Trendlyne Marketwatch
Trendlyne Marketwatch
16 May 2024
Market closes higher, GAIL (India)'s Q4FY24 net profit rises 260.1% YoY to Rs 2,177 crore
By Trendlyne Analysis

 

Nifty 50 closed at 22,403.85 (203.3, 0.9%), BSE Sensex closed at 73,663.72 (676.7, 0.9%) while the broader Nifty 500 closed at 20,929.05 (187.2, 0.9%). Market breadth is in the green. Of the 2,137 stocks traded today, 1,171 showed gains, and 921 showed losses.

Indian indices gyrated between losses and gains throughout the day and closed in the green. The Indian volatility index, Nifty VIX, fell 1.3% and closed at 20 points. Honeywell Automation India hit its all-time high and closed sharply higher after its net profit grew 32.2% YoY to Rs 148.2 crore in Q4FY24, due to lower employee benefits expenses. 

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, taking cues from the benchmark index. Nifty FMCG and Nifty Realty closed higher than their Wednesday close. According to Trendlyne’s Sector dashboard, General Industrials emerged as the best-performing sector of the day, with a rise of 2.4%.

Major European indices traded flat or lower, despite the Asian indices closing in the green. US index futures traded flat or higher, indicating a positive start to the trading session. Brent crude oil futures traded in the red after closing marginally higher on a volatile day on Wednesday.

  • Relative strength index (RSI) indicates that stocks like Timken India, Siemens, CG Power and Industrial Solutions and Cummins India are in the overbought zone.

  • GAIL (India)'s Q4FY24 net profit rises 260.1% YoY to Rs 2,177 crore despite a 2.7% YoY fall in revenue. Profit grows on the back of fall in input and inventory costs. The company appears in a screener for stocks with growth in net profit with increasing profit margin.

  • Varroc Engineering, Astral, Balkrishna Industries, and Poly Medicure rise by 9.2%, 8.8%, 4.9% and 3.2% respectively over the past week, ahead of their Q4FY24 results tomorrow.

  • PSU bank stocks like Canara Bank, Bank of India, State Bank of India, and Bank of Baroda are falling in trade. The broader sectoral index, Nifty PSU Bank, is also trading in the red.

  • Awfis Space Solutions sets the price band for its IPO at Rs 364-383 per share. The issue, valued at Rs 598.9 crore, consists of a fresh issue worth Rs 128 crore and an offer for sale of around Rs 470.9 crore. The issue opens for subscription on May 22.

  • Caplin Point Laboratories is rising as its net profit grows by 19.1% YoY to Rs 121.6 crore in Q4FY24. Revenue increases by 17.4% YoY to Rs 470.5 crore due to an improvement in the US and emerging markets. It shows up in a screener of stocks with increasing revenue for the past eight quarters.

  • Go Digit General Insurance's Rs 2,614.7 crore IPO gets bids for 0.5X the available 5.3 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 2.2X the available 92.1 lakh shares on offer.

  • Texmaco Rail & Engineering rises sharply as its net profit surges 2.5x YoY to Rs 45.3 crore in Q4FY24, driven by lower finance costs. Revenue increases by 38% YoY to Rs 1,164.1 crore, owing to improvements in the freight car and electrical infrastructure segments. It features in a screener of stocks with rising return on equity (RoE) for the past two years.

  • India’s merchandise trade deficit widens to $19.1 billion in April, compared to $15.6 billion in March. Merchandise exports stood at around $35 billion in April, while imports were at $54.1 billion.

  • Reliance Industries' arm, REC Solar Holdings AS, sells its 100% stake in REC Solar Norway AS to Elkem ASA for around $22 million.

  • KR Choksey retains its 'Buy' call on State Bank of India with an upgraded target price of Rs 975 per share. This indicates a potential upside of 20.6%. The brokerage believes that the bank is well-positioned for future growth due to its strong financial performance and favorable market conditions. It expects the company's net interest income to grow at a CAGR of 14.7% over FY24-26.

  • Happiest Minds Technologies announces a strategic partnership with Solvio to provide salesforce implementations offering practical solutions on a global scale, transforming client engagements and increasing operational efficiencies.

  • Tribhuwan Adhikari, MD and CEO of LIC Housing Finance, highlights the company’s target to achieve double-digit growth in disbursement and loans in FY25. He expects the net interest margins (NIMs) in the range of 2.7-2.9% for the year. Adhikari also sees an improvement in asset quality in FY25.

  • Brightcom Group plunges to its 52-week low of Rs 11.7 per share as the NSE and BSE reportedly suspend trading its shares from June 14. This comes after the company failed to comply with SEBI's regulations to submit its financial results for Q2FY24 and Q3FY24. The company will be allowed to trade only on the first day of each week for the next six months starting June 30.

  • NLC India falls sharply as its net profit plunges 86.2% YoY to Rs 114.2 crore in Q4FY24 due to higher employee benefits expenses. Revenue decreases by 31.1% YoY to Rs 4,034.4 crore, impacted by the mining and power generation segments. It appears in a screener of stocks with declining net cash flow.

  • Adani Energy Solutions completes acquisition of 100% stake of Essar's Mahan-Sipat transmission assets for Rs 1,900 crore.

  • Saurabh Gupta, CFO of Dixon Technologies (India), sees significant growth opportunities in the mobile segment. He highlights the company’s target to achieve revenue of Rs 30,000-32,000 crore, and EBITDA margins of around 3.9-4.2% in FY25.

  • Honeywell Automation India surges to its all-time high of Rs 53,484.6 as its net profit grows 32.2% YoY to Rs 148.2 crore in Q4FY24, due to lower employee benefits expenses. Revenue rises by 11.9% YoY to Rs 950.7 crore during the quarter. It shows up in a screener of stocks with improving net cash flow for the last two years.

  • Oil India rises as its board of directors is set to meet on May 20 to discuss the issuance of bonus shares to its equity shareholders.

  • NCC surges as its Q4FY24 net profit rises 25.3% YoY to Rs 239.2 crore, while its revenue increases by 31.1% YoY to Rs 6,530.1 crore. Its EBITDA rises 18.5% to Rs 551 crore. The company appears in a screener for stocks with low debt.

  • Centre lowers the windfall tax on locally produced crude oil to Rs 5,700 per tonne from Rs 8,400 earlier. Meanwhile, the tax on diesel, aviation turbine fuel (ATF), and petrol remains ‘Nil’.

  • Pricol surges to its all-time high of Rs 464 per share as its net profit grows by 39.3% YoY to Rs 41.5 crore in Q4FY24. Revenue increases by 12% YoY to Rs 588.5 crore during the quarter. It shows up in a screener of stocks with zero promoter pledge.

  • Brookfield India Real Estate Trust is set to acquire a 50% stake in four assets from Bharti Enterprises. This includes commercial properties totaling 3.3 million square feet, valued at Rs 6,000 crore.

  • Titagarh Rail Systems rises sharply as its net profit surges by 63.7% YoY to Rs 78.9 crore in Q4FY24, helped by a fall in finance costs. Revenue increases by 8.8% YoY to Rs 1,067.1 crore, driven by an improvement in the freight rail systems segment. It appears in a screener of stocks with increasing net profit for the past four quarters.

  • Jindal Stainless falls sharply as its net profit plunges by 34.6% YoY to Rs 500.7 crore in Q4FY24, due to higher employee benefits, finance, stores & spares consumed, and power & fuel expenses. Revenue declines by 3% YoY to Rs 9,509 crore, caused by lower nickel prices and weak exports. It features in a screener of stocks with growing costs YoY for long-term projects.

  • Nifty 50 was trading at 22,292.60 (92.1, 0.4%), BSE Sensex was trading at 73,338.24 (351.2, 0.5%) while the broader Nifty 500 was trading at 20,831.30 (89.5, 0.4%).

  • Market breadth is surging up. Of the 1,885 stocks traded today, 1,529 were gainers and 298 were losers.

Riding High:

Largecap and midcap gainers today include Honeywell Automation India Ltd. (55,737.50, 13.1%), Hindustan Aeronautics Ltd. (4,603.70, 10.1%) and Oberoi Realty Ltd. (1,711.15, 8.7%).

Downers:

Largecap and midcap losers today include Bandhan Bank Ltd. (179.60, -5.4%), Mankind Pharma Ltd. (2,092.55, -4.5%) and Canara Bank (113.70, -4.5%).

Volume Shockers

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

Top high volume gainers on BSE included Honeywell Automation India Ltd. (55,737.50, 13.1%), Hindustan Aeronautics Ltd. (4,603.70, 10.1%) and NCC Ltd. (273.55, 8.8%).

Top high volume losers on BSE were Bandhan Bank Ltd. (179.60, -5.4%), Mankind Pharma Ltd. (2,092.55, -4.5%) and Kama Holdings Ltd. (2,474.90, -2.0%).

FDC Ltd. (472.80, 3.9%) was trading at 11.1 times of weekly average. Carborundum Universal Ltd. (1,646.20, 7.4%) and 3M India Ltd. (29,999, 4.8%) were trading with volumes 10.6 and 8.2 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

37 stocks made 52 week highs,

Stocks touching their year highs included - Adani Power Ltd. (640.35, 0.1%), Ashok Leyland Ltd. (206.65, 2.6%) and Astral Ltd. (2,273.05, 2.7%).

11 stocks climbed above their 200 day SMA including Sunteck Realty Ltd. (446, 4.5%) and eClerx Services Ltd. (2,401.90, 4.3%). 7 stocks slipped below their 200 SMA including Sundram Fasteners Ltd. (1,185.30, -2.1%) and PI Industries Ltd. (3,608.30, -1.5%).

 
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