Trendlyne Marketwatch
Trendlyne Marketwatch
29 May 2024
Market closes lower, Alkem Laboratories' Q4FY24 net profit rises 3x YoY to Rs 293 crore
By Trendlyne Analysis

 

Nifty 50 closed at 22,704.70 (-183.5, -0.8%), BSE Sensex closed at 74,502.90 (-667.6, -0.9%) while the broader Nifty 500 closed at 21,256.30 (-131.1, -0.6%). Market breadth is in the red. Of the 2,118 stocks traded today, 892 were gainers and 1,176 were losers.

Indian indices extended the losses from the afternoon session and closed in the red. The volatility index, Nifty VIX, dropped by 0.1% and closed at 24.2 points. Amara Raja Energy & Mobility's net profit grew 61.3% YoY to Rs 229.8 crore in Q4FY24. Revenue increased by 19.7% YoY to Rs 2,941.2 crore.

Nifty Smallcap 100 closed flat, while Nifty Midcap 100 closed lower following the benchmark index. Nifty Metal and Nifty Pharma closed higher than Tuesday’s closing level. According to Trendlyne’s sector dashboard, retailing emerged as the top-performing sector of the day, with a rise of over 0.9%. 

Most European indices trade in the red. US indices futures trade lower, indicating a negative start. Bank of Japan’s Board Member, Seiji Adachi hinted at increasing interest rates if the yen continues to fall against the US dollar.

  • Relative strength index (RSI) indicates that stocks like Finolex Cables, Balkrishna Industries, Schaeffler India, and Rail Vikas Nigam are in the overbought zone.

  • Alkem Laboratories' Q4FY24 net profit rises 3x YoY to Rs 293 crore. Profit was impacted due to an impairment loss in Q4FY23. Revenue increases by 1.1% YoY to Rs 2,935.8 crore during the quarter. The company appears in a screener of stocks near their 52-week highs.

  • Gujarat Narmada Valley Fertilizers & Chemicals' net profit declines by 61.3% YoY to Rs 130 crore in Q4FY24. Revenue falls by 7.4% YoY to Rs 2,218 crore, impacted by the chemicals segment. The company features in a screener of stocks with falling quarterly revenue and net profit (YoY).

  • Amara Raja Energy & Mobility's net profit grows by 61.3% YoY to Rs 229.8 crore in Q4FY24. Revenue increases by 19.7% YoY to Rs 2,941.2 crore, owing to an improvement in the lead acid batteries and allied products segment. It shows up in a screener of stocks with rising net cash flow and cash from operating activities.

  • S&P Global Ratings revises its outlook for the Indian economy to 'positive' from 'stable' and affirms its 'BBB-' rating. The firm cites strong growth and improved government expenditure despite a high fiscal deficit.

  • Aditya Birla Fashion and Retail's net loss expands by 22.8% YoY to Rs 229 crore in Q4FY24. However, its revenue rises 18.3% YoY to Rs 3,406 crore due to improvements in the ethnic and others segments. The company appears in a screener of stocks near their 52-week highs.

  • TCPL Packaging rises sharply as its Q4FY24 net profit surges 20.2% YoY to Rs 29 crore due to lower inventory costs. Revenue grows by 2.6% YoY to Rs 393.4 crore during the quarter. It shows up in a screener of stocks where mutual funds have increased their shareholding in the past quarter.

  • MTAR Technologies falls sharply as its net profit plunges 84.3% YoY to Rs 4.9 crore in Q4FY24. Revenue declines by 28.7% YoY to Rs 143.4 crore. The company shows up in a screener of stocks with high promoter pledges.

  • Jayanta Basu, MD of ITD Cementation, projects revenue growth of 20% in FY25, with margins around 10-11%. He highlights the company’s target to achieve an order inflow in the range of Rs 9,000-10,000 crore. Basu also expects the revenue contribution from its overseas business to improve to 30% in the next 2-3 years.

  • Cello World rises sharply as its board of directors approves issuing 86.5 lakh shares with a face value of Rs 5 per share through a qualified institutional placement (QIP).

  • BHEL enters into a technology transfer agreement with the Bhabha Atomic Research Centre (BARC) to manufacture a 50 kW alkaline electrolyser system designed for hydrogen production.

  • Suzlon Energy rises sharply as it bags an order to supply 175 wind turbines with a total capacity of 551.3 MW for Aditya Birla Group's sites in Rajasthan and Gujarat.

  • Rajesh Jain, CFO of RR Kabel, expects volume growth of over 20% YoY in its wires and cables business in FY25. He also projects margins of 8-8.2% for the year and anticipates a revenue contribution of Rs 1,000 crore from the FMEG segment.

  • Rites' net profit falls 1.5% YoY to Rs 136.6 crore in Q4FY24. Revenue drops 6.3% YoY to Rs 643 crore due to a decline in export sales and the domestic construction project segment. The company appears in a screener of stocks with no debt.

  • IRCTC falls sharply as its net profit misses Forecaster estimates by 3.5% despite growing 1.9% YoY to Rs 285.2 crore in Q4FY24, helped by a decrease in tourism expenses. Revenue increases by 18.2% YoY to Rs 1,187.4 crore due to improvements in the catering, Rail Neer, internet ticketing, and tourism segments. It shows up in a screener of stocks with improving net cash flow for the past two years.

  • Prestige Estates Projects falls as its net profit declines by 70.1% YoY to Rs 140 crore in Q4FY24 due to higher inventory and land costs. Revenue falls by 17.8%% YoY to Rs 2,164 crore during the quarter. The company features in a screener of stocks with falling quarterly revenue and net profit (YoY).

  • One97 Communications (Paytm) hits the upper circuit following reports that CEO Vijay Shekhar Sharma was in talks with Gautam Adani to sell his stake in the company. However, Paytm clarified that the news is 'speculative' and it is not engaged in any such discussions.

  • IDBI Capital downgrades Century Plyboards to 'Hold' from 'Buy' with a lower target price of Rs 606 per share. This indicates a potential downside of 7.8%. The brokerage believes that the company will sustain subdued demand till Q2FY25. It expects the company's revenue to grow at a CAGR of 9% over FY25-26.

  • Man Industries bags multiple domestic and international orders worth Rs 490 crore to supply pipes in the next 6-8 months. This takes the company's total order book to Rs 2,600 crore.

  • Inox Wind Energy, promoter of Inox Wind, sells 5.5 crore shares (16.9% stake), amounting to Rs 828.2 crore, in a bulk deal on Tuesday. Meanwhile, Morgan Stanley Asia Singapore Pte, Okoworld Okovision, Goldman Sachs (Singapore) Pte, and BNP Paribas Arbitrage pick up stakes in the company.

  • Jefferies expects wholesales growth of 10-12% YoY for TVS Motor and Bajaj Auto, and 6-8% YoY for Eicher Motor and Hero MotoCorp. The brokerage has a positive outlook on the Indian auto space, and prefers the two-wheelers segment over four-wheelers.

  • Timken Singapore Pte, promoter of Timken India, sells 50 lakh shares (6.6% stake), amounting to Rs 1,956.7 crore, in a block deal on Tuesday. Timken now holds a 51.1% stake in the company. Meanwhile, The Government of Singapore, Nippon India Mutual Fund, and the Monetary Authority of Singapore pick up 3.8%, 0.5%, and 0.6% stakes, respectively.

  • Brigade Enterprises rises sharply to its all-time high of Rs 1,331.5 per share as its net profit surges 197.6% YoY to Rs 206.1 crore in Q4FY24. Revenue grows by 102.1% YoY to Rs 1,762.6 crore, owing to improvements in the real estate, leasing, and hospitality segments. It appears in a screener of stocks outperforming their industries in the last quarter.

  • Hindware Home Innovation falls sharply as its net profit plunges 88% YoY to Rs 2.1 crore in Q4FY24 due to higher raw materials, employee benefits, finance, and power & fuel expenses. However, revenue rises marginally by 1% YoY to Rs 782.9 crore, helped by an improvement in the building products segment. The company's board of directors appoints Naveen Malik as the Chief Executive Officer, effective from Tuesday.

  • NBCC (India) rises sharply as its net profit grows by 24.5% YoY to Rs 141.5 crore in Q4FY24, helped by lower employee benefits expenses. Revenue increases by 42.2% YoY to Rs 4,075.9 crore, led by improvements in the project management consultancy (PMC) and engineering, procurement & construction (EPC) segments. It features in a screener of stocks with the highest recovery from their 52-week lows.

  • Nifty 50 was trading at 22,779.35 (-108.8, -0.5%), BSE Sensex was trading at 74,826.94 (-343.5, -0.5%) while the broader Nifty 500 was trading at 21,271.35 (-116, -0.5%).

  • Market breadth is highly negative. Of the 1,864 stocks traded today, 583 were on the uptrend, and 1,225 went down.

Riding High:

Largecap and midcap gainers today include UNO Minda Ltd. (866.05, 5.3%), One97 Communications Ltd. (359.45, 5.0%) and Samvardhana Motherson International Ltd. (147.70, 4.0%).

Downers:

Largecap and midcap losers today include ICICI Prudential Life Insurance Company Ltd. (556.20, -4.5%), Bayer Cropscience Ltd. (4,996.15, -4.4%) and InterGlobe Aviation Ltd. (4,027.55, -4.0%).

Volume Rockets

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

Top high volume gainers on BSE included Campus Activewear Ltd. (296.10, 18.3%), Grindwell Norton Ltd. (2,590.55, 8.3%) and EID Parry (India) Ltd. (686.85, 8.3%).

Top high volume losers on BSE were PNB Housing Finance Ltd. (735.75, -6.6%), Ujjivan Small Finance Bank Ltd. (50.45, -4.9%) and ICICI Prudential Life Insurance Company Ltd. (556.20, -4.5%).

Shoppers Stop Ltd. (732, -1.7%) was trading at 12.2 times of weekly average. Ipca Laboratories Ltd. (1,294, -2.0%) and Medplus Health Services Ltd. (689.60, -1.9%) were trading with volumes 8.3 and 4.6 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

17 stocks took off, crossing 52 week highs, while 2 stocks hit their 52 week lows.

Stocks touching their year highs included - Amara Raja Energy & Mobility Ltd. (1,213.15, -2.8%), Divi's Laboratories Ltd. (4,448, 1.3%) and EID Parry (India) Ltd. (686.85, 8.3%).

Stocks making new 52 weeks lows included - KRBL Ltd. (272.90, -0.7%) and Anupam Rasayan India Ltd. (761.35, 0.0%).

11 stocks climbed above their 200 day SMA including Campus Activewear Ltd. (296.10, 18.3%) and Garware Technical Fibres Ltd. (3,625.15, 3.6%). 14 stocks slipped below their 200 SMA including Hatsun Agro Products Ltd. (1,023.50, -8.6%) and PNB Housing Finance Ltd. (735.75, -6.6%).

 
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