment.

Nifty Midcap 100 closed flat, while Nifty Smallcap 100 closed higher with the benchmark index closing in the red. Nifty Media and Nifty Oil & Gas closed higher than Monday’s closing level. According to Trendlyne’s sector dashboard, hardware technology & equipment emerged as the top-performing sector of the day, with a rise of over 1.4%. 

Most European indices trade in the red. US indices futures trade lower, indicating a negative start. China’s industrial production in March grew 4.5% YoY against estimates of 5.4% growth. The first two months of 2024 saw China’s industrial production increase by 7%.

  • Relative strength index (RSI) indicates that stocks like Exide Industries, Thermax, Vedanta and Honeywell Automation India are in the overbought zone.

  • Dynacons Systems & Solutions surges to its 20% upper circuit after bagging a Rs 233 crore order to supply its core banking solution upgrade & migration on the ASP model to the National Bank for Agriculture and Rural Development (NABARD).

  • Crisil's Q4FY24 net profit falls 5.5% YoY to Rs 137.7 crore. Its revenue decreases by 3.6% YoY to Rs 758.8 crore due to a fall in revenue from the research, analytics and solutions segment. The company appears in a screener for stocks with no debt.

  • India implements port restrictions on the export of prohibited or restricted essential commodities recently approved for shipment to the Maldives, as per the Directorate General of Foreign Trade (DGFT). Exports will now be permitted only through four customs stations, including Mundra Sea Port and Tuticorin Sea Port.

  • Steel Strips Wheels is rising as it signs an agreement with a PV original equipment manufacturer (OEM) to supply aluminium wheels.

  • Max Healthcare Institute to invest Rs 5,000 crore to double its bed capacity to over 8,000 in the next four to five years.

  • Motilal Oswal reiterates its 'Buy' rating on Tata Consultancy Services with a target price of Rs 4,600. This indicates a potential upside of 18.4%. The brokerage believes that the company is well-positioned to withstand the weakening macro environment due to its strong order book, exposure to long-duration orders and portfolio. It expects the company's revenue to grow at a CAGR of 10.5% over FY24-26.

  • Food Secretary Sanjeev Chopra states that despite a 5.5% YoY inflation in sugar, there are no supply-side shocks, and sugarcane farmers are receiving their dues on time. He adds that the industry would benefit from redirecting an additional 8 LMT of sugarcane for ethanol, compared to the earlier 17 LMT diversion.

  • Coal India’s capital expenditure rises by 6.5% YoY to Rs 19,840 crore in FY24. The company achieves 120% target satisfaction over the year’s target of Rs 16,500 crore.

  • IT stocks like Infosys, Coforge, LTIMindtree and Mphasis are falling in trade. The broader sectoral index, Nifty IT, is also trading in the red.

  • Happy Forgings surges as it bags an order to supply brake flanges for passenger vehicles to a tier 1 manufacturer of automobile driveline components and systems. The supply will begin in Q4FY26 and last till Q3FY35, with the company expected to receive Rs 60-70 crore per annum.

  • Jefferies initiates a 'Buy' rating on Bharti Hexacom with a target price of Rs 1,081. The brokerage notes the company's presence in markets with lower tele-density and better historical translation of tariff hikes into average revenue per user (ARPU), indicating a promising growth outlook.

  • PNC Infratech's arm PNC Raebareli Highways receives Rs 117.2 crore from the National Highways Authority of India as a one-time settlement for contractual disputes.

  • Caplin Point Laboratories is rising as its arm, Caplin Steriles, receives final approval from the US FDA for its Ofloxacin Ophthalmic Solution (eye drops). It is used for the treatment of eye infections and has an estimated annual sales of $52 million in the US.

  • Welspun Corp's US subsidiary, Welspun Tubular, files a lawsuit against a customer in the Superior Court of the State of Delaware for claims worth $15 million (approx. Rs 125.3 crore) for cancelling an order.

  • Jefferies maintains a 'Buy' rating on IDFC First Bank with a target price of Rs 100. The brokerage expects margin expansion driven by strong deposit figures. It highlights the importance of credit quality and notes that the rise in Return on Equity (RoE) will be crucial.

  • Sterlite Technologies surges following the announcement that it has raised Rs 1,000 crore through a Qualified Institutional Placement.

  • Jio Financial Services rises sharply as it forms a 50:50 joint venture (JV) with Blackrock to set up a wealth management and broking company.

  • Varun Beverages is rising as Morgan Stanley reportedly initiates coverage on the stock with an 'Overweight' rating and a target price of Rs 1,701. This indicates a potential upside of 21.6%. The brokerage is optimistic about the company's ability to outperform the non-alcoholic beverages industry, citing its track record of capitalizing on domestic and global opportunities and strong profitability.

  • The Centre raises the windfall tax on locally produced petroleum crude oil to Rs 9,600 per tonne from Rs 6,800 earlier. It keeps the tax on diesel and aviation turbine fuel (ATF) unchanged at ‘Nil’.

  • Rakesh Jhunjhunwala's portfolio sells a 0.6% stake in NCC in Q4FY24. It now holds a 12.5% stake in the company.

  • Vijay Kedia adds Mahindra Holidays & Resorts India to his portfolio in Q4FY24. He buys a 1% stake in the company.

  • Radhakishan Damani buys a 1.5% stake in VST Industries for approx Rs 86.3 crore in a bulk deal on Monday.

  • Cipla's subsidiary, Cipla Health, acquires Ivia Beaute's cosmetics and personal care business for Rs 130 crore, with an additional payment of Rs 110 crore upon meeting certain financial targets over the next three years.

  • Gloom in markets in early trading. Nifty 50 was trading at 22,148.05 (-124.5, -0.6%), BSE Sensex was trading at 72,892.14 (-507.6, -0.7%) while the broader Nifty 500 was trading at 20,410.90 (-67.9, -0.3%),

  • Market breadth is ticking up strongly. Of the 1,804 stocks traded today, 1,168 were gainers and 573 were losers.

Riding High:

Largecap and midcap gainers today include Patanjali Foods Ltd. (1,408.50, 5.1%), CG Power and Industrial Solutions Ltd. (517.65, 4.6%) and Zee Entertainment Enterprises Ltd. (147.70, 4.1%).

Downers:

Largecap and midcap losers today include Infosys Ltd. (1,414.45, -3.7%), MphasiS Ltd. (2,308, -3.6%) and Coforge Ltd. (5,209.90, -3.5%).

Volume Rockets

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

Top high volume gainers on BSE included Amara Raja Energy & Mobility Ltd. (967.95, 10.9%), Aegis Logistics Ltd. (525.95, 7.9%) and Sterling and Wilson Renewable Energy Ltd. (528.80, 6.5%).

Top high volume losers on BSE were Gujarat Gas Ltd. (553.50, -3.4%), Crisil Ltd. (4,680.80, -3.2%) and LTIMindtree Ltd. (4,662.85, -3.2%).

TTK Prestige Ltd. (695, -0.4%) was trading at 12.2 times of weekly average. Ingersoll-Rand (India) Ltd. (3,881.30, 5.6%) and Bharat Dynamics Ltd. (1,846.90, 4.7%) were trading with volumes 5.4 and 5.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

16 stocks took off, crossing 52 week highs, while 3 stocks hit their 52 week lows.

Stocks touching their year highs included - Aegis Logistics Ltd. (525.95, 7.9%), Amara Raja Energy & Mobility Ltd. (967.95, 10.9%) and Indus Towers Ltd. (332.50, -0.6%).

Stocks making new 52 weeks lows included - Bata India Ltd. (1,339, -0.3%) and Hindustan Unilever Ltd. (2,220.80, 1.2%).

11 stocks climbed above their 200 day SMA including Patanjali Foods Ltd. (1,408.50, 5.1%) and Tejas Networks Ltd. (794.20, 3.6%). 16 stocks slipped below their 200 SMA including Coforge Ltd. (5,209.90, -3.5%) and Cholamandalam Investment & Finance Company Ltd. (1,131.50, -2.6%).

 
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