Trendlyne Marketwatch
Trendlyne Marketwatch
27 May 2024
Market closes flat, Divi's Labs' net profit grows 67.6% YoY to Rs 538 crore in Q4FY24
By Trendlyne Analysis

 

Nifty 50 closed at 22,932.45 (-24.7, -0.1%), BSE Sensex closed at 75,390.50 (-19.9, 0.0%) while the broader Nifty 500 closed at 21,493 (9.3, 0.0%). Market breadth is in the red. Of the 2,154 stocks traded today, 777 were on the uptick, and 1,327 were down.

Indian indices pared their gains from the afternoon session and closed flat. The Indian volatility index, Nifty VIX, rose by 6.8% and closed at 23.2 points. Divi's Laboratories hit its 52-week high and closed higher after its net profit grew 67.6% YoY to Rs 538 crore in Q4FY24. The company’s revenue also increased by 18.1% YoY to Rs 2,382 crore during the quarter.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, outperforming the benchmark index. Nifty Bank and Nifty IT closed higher than their Friday close.  According to Trendlyne’s sector dashboard, Banking and Finance emerged as the best-performing sector of the day, with a rise of 0.9%.

Major Asian indices closed in the green, except for India’s BSE Sensex index closing flat. European indices traded flat or higher amid mixed global cues. US index futures traded marginally lower, indicating a cautious start to the trading session. Brent crude oil futures traded in the green after rising 0.8% on Friday.

  • Relative strength index (RSI) indicates that stocks like Bharat Dynamics, Bharat Electronics, Schaeffler India, and Hindustan Aeronautics are in the overbought zone.

  • HCL Technologies is rising as it collaborates with its arm to manufacture custom silicon chips that support AI-driven business operations.

  • Divi's Laboratories surges to its 52-week high of Rs 4,359 per share as its net profit grows 67.6% YoY to Rs 538 crore in Q4FY24. Revenue increases by 18.1% YoY to Rs 2,382 crore during the quarter. It features in a screener of stocks with zero promoter pledge.

  • PSU bank stocks like Indian Overseas Bank, UCO Bank, Punjab & Sind Bank, and Central Bank of India are rising in trade. The broader sectoral index, Nifty PSU Bank, is also trading in the green.

  • Goldman Sachs raises India’s GDP growth forecast by 10 bps to 6.7% in CY24. The brokerage now expects the RBI to begin with interest rate cuts in Q4CY24, from the earlier projection of Q3. It says the monetary policy committee is cautious about persistent food inflation due to supply disruptions amid ongoing hot weather conditions in many parts of India.

  • Spicejet falls as Delhi High Court reportedly upholds its order asking the company to return two leased aircraft and three engines to TWC Aviation.

  • Awfis Space Solutions' Rs 598.9 crore IPO gets bids for 50.1X the available 86.3 lakh shares on offer on the last day of bidding. The retail investor quota gets bids for 41.2X the available 15.6 lakh shares on offer.

  • Astra Microwave is rising as its net profit surges 302.9% YoY to Rs 54.4 crore in Q4FY24. Revenue grows by 37.5% YoY to Rs 356.7 crore on the back of healthy execution of space orders. It shows up in a screener of stocks with increasing revenue every quarter for the past three quarters.

  • Ashok Kumar Tyagi, the Co-CEO of DLF, notes the strengthening demand for luxury real estate on a QoQ basis. He expects the company to achieve sales of Rs 17,000 crore in FY25, with Rs 3,500 crore coming from the Lux 5 project in Gurugram. Tyagi also highlights the company’s launch pipeline, which includes projects in Goa and Mumbai.

  • KR Choksey retains its 'Accumulate' rating on Devyani International with a target price of Rs 172 per share. This indicates a potential upside of 12.5%. The brokerage remains cautious on the stock due to persistent demand challenges and changing customer preferences in favor of other food categories. It expects the company's revenue to grow at a CAGR of 28.7% over FY25-26.

  • Aurobindo Pharma's Q4FY24 net profit rises 79.5% YoY to Rs 908.8 crore, helped by lower expenses. Revenue increases 16.8% YoY to Rs 7,715 crore during the quarter. The company features in a screener of stocks with increasing profits every quarter for the past four quarters.

  • Nifty 50 rises for five consecutive sessions and hits an all-time high of 23,108.4 today. Stocks like Divi's Laboratories, IndusInd Bank, and Larsen & Toubro are among the top performers in the index.

  • Himanshu Mody, CFO of Suzlon Energy, anticipates the execution of the current order book in the next eight quarters. He adds that the current 3.3 GW order book has a revenue potential of more than Rs 19,800 crore over the next two years.

  • NTPC touches its all-time high of Rs 380.5 per share as its Q4FY24 net profit grows by 26.9% YoY to Rs 6,168.7 crore. Revenue rises by 9.1% YoY to Rs 48,816.6 crore, helped by an improvement in the power generation segment. It features in a screener of stocks where mutual funds increased their shareholding in the past two months.

  • AXISCADES Technologies' arm Mistral Solutions wins an order worth Rs 90 crore from Bharat Electronics to develop radar processing systems.

  • Bosch rises as its Q4FY24 profit increases by 41.7% YoY to Rs 564 crore, led by growth in the automotive products segment. Revenue improves by 6.2% YoY during the quarter. The company appears in a screener for stocks hitting a 52-week high today.

  • Satish Pai, Managing Director of Hindalco Industries, expects aluminium prices to stabilise at around $2,400/tonne compared to the current $2,550. He projects improved EBITDA/tonne in Q1, higher than Q4 levels. Pai highlights the capex spending in FY24 at Rs 4,200 crore, and Rs 6,000-7,000 crore planned for FY25.

  • Reliance Power falls sharply as it reports a net loss of Rs 397 crore in Q4FY24, compared to a profit of Rs 321 crore in Q4FY23 due to higher expenses on PPE and capital work in progress. However, its revenue increases 15.6% YoY to Rs 2,193 crore during the quarter. The company appears in a screener of stocks with foreign institutional investors (FII) or institutions increasing their shareholding.

  • Cochin Shipyard surges to its all-time high of Rs 2,100 per share as its net profit rises sharply by 6.6x to Rs 258.9 crore in Q4FY24. Revenue grows by 103.5% YoY to Rs 1,366.2 crore on account of an improvement in the ship building and ship repair segments. It shows up in a screener of stocks with dividend yield higher than their sector dividend yield.

  • Rail Vikas Nigam rises as it wins an order worth Rs 187.3 crore from Maharashtra Metro Rail Corp to construct elevated metro stations.

  • InCred Equities upgrades Divi’s Laboratories to ‘Add’ and raises the target price to Rs 4,707, as the company’s Q4 results beat estimates. The brokerage notes the significant rise in enquiries and improved visibility in the CCS (custom chemical synthesis) business.

  • United Spirits is rising as its net profit surges 136.3% YoY to Rs 241 crore in Q4FY24. Revenue grows by 14% YoY to Rs 6,622 crore, led by improvements in the beverage alcohol, and sports segments. It shows up in a screener of stocks near their 52-week highs with significant volumes.

  • Nazara Technologies' promoter, Mitter Infotech, sells a 6.4% stake in a block deal. Meanwhile, Plutus Wealth Management buys a stake in the company.

  • Macrotech Developers is rising as its subsidiary enters a share purchase agreement to acquire a 50% stake in Siddhivinayak Realties for Rs 415.6 crore.

  • Torrent Pharmaceuticals rises sharply as its net profit grows by 56.4% YoY to Rs 449 crore in Q4FY24. Revenue increases by 11% YoY to Rs 2,776 crore, helped by improvements in the Indian, Germany, and Brazil markets. It features in a screener of stocks with increasing return on equity (RoE) over the last two years.

  • Nifty 50 was trading at 23,001.65 (44.6, 0.2%), BSE Sensex was trading at 75,655.46 (245.1, 0.3%) while the broader Nifty 500 was trading at 21,553.90 (70.2, 0.3%).

  • Market breadth is in the green. Of the 1,964 stocks traded today, 1,242 were on the uptick, and 653 were down.

Riding High:

Largecap and midcap gainers today include Indian Overseas Bank (74.50, 10.9%), Ashok Leyland Ltd. (226.70, 7.6%) and UCO Bank (61, 7.1%).

Downers:

Largecap and midcap losers today include Hindustan Zinc Ltd. (706.90, -4.8%), Linde India Ltd. (8,704.25, -4.5%) and Solar Industries India Ltd. (9,686.85, -3.2%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included ZF Commercial Vehicle Control Systems India Ltd. (16,261.50, 20%), Indian Overseas Bank (74.50, 10.9%) and Glenmark Pharmaceuticals Ltd. (1,119.45, 8.1%).

Top high volume losers on BSE were EIH Ltd. (443.95, -5.9%), Sun TV Network Ltd. (636.65, -4.3%) and Aurobindo Pharma Ltd. (1,196.35, -3.1%).

Krishna Institute of Medical Sciences Ltd. (1,820.40, -2.9%) was trading at 11.9 times of weekly average. Torrent Pharmaceuticals Ltd. (2,655.25, 1.6%) and AstraZeneca Pharma India Ltd. (6,432.80, 6.8%) were trading with volumes 9.3 and 9.2 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

35 stocks made 52 week highs,

Stocks touching their year highs included - Adani Ports & Special Economic Zone Ltd. (1,431.65, 1.1%), Aegis Logistics Ltd. (744.65, 4.8%) and Amara Raja Energy & Mobility Ltd. (1,221.55, 0.9%).

12 stocks climbed above their 200 day SMA including ZF Commercial Vehicle Control Systems India Ltd. (16,261.50, 20%) and Kajaria Ceramics Ltd. (1,301.55, 2.2%). 16 stocks slipped below their 200 SMA including eClerx Services Ltd. (2,180.80, -2.8%) and Jindal Worldwide Ltd. (334.20, -2.3%).

 
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