Trendlyne Marketwatch
Trendlyne Marketwatch
02 May 2024
Market trades higher, Bajaj Auto's April 2024 wholesales grow by 17.2% YoY to 3.9 lakh units
By Trendlyne Analysis

 

Nifty 50 closed at 22,648.20 (43.4, 0.2%), BSE Sensex closed at 74,611.11 (128.3, 0.2%) while the broader Nifty 500 closed at 21,083.60 (86.4, 0.4%). Market breadth is neutral. Of the 2,074 stocks traded today, 1,002 were gainers and 1,034 were losers.

Indian indices recovered from their day lows and closed in the green. The Indian volatility index, Nifty VIX, rose by 4.5% and closed at 13.5 points. Dabur India closed sharply higher after its net profit grew by 16.2% YoY to Rs 349.5 crore in Q4FY24, helped by reduced cost of raw materials. 

Nifty Smallcap 100 closed flat, while the Nifty Midcap 100 closed in the green. Nifty Energy and Nifty Metal closed higher than their Wednesday close. According to Trendlyne’s sector dashboard, Retailing emerged as the best-performing sector of the day, with a rise of 1.5%.

Major Asian indices closed in the green, except for Japan’s Nikkei 225 closing flat. European indices traded flat or lower amid mixed global cues. US index futures traded in the green, indicating a positive start to the trading session. Brent crude oil futures traded flat after closing in the red for three straight trading sessions.

  • REC sees a short buildup in its May 30 future series as its open interest rises 19.8% with a put-call ratio of 1.3.

  • Dabur India rises sharply as its net profit grows by 16.2% YoY to Rs 349.5 crore in Q4FY24, helped by reduced cost of raw materials. Revenue increases by 5.1% YoY to Rs 2,814.6 crore, owing to improvements in the consumer care, food and retail segments. It shows up in a screener of stocks with high analyst ratings, with at least 20% upside.

  • Adani Ports & SEZ rises as its net profit grows by 76.2% YoY to Rs 2,039.7 crore in Q4FY24 due to lower employee benefits and finance costs. Revenue increases by 19% YoY to Rs 6,896.5 crore, owing to improvements in domestic cargo and SEZ segments. It features in a screener of stocks near their 52-week highs with significant volumes.

  • Anil Rai Gupta, the MD of Havells India, notes an improvement in the company's performance in H2FY24. He sees a better FY25 compared to FY24, with EBITDA margins expected to be between 13% and 14.5%, excluding the Lloyd business. Gupta also expects the company to gain market share over the next 3-5 years.

  • PSE stocks like REC, Hindustan Petroleum Corp, Power Finance Corp and Power Grid Corp are rising in trade. The broader sectoral index, Nifty PSE, is also trading in the green.

  • Federal Bank rises sharply as its Q4FY24 revenue grows by 26.6% YoY to Rs 5,978.4 crore, driven by improvements in the treasury, retail, and corporate banking segments. Net profit increases by 0.4% YoY to Rs 906.3 crore, helped by a return in provisions. The bank's asset quality also improves, with gross and net NPAs declining by 23 bps and 9 bps YoY, respectively.

  • Bharat Heavy Electricals rises as it inks a partnership agreement with HIMA Middle East (Dubai), an arm of HIMA Paul Hildebrandt (Dubai), for the railway signalling business.

  • Suvamoy Saha, the MD of Eveready India, attributes the muted topline growth in Q4 to external factors such as weak rural demand for batteries and flashlights, and price erosion in the lighting segment. He adds that the company is targeting double-digit revenue growth in FY25, with expected margins ranging from 10-12%.

  • KR Choksey maintains its 'Buy' rating on Maruti Suzuki with an upgraded target price of Rs 14,975 per share. This indicates a potential upside of 17%. The brokerage remains positive on the stock owing to its strong capex plans in the medium term, focus on high-demand spaces like SUVs, CNG, hybrids & EVs, robust export markets and margin stability. It expects the company's revenue to grow at a CAGR of 12.6% over FY24-26.

  • NMDC rises as its total sales in April 2024 grow by 2.9% YoY to 3.5 million metric tonnes, despite a slight drop in production.

  • IFCI surges to its 10% upper circuit as it posts a net profit of Rs 215.5 crore in Q4FY24, compared to a loss of Rs 232.5 crore in Q4FY23. This profit is attributed to reductions in employee benefits, finance costs, and impairment of financial instruments. Revenue also grows by 9% YoY to Rs 382.9 crore during the quarter. The company appears in a screener of stocks with decreased provisions.

  • Mahindra & Mahindra's overall auto wholesales rise 13% YoY to 70,471 units in April 2024. Domestic passenger vehicle wholesales grow by 18% YoY and total exports improve 2% YoY.

  • Aadhar Housing Finance sets the price band for its IPO at Rs 300-315 per share. The issue, valued at Rs 3,000 crore, consists of a fresh issue worth Rs 1,000 crore and an offer for sale of Rs 2,000 crore. The issue opens on May 8.

  • Jindal Stainless announces a Rs 5,400 crore investment plan to expand its melting and downstream capacities. The company will allocate Rs 3,350 crore for expanding and upgrading the infrastructure of its downstream lines in Jaipur and Odisha. It also plans to acquire a 54% stake in Chromeni Steels for Rs 1,340 crore.

  • Mishra Dhatu Nigam wins an order worth Rs 139 crore. After this order win, the company's total open order position stands at Rs 1,830 crore.

  • REC surges to its all-time high of Rs 555.7 as its Q4FY24 net profit grows by 33.8% YoY to Rs 4,016.3 crore due to reduced provisions. Revenue increases by 24.7% YoY to Rs 12,613.1 crore during the quarter. It appears in a screener of stocks where mutual funds have increased their holding over the past quarter.

  • India’s manufacturing PMI drops to 58.8 in April from 59.1 in March due to a modest slowdown in new orders and output. The PMI reading remains above the 50 mark for the 34th consecutive month.

  • Bajaj Auto rises as its April 2024 wholesales grow by 17.2% YoY to 3.9 lakh units. Two-wheeler wholesales increase by 18.7% YoY, while commercial vehicle wholesales improve by 7.3%.

  • Arpwood Partners Investment and Arpwood Capital, promoters of SBFC Finance sell their entire 5.2% stake (5.6 crore shares), for approximately Rs 493.7 crore in a bulk deal on Tuesday. Meanwhile, Custody Bank of Japan, Morgan Stanley Asia Singapore, and SBI Mutual Fund pick up 1.1%, 0.6%, and 1.8% stakes, respectively.

  • Astec Lifesciences is rising as Adi Godrej and family make an open offer to acquire a 26% stake (or 51 lakh shares) in the company at Rs 1,069.8 per share for an aggregate amount of Rs 545.5 crore.

  • Arul Selvan of Cholamandalam Investment and Finance says that the company is targeting an AUM growth of 20-25% YoY in FY25. He adds that the vehicle finance segment will make up 50% of the total AUM, with home loans and LAP (loan against property) contributing 30%. Selvan also expects an increased contribution from new segments like SME and unsecured loans.

  • Kotak Mahindra Bank falls as its joint Managing Director Krishnan Venkat Subramanian resigns with immediate effect on Tuesday to pursue other opportunities.

  • Tata Motors' April 2024 total wholesales rise 11.4% YoY to 77,521 units, led by a 31% YoY increase in commercial vehicle wholesales. Total domestic wholesales also grow by 12% YoY.

  • Havells India rises to its all-time high of Rs 1,706.9 per share as its net profit grows by 24.8% YoY to Rs 446.7 crore in Q4FY24. Revenue increases by 12% YoY to Rs 5,442 crore due to improvements in the switchgears, cables, lighting & fixtures, electrical consumer durables and Lloyd consumer segments. It shows up in a screener of stocks with increasing net profit and profit margin.

  • IndiaMART InterMESH is rising as its net profit surges 78.5% YoY to Rs 99.6 crore in Q4FY24. Revenue increases by 17.1% YoY to Rs 314.7 crore, owing to improvements in the web & related services and accounting software services segments. It features in a screener of stocks with increasing revenue for the past eight quarters.

  • Nifty 50 was trading at 22,650.60 (45.8, 0.2%), BSE Sensex was trading at 74,388.81 (-94.0, -0.1%) while the broader Nifty 500 was trading at 21,073 (75.8, 0.4%).

  • Market breadth is ticking up strongly. Of the 1,876 stocks traded today, 1,399 were on the uptrend, and 412 went down.

Riding High:

Largecap and midcap gainers today include REC Ltd. (553.90, 9.2%), Cholamandalam Investment & Finance Company Ltd. (1,301.60, 9.1%) and Hindustan Petroleum Corporation Ltd. (533.50, 7.7%).

Downers:

Largecap and midcap losers today include Supreme Industries Ltd. (4,812.05, -4.9%), Godrej Properties Ltd. (2,532.70, -4.3%) and Patanjali Foods Ltd. (1,451.35, -3.9%).

Volume Shockers

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

Top high volume gainers on BSE included REC Ltd. (553.90, 9.2%), Raymond Ltd. (2,294.55, 9.1%) and Cholamandalam Investment & Finance Company Ltd. (1,301.60, 9.1%).

Top high volume losers on BSE were Godrej Industries Ltd. (894.15, -6.9%), Godrej Properties Ltd. (2,532.70, -4.3%) and Rossari Biotech Ltd. (733.20, -2.1%).

IndiaMART InterMESH Ltd. (2,861.05, 8.2%) was trading at 32.0 times of weekly average. Avanti Feeds Ltd. (558.20, 4.8%) and BASF India Ltd. (4,014.10, 7.4%) were trading with volumes 10.7 and 8.9 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

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

Stocks touching their year highs included - Ashok Leyland Ltd. (201.35, 4.5%), BASF India Ltd. (4,014.10, 7.4%) and Bharat Heavy Electricals Ltd. (292.70, 3.9%).

Stock making new 52 weeks lows included - Kotak Mahindra Bank Ltd. (1,575.65, -3.0%).

11 stocks climbed above their 200 day SMA including IndiaMART InterMESH Ltd. (2,861.05, 8.2%) and Orient Electric Ltd. (226, 3.5%). 10 stocks slipped below their 200 SMA including JM Financial Ltd. (84.45, -5.0%) and CreditAccess Grameen Ltd. (1,466.95, -2.8%).

 
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