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Trendlyne Marketwatch
14 May 2024, 03:59PM
Market closes higher, Jindal Stainless supplies high-strength stainless steel for the Vande Metro train

 

Nifty 50 closed at 22,217.85 (113.8, 0.5%), BSE Sensex closed at 73,104.61 (328.5, 0.5%) while the broader Nifty 500 closed at 20,683.80 (172.8, 0.8%). Market breadth is surging up. Of the 2,127 stocks traded today, 1,603 were on the uptrend, and 485 went down.

Indian indices extended their gains from the open and closed in the green. The Indian volatility index, Nifty VIX, fell 1.9% and closed at 20.2 points. Zydus Wellness hit its 52-week high and closed in the green after its net profit grew by 3.4% YoY to Rs 150.3 crore in Q4FY24, led by a fall in raw material costs.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, outperforming the benchmark index. Nifty Auto and Nifty Metal closed higher than their Monday close. According to Trendlyne’s sector dashboard, Commercial Services & Supplies emerged as the best-performing sector of the day, with a rise of 3.4%

Major Asian indices closed higher, except for Hong Kong’s Hang Seng index closing in the red. European indices traded flat or lower amid mixed global cues. US index futures traded flat, indicating a cautious start to the trading session. Brent crude oil futures traded flat after rising 0.9% on a volatile day on Monday.

  • Money flow index (MFI) indicates that stocks like Schaeffler India, Jupiter Wagons, Escorts Kubota and SKF India are in the overbought zone.

  • Apar Industries surges to its all-time high of Rs 8,399 per share as its net profit beats forecaster estimates by 38.2%, despite falling 2.7% YoY to Rs 236.2 crore in Q4FY24. Revenue grows by 9.1% YoY to Rs 4,455.1 crore, due to improvements in the conductors, transformer & specialty oils, and power & telecom cables segments. The company appears in a screener of stocks with increasing return on capital employed (RoCE) over the past two years.

  • Jindal Stainless rises as it supplies high-strength stainless steel for the Vande Metro train, a shorter-distance version of the Vande Bharat Express.

  • Bajaj Electricals appoints Pooja Bajaj as Executive Director for a period of five years, effective from May 14, 2024.

  • Ashu Shinghal, the Managing Director of Mahanagar Gas, expects EBITDA per standard cubic meter (scm) to be in the range of Rs 10-13 in FY25. He also forecasts volume growth of 6-7% during the year, driven by the CNG segment. Shinghal has guided a capex of Rs 1,000 crore for FY25.

  • BASF India surges to its all-time high of Rs 4,580 per share as its net profit grows by 15.3% QoQ to Rs 161.4 crore in Q4FY24. Revenue rises by 1% QoQ to Rs 3,360 crore, due to improvements in the agricultural solutions, materials, and chemicals segments. It features in a screener of stocks with rising net cash flow and cash from operating activities.

  • Zydus Wellness rises to its 52-week high of Rs 1,745 as its net profit grows by 3.4% YoY to Rs 150.3 crore in Q4FY24, led by a fall in raw material costs. Revenue increases by 9.6% YoY to Rs 778 crore on account of improvement in the personal care segment. It appears in a screener of stocks outperforming their industries in the past quarter.

  • PVR INOX's Q4FY24 net loss narrows 61.2% YoY to Rs 129.5 crore, while its revenue rises 12.1% YoY. The movie exhibition segment contributes most towards the revenue growth. The company appears in a screener for stocks with decreasing debt.

  • Ramesh Kalyanaraman, Executive Director at Kalyan Jewellers, highlights that same-store sales growth (SSSG) remains strong so far in FY25. He anticipates a decline in gross and EBITDA margins due to its FOCO (franchise-owned company operated) model. Kalyanaraman expects revenue contribution from the Middle East to be in the early teens (10-14%).

  • Mukka Proteins rises as its Q4FY24 profit increases by 33% YoY to Rs 29.2 crore, driven by lower input and inventory costs. However, revenue declines 39% YoY during the quarter. The company appears in a screener for stocks outperforming their respective industries over the past week.

  • Devyani International posts a net loss of Rs 7.5 crore in Q4FY24 compared to a net profit of Rs 60.7 crore in Q4FY23 due to higher raw materials, employee benefits, and finance costs. However, revenue grows by 38.7% YoY to Rs 1,047.1 crore during the quarter. It shows up in a screener of stocks with low debt.

  • Sterlite Technologies is rising as it enters a strategic partnership with du Telecom, a UAE-based telecom company, to supply advanced optical cable designs featuring bend-resistant fibre.

  • B. Ramesh Babu, MD and CEO of Karur Vysya Bank, states that net interest margins (NIMs) at 4.2% remained in line with expectations. He expects NIMs to be around 4% in H1FY25, assuming no rate cuts and stable liquidity. Babu forecasts a loan growth of 14% in FY25.

  • Mankind Pharma reportedly plans to acquire Bharat Serum & Vaccines from Advent. Advent seeks a valuation of around $2 billion for Bharat Serum.

  • Metal stocks like Jindal Stainless, Jindal Steel & Power, NMDC, and JSW Steel are rising sharply in trade. All constituents of the broader BSE Metal index are also trading in the green, helping it to trade near its all-time high of Rs 32,136.6.

  • Cochin Shipyard surges as it wins an order worth Rs 500-1,000 crore from a European client to design and construct a hybrid service operation vessel, with an option for two more such vessels.

  • India’s WPI inflation jumps to 1.3% in April, from 0.5% in March, driven by higher prices of food articles, electricity, crude petroleum and natural gas, and manufacture of food products.

  • KR Choksey retains its 'Buy' rating on Cipla with an upgraded target price of Rs 1,633 per share. This indicates a potential upside of 18.2%. The brokerage believes that the company's integration with Actor Pharma in South Africa, acquisition of cosmetic and personal care business, Ivia Beaute, and in-licensing of CNS portfolio from Sanofi in India should help accelerate growth. It expects the company's revenue to grow at a CAGR of 7.2% over FY24-26.

  • The Reserve Bank of India approves Quant Money Managers to acquire a 10% stake in RBL Bank through various schemes of quant mutual funds.

  • Jindal Steel & Power surges to its all-time high of Rs 971 per share as its net profit grows by 102.2% YoY to Rs 935.4 crore in Q4FY24, owing to a decrease in raw materials and finance costs. However, revenue declines by 1.5% YoY to Rs 13,487 crore. It features in a screener of undervalued growth stocks.

  • India’s CPI inflation eases marginally to 4.8% in April. However, food inflation rises to 8.7% compared to 8.5% in March, while fuel and light inflation contracts to 4.2%.

  • Rail Vikas Nigam rises as it wins an order from Southern Railway for the provision of an automatic block signaling system. The project cost, including GST, is Rs 239.1 crore.

  • Shriram Finance is rising as its board of directors approves the sale of its subsidiary, Shriram Housing Finance, to Mango Crest Investment for Rs 4,630 crore.

  • Hindalco Industries rises as its arm, Novelis, registers a statement on Form F-1 with the Securities and Exchange Commission for an Initial Public Offering.

  • DLF's net profit surges by 61.5% YoY to Rs 920.7 crore in Q4FY24, helped by a reduction in finance costs. Revenue increases by 46.6% YoY to Rs 2,134.8 crore, driven by the improvement in sales booking. It appears in a screener of stocks with increasing return on equity (RoE) over the past two years.

  • Nifty 50 was trading at 22,168 (64.0, 0.3%), BSE Sensex was trading at 72,905.52 (129.4, 0.2%) while the broader Nifty 500 was trading at 20,595.90 (84.9, 0.4%).

  • Market breadth is overwhelmingly positive. Of the 1,835 stocks traded today, 1,488 were in the positive territory and 295 were negative.

Riding High:

Largecap and midcap gainers today include Indian Railway Finance Corporation Ltd. (157.30, 7.8%), Adani Power Ltd. (628.05, 5.6%) and NHPC Ltd. (98.95, 5.6%).

Downers:

Largecap and midcap losers today include Tube Investments of India Ltd. (3,757.55, -4.5%), UPL Ltd. (510.05, -4.5%) and Cipla Ltd. (1,357.35, -4.1%).

Volume Shockers

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

Top high volume gainers on BSE included BASF India Ltd. (4,617.45, 12.7%), Cochin Shipyard Ltd. (1,343.20, 12.4%) and Finolex Industries Ltd. (301.30, 11.1%).

Top high volume losers on BSE were Chalet Hotels Ltd. (788.55, -3.0%), PVR INOX Ltd. (1,297.45, -1.4%) and Eureka Forbes Ltd. (436.90, -1.1%).

Great Eastern Shipping Company Ltd. (1,048.95, 4.7%) was trading at 6.8 times of weekly average. Devyani International Ltd. (156.90, 1%) and Zydus Wellness Ltd. (1,711.35, 1.5%) were trading with volumes 5.8 and 5.7 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

25 stocks hit their 52 week highs, while 1 stock tanked below their 52 week lows.

Stocks touching their year highs included - Ashok Leyland Ltd. (204.55, 2.6%), Astral Ltd. (2,211.55, -0.2%) and Aurobindo Pharma Ltd. (1,168.60, -0.8%).

Stock making new 52 weeks lows included - Clean Science & Technology Ltd. (1,295, 1.3%).

19 stocks climbed above their 200 day SMA including Vodafone Idea Ltd. (13.25, 5.2%) and C.E. Info Systems Ltd. (2,005.05, 4.7%). 6 stocks slipped below their 200 SMA including CSB Bank Ltd. (348.20, -2.0%) and Krishna Institute of Medical Sciences Ltd. (1,950, -1.0%).

 
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