Trendlyne Marketwatch
Trendlyne Marketwatch
22 May 2024
Market closes higher, Hitachi Energy's net profit surges 123.7% YoY to Rs 113.7 crore in Q4
By Trendlyne Analysis

 

Nifty 50 closed at 22,597.80 (68.8, 0.3%), BSE Sensex closed at 74,221.06 (267.8, 0.4%) while the broader Nifty 500 closed at 21,237.75 (50.1, 0.2%). Of the 2,120 stocks traded today, 1,016 were gainers and 1,058 were losers.

Indian indices extended their gains from the afternoon session and closed in the green. The Indian volatility index, Nifty VIX, fell 1.6% and closed at 21.5 points. JK Tyre & Industries closed sharply higher after its Q4FY24 net profit rose 55.4% YoY to Rs 175 crore, due to a Rs 133.4 crore return from inventories and lower finance costs.

Nifty Smallcap 100 closed in the red, despite the benchmark index closing in the green. Nifty Midcap 100 closed higher but underperformed the Nifty 50. Nifty IT and Nifty FMCG closed higher than their Tuesday close. According to Trendlyne’s sector dashboard, Telecommunications Equipment emerged as the best-performing sector of the day, with a rise of 2.2%.

Major Asian indices closed flat or lower, except for India’s BSE Sensex closing higher. European indices also traded flat or lower, taking cues from Asian indices. US index futures traded marginally lower, indicating a cautious start to the trading session. Brent crude oil futures traded in the red after falling 1.4% on a volatile day on Tuesday.

  • Relative strength index (RSI) indicates that stocks like Balkrishna Industries, Hindustan Zinc, Havells India and Siemens are in the overbought zone.

  • SpiceJet rises as it seeks a refund of Rs 450 crore out of the Rs 730 crore it previously paid to former promoter Kalanithi Maran and his firm, KAL Airways, following the Delhi High Court’s order on May 17.

  • KR Choksey downgrades Tata Motors to 'Accumulate' from 'Buy' with a lower target price of Rs 1,043 per share. This indicates a potential upside of 10.1%. The brokerage expects a near-term slowdown due to subdued growth in the domestic PV and CV sectors amid industry obstacles. It projects the company's revenue to grow at a CAGR of 15.5% over FY25-26.

  • Indian Bank's board approves raising Rs 5,000 crore via qualified institutional placement, follow-up public offer, or rights issue. The board also approves raising Rs 2,000 crore by issuing perpetual bonds and Rs 5,000 crore through long-term infrastructure bonds.

  • IREDA plans to launch an FPO (follow-on public offer) this year to capitalise on rising financing opportunities in the energy transition space and enhance the company's growth.

  • M&M Financial Services rises as it receives a 'Corporate Agent' certification from the IRDAI. This will help the company to sell life, health and general insurance.

  • Awfis Space Solutions' Rs 598.9 crore IPO gets bids for 1X the available 86.3 lakh shares on offer on the first day of bidding. The retail investor quota gets bids for 4X the available 15.6 lakh shares on offer.

  • Hitachi Energy India's net profit surges 123.7% YoY to Rs 113.7 crore in Q4FY24, beating Forecaster estimates by 89.2%. Revenue grows by 27.1% YoY to Rs 1,695.3 crore helped by an improvement in order inflow from exports. It shows up in a screener of stocks with more than 20% rise in the past month.

  • K Natarajan, MD and CEO of Galaxy Surfactants, highlights the company’s target to achieve volume growth of 6-8% and EBITDA/mt of around Rs 20,500-21,500 in FY25. He expects demand recovery in the US and Europe.

  • Strides Pharma gets US FDA approval for Sucralfate Oral Suspension, marking the first Indian approval for this complex formulation. It is a therapeutic equivalent version of Carafate, used to treat diseases in the gastrointestinal tract, and has a market size of $124 million.

  • Metropolis Healthcare's net profit rises 9% YoY to Rs 36.5 crore in Q4FY24. Revenue increases 17% YoY to Rs 331 crore during the quarter, driven by strong growth in the B2C segment, and the Mumbai market. The company features in a screener of stocks with new 52-week highs today.

  • Granules India's promoter, Krishna Prasad Chigurupati, sells a 3.1% stake (75 lakh equity shares) in the company through a block deal.

  • Jefferies notes the moderation in spending for the credit card industry in April. The brokerage highlights that SBI Cards, Axis Bank, ICICI Bank, and Kotak Mahindra Bank have witnessed a marginal MoM rise in spending share, while that of HDFC Bank and IndusInd Bank fell.

  • Awfis Space Solutions raises Rs 268.6 crore from anchor investors ahead of its IPO by allotting 70.1 lakh shares at Rs 383 each. Investors include Ashoka Whiteoak ICAV, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Nippon Life India, Axis Mutual Fund, Motilal Oswal MF, and Edelweiss.

  • One97 Communications' revenue declines by 2.7% YoY to Rs 2,398.8 crore in Q4FY24 due to disruptions in the payments business caused by the RBI ban. Net loss expands 3.3x to Rs 549.6 crore caused by higher employee benefits expenses. It features in a screener of stocks underperforming their industries in the last quarter.

  • JK Tyre's Q4FY24 net profit rises 55.4% YoY to Rs 175 crore, due to a Rs 133.4 crore return from inventories and lower finance costs. Revenue increases 1.8% YoY to Rs 3,698.5 crore during the quarter. The company features in a screener for strong performer, under radar stocks (DVM).

  • Bhanu Chopra, Managing Director of RateGain Travel Tech, expects organic growth at 20% in FY25, compared to over 30% in FY24. He adds that the company targets to double its revenue to Rs 2,000 crore in the next few years. Chopra adds that RateGain aims to improve EBITDA margins by 100-200 bps.

  • Cipla gets US FDA approval for its abbreviated new drug application for Lanreotide Injection. It is a therapeutic equivalent version of Somatuline and is used for the treatment of patients with acromegaly and gastroenteropancreatic neuroendocrine tumors. Somatuline has an annual market size of $898 million.

  • HG Infra Engineering surges as it wins two orders worth Rs 4,142.2 crore from Maharashtra State Road Development Corp to construct expressways.

  • Suzlon Energy rises sharply as it bags an order to supply 134 wind turbines with a rated capacity of 3 MW each for the development of a 402 MW wind energy project by Juniper Green Energy in Rajasthan.

  • Reports suggest that 2.2 crore shares (3.5% equity) of Apollo Tyres, worth approx over Rs 1,000 crore, change hands in a block deal. Private equity firm Warburg Pincus is a likely seller in this transaction.

  • Anil Kumar Goel sells a 0.7% stake in GRP for approx Rs 8.3 crore in a bulk deal on Tuesday.

  • GAIL (India) to reportedly invest Rs 50,000 crore to build a 1.5 million tonnes per annum ethane cracking unit in Madhya Pradesh.

  • PNC Infratech surges to its all-time high of Rs 485 per share as it emerges as the lowest bidder of Rs 4,994 crore for two road projects in an auction held by the Maharashtra State Road Development Corporation (MSRDC). The projects include the construction of an access-controlled ring road in Pune and an access-controlled expressway connector from Jalna to Nanded.

  • Bharat Heavy Electricals falls sharply as its net profit declines by 25.6% YoY to Rs 489.6 crore in Q4FY24. Revenue grows by 0.9% YoY to Rs 8,416.8 crore due to an increase in the industry segment. It appears in a screener of stocks where mutual funds decreased their shareholding in the last quarter.

Riding High:

Largecap and midcap gainers today include General Insurance Corporation of India (379.30, 10.0%), Macrotech Developers Ltd. (1,312.60, 5.6%) and Solar Industries India Ltd. (9,945.90, 5.3%).

Downers:

Largecap and midcap losers today include Bharat Heavy Electricals Ltd. (301.95, -5.4%), Linde India Ltd. (9,283.55, -4.2%) and NMDC Ltd. (273.20, -3.2%).

Volume Rockets

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

Top high volume gainers on BSE included PNC Infratech Ltd. (517.60, 13.1%), General Insurance Corporation of India (379.30, 10.0%) and Finolex Cables Ltd. (1,159.60, 9.6%).

Top high volume losers on BSE were Gujarat State Fertilizer & Chemicals Ltd. (221.55, -8.2%), Global Health Ltd. (1240.45, -7.1%) and Bharat Heavy Electricals Ltd. (301.95, -5.4%).

Sheela Foam Ltd. (924.95, 0.1%) was trading at 15.2 times of weekly average. Metropolis Healthcare Ltd. (1956.05, 2.8%) and KNR Constructions Ltd. (276, 5.4%) were trading with volumes 12.6 and 12.3 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

46 stocks made 52 week highs, while 1 stock tanked below their 52 week lows.

Stocks touching their year highs included - Adani Power Ltd. (691.45, 1.7%), Aurobindo Pharma Ltd. (1,222.75, 0.4%) and Bharat Electronics Ltd. (283.60, 3.5%).

Stock making new 52-week lows included - CCL Products India Ltd. (565.10, 2.0%).

13 stocks climbed above their 200 day SMA including KNR Constructions Ltd. (276, 5.4%) and Vinati Organics Ltd. (1,766, 3.4%). 13 stocks slipped below their 200 SMA including AIA Engineering Ltd. (3,650, -2.5%) and Orient Electric Ltd. (216.50, -2.3%).

 
More from Trendlyne Marketwatch
More from Trendlyne Analysis
Recommended
Five Interesting Stocks Today - May 02, 2025
The Baseline | 02 May 2025
Market closes flat, Ami Organics' Q4 net profit beats Forecaster estimates by 30%
Trendlyne Marketwatch | 02 May 2025
Markets close higher, Rakesh Jhunjhunwala buys a 2.2% stake in Indiabulls Housing Finance
Trendlyne Marketwatch | 22 Jul 2021