Trendlyne Marketwatch
Trendlyne Marketwatch
24 Apr 2024
Market closes higher, Equitas Small Finance Bank's net profit rises by 9.3% YoY in Q4
By Trendlyne Analysis

Nifty 50 closed at 22,402.40 (34.4, 0.2%), BSE Sensex closed at 73,852.94 (114.5, 0.2%) while the broader Nifty 500 closed at 20,730.65 (78, 0.4%). Of the 2071 stocks traded today, 1,237 were in the positive territory and 784 were negative.

Indian indices maintained the gains from the afternoon session and closed in the green. The volatility index, Nifty VIX, rose by 0.8% and closed at 10.3 points. US FDA concludes inspection at Zydus Lifescience injectable manufacturing site in Jarod after reporting 10 observations.

Nifty Midcap 100 and Nifty Smallcap 100 closed lower following the benchmark index. Nifty Metal and Nifty Healthcare closed higher than Tuesday’s closing level. According to Trendlyne’s sector dashboard, fertilizers emerged as the top-performing sector of the day, with a rise of over 3.3%.

Most European indices trade in the green, except for Switzerland’s SMI trading lower. US indices futures trade flat, indicating a cautious start. The US provisional manufacturing PMI for April contracts to 49.9 against estimates of 52. Tesla's Q1 revenue declined 8.7% YoY to $21.3 billion, missing estimates by 4.1%.

  • ICICI Bank sees a short buildup in its April 25 future series as its open interest rises 25.1% with a put-call ratio of 0.6.

  • Equitas Small Finance Bank falls sharply as its net profit misses Forecaster estimates by 2.6% despite growing by 9.3% YoY to Rs 207.6 crore in Q4FY24. Revenue grows by 25% YoY during the quarter. The bank's asset quality improves as its gross and net NPAs decline by 15 bps YoY and 4 bps YoY. It appears in a screener of stocks with increasing revenue for the past four quarters.

  • Rail Vikas Nigam is rising as it has emerged as the lowest bidder, along with its JV partner KRDCL, for a project worth Rs 439 crore from Southern Railway. The contract includes the redevelopment of Thiruvananthapuram Central Railway Station, to be executed over 42 months.

  • Emkay initiates coverage on Bajaj Finance with a 'Buy' rating and target price of Rs 9,000 per share. This indicates a potential upside of 23.4%. The brokerage is positive on the stock on the back of its strong strategy execution and the listing of its housing subsidiary. It expects the company's net profit to grow at a CAGR of 21.4% over FY24-27.

  • Citi maintains a 'Buy' rating on Bharti Airtel and raises the target price to Rs 1,520. The brokerage expects the firm's FY26 average revenue per user (ARPU) to rise by 3% in FY26 and its EBITDA to improve by 1-2% by FY25-26 due to clarity on tariff hikes. The brokerage increases the valuations of Bharti Airtel's India mobile, homes, and enterprise segments.

  • Cyient DLM rises as its Q4FY24 profit increases 80.7% YoY to Rs 22.7 crore and revenue improves 34.1% YoY. EBITDA falls 100 bps due to an increase in administrative expenses. The company appears in a screener of stocks with growing profits for the past three quarters.

  • JNK India's Rs 649.5 crore IPO gets bids for 1X the available 1.1 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 1.1X the available 56.1 lakh shares on offer.

  • ASK Automotive’s board approves a joint venture (JV) with Aisin Group Companies to market and sell IAM (independent after-market) parts for passenger cars.

  • United Breweries touches a 52-week high of Rs 2,026.2 following a 20% organic growth in Heineken's India revenue in the first quarter of 2024, driven by higher volume and a favourable price mix. Kingfisher Ultra and Heineken Silver led the company's premium portfolio's volume growth in the low-20s.

  • Multi Commodity Exchange of India is plunging as its Q4FY24 net profit misses Forecaster estimates by 20.4%, despite surging 16.1X YoY to Rs 87.9 crore, helped by reduced computer technology and communication expenses. Revenue increases by 35.4% YoY to Rs 181.1 crore, owing to an improvement in average daily turnover (ADTO).

  • 360 One Wam is rising as its net profit grows by 55.5% YoY to Rs 241 crore in Q4FY24. Its revenue increases by 45.8% YoY during the quarter due to improvement in the wealth and asset management segments. The company’s board approves an interim dividend of Rs 3.5 per share.

  • ICICI Prudential Life Insurance falls as its net profit dips 26% YoY to Rs 173.8 crore, while total income rises 96.5% YoY. The profit fall is due to an increase in net benefits paid. The company appears in a screener for stocks with low debt.

  • Rakesh Sharma, Executive Director of Bajaj Auto, says FY25 exports could be better than FY24 and expects a 7-8% growth in the domestic market this year. He notes that there is no divide between rural and urban markets of the Indian two-wheeler segment. He adds that their new Brazil plant will begin operations in June.

  • Sudarshan Chemical Industries touches a 52-week high of Rs 766.5 following the launch of Sumica Gold 42631, an effect pigment for coatings, plastics, and textiles. The product is now available in Indian and overseas markets.

  • GPT Infraprojects surges as it wins orders worth Rs 487 crore from Mumbai's Central Railway for the construction of a new BG line in the Solapur-Osmanabad section.

  • Tata Elxsi falls as its net profit declines by 4.6% QoQ to Rs 196.9 crore in Q4FY24 due to increased employee benefit expenses. Revenue decreases by 0.9% QoQ to Rs 905.9 crore, owing to a downturn in the software development & services segment. It appears in a screener of stocks that have underperformed their industry in the past quarter.

  • Under the government's production linked incentive (PLI) program, seven companies including Reliance Industries, Amara Raja Advanced Cell Technologies, JSW Neo Energy, and Waaree Energies, have submitted bids to produce advanced chemistry cells (ACC) with a capacity of 10 gigawatt-hours in the program's second round.

  • Metal stocks like Steel Authority of India, NMDC, Jindal Steel & Power and Hindalco Industries are rising in trade. The broader sectoral index, Nifty Metal, is also trading in the green.

  • Zydus Lifesciences falls as US FDA concludes inspection at the company's injectable manufacturing site in Jarod with 10 observations.

  • Puravankara is rising after being selected as the preferred developer for redeveloping a residential housing society in Pali Hill, Mumbai. The project's gross development value (GDV) is estimated at Rs 2,000 crore.

  • Shrinivas Kulkarni, Chief Financial Officer of Cyient DLM, forecasts over 30% revenue growth for FY25, with margins improving and ROCE expected to reach 15%, then 25%. He highlights benefits from the growth of India's Emergency Medical Services (EMS) industry. The company's Q4FY24 net profit surged by 80.7% YoY to Rs 22.7 crore, and revenue increased by 34.1% YoY.

  • Rama Steel Tubes rises sharply as its board of directors approves fundraising of Rs 500 crore through a follow-on public offer (FPO).

  • Welspun Corp wins an export contract worth Rs 611 crore to supply LSAW pipes, coating and bends in Latin America.

  • Radhakishan Damani's Derive Trading and Resorts buys a 3.4% stake in VST Industries through open market transactions on Friday.

  • Tata Consumer Products plunges as its net profit drops 19.3% YoY to Rs 216.6 crore in Q4FY24 due to rising raw material costs and employee benefits expenses. Revenue increases by 8.5% YoY to Rs 3,926.9 crore, helped by Indian and international markets. The company appears in a screener of stocks with negative profit growth and a QoQ decrease in promoter shareholding.

Riding High:

Largecap and midcap gainers today include United Breweries Ltd. (2,030.95, 9.2%), Steel Authority of India (SAIL) Ltd. (164.65, 8.1%) and Linde India Ltd. (8,245.15, 8.1%).

Downers:

Largecap and midcap losers today include Vodafone Idea Ltd. (13.10, -9.0%), Tata Consumer Products Ltd. (1,110.15, -5.4%) and Tata Elxsi Ltd. (7,030.15, -4.9%).

Volume Rockets

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

Top high volume gainers on BSE included Aegis Logistics Ltd. (595.95, 10.8%), Mangalore Refinery And Petrochemicals Ltd. (248.70, 10.8%) and Deepak Fertilisers & Petrochemicals Corporation Ltd. (608.40, 9.8%).

Top high volume losers on BSE were Tata Elxsi Ltd. (7,030.15, -4.9%), ICICI Prudential Life Insurance Company Ltd. (575.65, -3.1%) and Sundram Fasteners Ltd. (1051.05, -1.8%).

United Breweries Ltd. (2030.95, 9.2%) was trading at 19.6 times of weekly average. Chambal Fertilisers & Chemicals Ltd. (402.20, 5.7%) and Emami Ltd. (446.35, 1.4%) were trading with volumes 14.3 and 10.5 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

38 stocks overperformed with 52-week highs,

Stocks touching their year highs included - Aegis Logistics Ltd. (595.95, 10.8%), Amara Raja Energy & Mobility Ltd. (1,133.30, -2.3%) and Ambuja Cements Ltd. (644.45, 1.2%).

16 stocks climbed above their 200 day SMA including Deepak Fertilisers & Petrochemicals Corporation Ltd. (608.40, 9.8%) and Ratnamani Metals & Tubes Ltd. (3,001, 4.2%). 6 stocks slipped below their 200 SMA including Sun Pharma Advanced Research Company Ltd. (285.15, -5%) and Crisil Ltd. (4,144.95, -1.2%).

 
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