Trendlyne Marketwatch
Trendlyne Marketwatch
07 May 2024
Market closes lower, Kajaria Ceramics' net profit falls 5.2% YoY to Rs 102.4 crore in Q4

 

Nifty 50 closed at 22,302.50 (-140.2, -0.6%), BSE Sensex closed at 73,511.85 (-383.7, -0.5%) while the broader Nifty 500 closed at 20,636.05 (-228.9, -1.1%). Market breadth is sharply down. Of the 2,077 stocks traded today, 420 were on the uptick, and 1,627 were down.

Indian indices maintained the losses from the afternoon session and closed in the red. The volatility index, Nifty VIX, rose by 2.5% and closed at 17 points. Jaiprakash Associates, the flagship company of Jaypee Group, defaulted on a loan repayment of Rs 4,616 crore due on April 30.

Nifty Midcap 100 and Nifty Smallcap 100 closed lower following the benchmark index. Nifty FMCG and Nifty IT closed higher than Monday’s closing level. According to Trendlyne’s sector dashboard, FMCG emerged as the top-performing sector of the day, with a rise of over 3.7%. 

Most European indices trade in the green. US indices futures trade flat, indicating a cautious start. The Reserve Bank of Australia maintained its interest rates at 4.35% as inflation remained sticky at 3.6% in the first quarter of 2024. The central bank further stated that the rate cuts can only be expected after the first half of 2025.

  • Godrej Consumer Products sees a long buildup in its May 30 future series as its open interest rises 15.1% with a put-call ratio of 0.7.

  • Kajaria Ceramics' net profit falls by 5.2% YoY to Rs 102.4 crore in Q4FY24 due to increased costs for raw materials, employee benefits, and finance. However, revenue grows by 3% YoY to Rs 1,240.8 crore, driven by improved sales of tiles. It appears in a screener of stocks with zero promoter pledge.

  • Graphite India falls sharply as its net profit declines by 44.8% YoY to Rs 16 crore in Q4FY24. Revenue falls by 11.7% YoY to Rs 720 crore, impacted by the graphite and carbon segment. It appears in a screener of stocks with declining net profit and profit margin (YoY).

  • Aditya Saraogi, CFO of Birla Corp, expects a boost in demand post-elections, but sees a short-term impact due to monsoons. He sees higher EBITDA from the Mukutban unit, with volumes at 2.7 MT in FY25.

  • Tata Motors' arm, Jaguar Land Rover, reports a 19% YoY increase in UK wholesales to 5,627 units in April 2024. Jaguar's wholesales grow by 92%, while Land Rover sales rise by 7%.

  • Jaiprakash Associates, the flagship company of Jaypee Group, defaults on a loan repayment of Rs 4,616 crore due on April 30.

  • Indegene's Rs 1,841.8 crore IPO gets bids for 4.5X the available 2.9 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 3.1X the available 1.5 crore shares on offer.

  • JSW Energy reportedly nears completion of a technology transfer partnership with a Chinese lithium-ion cell manufacturer. The partnership aims to set up a 60,000-tonne lithium-ion refinery and cell factory in Odisha.

  • Marico surges as its net profit rises 5.3% YoY to Rs 318 crore as input cost and tax expenses fall. Its revenue declines marginally to Rs 2,293 crore. The company appears in a screener for stocks with low debt.

  • KR Choksey upgrades ACC to 'Buy' from 'Accumulate' with an improved target price of Rs 2,923. This indicates a potential upside of 19.5%. The brokerage says that synergies derived from the parent company will help support strong volume growth and enhanced margins for the cement & cement products manufacturer. It expects the company's revenue to grow at a CAGR of 8.8% over FY24-26.

  • DCM Shriram is falling sharply as its net profit plunges by 36.9% YoY to Rs 117.8 crore in Q4FY24 due to higher excise duty on sale of goods, employee benefits and finance costs. Revenue declines by 11.1% YoY to Rs 2,531.2 crore, impacted by the chloro-vinyl, sugar, bioseed and fertiliser segments. It features in a screener of stocks with growing costs YoY of long-term projects.

  • Kotak Institutional Equities predicts that new regulations on the recycling and reuse of plastic packaging could hurt FMCG companies such as Colgate-Palmolive India, Nestle, and Britannia due to increased packaging costs. However, the firm identifies companies like ITC, Uflex, and EPL as major beneficiaries, as they can offer recyclable solutions and economical alternatives to plastics.

  • Hindustan Zinc's board approves interim dividend of Rs 10 per equity share, amounting to Rs 4,225.3 crore, for FY25. The record date for the purpose of payment is set as May 15, 2024.

  • IRB Infrastructure Developers' April 2024 toll collection rises 29.5% YoY to Rs 502.8 crore. The company registered a 24% YoY growth in toll revenue for FY24.

  • Gland Pharma receives US FDA approval for its plerixafor injection, a generic equivalent of Genzyme Corp's MOZOBIL injection. The injection is used to treat lymphoma and multiple myeloma and has a market size of $152 million for the year ending January 2024, according to IQVIA.

  • Natarajan Srinivasan, MD and CEO of CG Power and Industrial Solutions, expects revenue growth of 20-25%, with margins at 15% in FY25. He highlights pressures in the motor business but expects improvement post-elections. Srinivasan adds that the motor business' market share has improved to 38%.

  • Redington's step-down subsidiary, Arena Bilgisayar Sanayi Ve Ticaret, sells 100% of the equity in its arm, Paynet eme Hizmetler, to Iyzi Payment and Electronic Money Services for $87 million, plus net cash of approximately $5 million.

  • FMCG stocks like Hindustan Unilever, Nestle India, Godrej Consumer Products, Britannia Industries, and Tata Consumer Products, are rising in trade. The broader sectoral index, Nifty FMCG, rises more than 2%.

  • Lupin is falling as its net profit misses Forecaster estimates by 28.5% despite growing by 52.3% YoY to Rs 359.4 crore in Q4FY24. Revenue grows by 13% YoY to Rs 4,895.1 crore, helped by an improvement in the India, North America, Growth Markets and EMEA markets. It shows up in a screener of stocks with increasing net profit for the past four quarters.

  • Morgan Stanley initiates coverage on Titagarh Rail Systems with an ‘Overweight’ rating and target price of Rs 1,285. The brokerage sees a strong recovery in India’s railways and believes the company will be a major beneficiary. It expects a 28% earnings CAGR for Titagarh over FY24-27.

  • Tube Investments of India enters into an agreement with South Asia Growth lnvest lll LLC and South Asia EBT Trust lll (GEF) to subscribe to equity shares and compulsorily convertible preference (CCP) shares in Tl Clean Mobility for Rs 580 crore.

  • Gillette India's Managing Director L V Vaidyanathan resigns to pursue other interests. His resignation is effective from April 30, 2024.

  • Va Tech Wabag wins a consortium order worth 34 million euros from Office National De L’assainissement for developing a wastewater treatment plant in Tunisia.

  • Godrej Consumer Products posts a net loss of Rs 1,893.2 crore in Q4FY24, compared to a net profit of Rs 452 crore in Q4FY23, due to an increase in employee benefits and advertisement expenses. Revenue grows by 6.1% YoY to Rs 3,365.1 crore owing to improvements in the home care, personal care and Park Avenue businesses. It appears in a screener of stocks with declining net cash flow.

  • Nifty 50 was trading at 22,463.75 (21.1, 0.1%), BSE Sensex was trading at 73,983.16 (87.6, 0.1%) while the broader Nifty 500 was trading at 20,853.10 (-11.9, -0.1%).

  • Market breadth is in the red. Of the 1,860 stocks traded today, 833 were gainers and 962 were losers.

Riding High:

Largecap and midcap gainers today include Marico Ltd. (583.50, 10.0%), Godrej Consumer Products Ltd. (1,322.35, 5.8%) and Hindustan Unilever Ltd. (2,379.40, 5.5%).

Downers:

Largecap and midcap losers today include SRF Ltd. (2,416.85, -6.6%), JSW Energy Ltd. (584.05, -5.4%) and YES Bank Ltd. (22.85, -5.2%).

Volume Shockers

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

Top high volume gainers on BSE included Jyothy Labs Ltd. (456.55, 10.2%), Marico Ltd. (583.50, 10.0%) and Godrej Consumer Products Ltd. (1,322.35, 5.8%).

Top high volume losers on BSE were SRF Ltd. (2,416.85, -6.6%), Route Mobile Ltd. (1,456.70, -5.1%) and Century Textiles & Industries Ltd. (1,843.30, -4.6%).

Chalet Hotels Ltd. (878, 1.8%) was trading at 12.8 times of weekly average. Happiest Minds Technologies Ltd. (821.95, 2.0%) and IIFL Finance Ltd. (389, 2.1%) were trading with volumes 9.6 and 8.7 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

15 stocks overperformed with 52 week highs, while 5 stocks were underachievers and hit their 52 week lows.

Stocks touching their year highs included - Zydus Lifesciences Ltd. (980.85, -3.9%), Colgate-Palmolive (India) Ltd. (2,861.40, 0.1%) and Finolex Industries Ltd. (283.95, 4.2%).

Stocks making new 52 weeks lows included - The Ramco Cements Ltd. (756.85, -1.4%) and Syngene International Ltd. (669.05, -0.7%).

12 stocks climbed above their 200 day SMA including Marico Ltd. (583.50, 10.0%) and Dabur India Ltd. (558.45, 5.2%). 25 stocks slipped below their 200 SMA including Ceat Ltd. (2,349.20, -5.9%) and Gujarat Narmada Valley Fertilizers & Chemicals Ltd. (650.70, -4.1%).

 
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