Trendlyne Marketwatch
Trendlyne Marketwatch
18 Apr 2024
Market closes higher, HDFC Life's net profit grows by 13.7% YoY to Rs 411.6 crore in Q4FY24
By Trendlyne Analysis

 

Nifty 50 closed at 21,995.85 (-152.1, -0.7%), BSE Sensex closed at 72,611.45 (-332.2, -0.5%) while the broader Nifty 500 closed at 20,324.70 (-98.3, -0.5%). Market breadth is neutral. Of the 2,072 stocks traded today, 970 were on the uptrend, and 1,058 went down.

Indian indices pared the gains from the afternoon session and closed in the red. The volatility index, Nifty VIX, rose by 3.3% and closed at 13 points. Brigade Enterprises reported its highest-ever quarterly presales of Rs 6,013 crore in FY24, driven by an improvement in real estate sales volume to 7.6 million square feet. Collections increased by 9.1% YoY to Rs 5,915 crore in FY24.

Nifty Midcap 100 and Nifty Smallcap 100 closed lower following the benchmark index. Nifty Media closed higher than Tuesday’s closing level. All other major sectoral indices closed lower. According to Trendlyne’s sector dashboard, telecom services emerged as the top-performing sector of the day, with a rise of over 3.8%.
 
Most European indices trade in the green. US indices futures trade lower, indicating a negative start. European Central Bank Vice-President Luis de Guindos stated that it is clear that interest rates could be cut in June.

  • Money flow index (MFI) indicates that stocks like Exide Industries, Vedanta, Thermax and Honeywell Automation India are in the overbought zone.

  • HDFC Life Insurance is rising as its net profit grows by 13.7% YoY to Rs 411.6 crore in Q4FY24. Revenue increases by 30.1% YoY to Rs 27,945.3 crore, owing to improvements in annual premium equivalent (APE) and sum assured. It appears in a screener of stocks with FIIs increasing their shareholding.

  • DroneAcharya Aerial Innovations rises as it signs an agreement with CBAI Technologies to supply 200 type-certified training drones for three years.

  • Crude oil prices have risen by about 16% this year to approximately $90 a barrel, driven by supply concerns amid escalating tensions in the Middle East.

  • Sharekhan retains its 'Buy' call on Indian Hotels with an upgraded target price of Rs 679. This indicates a potential upside of 14.1%. The brokerage believes that the stock is well-positioned to benefit from the strong growth momentum in domestic tourism. It expects the company's revenue to grow at a CAGR of 16.5% over FY23-26.

  • Deepak S Parekh resigns as the Chairman of HDFC Life Insurance, effective April 18, 2024. The board appoints Keki M Mistry as his successor.

  • Power Mech Projects receives multiple orders worth Rs 232 crore. The orders include projects from Bharat Heavy Electricals, civil and architectural works for the superstructure of a powerhouse, and mechanical structure erection works from Jindal Steel Odisha.

  • Anil Agarwal, Founder and Chairman of Vedanta, predicts that Vedanta Resources, the group's UK-based flagship, will reach an annual operating profit of $7.5 billion in the next two years. He also stated that over the next three years, the company plans to deleverage $3 billion, adding to the $3.5 billion already deleveraged in the past two years.

  • Hathway Cable & Datacom is surging as it posts a net profit of Rs 34.6 crore in Q4FY24, compared to a net loss of Rs 14.6 crore in Q4FY23, helped by reduced employee benefits and operational expenses. Revenue increases by 7.3% YoY to Rs 493.4 crore, driven by improvements in the cable television business. It appears in a screener of stocks with increasing mutual fund holdings over the past quarter.

  • Talbros Automotive Components rises sharply as its joint venture firm, Marelli Talbros Chassis Systems, bags an order worth Rs 1,000 crore from a European OEM. The order is for the supply of suspension arms for both conventional internal combustion engine (ICE) vehicles and electric vehicle (EV) platforms.

  • Sunteck Realty is rising as it reports a 20% YoY growth in sales bookings to Rs 1,915 crore in FY24, driven by strong housing demand. The company’s collections stood at Rs 1,236 crore during the year.

  • Bharti Airtel is set to merge its Sri Lanka operations with Dialog Axiata in an equity swap deal. Dialog Axiata will acquire all issued shares of Airtel Lanka, in return for which Dialog will issue ordinary voting shares to Bharti Airtel, or 10.45% of Dialog Axiata's total issued shares.

  • Capacit'e Infraprojects wins orders worth Rs 549 crore from Macrotech Developers and Raymond to develop a luxury residential project and enhance an existing building.

  • Sterling Tools surges as it inks a memorandum of understanding with South Korea’s Yongin Electronics to enhance its capability to provide solutions for electric vehicles, hybrids, and other automotive applications. This strategic agreement is expected to generate Rs 250 crore in business over the next five years.

  • Just Dial surges to its 52-week high of Rs 1,010 per share as its net profit grows by 38.4% YoY to Rs 115.7 crore in Q4FY24. Revenue improves by 16.2% YoY, driven by an increase in total traffic and active paid campaigns. It features in a screener of stocks with rising net cash flow and cash from operating activity.

  • Nestle India declines over 3% following a report by Public Eye and the International Baby Food Action Network. The Swiss investigative organization accuses the company of adding excessive sugar to baby foods in developing countries, including India, a practice not seen in the U.S. and Europe. Additionally, Nestle is alleged to have violated WHO guidelines that prohibit added sugar in baby food.

  • Brigade Enterprises is rising after achieving presales of Rs 6,013 crore in FY24, driven by an improvement in real estate sales volume to 7.6 million square feet. Collections increased by 9.1% YoY to Rs 5,915 crore in FY24.

  • Zee Entertainment Enterprises withdraws its application filed with the National Company Law Tribunal (NCLT) for the proposed merger with Sony.

  • Tata Communications is rising despite a 1.5% YoY decrease in net profit to Rs 321.2 crore in Q4FY24. However, revenue grows by 24.6% YoY, driven by the data services, transformation services, and campaign registry segments. Its EBITDA margin contracts by 430 basis points YoY, due to higher employee benefits and finance costs.

  • Max Financial gets approval from the Insurance Regulatory and Development Authority of India (IRDAI) for a capital infusion of Rs 1,612 crore (approximately 14.3 crore equity shares) by Axis Bank into Max Life Insurance. With this deal, Axis Bank will hold a 16.2% direct stake in the firm.

  • Ashish Kacholia cuts stake in La Opala RG to below 1% in Q4FY24 from 1.7% in Q3FY24.

  • Rakesh Jhunjhunwala's portfolio sells a 0.3% stake in Tata Motors in Q4FY24. It now holds a 1.3% stake in the company.

  • Mohnish Pabrai sells a 2.6% stake in Edelweiss Financial Services in Q4FY24. He now holds a 5.1% stake in the company.

  • Ambuja Cements is rising as the Adani Group invests Rs 8,339 crore for an additional 3.6% stake. This investment brings Adani Group's total infusion in the company to Rs 20,000 crore.

  • Angel One is surging as its net profit grows by 27.4% YoY to Rs 339.9 crore in Q4FY24. Revenue rises by 64.4% YoY to Rs 1,357.3 crore on the back of increasing gross client acquisition and average daily turnover (ADTO). It appears in a screener of stocks with the highest recovery from their 52-week lows.

  • Nifty 50 was trading at 22,246.80 (98.9, 0.5%), BSE Sensex was trading at 73,186.58 (242.9, 0.3%) while the broader Nifty 500 was trading at 20,557 (134, 0.7%).

  • Market breadth is ticking up strongly. Of the 1,839 stocks traded today, 1,592 were on the uptrend, and 203 went down.

Riding High:

Largecap and midcap gainers today include Mankind Pharma Ltd. (2,395.65, 5.0%), JSW Energy Ltd. (628.50, 4.4%) and Bharti Airtel Ltd. (1,265.75, 4.1%).

Downers:

Largecap and midcap losers today include Indraprastha Gas Ltd. (437.30, -5.5%), Max Healthcare Institute Ltd. (778.10, -4.9%) and Oberoi Realty Ltd. (1,399.15, -4.2%).

Volume Shockers

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

Top high volume gainers on BSE included Just Dial Ltd. (1,009.35, 13.3%), Hitachi Energy India Ltd. (8,288.55, 9.6%) and Mastek Ltd. (2,794.15, 8.2%).

Top high volume losers on BSE were Sterlite Technologies Ltd. (129.95, -8.7%), ABB India Ltd. (6,369.50, -4.1%) and Nestle India Ltd. (2,462.55, -3.3%).

C.E. Info Systems Ltd. (1,942.45, 4.9%) was trading at 10.4 times of weekly average. ICICI Lombard General Insurance Company Ltd. (1710.10, 3.7%) and Angel One Ltd. (2,792.80, -2.1%) were trading with volumes 7.7 and 7.5 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

31 stocks made 52 week highs,

Stocks touching their year highs included - Aegis Logistics Ltd. (503.95, -4.2%), Amara Raja Energy & Mobility Ltd. (993.55, 2.6%) and Bharti Airtel Ltd. (1,265.75, 4.1%).

10 stocks climbed above their 200 day SMA including Timken India Ltd. (3,044.50, 3.9%) and Crompton Greaves Consumer Electricals Ltd. (297.75, 2.9%). 14 stocks slipped below their 200 SMA including Ashok Leyland Ltd. (169.70, -3.7%) and Axis Bank Ltd. (1,024, -2.7%).

 
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