Trendlyne Marketwatch
Trendlyne Marketwatch
03 May 2024, 03:45PM
Market closes lower, MRF's net profit grows 16.3% YoY to Rs 396.1 crore in Q4

Nifty 50 closed at 22,460.90 (-187.3, -0.8%), BSE Sensex closed at 73,747.13 (-864.0, -1.2%) while the broader Nifty 500 closed at 20,945.20 (-138.4, -0.7%). Of the 2,063 stocks traded today, 647 were on the uptrend, and 1,377 went down.

Indian indices pared their gains and closed in the red after hitting their all-time highs during the morning trading session. The volatility index, Nifty VIX, rose sharply by 8.7% and closed at 14.6 points. MRF closed lower after its net profit missed Forecaster estimates by 25.4% despite growing 16.3% YoY to Rs 396.1 crore in Q4FY24.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the red, taking cues from the benchmark index. Nifty Auto and Nifty Energy closed lower than their Thursday close. According to Trendlyne’s sector dashboard, Telecommunications Equipment emerged as the best-performing sector of the week, with a rise of 3%.

Major Asian indices closed flat or higher, except for India’s BSE Sensex closing in the red. European indices traded in the green amid positive global cues. US index futures traded higher, indicating a positive start to the trading session. Brent crude oil futures traded marginally lower after closing flat on a volatile day on Thursday.

  • Relative strength index (RSI) indicates that stocks like KFIN Technologies, Voltas, Escorts Kubota and Schaeffler India are in the overbought zone.

  • Century Textiles & Industries, Dr. Reddy's Laboratories, and Pidilite Industries' weekly average delivery volumes rise ahead of their Q4FY24 results on Monday.

  • Raymond reappoints Gautam Hari Singhania as the Managing Director for a period of five years, effective July 1, 2024.

  • Go Fashion falls to a 52-week low of Rs 933.3 as its net profit falls by 11.7% YoY to Rs 41.7 crore in Q4FY24, impacted by higher costs for raw materials, subcontracting, employee benefits, and finance. However, revenue grows by 15.3% YoY to Rs 181.7 crore during the quarter. The stock appears in a screener of stocks trading below their short, medium, and long-term average prices.

  • Harin Kanani, Managing Director of Neogen Chemicals, expects a recovery in agrochemicals demand in H2FY25. He adds that the non-battery business revenue will reach around Rs 750-800 crore in FY25, and Rs 1,000 crore by FY26.

  • Godrej Properties' Q4FY24 profit rises 5.3% YoY to Rs 478 crore and revenue increases 4.1% YoY. EBITDA grows by 3% to Rs 649 crore. The company appears in a screener for stocks near their 52-week highs with significant volumes.

  • MRF falls sharply as its net profit misses Forecaster estimates by 25.4% despite growing 16.3% YoY to Rs 396.1 crore in Q4FY24. Revenue rises by 8.7% YoY to Rs 6,349.4 crore during the quarter. It shows up in a screener of stocks with high promoter pledges.

  • Godfrey Phillips India rises as it inks a product supply agreement with Ferrero India. The company will distribute/resell packaged food products manufactured by Ferrero through select channels.

  • Citi Research maintains its ‘Buy’ rating on Adani Ports with an upgraded target price of Rs 1,782. The brokerage notes the company’s strong Q4 performance and healthy FY25 guidance. It adds that the FY25 capex plan shows strong cash flows and balance sheets, and also indicates its intention to accelerate growth in the medium term.

  • IT stocks like Tata Consultancy Services, Infosys, HCL Technologies, Wipro, and LTIMindtree are falling in trade. All constituents of the broader Nifty IT index are also trading in the red.

  • ICICI Securities maintains its 'Buy' rating on Havells India with an upgraded target price of Rs 1,940 per share. This indicates a potential upside of 16.3%. The brokerage believes that the company's commissioning of a new plant for cables and wires will help with higher revenue growth. It expects the company's revenue to grow at a CAGR of 13.6% over FY24-26.

  • Shriram Properties rises as it acquires a land parcel in Bengaluru to develop a residential community. This project has a revenue potential of over Rs 250 crore and is expected to be developed over the next three years.

  • Anil Gupta, CMD of KEI Industries, says demand remains strong and he expects revenue to grow by more than 15-16% YoY, with margins around 11% in FY25. He adds that exports will grow by over 50% YoY due to a healthy order book and inquiries.

  • Foreign institutional investors withdraw Rs 2,367.3 crore from the equity market over the past week, according to Trendlyne's FII dashboard. Meanwhile, mutual funds are net buyers, injecting Rs 5,930.4 crore during the same period.

  • HDFC Mutual Fund sells a 1% stake in Cyient for approx Rs 204.1 crore in a bulk deal on Thursday.

  • Ceat falls as its net profit drops 18.8% YoY to Rs 108.6 crore, despite a 4.1% increase in revenue. The decline in profit is due to higher raw material costs and a one-time legal obligation cost. The stock appears in a screener for companies with declining debt.

  • Reports suggest that 63.6 crore shares (2.2% equity) of Yes Bank, amounting to Rs 1,602 crore, change hands in a large deal. Carlyle is a likely seller in the transaction.

  • Max Estates surges as it inks an agreement for a potential residential project on 18.2 acres in Gurugram. Its gross development value is estimated at over Rs 9,000 crore.

  • Bajaj Finance surges in trade as the RBI lifts restrictions on two of its products, eCom and online digital ‘Insta EMI card’.

  • Coforge plunges as its net profit declines by 6% QoQ to Rs 223.7 crore in Q4FY24 due to rising employee benefits and finance costs. However, revenue grows by 1.5% QoQ to Rs 2,358.5 crore, helped by improvements in the Americas and EMEA businesses, which were slightly offset by declines in the Asia Pacific and India sectors. It appears in a screener of stocks with declining cash flow.

  • Morgan Stanley maintains its ‘Equal-weight’ rating on Federal Bank with an upgraded target price of Rs 180. The brokerage notes the bank’s strong asset quality and low credit costs. It believes that RoAs will remain strong as there are no likely rate cuts in the near term.

  • Mazagon Dock Shipbuilders is rising as it bags an order worth $42 million (approx. Rs 350.2 crore) from a European client to construct three multipurpose hybrid power vessels.

  • MOIL rises as its April 2024 production rises 22% YoY to 1.6 lakh tonnes. The company achieves sales of 1.2 lakh tonnes, up 17% YoY.

  • Ajanta Pharma proposes a buyback offer worth Rs 285 crore for up to 10.3 lakh equity shares at Rs 2,770 per share. The company has set May 30, 2024, as the record date for the buyback.

  • Coal India's Q4FY24 net profit grows by 25.8% YoY to Rs 8682.2 crore, helped by lower raw material and employee benefit costs. However, revenue declines by 1.9% YoY to Rs 37,410.4 crore. It appears in a screener of stocks where analysts upgraded their recommendation or target price in the past quarter.

Riding High:

Largecap and midcap gainers today include Hindustan Zinc Ltd. (459.70, 6.4%), Coal India Ltd. (473.15, 4.2%) and Supreme Industries Ltd. (5,010.10, 4.1%).

Downers:

Largecap and midcap losers today include Coforge Ltd. (4,482.70, -10.1%), SRF Ltd. (2,554.50, -4.3%) and MRF Ltd. (1,28,694.95, -3.9%).

Movers and Shakers

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

Top high volume gainers on BSE included Blue Dart Express Ltd. (6,823, 9.3%), Ajanta Pharma Ltd. (2,391.05, 7.0%) and Hindustan Zinc Ltd. (459.70, 6.4%).

Top high volume losers on BSE were Coforge Ltd. (4,482.70, -10.1%), MRF Ltd. (1,28,694.95, -3.9%) and Ceat Ltd. (2542, -3.1%).

Kansai Nerolac Paints Ltd. (289.95, 1.4%) was trading at 10.7 times of weekly average. Piramal Pharma Ltd. (151.30, 5.6%) and Elgi Equipments Ltd. (654.25, -0.6%) were trading with volumes 10.0 and 7.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

45 stocks hit their 52-week highs, while 1 stock hit their 52-week lows.

Stocks touching their year highs included - Ajanta Pharma Ltd. (2,391.05, 7.0%), Ashok Leyland Ltd. (202.30, 0.5%) and BASF India Ltd. (4,040.20, 0.7%).

Stock making new 52-week lows included - Kotak Mahindra Bank Ltd. (1,548.05, -1.8%).

14 stocks climbed above their 200 day SMA including Blue Dart Express Ltd. (6,823, 9.3%) and Emami Ltd. (498.05, 2.6%). 19 stocks slipped below their 200 SMA including Network18 Media & Investments Ltd. (83.55, -3.7%) and Ceat Ltd. (2,542, -3.1%).

 
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