Trendlyne Marketwatch
Trendlyne Marketwatch
22 Apr 2024
Market closes higher, Jio Financial Services' Q4 profit increases 237.7% YoY to Rs 77.8 crore
By Trendlyne Analysis

 

Nifty 50 closed at 22,336.40 (189.4, 0.9%), BSE Sensex closed at 73,648.62 (560.3, 0.8%) while the broader Nifty 500 closed at 20,574.85 (189.7, 0.9%). Market breadth is surging up. Of the 2,106 stocks traded today, 1,526 were on the uptrend, and 532 went down.

Indian indices extended the gains from the afternoon session and closed in the green. The volatility index, Nifty VIX, dropped by 5.6% and closed at 12.7 points. Jio Financial Services' Q4FY24 profit increased 237.7% YoY to Rs 77.8 crore, and its total income surged over 6x YoY. Interest income has been the primary contributor to this revenue growth.

Nifty Midcap 100 and Nifty Smallcap 100 closed higher following the benchmark index. Nifty PSU Banks and Nifty Pharma closed higher than Friday’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 7.1%. 

Most European indices trade in the green, except for Italy’s FTSE MIB and Switzerland’s SMI trading lower. US indices futures trade higher, indicating a positive start. Software firm Salesforce Inc.'s share price gained 3% in the pre-market hours after reports emerged that the firm has dropped plans to acquire database firm Informatica.

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

  • Voltas hits an all-time high of Rs 1,395 as UBS reportedly upgrades its rating to ‘Buy’ and raises the target price to Rs 1,800. The brokerage expects a potential increase in the company's market share in the room air conditioner (RAC) segment to around 23% by FY26. UBS also notes improvements in the cost structure, as the company has reworked its supply chain in the RAC segment.

  • Lloyds Engineering Works surges as it wins an order worth Rs 81 crore to supply naval equipment like ship steering gear and ship stabiliser systems.

  • Suraj Estates Developers acquires a 1,073.4 square meter land in Mumbai for Rs 33.1 crore. The land has a gross development value (GDV) of Rs 120 crore.

  • Honasa Consumer's skincare brand, The Derma Co, achieves an annual revenue rate (ARR) of Rs 500 crore, up from Rs 350 crore in September 2023. The brand sold over one crore units in FY24.

  • Jio Financial Services rises as its Q4FY24 profit increases 237.7% YoY to Rs 77.8 crore, and its total income surges over 6x YoY. Interest income has been the primary contributor to this revenue growth. The company appears in a screener for stocks that hit new 52-week highs today.

  • Vodafone Idea's Rs 18,000 crore IPO gets bids for 6.3X the available 1,260 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 0.9X the available 630 crore shares on offer.

  • Escorts Kubota is rising as it increases the prices of its tractors, effective May 1. The price hikes will vary across models and locations.

  • Zomato hikes its platform fee from Rs 4 to Rs 5 per order in selective markets, marking its fourth convenience fee hike in the past year. Elara Capital forecasts that Zomato will process 85-90 crore orders in FY25 and expects a future increase in the platform fee to Rs 8-10 per order in select metro markets over the medium term. The brokerage also notes that the impact on EBITDA will be positive at 1-2%, as the fee hikes are targeted at specific markets.

  • Emkay upgrades HDFC Life Insurance to a 'Buy' rating with an improved target price of Rs 725 per share. This indicates a potential upside of 19.6%. The brokerage cites increased synergy with HDFC Bank, branch expansion plans, and improving productivity at newer partnerships as key drivers for growth in FY25. It expects the company's gross written premium (GWP) to grow at a CAGR of 16% over FY24-27.

  • Consumer durables stocks like Voltas, Whirlpool of India, Aditya Birla Fashion & Retail and Havells India surge more than 3% in trade. All constituents of the broader BSE Consumer Durables index are also trading in the green, helping it to rise more than 2%.

  • Lupin rises as it launches Mirabegron extended-release tablets in the US market, used to treat bladder problems, after receiving approval from the US FDA. The product has annual sales of $2.4 billion.

  • Anil Gupta, CMD of KEI Industries, notes rising demand in the EHV (extra high voltage) cables segment and highlights the company's focus on the real estate & infrastructure and industrial segments. He adds that the company's revenue has grown at a CAGR of 16-17% over the past 15 years, and he expects this growth trend to continue.

  • Persistent Systems' net profit grows 1% QoQ to Rs 315.3 crore in Q4FY24, driven by lower finance costs. Its revenue is up 3.7% QoQ to Rs 2,590.5 crore, led by its BFSI and healthcare segments. It features in a screener of companies with increasing revenue every quarter for the past four quarters.

  • IREDA surges as its net profit grows by 33% YoY to Rs 337.4 crore in Q4FY24, helped by a reduction in the impairment of financial instruments. Revenue also increases by 33.7% YoY to 1,391.6 crore during the quarter. It appears in a screener of stocks with improving net profit and profit margin YoY.

  • Welspun Corp is rising as it bags multiple orders worth Rs 872 crore in India and overseas markets. The order includes the supply of concrete-coated LSAW (longitudinally submerged arc welding) pipes and bends for an oil transportation project in the Middle East.

  • Stefan Borgas, Global CEO of RHI Magnesita, expects the company's overall market share in India to rise to around 40% and its exports to increase to 25% by 2025. He adds that currently acquired assets are at 60% utilization, with plans to boost this to 75-80%.

  • PSU bank stocks like State Bank of India, Punjab National Bank, Bank of Baroda, Indian Overseas Bank and, Union Bank of India are rising in trade. All constituents of Nifty PSU Bank are trading in the green.

  • Rakesh Jhunjhunwala's portfolio sells a 0.9% stake in Geojit Financial Services in Q4FY24. It now holds a 7.3% stake in the company.

  • Porinju Veliyath adds Mitsu Chem Plast to his portfolio in Q4FY24. He buys a 1.7% stake in the company.

  • GSPL plunges by 20% following a revised tariff order from the Petroleum and Natural Gas Regulatory Board (PNGRB), which mandates a 46.8% reduction in the current price of its high-pressure pipeline to Rs 18.1 per million British thermal units (mmbtu). This new tariff will take effect in May. As a result, brokerages like Systematix, CLSA, and Citi have downgraded the stock to a 'Sell' rating.

  • Ashish Kacholia adds Walchandnagar Industries to his portfolio in Q4FY24. He buys a 3.2% stake in the company.

  • HDFC Bank is falling as its asset quality declines with gross and net NPAs increasing by 12 bps YoY and 6 bps YoY respectively in Q4FY24. Its net profit grows by 37% YoY to Rs 16,511.9 crore, and revenue surges by 66.5% YoY to Rs 89,639 crore. It appears in a screener of stocks with increasing revenue for the past eight quarters.

  • KPIT Technologies is rising as its board of directors approves the acquisition of a 100% stake in PathPartner Technology for Rs 191 crore. The acquisition will help the company gain early access to semiconductor technologies, leveraging PathPartner's centres and technical assets for automotive OEMs and Tier 1 suppliers.

  • Wipro's net profit grows by 5.2% QoQ to Rs 2,834.6 crore in Q4Y24 due to reduced inventory, sub-contracting & technical fees, travel, communication, and marketing & brand building expenses. However, its revenue remains flat at Rs 22,208.3 crore, impacted by its Americas and APMEA business. The company appears in a screener of stocks with increasing net profit and profit margin (QoQ).

  • Upbeat trading today, as Nifty 50 was trading at 22,254.60 (107.6, 0.5%), BSE Sensex was trading at 73,088.33 (599.3, 0.8%) while the broader Nifty 500 was trading at 20,532.75 (147.6, 0.7%).

  • Market breadth is overwhelmingly positive. Of the 1,884 stocks traded today, 1,687 showed gains, and 167 showed losses.

Riding High:

Largecap and midcap gainers today include Union Bank of India (150.60, 7.0%), Voltas Ltd. (1,383.15, 6.4%) and YES Bank Ltd. (25.20, 5.2%).

Downers:

Largecap and midcap losers today include Persistent Systems Ltd. (3,508.50, -9.7%), Sona BLW Precision Forgings Ltd. (661.20, -2.9%) and Coromandel International Ltd. (1,094, -2.5%).

Movers and Shakers

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

Top high volume gainers on BSE included Tejas Networks Ltd. (906.90, 16.9%), ITI Ltd. (279.45, 12.6%) and Sterling and Wilson Renewable Energy Ltd. (617.65, 10%).

Top high volume losers on BSE were Gujarat State Petronet Ltd. (303.85, -19.5%) and Persistent Systems Ltd. (3,508.50, -9.7%).

Bombay Burmah Trading Corporation Ltd. (1,570.30, 4.9%) was trading at 19.8 times of weekly average. Maharashtra Scooters Ltd. (7961.95, 6.2%) and Voltas Ltd. (1,383.15, 6.4%) were trading with volumes 7.5 and 6.9 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

21 stocks took off, crossing 52 week highs, while 1 stock were underachiever and hit their 52 week lows.

Stocks touching their year highs included - Bharti Airtel Ltd. (1,297.55, 0.7%), Eicher Motors Ltd. (4,466.95, 2.8%) and Hindustan Copper Ltd. (379.05, 4.1%).

Stock making new 52 weeks lows included - Sheela Foam Ltd. (912.50, -2.3%).

17 stocks climbed above their 200 day SMA including Tejas Networks Ltd. (906.90, 16.9%) and Whirlpool of India Ltd. (1,525.70, 5.8%). 8 stocks slipped below their 200 SMA including Gujarat State Petronet Ltd. (303.85, -19.5%) and Coromandel International Ltd. (1,094, -2.5%).

 
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