Trendlyne Marketwatch
Trendlyne Marketwatch
18 Jul 2024
Market closes higher, Tata Power's subsidiary signs an MoU with NHPC RE for the complete solarization of government buildings
By Trendlyne Analysis

 

Upbeat trading today. Nifty 50 closed at 24,800.85 (187.9, 0.8%) , BSE Sensex closed at 81,343.46 (626.9, 0.8%) while the broader Nifty 500 closed at 23,210.05 (5.8, 0.0%). Market breadth is overwhelmingly negative. Of the 2,160 stocks traded today, 622 were gainers and 1,521 were losers.

Indian indices extended their gains in the afternoon session and closed at their all-time highs. The volatility index, Nifty VIX, rose 2% and closed at 14.5 points. IDBI Bank closed higher after the RBI issued a 'fit and proper' report, advancing its privatisation process.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the red. Nifty FMCG and Nifty Auto closed higher. According to Trendlyne’s Sector dashboard, Software & Services emerged as the top-performing sector of the day, with a rise of 2%.

Asian indices closed mixed. European indices traded higher, except Switzerland's SMI and Russia’s RTSI & MOEX, which traded in the red. US index futures traded mixed, indicating a cautious start to the trading session. Warner Bros Discovery reportedly plans to split its digital streaming and studio businesses from its legacy TV networks.

  • India Cements sees a long buildup in its July 25 future series as its open interest rises 38.9% with a put-call ratio of 1.1.

  • Polycab India's Q1FY25 net profit grows marginally by 0.6% YoY to Rs 401.6 crore amid increased expenses on project buyouts and subcontracting costs. Revenue increases 21% YoY to Rs 4,698 crore during the quarter. The company features in a screener of stocks where mutual funds have increased shareholding over the past two months.

  • Grindwell Norton falls as its net profit declines by 3.9% YoY to Rs 93.2 crore in Q1FY25 due to higher inventory and finance costs. However, revenue grows by 5.6% YoY to Rs 721.4 crore, driven by improvements in the abrasives and ceramics & plastics segments. It features in a screener of stocks underperforming their industries in the past quarter.

  • Reports suggest that Aegis Vopak Terminals, a joint venture firm of Aegis Logistics, plans to raise $550-500 million through an initial public offer (IPO) in India. The company is exploring a pre-IPO funding round to set a valuation benchmark.

  • Havells India rises as its net profit surges by 42.1% YoY to Rs 407.9 crore in Q1FY25, helped by lower inventory costs. Revenue grows by 20.1% YoY to Rs 5,883.5 crore, driven by an increase in switchgear, cables, lighting & fixtures, electrical consumer durables, and Lloyd consumer segments. It appears in a screener of stocks with growth in quarterly net profit and profit margin (YoY).

  • Central Bank's Q1FY25 net profit rises 110.3% YoY to Rs 879.9 crore, while net interest income increases by 15.4% YoY to Rs 8,334.8 crore, driven by the treasury and retail banking segments. The company features in a screener of stocks with increasing profits every quarter for the past three quarters.

  • Elecon Engineering's Q1FY25 net profit rises marginally by 0.5% YoY to Rs 73.4 crore. However, revenue declines 3.8% YoY to Rs 406.8 crore during the quarter due to lower sales in the transmission equipment segment. The company appears in a screener of stocks with no debt.

  • Sudipta Roy, MD & CEO of L&T Finance, highlights the company's target to increase assets under management (AUM) by Rs 18,000-20,000 crore in FY25. He projects a return on assets (ROA) of 2.6-2.8% and expects credit costs to remain in the 2-2.5% range over the next 2-3 years.

  • Newgen Software Technologies falls sharply as its net profit plunges by 54.8% QoQ to Rs 47.6 crore in Q1FY25 due to higher employee benefits expenses. Revenue declines by 13.6% QoQ to Rs 337.3 crore, caused by a decrease in the Indian and European, Middle East & African (EMEA) markets. It shows up in a screener of stocks with expensive valuations according to the Trendlyne valuation score.

  • BASF India falls as it sells its flocculants business for mining applications to Solenis, a global specialty chemicals producer based in Delaware, USA. The move is a part of the company's global portfolio optimization plans to focus on core strategic areas.

  • IDBI Bank rises sharply as the RBI issues a 'fit and proper' report on bidders, advancing its privatisation process. This report ensures bidders meet the criteria, moving the long-awaited divestment forward.

  • Rakesh Sharma, Executive Director of Bajaj Auto, highlights that the top players in the industry are witnessing double-digit growth. He expects performance to improve in Q2 compared to Q1FY25, with margins remaining steady due to a better product mix. Sharma also emphasizes the firm’s target to enhance its EV presence.

  • Bondada Engineering wins an order worth Rs 59 crore from KPI Green Energy to supply balance of system (BOS) items and services for engineering, procurement, and construction (EPC) works across two locations in Gujarat.

  • Bajaj Electricals' Managing Director and Chief Executive Officer Anuj Poddar tenders his resignation to explore an external opportunity. His resignation is effective from September 30, 2024.

  • Zensar Technologies rises as its US subsidiary acquires BridgeView Life Sciences for a total deal value of $25 million (approx. Rs 209 crore). This acquisition will strengthen its healthcare and life sciences division.

  • Jefferies initiates a ‘Buy’ rating on Muthoot Finance and Manappuram Finance and sets the target price at Rs 2,220 and Rs 270, respectively. The brokerage believes loan growth of the gold NBFCs will improve with higher gold prices, stable competition from banks, and diversification into non-gold segments.

  • Tata Power's subsidiary, Tata Power Renewable Energy, signs a memorandum of understanding (MoU) with NHPC Renewable Energy for the 100% solarisation of government buildings. The partnership aims to implement rooftop solar projects in the central ministries, states, and union territories.

  • KR Choksey maintains its 'Buy' call on HDFC Life Insurance with an upgraded target price of Rs 765 per share. This indicates a potential upside of 17.9%. The brokerage believes the company's focus on product innovation and expanding distribution capabilities will drive revenue and profitability growth. It expects gross premiums to grow at a CAGR of 11.1% over FY25-26.

  • Aurobindo Pharma's board approves a buyback of up to 51.4 lakh shares for Rs 750 crore. It sets July 30 as the record date for the buyback.

  • CLSA reiterates its 'Underperform' rating on Eicher Motors, setting a target price of Rs 4,157. The brokerage notes the company is experiencing a decline in market share within its segment while competitors are expanding their presence. It highlights that Eicher Motors' recently introduced new motorcycle, Guerrilla 450, is priced higher than similar variants offered by competitors.

  • Alok Industries falls sharply as it posts a net loss of Rs 206.9 crore in Q1FY25 due to higher finance costs. Revenue declines by 28.7% YoY to Rs 1,012.3 crore during the quarter. It appears in a screener of stocks with high interest payments compared to earnings.

  • Techno Electric & Engineering is rising as its board of directors approves the qualified institutional placement (QIP) of shares at a floor price of Rs 1,506.6 crore per share.

  • Ashish Kacholia cuts his stakes in HLE Glascoat and Gravita India to below 1% in Q1FY25. He held 1.4% and 2.2% stakes in the respective companies in Q4FY24.

  • Indian Renewable Energy Development Agency's board of directors approves investing Rs 290 crore for a 10% stake in Upper Karnali Hydro Power, and Karnali Transmission to set up a 900 MW hydropower project in Nepal.

  • LTI Mindtree's net profit rises 3.1% QoQ to Rs 1,133.8 crore in Q1FY25. Revenue grows by 3% QoQ to Rs 9,369.7 crore, driven by improvements in the banking, financial services & insurance (BFSI), technology, media & communications, and manufacturing & resources segments. It features in a screener of stocks with improving cash flow from operations for the past two years.

  • Nifty 50 was trading at 24,567.85 (-45.2, -0.2%), BSE Sensex was trading at 80,540.39 (-176.2, -0.2%) while the broader Nifty 500 was trading at 23,135.45 (-68.8, -0.3%).

  • Market breadth is horizontal. Of the 1,944 stocks traded today, 906 were on the uptrend, and 983 went down.

Riding High:

Largecap and midcap gainers today include IDBI Bank Ltd. (92.20, 4.9%), LTIMindtree Ltd. (5,756.90, 3.5%) and Tata Consultancy Services Ltd. (4,315.55, 3.3%).

Downers:

Largecap and midcap losers today include Trent Ltd. (5,308.50, -6%), Hindustan Aeronautics Ltd. (5,015.75, -5.9%) and CG Power and Industrial Solutions Ltd. (689.30, -5.7%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Just Dial Ltd. (1,242.10, 20%), Tata Teleservices (Maharashtra) Ltd. (97.31, 19.7%) and India Cements Ltd. (344.75, 6.7%).

Top high volume losers on BSE were Hindustan Aeronautics Ltd. (5,015.75, -5.9%), CG Power and Industrial Solutions Ltd. (689.30, -5.7%) and Dixon Technologies (India) Ltd. (11,945.85, -4.8%).

Esab India Ltd. (6,634.50, 5.0%) was trading at 21.8 times of weekly average. Sundram Fasteners Ltd. (1,401.30, 1.4%) and Torrent Power Ltd. (1,542.70, -0.2%) were trading with volumes 13.5 and 10.2 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

30 stocks made 52 week highs,

Stocks touching their year highs included - BASF India Ltd. (5,500, -2.3%), Indus Towers Ltd. (418.95, 3.0%) and Britannia Industries Ltd. (5,871.50, 0.2%).

6 stocks climbed above their 200 day SMA including Tata Teleservices (Maharashtra) Ltd. (97.31, 19.7%) and Bajaj Finserv Ltd. (1,651.25, 2.6%). 8 stocks slipped below their 200 SMA including Crisil Ltd. (4,314, -3.3%) and Laxmi Organic Industries Ltd. (260.65, -2.0%).

 
More from Trendlyne Marketwatch
More from Trendlyne Analysis
Recommended
Five Interesting Stocks Today - May 02, 2025
The Baseline | 02 May 2025
Market closes flat, Ami Organics' Q4 net profit beats Forecaster estimates by 30%
Trendlyne Marketwatch | 02 May 2025
Markets close higher, Rakesh Jhunjhunwala buys a 2.2% stake in Indiabulls Housing Finance
Trendlyne Marketwatch | 22 Jul 2021