Trendlyne Marketwatch
Trendlyne Marketwatch
31 May 2024
Market closes higher, Apollo Hospitals' Q4 net profit rises 75.6% YoY to Rs 253 crore
By Trendlyne Analysis

 

Nifty 50 closed at 22,530.70 (42.1, 0.2%), BSE Sensex closed at 73,961.31 (75.7, 0.1%) while the broader Nifty 500 closed at 21,103.30 (64.8, 0.3%). Of the 2,113 stocks traded today, 959 were gainers and 1,109 were losers.

Indian indices fell from their day highs but closed in the green. The Indian volatility index, Nifty VIX, rose 1.7% and closed at 24.6 points. Swan Energy closed sharply lower after its net profit declined by 57.2% YoY to Rs 26.6 crore in Q4FY24 due to higher raw material, inventory, and employee benefits expenses.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, taking cues from the benchmark index. Nifty Realty and Nifty Infra trade higher than their Thursday close. According to Trendlyne’s sector dashboard, Commercial Services & Supplies emerged as the best-performing sector of the day, with a rise of 3.5%.

Asian indices closed in the green, with China’s FTSE China 50 and Japan’s  Nikkei 225 index closing in the red. European indices traded flat or lower amid mixed global cues. US index futures traded lower, indicating a negative start to the trading session. Brent crude oil futures traded flat after falling 1.7% on Thursday.

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

  • Orient Electric appoints R S Negi as Chief Executive Officer and Managing Director of the company for five years, effective May 31.

  • Apollo Hospitals' Q4FY24 net profit misses Forecaster estimates by 33% despite growing 75.6% YoY to Rs 253 crore, driven by lower expenses. Its revenue rises 15% YoY to Rs 4,943.9 crore during the quarter. The company appears in a screener of stocks where mutual funds increased shareholding over the past two months.

  • Reports suggest that 75.2 lakh shares (1.2% equity) of One97 Communications (Paytm), worth approx. Rs 296.3 crore, change hands in a large deal.

  • Metal stocks like Jindal Stainless, Adani Enterprises, NMDC, and Hindustan Zinc are rising in trade. The broader sectoral index, Nifty Metal, is also trading in the green.

  • Waaree Renewable Technologies rises as it wins an engineering, procurement, and construction order for a solar power project of 26.4 MW DC capacity on a turnkey basis.

  • Kewal Kiran Clothing's net profit grows by 20.2% YoY to Rs 37.9 crore in Q4FY24, helped by a reduction in inventory and finance costs. Revenue increases by 10.2% YoY to Rs 228 crore. The company's board approves the acquisition of a 50% stake in Kraus Casuals for Rs 166.5 crore to venture into the women's denim and casual wear segment.

  • TV Narendran, MD and CEO of Tata Steel, highlights the company’s plans to invest Rs 16,000 crore in capex, with 75% allocated to projects in India. He adds that the company is focusing on expanding its Kalinganagar plant and decarbonising its operations in the UK.

  • Zomato shares drop over 5% as Macquarie reportedly retains an 'Underperform' rating on the stock with a lower target price of Rs 96 per share. The brokerage warns of a nearly 50% decline in share price in the next year due to rising competition in the quick commerce sector. It shows up in a screener of stocks where mutual funds decreased their shareholding last quarter.

  • Dr. Reddy's Laboratories invests Rs 650 crore in its arm, Aurigene Oncology. Aurigene Oncology will make a similar investment in its arm, Aurigene Pharmaceutical Services, to support its capex and working capital requirements.

  • Foreign institutional investors divest Rs 2,417.8 crore in the equity market over the past week, according to Trendlyne's FII dashboard. Index options witness the highest outflow of Rs 38,231.5 crore from foreign investors. Meanwhile, mutual funds are net buyers in the equity market, injecting Rs 7,760.9 crore during the same period.

  • Gunjan Shah, MD and CEO of Bata India, highlights the company’s focus on premiumisation, casualisation, and store expansion. He adds that the company targets 100-150 store openings each year, with 80% through the franchise route. Shah projects double-digit revenue growth in FY25.

  • Tube Investments of India's subsidiary, TI Clean Mobility, acquires a 23.7% stake in IPLTech Electric for Rs 185 crore. With this, the company's stake increases to 89.4% from 65.7%.

  • ICICI Direct upgrades Natco Pharma to 'Buy' with a higher target price of Rs 1,250 per share. This indicates a potential upside of 24.3%. The brokerage believes that the company's strategy of niche products, geographical expansion, and acquisitions will drive growth. It expects the company's revenue to grow at a CAGR of 22.1% over FY25-26.

  • Sunteck Realty's board approves raising funds worth Rs 2,250 crore. The company plans to raise Rs 1,500 crore through private placements and Rs 750 crore via equity shares or other equity convertible securities.

  • Rajiv Kaul, CEO of CMS Info Systems, projects revenue growth of Rs 2,500-2,700 crore in FY25, and ROCE in the range of 25-27%. He says, AIoT (Artificial Intelligence of Things) offers growth opportunities, and anticipates the revenue contribution to increase to 7-8% in the next three years.

  • Muthoot Finance rises sharply as its net profit surges 17% YoY to Rs 1,139.1 crore in Q4FY24. Revenue grows by 26.7% YoY to Rs 4179.4 crore, driven by an improvement in the gold loan segment. The company shows up in a screener of stocks where mutual funds increased their shareholding last quarter.

  • Welspun Corp's net profit rises 13.8% YoY to Rs 268.5 crore in Q4FY24. Revenue rises 10% YoY to Rs 4,543.7 crore, helped by growth in the steel products segment. The board approves the expansion of its DI pipes capacity by 100 KMTPA in Anjar, with an investment of Rs 300 crore.

  • Swan Energy plunges to its 5% lower circuit as its net profit declines by 57.2% YoY to Rs 26.6 crore in Q4FY24 due to higher raw material, inventory, and employee benefits expenses. However, revenue grows 50.1% YoY to Rs 1,407.1 crore helped by improvements in the construction and distribution & development segments. It shows up in a screener of stocks with high interest payments compared to earnings.

  • Mahindra & Mahindra is rising as BofA Securities upgrades its rating to ‘Buy’, and raises the target price to Rs 3,050. The brokerage believes the company has multiple growth catalysts, which will playout in the next 12-18 months. It anticipates market share gains in the SUV segment and a potential turnaround in the tractor business.

  • Suzlon Energy secures an order from Oyster Green Hybrid One to develop an 81.9 MW wind energy project. Suzlon will install 26 wind turbine generators with a hybrid lattice tubular tower and a rated capacity of 3.2 MW each at the client’s site in Agar, Madhya Pradesh.

  • Krishna Institute of Medical Sciences announces expansion by setting up a 350 bed specialty hospital in Bengaluru.

  • Aarti Industries appoints Suyog Kotecha as the new Chief Executive Officer (CEO) and Executive Director of the company, effective June 17.

  • Bharat Dynamics is rising as its net profit surges by 89% YoY to Rs 288.8 crore in Q4FY24, helped by sales of inventory. Revenue increases by 12.8% YoY to Rs 942.6 crore. It features in a screener of stocks with rising operating profit with expanding operating margins (YoY).

Riding High:

Largecap and midcap gainers today include Adani Total Gas Ltd. (1,039.30, 8.8%), PB Fintech Ltd. (1,294.40, 8.8%) and Adani Power Ltd. (755.80, 8.2%).

Downers:

Largecap and midcap losers today include Ipca Laboratories Ltd. (1,152.15, -7.8%), Page Industries Ltd. (35,954.70, -5.3%) and Linde India Ltd. (8,709.55, -4.8%).

Volume Shockers

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

Top high volume gainers on BSE included Jindal Stainless Ltd. (793.50, 12.1%), Bikaji Foods International Ltd. (593.85, 9.3%) and Adani Total Gas Ltd. (1,039.30, 8.8%).

Top high volume losers on BSE were Welspun Corp Ltd. (548.95, -8.7%), Ipca Laboratories Ltd. (1,152.15, -7.8%) and One97 Communications Ltd. (360.75, -4.4%).

Berger Paints (India) Ltd. (460, -3.7%) was trading at 25.9 times of weekly average. Torrent Power Ltd. (1,501.80, 4.3%) and Praj Industries Ltd. (522.05, 4.2%) were trading with volumes 18.2 and 18.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

16 stocks hit their 52-week highs, while 8 stocks were underachievers and hit their 52-week lows.

Stocks touching their year highs included - Adani Power Ltd. (755.80, 8.2%), Blue Star Ltd. (1576.45, 5.1%) and Coromandel International Ltd. (1,304, 0.3%).

Stocks making new 52-week lows included - Atul Ltd. (5,635, -0.8%) and Berger Paints (India) Ltd. (460, -3.7%).

17 stocks climbed above their 200 day SMA including Five-Star Business Finance Ltd. (757.05, 6.5%) and Adani Wilmar Ltd. (355.75, 3.3%). 24 stocks slipped below their 200 SMA including Page Industries Ltd. (35,954.70, -5.3%) and Persistent Systems Ltd. (3,410.50, -3.0%).

 
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