Trendlyne Marketwatch
Trendlyne Marketwatch
26 Apr 2024
Market closes lower, Vedanta's net profit falls 27.4% YoY to Rs 2,275 crore in Q4FY24
By Trendlyne Analysis

 

Nifty 50 closed at 22,419.95 (-150.4, -0.7%), BSE Sensex closed at 73,730.16 (-609.3, -0.8%) while the broader Nifty 500 closed at 20,839.35 (-28.6, -0.1%). Market breadth is horizontal. Of the 2,058 stocks traded today, 993 were in the positive territory and 1,020 were negative.

Indian indices maintained the losses from the afternoon session and closed in the red. The volatility index, Nifty VIX, rose by 1.7% and closed at 10.9 points. Bank of Maharashtra’s net profit surged by 45% YoY to Rs 1,217.7 crore in Q4FY24, helped by a reduction in provisions. Revenue grew by 21.6% YoY, driven by improvements in the treasury operations, retail, and corporate banking segments.

Nifty Midcap 100 and Nifty Smallcap 100 closed higher, with the benchmark index closing lower. Nifty IT and Nifty Media closed higher than Thursday’s closing level. According to Trendlyne’s sector dashboard, fertilizers emerged as the top-performing sector of the day, with a rise of over 2.1%. 

Most European indices trade in the green. US indices futures trade higher, indicating a positive start. The provisional data indicated that the US GDP increased by 1.6% in Q1 against estimates of 2.5% growth.

  • Money flow index (MFI) indicates that stocks like Aegis Logistics, Motilal Oswal Financial Services, Just Dial and Cello World are in the overbought zone.

  • CSB Bank falls sharply as its Q4FY24 net profit declines 3.1% YoY to Rs 1,514.6 crore due to higher operating expenses. However, revenue rises 24.9% YoY to Rs 7,948.7 crore, driven by growth in the treasury, corporate, and retail banking segments.

  • Vedanta rises sharply as its net profit, despite falling by 27.4% YoY to Rs 2,275 crore in Q4FY24, beats Forecaster estimates by 13.8%. Revenue decreases by 6.1% YoY to Rs 34,937 crore, due to reductions in the zinc, aluminium, copper, and power segments. It appears in a screener of stocks with declining revenue for the past two quarters.

  • According to S&P Global, the RBI's intervention with Kotak Mahindra Bank may slow its credit growth and profitability, forcing the bank to rely more on developing its physical branch network. The agency has granted the bank a BBB-/Stable/A-3 rating and claims that the move will have no effect on its rating. S&P Global highlights that the bank may continue to cross-sell its other products to existing clients.

  • Bank of Maharashtra rises sharply as its net profit surges by 45% YoY to Rs 1,217.7 crore in Q4FY24, helped by a reduction in provisions. Revenue grows by 21.6% YoY, driven by improvements in the treasury operations, retail, and corporate banking segments. The bank's asset quality improves as its gross and net NPAs contract by 59 bps and 5 bps YoY, respectively, during the quarter.

  • Zensar Technologies is rising its Q4FY24 net profit increases 7.2% QoQ to Rs 173.3 crore, driven by lower finance costs and depreciation expenses. Its revenue is up 2.1% QoQ due to growth in the digital & application, and digital foundation services segments.

  • KPI Green Energy falls sharply as its net profit declines by 15% QoQ, despite growing by 35.4% YoY to Rs 43 crore in Q4FY24. Revenue increases by 58.6% YoY to Rs 289.4 crore, driven by improved sales of plots, power, and captive power projects. It features in a screener of stocks that have outperformed their industries in the past quarter.

  • Aditya Jajodia, Chairman & Director of Jai Balaji Industries, states that the company's focus remains on expansion and value-added products, expecting them to constitute around 80-85% of total sales over the next few quarters. He highlights the company’s potential FY27 revenue of Rs 10,000 crore with margins around 18%. Jajodia adds that the firm will be net debt-free within 15 months.

  • Can Fin Homes, Birlasoft, and Gillette India’s weekly average delivery volumes rise ahead of their Q4FY24 results on Monday.

  • Consumer durables stocks like Dixon Technologies, Havells India, Crompton Greaves Consumer Electricals, and Bata India are rising in trade. This helps the broader Nifty Consumer Durables index to touch its all-time high of 34,537.9.

  • Motilal Oswal keeps its 'Buy' rating on Equitas Small Finance Bank with an upgraded target price of Rs 125 per share. This indicates a potential upside of 25.9%. The brokerage expects the bank's slippage to reduce on the back of an improvement in collection efficiency. It expects the bank's net interest income to grow at a CAGR of 14.9% over FY24-26.

  • Metals & mining, general industrials, transportation, consumer durables, fertilizers, and telecommunications equipment sectors surge more than 5% over the past week.

  • Dr. Vikas Gupta, CEO of Alkem Labs, says that the domestic market remains their core focus and expects continued growth there. He anticipates that the company's dependence on China will decrease as more players enter the Indian market. He also notes that pricing erosion in the US has stabilized, and they are now looking for opportunities to boost their growth.

  • Media stocks like Sun TV Network, Zee Entertainment Enterprises, PVR Inox, and Saregama India are rising in trade. The broader sectoral index Nifty Media is also trading in the green.

  • UTI Asset Management surges to its 52-week high of Rs 1,005 as its net profit grows by 53.9% YoY to Rs 151.3 crore in Q4FY24. Revenue increases by 24.4% YoY to Rs 327.5 crore during the quarter. It appears in a screener of stocks with improving cash flow from operations over the past two years.

  • Foreign institutional investors divest Rs 1,077 crore in the equity market over the past week, according to Trendlyne's FII dashboard. Index options witness the highest outflow of Rs 34,503.7 crore from foreign investors. Meanwhile, mutual funds are net buyers in the equity market, injecting Rs 4,636.5 crore during the same period.

  • InterGlobe Aviation (IndiGo) is rising as it places an order for 30 Airbus A350-900 aircraft. This marks the company's entry into the wide-body aircraft space and will enable further expansion of its network.

  • IndusInd Bank is falling as its net profit, despite growing by 15% YoY to Rs 2,346.8 crore in Q4FY24, misses Forecaster estimates by 2%, helped by a reduction in provisions. Revenue increases by 21.7% YoY due to improvements in the treasury operations, corporate, and retail segments. The bank’s asset quality improves as its gross and net NPAs contract by 8 bps and 2 bps YoY, respectively.

  • Vodafone Idea is falling as 2.8% equity (185 crore shares), worth approximately Rs 2,000 crore reportedly changes hands in multiple block deals. ATC Telecom Infra is a likely seller in the transaction.

  • Schaeffler India is falling as its Q4FY24 net profit, despite a marginal growth of 0.2% YoY to Rs 219.7 crore, misses estimates by 9.3%. Its revenue, however, rises by 10.6% YoY to Rs 1,873.1 crore, driven by growth in the automotive technologies, vehicle lifetime solutions, and bearings segments.

  • Goldman Sachs maintains its ‘Neutral’ rating on Nestle India and raises the target price to Rs 2,550. The brokerage highlights the company’s strong earnings in Q4, driven by margin expansion. It also notes the potential benefits from Dr. Reddy’s medical representative network.

  • L&T Technology Services plunges as its net profit, despite growing by 1.4% QoQ to Rs 340.9 crore in Q4FY24, misses estimates by 4.9%. Revenue increases by 4.4% QoQ to Rs 2,593.5 crore, thanks to improvements in the transportation, plant engineering, and telecom & high-tech segments. It features in a screener of stocks with increasing revenue for the past eight quarters.

  • Bajaj Finance falls sharply as its net profit, despite growing by 21.1% YoY to Rs 3,842.5 crore in Q4FY24, misses Forecaster estimates by 12.5%. Revenue increases by 31.4% YoY to Rs 14,932 crore due to an improvement in assets under management (AUM). It appears in a screener of stocks where mutual funds decreased their shareholding in the past quarter.

  • Sandur Manganese & Iron Ores rises sharply as it acquires an 80% stake in Arjas Steel at an enterprise value of Rs 3,000 crore.

  • Tech Mahindra rises sharply as its net profit grows by 29.5% QoQ to Rs 661 crore in Q4FY24, owing to reduced employee benefits expenses. Revenue declines by 1.8% QoQ to Rs 12,871.3 crore due to a fall in the IT and BPO segments. It features in a screener of stocks where FIIs have increased their shareholding.

  • Nifty 50 was trading at 22,585.10 (14.8, 0.1%), BSE Sensex was trading at 74,509.31 (169.9, 0.2%) while the broader Nifty 500 was trading at 20,910.30 (42.4, 0.2%).

  • Market breadth is ticking up strongly. Of the 1,808 stocks traded today, 1,305 were in the positive territory and 440 were negative.

Riding High:

Largecap and midcap gainers today include Tech Mahindra Ltd. (1,278.75, 7.4%), Coromandel International Ltd. (1,184.50, 6.5%) and Container Corporation of India Ltd. (1,068, 6.3%).

Downers:

Largecap and midcap losers today include L&T Technology Services Ltd. (4,778.10, -7.8%), Bajaj Finance Ltd. (6,731.20, -7.7%) and Bajaj Finserv Ltd. (1,597.35, -3.5%).

Volume Shockers

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

Top high volume gainers on BSE included Housing and Urban Development Corporation Ltd. (228.10, 12.3%), Zensar Technologies Ltd. (620.75, 8.0%) and The New India Assurance Company Ltd. (244.70, 7.8%).

Top high volume losers on BSE were L&T Technology Services Ltd. (4,778.10, -7.8%), Bajaj Finance Ltd. (6,731.20, -7.7%) and CSB Bank Ltd. (384.10, -5.1%).

Westlife Foodworld Ltd. (886.65, 7.8%) was trading at 13.1 times of weekly average. DCM Shriram Ltd. (956.55, 5.8%) and Tech Mahindra Ltd. (1,278.75, 7.4%) were trading with volumes 12.6 and 10.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

48 stocks overperformed with 52 week highs, while 1 stock hit their 52 week lows.

Stocks touching their year highs included - Aegis Logistics Ltd. (635.65, 5.9%), Bharat Electronics Ltd. (238.95, 0.6%) and Bharat Heavy Electricals Ltd. (278.85, 2.7%).

Stock making new 52 weeks lows included - Sheela Foam Ltd. (905.10, -2.2%).

13 stocks climbed above their 200 day SMA including Westlife Foodworld Ltd. (886.65, 7.8%) and Tech Mahindra Ltd. (1,278.75, 7.4%). 14 stocks slipped below their 200 SMA including L&T Technology Services Ltd. (4,778.10, -7.8%) and Bajaj Finance Ltd. (6,731.20, -7.7%).

 
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