Trendlyne Marketwatch
Trendlyne Marketwatch
24 May 2024
Market closes flat, InterGlobe Aviation's net profit rises by 106.1% YoY to Rs 1,894.8 crore in Q4
By Trendlyne Analysis

 

Nifty 50 closed at 22,957.10 (-10.6, -0.1%), BSE Sensex closed at 75,410.39 (-7.7, 0.0%) while the broader Nifty 500 closed at 21,483.75 (-5.8, 0.0%). Of the 2,113 stocks traded today, 796 were on the uptrend, and 1,274 went down.

Indian indices pared the gains from the morning session and closed flat. The volatility index, Nifty VIX, rose by 1.5% and closed at 21.7 points. Fortis Healthcare's Q4FY24 net profit rose 46.8% YoY to Rs 203 crore. Revenue increased 8.7% YoY to Rs 1,785.8 crore during the quarter.

Nifty Smallcap 100 closed lower, while Nifty Midcap 100 closed flat following the benchmark index. Nifty Bank and Nifty Media closed higher than Thursday’s closing level. According to Trendlyne’s sector dashboard, fertilizers emerged as the top-performing sector of the day, with a rise of over 2.4%.

Most European indices trade in the red. US indices futures trade flat, indicating a cautious start. The Federal policy meeting minutes indicated that the committee is looking to delay the interest rate cuts due to sticky inflation. The Federal Reserve Governor, Christopher Waller warned that the board needs to see several months of good data before voting for a rate cut.

  • Gujarat Narmada Valley Fertilizers & Chemicals sees a short buildup in its May 30 future series as its open interest rises 9.6% with a put-call ratio of 0.4.

  • Zaggle Prepaid's Q4FY24 net profit rises 153.3% YoY to Rs 19.15 crore, helped by an increase in interest income. Revenue increases 46% YoY to Rs 273.4 crore during the quarter. The company features in a screener of stocks with increasing profits for the past two quarters.

  • Hindalco's Q4FY24 net profit rises 30% YoY to Rs 3,174 crore, helped by lower expenses. Revenue increases marginally to Rs 55,994 crore during the quarter. The company recommends a dividend of Rs 3.5 per share. It appears in a screener of stocks with new 52-week highs.

  • Century Plyboards falls sharply as its net profit falls 30.6% YoY to Rs 79.5 crore in Q4FY24 due to higher employee benefits, raw material, and finance costs. However, revenue grows 8.9% YoY to Rs 1,068.6 crore due to improvements in the plyboard & allied products, laminate, medium density fibre board, and particle board segments. It appears in a screener of stocks with rising net cash flow and cash from operating activities.

  • CareEdge Ratings expects the gross refining margins of Indian OMCs (oil marketing companies) to moderate in FY25 by around $6-8 per barrel, from $10-12 in FY24. The moderation is due to the narrowing Russian crude discounts, and reduction in product cracks.

  • UPL and Aarti Industries enter into a joint venture named Augene Chemical. The aim is to produce and market specialty chemical products. The companies plan to invest Rs 300 crore over two years into this venture.

  • Awfis Space Solutions' Rs 598.9 crore IPO gets bids for 7.5X the available 86.3 lakh shares on offer on the third day of bidding. The retail investor quota gets bids for 17.2X the available 15.6 lakh shares on offer.

  • Godrej Properties falls as the Defence Ministry reportedly raises objections to suspend the company's project in Mumbai, which is 500 meters away from a defence office. The estimated revenue from the project is Rs 7,000 crore.

  • Arun Kumar, Executive Chairman of Strides Pharma, says the company targets EBITDA margins of 22% for FY25. He highlights the new launches in the US market, and adds that the firm aims to achieve revenue of $285-300 million in FY25.

  • KR Choksey keeps its 'Buy' rating on Sun Pharmaceuticals with a target price of Rs 1,827 per share. This indicates a potential upside of 23%. The brokerage expects sustained revenue growth, driven by improvement in all its segments and investments in R&D to build a global product pipeline for the specialty and generics segments. It expects the company's revenue to grow at a CAGR of 10.8% over FY25-26.

  • Fortis Healthcare's Q4FY24 net profit rises 46.8% YoY to Rs 203 crore, helped by lower expenses. Revenue increases 8.7% YoY to Rs 1,785.8 crore during the quarter. The company features in a screener of stocks where mutual funds increased shareholding over the past two months.

  • Foreign institutional investors invest Rs 303.4 crore in the equity market over the past week, according to Trendlyne's FII dashboard. However, index options witness the highest outflow of Rs 80,167.4 crore from FIIs.

  • Reports suggest that around 1.1 crore shares (0.5% equity) of Adani Ports & Special Economic Zone, amounting to Rs 1,480.5 crore, change hands in a large deal.

  • JK Lakshmi Cement's net profit surges by 41% YoY reaching Rs 162.1 crore in Q4FY24, attributed to reduced inventory and power expenses. However, revenue declines by 4.4% YoY to Rs 1,780 crore for the quarter. It features in a screener of stocks with increasing net profit for the past three quarters.

  • Finolex Cables surges as its Q4FY24 net profit rises 6.3% YoY to Rs 186 crore. Its revenue increases 14.4% YoY to Rs 1,401 crore due to improvements in the electrical cables and copper rods segments. The company appears in a screener of stocks with new 52-week highs today.

  • Caplin Point Laboratories' arm gets US FDA approval for Phenylephrine hydrochloride Ophthalmic Solution, used to dilate the pupil of the eyes. The solution has a market size of $32 million in the US.

  • Nifty 50 breaches the 23,000 mark for the first time, hitting a new record high of 23,004.1 in early trade. The BSE Sensex also reaches a record high of 75,582.3.

  • Honasa Consumer rises sharply as it posts a net profit of Rs 30.4 crore in Q4FY24, compared to a net loss of Rs 160 crore in Q4FY23. Revenue grows by 24.4% YoY to Rs 490.1 crore. It appears in a screener of stocks where mutual funds bought stakes in the past two months.

  • Telecom stocks like Vodafone Idea, MTNL, Indus Towers, and Tata Teleservices (Maharashtra) are rising sharply in trade, helping the broader BSE Telecom index to reach its all-time high of 2,820.7.

  • Biocon surges to its 52-week high of Rs 329.9 per share as it signs a licensing and supply agreement with Handok in South Korea to commercialize its complex drug product, Synthetic Liraglutide. The drug is an injection in a pre-filled pen used for chronic weight management.

  • Emkay Global initiates coverage on the recently listed Go Digit General Insurance with a ‘Sell’ rating and a target price of Rs 210. The brokerage views the company as a typical player in the general insurance space, focusing more on commercial lines and motors with an intermediary-driven distribution model. It notes the absence of a clear competitive advantage.

  • Vodafone Idea surges as it announces discussions with network vendors, including Ericsson, to supply network gears for 5G rollout.

  • Zee Entertainment Enterprises is rising as it terminates its merger cooperation agreement (MCA) with Sony India and seeks a termination fee of $90 million (approx. Rs 748.9 crore).

  • New World Fund buys a 0.5% stake in Coforge for approx Rs 163.7 crore in a bulk deal on Thursday.

  • InterGlobe Aviation rises as its net profit surges by 106.1% YoY to Rs 1,894.8 crore in Q4FY24, helped by a deferred tax return of Rs 124.2 crore. Revenue grows by 26.7% YoY to Rs 18,505.1 crore on the back of an improvement in passengers carried and higher capacity. It features in a screener of stocks with high FII holding.

Riding High:

Largecap and midcap gainers today include Vodafone Idea Ltd. (15.10, 7.5%), Bharat Forge Ltd. (1,573.50, 5.4%) and Power Finance Corporation Ltd. (491.65, 5.2%).

Downers:

Largecap and midcap losers today include Bayer Cropscience Ltd. (5,281, -5.6%), One97 Communications Ltd. (340.95, -4.3%) and FSN E-Commerce Ventures Ltd. (168.10, -3.5%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Aegis Logistics Ltd. (710.25, 12.7%), Finolex Cables Ltd. (1282.60, 12.1%) and Amara Raja Energy & Mobility Ltd. (1,210.15, 8.6%).

Top high volume losers on BSE were Vaibhav Global Ltd. (371.50, -4.7%), InterGlobe Aviation Ltd. (4,256.50, -3.3%) and Chemplast Sanmar Ltd. (475, -1.9%).

JK Lakshmi Cement Ltd. (805.50, 1.4%) was trading at 22.5 times of weekly average. Bikaji Foods International Ltd. (556.30, 4.1%) and AstraZeneca Pharma India Ltd. (6,024.75, 6.1%) were trading with volumes 19.6 and 9.6 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

43 stocks overperformed with 52-week highs,

Stocks touching their year highs included - Aegis Logistics Ltd. (710.25, 12.7%), Amara Raja Energy & Mobility Ltd. (1,210.15, 8.6%) and Ambuja Cements Ltd. (635.30, -1.7%).

12 stocks climbed above their 200 day SMA including Gujarat Fluorochemicals Ltd. (3,228.95, 2.3%) and Archean Chemical Industries Ltd. (625.05, 1.9%). 8 stocks slipped below their 200 SMA including Bayer Cropscience Ltd. (5,281, -5.6%) and Clean Science & Technology Ltd. (1,373, -2.8%).

 
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