Trendlyne Marketwatch
Trendlyne Marketwatch
23 May 2024
Market closes higher, Garden Reach Shipbuilders' net profit grows by 101.8% YoY to Rs 111.6 crore in Q4
By Trendlyne Analysis

 

Nifty 50 closed at 22,967.65 (369.9, 1.6%), BSE Sensex closed at 75,418.04 (1197.0, 1.6%) while the broader Nifty 500 closed at 21,489.55 (251.8, 1.2%). Market breadth is in the red. Of the 2,119 stocks traded today, 938 were on the uptick, and 1,137 were down.

Indian indices extended their gains from the afternoon session and closed at their record highs. The Indian volatility index, Nifty VIX, fell 0.4% and closed at 21.4 points. Minda Corp closed lower after its net profit plunged 42% YoY to Rs 70.8 crore in Q4FY24, due to higher raw materials, employee benefits, and finance costs.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green but underperformed the benchmark index. Nifty PSU Bank and Nifty Infra closed higher than their Wednesday close. According to Trendlyne’s sector dashboard, Commercial Services & Supplies emerged as the best-performing sector of the day, with a rise of 4.3%.

Major European indices trade in the green, except for the UK’s FTSE 100 index trading flat. However, Asian indices closed mixed on a volatile day of trade. US index futures trade in the green, indicating a positive start to the trading session. Brent crude oil futures trade in the green after falling 1% on Wednesday.

  • Money flow index (MFI) indicates that stocks like Jupiter Wagons, ABB India, PNC Infratech, and Hindustan Zinc are in the overbought zone.

  • Taj GVK Hotels & Resorts' Q4FY24 net profit rises 79% YoY to Rs 25.8 crore, helped by lower expenses. Revenue increases 11.7% YoY to Rs 115.8 crore during the quarter. The company appears in a screener of stocks near their 52-week highs.

  • GPT Infraprojects surges as it wins an order worth Rs 554.9 crore from Rail Vikas Nigam for various construction work.

  • Garden Reach Shipbuilders & Engineers surges to its all-time high of Rs 1,424.8 per share as its net profit grows by 101.8% YoY to Rs 111.6 crore in Q4FY24. Revenue rises by 62.7% YoY to Rs 1,091.6 crore. It features in a screener of stocks with increasing net profit for the past four quarters.

  • Reports suggest that 4.1 crore shares (7% equity) of Star Health and Allied Insurance, worth approx. Rs 2,200 crore change hands through block deals. FDI investors, Apis Partners, Madison (MIO), and ROC Capital are the likely sellers in the transaction.

  • Awfis Space Solutions' Rs 598.9 crore IPO gets bids for 3.4X the available 86.3 lakh shares on offer on the second day of bidding. The retail investor quota gets bids for 10.3X the available 15.6 lakh shares on offer.

  • Aether Industries rises as the Gujarat Pollution Control Board (GPCB) revokes the closure order for its manufacturing facility II, after partially halting operations following a fire incident on November 29, 2023. The company can now resume at 75% capacity.

  • Oil India signs an agreement with Numaligarh Refinery to transport additional petroleum products via the NSP (Numaligarh-Siliguri product pipeline) following the commissioning of the Numaligarh Refinery Expansion Project.

  • Nifty 50 hits an all-time high of 22,880.6 today. BSE Sensex also reaches a record high of 75,124.3.

  • Auto stocks like Eicher Motors, Mahindra & Mahindra, Maruti Suzuki India, and Samvardhana Motherson International are rising in trade. The broader sectoral index Nifty Auto hits an all-time high of 23,676.9 today.

  • Torrent Power's Q4FY24 net profit drops 7.6% YoY to Rs 447 crore due to an increase in global fuel prices. However, revenue increases 8.1% YoY to Rs 6,528.5 crore during the quarter. The company appears in a screener of stocks with FII / FPI or institutions increasing their shareholding.

  • Power Grid Corp falls sharply as its net profit declines by 3.6% YoY to Rs 4,166.3 crore in Q4FY24. Revenue falls by 2% YoY to Rs 12,305.4 crore due to a reduction in the transmission segment. The company's board approves a line of credit of Rs 5,000 crore from a consortium of banks.

  • Surendran Chemmenkotil, the CEO of Metropolis Healthcare, highlights the company’s plan to increase its presence into 1,000 towns, with a major focus on northern and eastern markets, over the next two years. He adds that the firm is looking for merger & acquisition opportunities, and aims to set up 25 new labs in FY25.

  • KPI Green Energy's board approves the sub-division of existing equity shares in the proportion of 1:2. The record date for the purpose of the split will be intimated in due course.

  • HEG falls as its board approves the demerger of its graphite business into a new company (to be incorporated) to create two independent entities addressing separate growth prospects. Post-demerger, HEG will consolidate Bhilwara Energy with itself, and the existing company will become a platform for green energy businesses.

  • FSN E-Commerce Ventures' (Nykaa) Q4FY24 net profit jumps 298% YoY to Rs 9 crore, helped by lower inventory and raw material costs. Revenue increases 28% YoY to Rs 1,668 crore during the quarter. The company appears in a screener of stocks where mutual funds have increased their holding over the past two months.

  • Nomura raises the target price on Cipla to Rs 1,535, while it maintains its ’Neutral’ rating. The brokerage believes that the US FDA approval for the therapeutic equivalent version of Somatuline will help gain an additional market share. It also notes the growth in the company’s overall volumes by 10-15% YoY.

  • PSU banks like Indian Bank, Indian Overseas Bank, Bank of Maharashtra and Bank of Baroda rise more than 2% in trade. All constituents of the broader Nifty PSU Bank index are also trading in the green.

  • Godrej Properties sells around 650 homes and achieves a booking value of over Rs 2,000 crore through the launch of its project Godrej Jardinia in Noida.

  • PG Electroplast surges to its all-time high of Rs 2,600 as its net profit grows by 73.2% YoY to Rs 69.6 crore in Q4FY24, helped by returns from sales of inventory. Revenue increases by 30.2% YoY to Rs 1,080 crore, due to improvements in the products, plastic, and electronics segments. It shows up in a screener of stocks with zero promoter pledge.

  • Oravel Stays (OYO) withdraws its draft papers filed with the Securities Exchange Board for an initial public offer (IPO). This is the second time in nearly three years the company has pulled its IPO plans.

  • Go Digit General Insurance’s shares debut on the bourses at a 5.2% premium to the issue price of Rs 272. The Rs 2,615 crore IPO has received bids for 9.6 times the total shares on offer.

  • Minda Corp is falling as its net profit plunges 42% YoY to Rs 70.8 crore in Q4FY24, due to higher raw materials, employee benefits, and finance costs. However, revenue grows by 13.7% YoY to Rs 1,224.8 crore, driven by improvements in the two-wheeler, passenger vehicles, and three-wheeler segments. It appears in a screener of stocks where insiders sold their shareholding.

  • Keystone Realtors' board approves raising funds through a qualified institutional placement (QIP). The board has set the floor price at Rs 682.5 per share for the QIP and aims to raise around Rs 1,000 crore.

  • Jubilant Foodworks rises sharply as its net profit grows 7.3x YoY to Rs 207.5 crore in Q4FY24, helped by an exceptional gain of Rs 170.2 crore. Revenue increases by 23.6% YoY to Rs 1,594.1 crore, driven by improvements in the Indian and International businesses. It features in a screener of stocks with increasing revenue for the past four quarters.

  • Nifty 50 was trading at 22,596.85 (-1.0, 0%), BSE Sensex was trading at 74,253.53 (32.5, 0.0%) while the broader Nifty 500 was trading at 21,272.65 (34.9, 0.2%).

  • Market breadth is ticking up strongly. Of the 1,857 stocks traded today, 1,310 were on the uptick, and 497 were down.

Riding High:

Largecap and midcap gainers today include UNO Minda Ltd. (829.95, 9.5%), Adani Enterprises Ltd. (3,387.30, 7.8%) and Indian Railway Finance Corporation Ltd. (186.50, 6.2%).

Downers:

Largecap and midcap losers today include Deepak Nitrite Ltd. (2,334.90, -5.2%), Lupin Ltd. (1,632.65, -4.9%) and Max Healthcare Institute Ltd. (803.05, -4.2%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included UNO Minda Ltd. (829.95, 9.5%), Adani Enterprises Ltd. (3,387.30, 7.8%) and PNB Housing Finance Ltd. (798.65, 7.2%).

Top high volume losers on BSE were HEG Ltd. (2,247.50, -16.4%), GMM Pfaudler Ltd. (1,323.05, -5.9%) and Deepak Nitrite Ltd. (2,334.90, -5.2%).

Gland Pharma Ltd. (1,881.85, 5.0%) was trading at 11.7 times of weekly average. Jubilant Foodworks Ltd. (475, -1.0%) and Star Health and Allied Insurance Company Ltd. (548.85, 1.7%) were trading with volumes 7.8 and 7.3 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

39 stocks took off, crossing 52 week highs,

Stocks touching their year highs included - Adani Ports & Special Economic Zone Ltd. (1,443.35, 4.7%), Adani Power Ltd. (711.35, 2.9%) and Ashok Leyland Ltd. (212.35, 2.0%).

14 stocks climbed above their 200 day SMA including JK Paper Ltd. (379.80, 2.9%) and Mahindra Holidays & Resorts India Ltd. (410, 2.0%). 6 stocks slipped below their 200 SMA including Balaji Amines Ltd. (2,213.35, -1.1%) and 3M India Ltd. (30,900, -0.9%).

 
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