Trendlyne Marketwatch
Trendlyne Marketwatch
25 Apr 2024
Market closes higher, Nestle India's net profit grows by 26.8% YoY to Rs 934.2 crore in Q4
By Trendlyne Analysis

 

Nifty 50 closed at 22,570.35 (168.0, 0.8%), BSE Sensex closed at 74,339.44 (486.5, 0.7%) while the broader Nifty 500 closed at 20,867.90 (137.3, 0.7%). Market breadth is in the green. Of the 2,072 stocks traded today, 1,082 showed gains, and 950 showed losses.

Indian Indices extended their gains from the afternoon session and closed in the green. The Indian volatility index, Nifty VIX, rose 4.4% and closed at 10.7 points. Indian Hotels Co closed sharply lower after its Q4FY24 net profit missed estimates by 3.7% despite growing by 27.3% YoY to Rs 417.8 crore.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, taking cues from the benchmark index. Nifty PSU Bank and Nifty Metal closed higher than their Wednesday close. According to Trendlyne’s sector dashboard, Commercial Services & Supplies emerged as the day's best-performing sector, with a rise of 1.9%.

Major Asian indices closed in the green, except for Japan’s Nikkei 225 index closing flat. European stocks traded mixed as investors awaited Q4FY24 earnings data from major companies. US index futures traded in the red, indicating a negative start to the trading session. Brent crude oil futures traded lower after closing 0.4% lower on Wednesday.

  • Relative strength index (RSI) indicates that stocks like United Breweries, Whirlpool of India, Aegis Logistics and Amara Raja Energy & Mobility are in the overbought zone.

  • Dr. Reddy's Laboratories is rising as it enters into an agreement with Nestle India to form a joint venture (JV) to manufacture and commercialise products in the medical nutrition, specialised nutrition, nutraceuticals, and supplements categories in India and other geographies.

  • Nestle India is rising as its net profit grows by 26.8% YoY to Rs 934.2 crore in Q4FY24. Revenue increases by 9% YoY to Rs 5,267.6 crore on the back of the confectionery, milk products and nutrition segments. It shows up in a screener of stocks nearing their 52-week highs with significant volumes.

  • PSU bank stocks like Indian Overseas Bank, Bank of India, State Bank of India and UCO Bank are rising in trade. The broader sectoral index, Nifty PSU Bank, is also trading in the green.

  • According to a CRISIL report, increasing severity and frequency of weather disturbances have led to frequent rises in vegetable prices in recent years. Despite making up only 15.5% of the food index, vegetables accounted for about 30% of food inflation in FY24. The fiscal year 2024 saw extreme volatility in vegetable prices, ranging from a low of -7.9% in May 2023 to a high of 37.4% in July 2023.

  • Orient Cement rises as reports suggest Aditya Birla Group is in the advanced stage of negotiation to buy the promoter's stake in the company.

  • JNK India's Rs 649.5 crore IPO gets bids for 5.2X the available 1.1 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 2X the available 56.1 lakh shares on offer.

  • Inox Wind touches a new 52-week high of Rs 658.4 after its board approved a 3:1 bonus equity share issue. The record date will be announced later.

  • Abhishek Lodha, the incoming CEO of Macrotech Developers, says the company targets a 5-6% price growth and a 20% increase in pre-sales in FY25. He expects 10% of the volume growth from new locations and a total volume growth of 14% in FY25. He also highlights continued expansion plans across Mumbai, Pune and Bangalore.

  • ICICI Direct assigns a 'Buy' rating on Hindalco Industries with a target price of Rs 780 per share. This indicates a potential upside of 23.1%. The brokerage is optimistic on the back of strategic capacity expansions at Novelis and in Indian operations, and structural drivers in place for healthy aluminium demand. It expects the company's net profit to grow at a CAGR of 10.3% over FY24-26.

  • Au Small Finance Bank’s Q4FY24 net profit declines 12.7% YoY to Rs 370.7 crore due to stamp duty and transaction charges related to its merger with Fincare Small Finance Bank. However, its net interest income grows 24.4% YoY on the back of growth in the treasury, retail, and wholesale banking segments.

  • Jubilant Pharmova receives Form 483 with five observations from the US FDA after conducting an inspection at its radiopharmaceutical manufacturing facility in Canada.

  • The Department of Economic Affairs' (DEA) March review indicates that India's broad-based growth is boosting the global economy. The report notes that a slowing recession is helping global economic recovery. Additionally, the Indian Meteorological Department's (IMD) forecast of an above-average monsoon in 2024 is expected to improve harvests, reduce inflation concerns, and enhance the outlook for the next Kharif crop season.

  • Divi's Laboratories plans capacity addition at its manufacturing facility, with an estimated investment of Rs 650-700 crore to secure a long-term supply agreement with a customer. The proposed facility is expected to be operational by January 2027.

  • Indian Hotels Co is falling as its Q4FY24 net profit misses estimates by 3.7% despite growing by 27.3% YoY to Rs 417.8 crore. Its revenue rises 17.2% YoY to Rs 1,905.3 crore, driven by growth in revenue per available room (RevPAR).

  • Mas Financial Services rises sharply as its net profit grows by 22.5% YoY to Rs 68.1 crore in Q4FY24. Revenue increases by 23% YoY to Rs 329.5 crore, helped by improvements in assets under management (AUM) across the micro-enterprise, SME, two-wheeler, commercial vehicle, and salaried personal loan segments. It appears in a screener of stocks with increasing revenue over the past eight quarters.

  • BofA upgrades Bharat Forge to 'Buy' and raises the target price to Rs 1,450. The brokerage hikes the firm's EPS estimate by 7-15% for F25-26 to factor in the scaling up in defence & PV exports. BofA notes significant growth in the company’s three key business segments: defence, PV exports, and industrial casting.

  • Dalmia Bharat falls as its Q4FY24 profit decreases by 47.5% YoY to Rs 320 crore, despite a 12% YoY increase in revenue. The profit decline is due to a gain in Q4FY23, when the company recorded an extra Rs 529 crore from an associate and joint venture. The company appears in a screener for stocks that have received broker price or recommendation upgrades in the past month.

  • Canada Pension Plan Investment Board sells a 2.8% stake (2 crore shares) in Delhivery, for approximately Rs 906.4 crore in a block deal on Wednesday. Meanwhile, Capital Group Fund and Fidelity Group buy 2.2% and 0.5% stakes in the company.

  • Axis Bank rises sharply as it posts a net profit of Rs 7,129.7 crore in Q4FY24, compared to a net loss of Rs 5,728.4 crore in Q4FY23. Revenue increases by 25.2% YoY, driven by gains in the treasury, corporate and retail banking segments. The bank's asset quality also improves with gross and net NPAs contracting by 59 bps YoY and 8 bps YoY, respectively.

  • Praveen Kutty, the incoming MD & CEO of DCB Bank, guides net interest margins (NIMs) for FY25 to be between 3.65-3.75% and a credit cost of 0.3%. He also expects the return on assets (RoA) to reach 1% in FY25 on a steady-state basis. He notes that the bank's asset book will double in around three years.

  • LTIMindtree's Q4FY24 net profit decreases 5.9% QoQ to Rs 1,099.9 crore, with revenue down 1.5% YoY. However, FY24 saw a net profit increase of 3.9% YoY to Rs 4,582.1 crore, and revenue growth of 7.4% YoY. The board has recommended a final dividend of Rs 45 per share for FY24.

  • Happiest Minds Technologies acquires 100% equity share capital of PureSoftware Technologies for $94.5 million (Rs 779 crore). PureSoftware is a digital engineering & transformation services and solutions provider.

  • Kotak Mahindra Bank plunges as the Reserve Bank of India (RBI) orders the bank to cease and desist onboarding new customers through its online and mobile banking channels, and issuing new credit cards. This follows the RBI's observation of deficiencies in the bank's income tax examination.

  • Hindustan Unilever is falling as its revenue declines by 1.6% YoY to Rs 15,013 crore in Q4FY24, impacted by the beauty & personal care segment. Net profit grows by 2% YoY to Rs 2,558 crore, helped by lower raw material costs. It features in a screener of stocks that have underperformed their industry in the past quarter.

  • Nifty 50 was trading at 22,340.75 (-61.7, -0.3%), BSE Sensex was trading at 73,572.34 (-280.6, -0.4%) while the broader Nifty 500 was trading at 20,706.75 (-23.9, -0.1%).

  • Market breadth is in the green. Of the 1,814 stocks traded today, 1,121 were on the uptick, and 623 were down.

Riding High:

Largecap and midcap gainers today include Bharat Forge Ltd. (1,311.85, 7.4%), Aditya Birla Capital Ltd. (229.80, 6.2%) and Vodafone Idea Ltd. (13.90, 6.1%).

Downers:

Largecap and midcap losers today include Kotak Mahindra Bank Ltd. (1,642.45, -10.9%), Dalmia Bharat Ltd. (1,806.45, -8.0%) and Indian Hotels Company Ltd. (577.25, -5.1%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Hitachi Energy India Ltd. (9,329.50, 13.6%), Godfrey Phillips India Ltd. (3,449.70, 10.2%) and Bharat Forge Ltd. (1,311.85, 7.4%).

Top high volume losers on BSE were Kotak Mahindra Bank Ltd. (1,642.45, -10.9%), Dalmia Bharat Ltd. (1,806.45, -8.0%) and Indian Hotels Company Ltd. (577.25, -5.1%).

Sun Pharma Advanced Research Company Ltd. (270.90, -5%) was trading at 124.3 times of weekly average. Mas Financial Services Ltd. (308.70, 3.5%) and Jyothy Labs Ltd. (426.70, 1.2%) were trading with volumes 26.4 and 16.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

35 stocks took off, crossing 52 week highs, while 2 stocks tanked below their 52 week lows.

Stocks touching their year highs included - Ambuja Cements Ltd. (638.35, -1.0%), Bharat Electronics Ltd. (237.60, 0.5%) and Canara Bank (616.85, 3.3%).

Stocks making new 52 weeks lows included - Kotak Mahindra Bank Ltd. (1,642.45, -10.9%) and Dalmia Bharat Ltd. (1,806.45, -8.0%).

12 stocks climbed above their 200 day SMA including Crisil Ltd. (4,354.05, 5.0%) and Fine Organic Industries Ltd. (4,560.80, 2.5%). 12 stocks slipped below their 200 SMA including Kotak Mahindra Bank Ltd. (1,642.45, -10.9%) and Sun Pharma Advanced Research Company Ltd. (270.90, -5%).

 
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