Trendlyne Marketwatch
Trendlyne Marketwatch
21 May 2024
Market closes flat, Man Industries (India) wins new export orders worth Rs 505 crore

 

Nifty 50 closed at 22,529.05 (27.1, 0.1%), BSE Sensex closed at 73,953.31 (-52.6, -0.1%) while the broader Nifty 500 closed at 21,187.65 (43.2, 0.2%). Market breadth is in the red. Of the 2,176 stocks traded today, 799 were gainers and 1,340 were losers.

Indian indices pared the gains from the afternoon session and closed flat. The volatility index, Nifty VIX, rose by 6.2% and closed at 21.8 points. Biocon's arm Biocon Biologics gets US FDA approval for Yesafili, an interchangeable biosimilar to Aflibercept, used to treat different types of ophthalmology conditions. Aflibercept has an annual market size of $5.9 billion.

Nifty Smallcap 100 closed lower, while Nifty Midcap 100 closed in the green with the benchmark index closing flat. Nifty Metal and Nifty Media closed higher than Friday’s closing level. According to Trendlyne’s sector dashboard, metal & mining emerged as the top-performing sector of the day, with a rise of over 5.2%. 

Most European indices trade in the red. US indices futures trade flat, indicating a cautious start. Post tariff increases by the US government on Chinese products, US Treasury Secretary Janet Yellen stated that the US and Europe need to stop intake of China’s excess goods.

  • Astral sees a short buildup in its May 30 future series as its open interest rises 23.8% with a put-call ratio of 0.4.

  • Man Industries (India) wins new export orders worth Rs 505 crore. Its total unexecuted order book stands at approx Rs 2,100 crore to be executed in the next six to eight months.

  • Deepak Nitrite's net profit rises 8.5% YoY to Rs 254 crore in Q4FY24. Revenue increases 8.4% YoY to Rs 2,126 crore during the quarter, due to an improvement in the phenolics segment. The company features in a screener of stocks near their 52-week highs.

  • Aether Industries falls sharply as it posts a net loss of Rs 1.4 crore in Q4FY24 compared to a net profit of Rs 37.6 crore in Q4FY23, due to higher employee benefits and finance costs. Revenue declines by 30% YoY to Rs 129.1 crore, caused by a reduction in the large scale manufacturing, contract manufacturing, and contract research and manufacturing segments. It shows up in a screener of stocks underperforming their industries in the past quarter.

  • CB Ananthakrishnan, Director-Finance and CFO of Hindustan Aeronautics says, the company targets revenue growth of 15% in the next 2-3 years. He expects an order book of around Rs 1.2 lakh crore in FY25 and projects it to reach Rs 3 lakh crore in three years.

  • Vodafone Idea rises as it approves raising Rs 2,075 crore by allotting equity shares to Oriana Investments on a preferential basis.

  • Wheels India surges as its Q4FY24 net profit rises 78.7% YoY to Rs 38.3 crore, while its revenue increases marginally YoY to Rs 1,274.5 crore. Profit grows due to a fall in inventory costs. The company plans to spend Rs 200 crore on capex in FY25. It appears in a screener for stocks with more than a 20% rise in share price.

  • Rail Vikas Nigam surges as it wins an order worth Rs 148.3 crore from South Eastern Railway to develop an electric traction system for the Kharagpur-Bhadrak section.

  • India’s domestic air traffic grows 2.4% YoY in April to 1.3 crore passengers, according to the data released by DGCA. IndiGo and Air India’s market share rises to 60.6% and 14.2% respectively, in April, while that of Vistara falls to 9.2%.

  • Tata Steel surges to its all-time high of Rs 174.6 per share as it reportedly signs an agreement with National Grid's Electricity System Operator. As per the agreement, National Grid will build a new electrical framework to power Tata Steel's electric arc furnace in Port Talbot by the end of 2027.

  • Trident falls sharply as its net profit plunges 57.1% YoY to Rs 56.6 crore in Q4FY24, due to higher raw materials, employee benefits, and finance costs. However, revenue grows by 7.6% YoY on the back of improvements in the yarn and towel segments. It appears in a screener of stocks with increasing non-core income.

  • NIBE surges as it inks a technology transfer pact with the Defence Ministry to manufacture and sell anti-terrorist vehicles to central and state defence agencies.

  • Himanshu Baid, Managing Director of Poly Medicure, highlights the company’s target to achieve revenue growth of over 22-25% YoY, and margin expansion of 100-150 bps in FY25. He adds that the firm aims to improve growth in renal business by 50-60% YoY.

  • India Cements' Q4FY24 loss narrows 73% YoY to Rs 60.6 crore due to a fall in input cost, power & fuel, and transportation expenses. The company's revenue decreases 13.9% YoY during the quarter. It appears in a screener of stocks with increased shareholding by mutual funds in the past month.

  • Metal stocks like Vedanta, Coal India, Hindalco Industries and Tata Steel rise sharply in trade, helping the broader BSE Metal index to surge to its all-time high of 33,405.8.

  • Indian Railway Finance Corp's board approves fundraising of up to Rs 50,000 crore for FY25 from both domestic and international markets through various methods.

  • Nomura upgrades its rating on Vodafone Idea to ‘Neutral’ and raises the target price to Rs 15. The brokerage has an improved outlook on the company after its fundraise and Q4 results, which were in line with estimates. It notes an improvement in ARPU (average revenue per user) and a moderation in the pace of subscriber loss.

  • Biocon's arm Biocon Biologics gets US FDA approval for Yesafili, an interchangeable biosimilar to Aflibercept, used to treat different types of ophthalmology conditions. Aflibercept has an annual market size of $5.9 billion.

  • Shriram Properties inks a joint development agreement to develop a 4-acre land parcel in Bengaluru. The proposed project will comprise 270 apartments, with an aggregate revenue potential of over Rs 250 crore.

  • IFGL Refractories falls sharply as its net profit plunges 57.4% YoY to Rs 12.5 crore in Q4FY24 due to higher raw materials, employee benefits, and finance costs. Revenue grows 6.7% YoY to Rs 401.2 crore, owing to improvements in the Indian and European markets. It appears in a screener of stocks with declining return on equity (RoE) for the past two years.

  • Aptus Value Housing is falling as 3.6 crore shares (7.2% equity) of the company, amounting to approximately Rs 1,075 crore, change hands in a large deal.

  • Bharat Electronics surges as its Q4FY24 net profit rises 30% YoY to Rs 1,797.1 crore, while its revenue increases by 34.3% YoY. The company's EBITDA margin drops by 156 bps YoY to 26.7% during the quarter. It appears in a screener for stocks with no debt.

  • Patel Engineering rises sharply as its net profit surges by 78% YoY to Rs 140.3 crore in Q4FY24, helped by lower employee benefits expenses, construction and finance costs. Revenue grows by 11.7% YoY to Rs 1,374.3 crore on the back of an improvement in the civil construction segment. It features in a screener of stocks with high analyst ratings with at least 20% upside.

  • Kalpataru Projects International inks three contracts worth Rs 7,550 crore with Aramco for engineering, procurement, and construction of the master gas system network. The project involves laying more than 800 km of lateral gas pipelines.

  • Ujjivan Small Finance Bank's net profit grows 6.5% YoY to Rs 329.6 crore in Q4FY24. Revenue increases by 29.4% YoY due to improvements in the treasury, retail, and wholesale banking segments. The bank's asset quality improves as its gross NPA contracts by 65 bps YoY. It shows up in a screener of stocks with improving revenue for the past eight quarters.

  • Nifty 50 was trading at 22,474.75 (-27.3, -0.1%), BSE Sensex was trading at 73,822.85 (-183.1, -0.3%) while the broader Nifty 500 was trading at 21,118.85 (-25.6, -0.1%).

  • Market breadth is in the red. Of the 2,001 stocks traded today, 693 were on the uptrend, and 1,220 went down.

Riding High:

Largecap and midcap gainers today include Hindustan Zinc Ltd. (741.30, 19.6%), Balkrishna Industries Ltd. (3,052.70, 9.1%) and Vedanta Ltd. (491.70, 7.2%).

Downers:

Largecap and midcap losers today include Delhivery Ltd. (389.75, -10.4%), PB Fintech Ltd. (1,286.30, -5.5%) and Astral Ltd. (2,078.20, -5.3%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Rail Vikas Nigam Ltd. (341.75, 14.0%), SJVN Ltd. (148.15, 10.0%) and Balkrishna Industries Ltd. (3,052.70, 9.1%).

Top high volume losers on BSE were Delhivery Ltd. (389.75, -10.4%), Aptus Value Housing Finance India Ltd. (297.65, -5.8%) and City Union Bank Ltd. (145, -5.3%).

Aether Industries Ltd. (838.70, 0.9%) was trading at 14.5 times of weekly average. Star Cement Ltd. (244.75, 8.5%) and Global Health Ltd. (1,335.20, -4.9%) were trading with volumes 13.9 and 13.2 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

63 stocks hit their 52 week highs, while 2 stocks were underachievers and hit their 52 week lows.

Stocks touching their year highs included - Adani Power Ltd. (680.05, 7.2%), Ashok Leyland Ltd. (211.35, 0.4%) and Aurobindo Pharma Ltd. (1,218.25, 1.3%).

Stocks making new 52 weeks lows included - CCL Products India Ltd. (553.85, -2.6%) and Anupam Rasayan India Ltd. (785.10, 0.1%).

7 stocks climbed above their 200 day SMA including Vinati Organics Ltd. (1,705.90, 2.3%) and JK Lakshmi Cement Ltd. (793.20, 1.9%). 16 stocks slipped below their 200 SMA including Delhivery Ltd. (389.75, -10.4%) and Aptus Value Housing Finance India Ltd. (297.65, -5.8%).

 
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