Trendlyne Marketwatch
Trendlyne Marketwatch
10 May 2024
Market closes higher, Cipla's Q4FY24 net profit rises by 78.6% YoY to Rs 939 crore
By Trendlyne Analysis

Nifty 50 closed at 22,055.20 (97.7, 0.4%), BSE Sensex closed at 72,664.47 (260.3, 0.4%) while the broader Nifty 500 closed at 20,469.10 (124.3, 0.6%). Of the 2,064 stocks traded today, 1,284 showed gains, and 739 showed losses.

Indian indices extended their gains from the open and closed in the green. The Indian volatility index, Nifty VIX, rose 1.5% and closed at 18.5 points. Escorts Kubota hit its all-time high and closed 3% higher after its net profit grew by 16.4% YoY to Rs 251.9 crore in Q4FY24.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, taking cues from the benchmark index. Nifty Energy and Nifty Infra closed higher than their Thursday close.  According to Trendlyne’s sector dashboard, FMCG emerged as the best-performing sector of the week, with a rise of 3.7%.

Major European indices traded in the green, taking cues from the Asian indices amid positive global cues. US index futures traded in the green, indicating a positive start to the trading session. Brent crude oil futures traded in the green after rising for two straight trading sessions on Wednesday and Thursday.

  • Dr. Lal Pathlabs sees a long buildup in its May 30 future series as its open interest rises 15.8% with a put-call ratio of 0.6.

  • Aurobindo Pharma gets an observation from the US FDA following an inspection at the API manufacturing facility of its arm, Apitoria Pharma.

  • Cipla's Q4FY24 net profit surges by 78.6% YoY to Rs 939 crore, owing to a fall in raw material and finance costs. Revenue increases by 7.3% YoY to Rs 6,082.4 crore on the back of the India, North America, South Africa and R&D segments. It features in a screener of stocks with zero promoter pledge.

  • Great Eastern Shipping Co rises sharply as its net profit grows by 25.4% YoY to Rs 905.1 crore in Q4FY24 due to lower fuel, oil & water, and finance costs. Revenue increases by 2.8% YoY to Rs 1,497.3 crore, helped by the shipping and offshore segments. It shows up in a screener of stocks with rising dividend yields for the past five years.

  • Atul Kumar Goel of Punjab National Bank notes that the bank's loan growth has remained consistent with previous quarters, focusing on retail, agriculture, and MSME sectors. He anticipates Net Interest Margins (NIMs) to be between 2.9-3% for FY25 and aims for a slippage ratio of less than 1%.

  • TBO Tek's Rs 1,550.8 crore IPO gets bids for 24.9X the available 92.9 lakh shares on offer on the third day of bidding. The retail investor quota gets bids for 18.6X the available 16.8 lakh shares on offer.

  • Aadhar Housing Finance's Rs 3,000 crore IPO gets bids for 6.4X the available 7 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 1.8X the available 3.5 crore shares on offer.

  • TVS Holdings to acquire an 80.7% stake in Home Credit India Finance for Rs 554.1 crore. Home Credit India Finance, a consumer financing and personal loans provider, reported assets under management totaling Rs 5,535 crore as of March 31, 2024.

  • Amit Syngle, CEO of Asian Paints, states that there will be no further price cuts in the near term, and adds that pricing for Q1FY25 has remained flat so far. He also sees an improvement in demand in the rural sector.

  • Foreign institutional investors withdraw Rs 11,568.8 crore from the equity market over the past week, according to Trendlyne's FII dashboard. Meanwhile, mutual funds are net buyers, injecting Rs 1,321.6 crore during the same period.

  • Strides Pharma Science rises as its arm, Strides Pharma Global, gets US FDA approval for sevelamer carbonate tablets, used in preventing hypocalcemia (low levels of calcium in the body) caused by elevated phosphorus. The market size for sevelamer carbonate tablets is $181 million.

  • Mahanagar Gas falls sharply as its net profit declines by 6.2% YoY to Rs 252.3 crore in Q4FY24. Revenue remains flat at Rs 1,771.5 crore, with an increase in PNG sales being offset by a decrease in CNG sales. It features in a screener of high-volume and top-losing stocks.

  • CLSA downgrades Sula Vineyards to ‘Underperform’ and reduces the target price to Rs 515. The brokerage anticipates challenges in revenue and margin growth for FY25, citing potential medium-term impacts from the revised wine industrial promotion scheme. It also notes muted demand in key markets, including Mumbai and Goa.

  • Polycab India's Q4FY24 net profit rises 29.1% YoY to Rs 553.5 crore, with revenue also up by 29% YoY. The growth is largely driven by the wires and cables segment. The company appears in a screener for stocks with increasing revenue for the past two quarters.

  • KR Choksey retains its 'Buy' rating on Poonawalla Fincorp with a target price of Rs 555. This indicates a potential upside of 19.6%. The brokerage is positive on the stock owing to its strong digital footprint, improving operating leverage, adequate capital and provision buffer, and industry tailwinds. It expects the company's net interest income (NII) to grow at a CAGR of 37.3% over FY24-26.

  • Abbott India rises as its Q4FY24 net profit increases by 24% YoY Rs 287.1 crore and revenue grows by 9.1% YoY. The company's board approves a final dividend of Rs 410 per share for FY24, setting July 19, 2024, as the record date. It appears in a screener for stocks with low debt.

  • Pranav Amin, Managing Director of Alembic Pharmaceuticals, says that the company aims for gross margins of more than 70% in FY25. He expects EBITDA margins to exceed 20% in the next three years. Amin adds that the company targets double-digit revenue growth in the US, and plans to launch 25 products.

  • Escorts Kubota rises to its all-time high of Rs 3,582 as its net profit grows by 16.4% YoY to Rs 251.9 crore in Q4FY24. However, revenue declines by 5.5% YoY to Rs 2,093.5 crore, impacted by the agri machinery products and railway equipment segments. It shows up in a screener of stocks where analysts have upgraded their recommendation and target prices in the past quarter.

  • Intellect Design Arena plunges as its net profit declines by 13.4% QoQ to Rs 73 crore in Q4FY24 due to increasing raw material and finance costs. Revenue decreases by 3.2% QoQ to Rs 613.7 crore, impacted by the platform segment. It appears in a screener of stocks where mutual funds have decreased their shareholding in the last quarter.

  • Shyam Metalics and Energy's April 2024 stainless steel sales rise 33.7% YoY to 6,886 tonnes and aluminium foil sales increase by 22.1% YoY to 1,338 tonnes. The company's speciality alloys sales fall 6.8% YoY, while pellet sales decrease by 62.2% YoY.

  • Go Digit sets the price band for its IPO at Rs 258-272 per share. The issue, valued at Rs 2,615 crore, consists of a fresh issue worth Rs 1,125 crore and an offer for sale of around Rs 1,490 crore. The issue opens on May 15.

  • Bharti Enterprises sells a 0.8% stake (38.5 lakh shares) in ICICI Lombard General Insurance for approximately Rs 663.2 crore in a block deal on Thursday. Meanwhile, ICICI Bank, Axis Mutual Fund, Morgan Stanely and others pick up stakes in the company.

  • VST Tillers Tractors falls as its Q4FY24 net profit declines 13.5% YoY to Rs 34.8 crore and revenue drops 13.4% YoY. The company's EBITDA margin also decreases 54 bps YoY to 17.7%. It appears in a sreener for stocks where mutual funds have increased stakes in the past month.

  • Solara Active Pharma Sciences' board approves the rights issue of shares worth Rs 450 crore, sets an issue price of Rs 375 per share.

  • Bharat Petroleum Corp falls sharply as its net profit plunges by 30.3% YoY to Rs 4,789.6 crore in Q4FY24 due to higher excise duty, raw material and employee benefit expenses. Its revenue also declines by 1% YoY to Rs 1.3 lakh crore, impacted by the downstream petroleum segment. It appears in a screener of stocks with dereasing cash flow from operations over the past two years.

Riding High:

Largecap and midcap gainers today include Hindustan Zinc Ltd. (525.50, 15.2%), Honeywell Automation India Ltd. (46,823.20, 8.3%) and Endurance Technologies Ltd. (2,112, 8.0%).

Downers:

Largecap and midcap losers today include Bank of Baroda (254.85, -3.0%), Sona BLW Precision Forgings Ltd. (590.20, -2.5%) and PB Fintech Ltd. (1,202.25, -2.5%).

Volume Rockets

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

Top high volume gainers on BSE included Jupiter Wagons Ltd. (488.55, 16.3%), Hindustan Zinc Ltd. (525.50, 15.2%) and Jindal Worldwide Ltd. (353.30, 9.0%).

Top high volume losers on BSE were Intellect Design Arena Ltd. (874.95, -14.6%), Home First Finance Company India Ltd. (817.70, -3.7%) and Mahanagar Gas Ltd. (1,300.35, -2.2%).

Galaxy Surfactants Ltd. (2,471.30, 0.7%) was trading at 12.4 times of weekly average. G R Infraprojects Ltd. (1,336, 1.8%) and Polycab India Ltd. (6155.65, 6.1%) were trading with volumes 9.8 and 9.4 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

10 stocks overperformed with 52-week highs, while 7 stocks were underachievers and hit their 52-week lows.

Stocks touching their year highs included - Astral Ltd. (2,158.65, 4.2%), Escorts Kubota Ltd. (3,553.30, 3.1%) and Hero MotoCorp Ltd. (4,877.40, 2.4%).

Stocks making new 52-week lows included - Asian Paints Ltd. (2,771.25, 2.3%) and Berger Paints (India) Ltd. (490.25, 1.9%).

10 stocks climbed above their 200 day SMA including Jindal Worldwide Ltd. (353.30, 9.0%) and Sapphire Foods India Ltd. (1,417.15, 3.5%). 24 stocks slipped below their 200 SMA including Orient Electric Ltd. (208.75, -2.8%) and Rain Industries Ltd. (156.55, -2.7%).

 
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