Trendlyne Marketwatch
Trendlyne Marketwatch
22 Jul 2024
Market closes flat, IDBI Bank's net profit grows 40.4% YoY to Rs 1719.3 crore in Q1FY25
By Trendlyne Analysis

 

Nifty 50 closed at 24,509.25 (-21.7, -0.1%), BSE Sensex closed at 80,502.08 (-102.6, -0.1%) while the broader Nifty 500 closed at 22,942.65 (89.1, 0.4%). Market breadth is in the green. Of the 2,207 stocks traded today, 1,267 were in the positive territory and 916 were negative.

Indian indices closed flat after switching between losses and gains throughout the day.  The Indian volatility index, Nifty VIX, rose 4.1% and closed at 15.4 points. The Economic Survey 2024 projects FY25 real GDP growth to be between 6.5% and 7%. The RBI forecasts inflation rates of 4.5% for FY25 and 4.1% for FY26. Additionally, it expects the fiscal deficit to decrease to 4.5% of GDP or lower by FY26.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green. Nifty Pharma and Nifty Auto were among the top index gainers today. According to Trendlyne’s Sector dashboard, Fertilizers emerged as the best-performing sector of the day, with a rise of 4.6%.

Asian indices closed in the red except China’s Hang Seng and FTSE China 50 indices and Indonesia’s IDX Composite. European indices are trading in the green. US index futures are trading in the green, indicating a positive start to the trading session. Brent crude oil futures are trading in the red.

  • Money flow index (MFI) indicates that stocks like Hindustan Unilever, Tata Teleservices (Maharashtra), Just Dial, and ITC are in the overbought zone.

  • Bharat Petroleum's Q1FY25 net profit plunges 73.3% YoY to Rs 2,841.6 crore due to higher raw material costs. Revenue remains flat at Rs 1.3 lakh crore, caused by a reduction in the downstream petroleum segment. It features in a screener of stocks with declining net cash flow.

  • IDBI Bank is rising as its net profit grows by 40.4% YoY to Rs 1,719.3 crore in Q1FY25, helped by lower provisions and employee benefits expenses. However, revenue falls by 3.1% YoY to Rs 7,471.3 crore due to a decrease in the corporate banking segment. The bank's asset quality improves as its gross and net NPAs decline by 118 bps YoY and 21 bps YoY, respectively.

  • HG Infra rises as it receives a letter of award (LoA) from East Central Railway for constructing a double-line track in the Deen Dayal Upadhyaya (DDU) division, Bihar. The project, valued at Rs 709.1 crore, is expected to be completed in three years.

  • Sunil Chari, MD & Co-Founder of Rossari Biotech, anticipates institutional cleaning business revenue to reach Rs 250 crore, up from Rs 150 crore YoY, with further growth expected throughout FY25 following a strong Q1. He also highlights a Rs 100 crore capex plan, projected to yield revenues of Rs 400 crore. He adds that the company targets customers in existing and new geographies, and their exports will become key growth drivers.

  • Poly Medicure's revenue increases 20.3% YoY to Rs 401.7 crore in Q1FY25. Net profit rises by 18% YoY to Rs 74 crore during the quarter, helped by destocking of inventory. It shows up in a screener of stocks where mutual funds increased their shareholding in the last quarter.

  • Sanstar's Rs 510.2 crore IPO gets bids for 9.6X the available 3.8 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 9.5X the available 1.9 crore shares on offer.

  • Geojit BNP Paribas upgrades Asian Paints to 'Buy' with a higher target price of Rs 3,305 per share. This indicates a potential upside of 12.8%. The brokerage expects double-digit growth in Q2FY25, driven by growth in rural demand and deferred demand from the previous quarter. It expects the company's revenue to grow at a CAGR of 6.9% over FY25-26.

  • Udaya Kumar Hebbar, Managing Director of CreditAccess Grameen, expects AUM growth of 22-24% for FY25. He also projects NIMs in the range of 12.6-12.9%, and credit costs around 2.2-2.4% for the year. Hebbar also highlights that the microfinance sector was impacted due to elections-led restrictions in Q1.

  • Dodla Dairy surges to its all-time high of Rs 1,346.1 per share as its net profit grows by 85.9% YoY to Rs 65 crore in Q1FY25, helped by lower raw material costs. Revenue increases by 10.6% YoY to Rs 918.5 crore, driven by growth in milk procurement and sales of value-added products. It appears in a screener of stocks with negative to positive growth in sales and net profit, and strong price momentum.

  • JK Cement rises sharply as its net profit grows 61.2% YoY to Rs 184.8 crore in Q1FY25, helped by lower power and fuel expenses. Revenue rises 1.6% YoY to Rs 2,807.6 crore during the quarter. The company appears in a screener of stocks near their 52-week highs.

  • Indian Hotels rises sharply as its net profit grows by 11.7% YoY to Rs 248.4 crore in Q1FY25, helped by lower finance costs. Revenue increases by 5.3% YoY to Rs 1,596.3 crore during the quarter, attributed to an improvement in revenue per average room (RevPAR) in the Taj, Selections, Vivanta, and Ginger segments. It shows up in a screener of stocks with improving return on equity (RoE) over the past two years.

  • Finance Minister Nirmala Sitharaman presented the 2024 Economic Survey today, stating that the fiscal deficit will likely decrease to 4.5% of GDP or below by FY26. The survey forecasts a real GDP growth of 6.5-7% for FY25, with risks balanced. It also highlights core inflation reached a four-year low and a significant decline in the global energy price index during FY24.

  • Oberoi Realty rises sharply as its net profit grows 81.7% YoY to Rs 584.5 crore in Q1FY25. Revenue increases by 54.5% YoY to Rs 1,442 crore during the quarter, driven by strong performance in the real estate and hospitality segments. It shows up in a screener of stocks outperforming their industry price change during the quarter.

  • JSW Energy's Q1FY25 net profit rises 80% YoY to Rs 521.8 crore due to lower expenses. However, revenue falls 1.6% YoY to Rs 2,879.5 crore during the quarter. Its subsidiary, JSW Neo Energy, receives a letter of award (LoA) from Solar Energy Corp of India (SECI) to set up a 500 MW solar power project and a 250 MW / 500 MWh energy storage system.

  • Axis Securities upgrades Infosys to 'Buy' with a higher target price of Rs 1,950 per share. This indicates a potential upside of 7.3%. The brokerage has a positive outlook due to improving macroeconomic outlook, better client engagement, and upgraded guidance. It expects the company's revenue to grow at a CAGR of 8.2% over FY25-26.

  • Morgan Stanley notes pressures in the current crude oil market but anticipates a shift towards surplus next year, with Brent prices in the mid-to-high $70s. The bank foresees tightness through most of Q3CY24, followed by an equilibrium in Q4. This shift is due to decreasing seasonal demand and an increase in OPEC & non-OPEC production.

  • HDFC Bank is rising as its net profit grows by 35.3% YoY to Rs 16,174.8 crore in Q1FY25, helped by lower provisions. Revenue increases by 44.8% YoY to Rs 83,701.3 crore, attributable to improvements in the treasury, retail, and wholesale banking segments. However, the bank's asset quality declines as its gross and net NPAs increase by 16 bps YoY and 9 bps YoY, respectively.

  • JSW Steel is falling as its net profit plunges by 63.9% YoY to Rs 845 core in Q1FY25 due to higher mining royalties, employee benefits, finance, and power & fuel expenses. However, revenue grows by 1.3% YoY to Rs 43,107 crore during the quarter. It shows up in a screener of stocks with declining net profit for the past three quarters.

  • Porinju Veliyath buys a 0.4% stake in Aurum Proptech in Q1FY25. He now holds a 4.9% stake in the company.

  • Puneet Chatwal, MD and CEO of Indian Hotels, expects a strong Q2, as wedding dates have moved to July. He affirms there are no signs of a slowdown in the business, and highlights the company’s target of opening 25 hotels and 40 homestays during the year. Chatwal also projects growth of new/reimagined businesses of more than 30% in the coming years.

  • Mohnish Pabrai sells a 3.9% stake in Edelweiss Financial Services in Q1FY25. He now holds a 1.2% stake in the company.

  • Ashish Kacholia adds Awfis Space Solutions to his portfolio in Q1FY25. He buys a 4.8% stake in the company.

  • Wipro falls sharply as its revenue declines by 0.7% QoQ to Rs 22,693.5 crore in Q1FY25 due to a reduction in the Americas, Europe, and APMEA markets. However, net profit grows by 5.9% QoQ to Rs 3,003.2 crore, driven by lower raw materials and employee benefits expenses. It appears in a screener of stocks with an increasing trend in non-core income.

  • Reliance Industries is falling as its net profit declines by 5.5% YoY to Rs 15,138 crore in Q1FY25 due to an increase in raw materials, excise duty, employee benefits, and finance costs. However, revenue grows by 11.9% YoY to Rs 2.4 lakh crore, driven by improvements in the oil to chemicals (O2C), oil & gas, retail, and digital services segments. It features in a screener of stocks with declining net cash flow.

  • Nifty 50 was trading at 24,411.50 (-119.4, -0.5%), BSE Sensex was trading at 80,408.90 (-195.8, -0.2%) while the broader Nifty 500 was trading at 22,718.75 (-134.9, -0.6%).

  • Market breadth is sharply down. Of the 1,966 stocks traded today, 427 were on the uptrend, and 1,496 went down.

Riding High:

Largecap and midcap gainers today include Indian Hotels Company Ltd. (620.35, 7.4%), PI Industries Ltd. (4,008.10, 4.5%) and Oberoi Realty Ltd. (1,744, 4.4%).

Downers:

Largecap and midcap losers today include Wipro Ltd. (505.80, -9.2%), Kotak Mahindra Bank Ltd. (1,757.55, -3.5%) and Reliance Industries Ltd. (3,001.35, -3.5%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Rashtriya Chemicals & Fertilizers Ltd. (235.03, 9.8%), Indian Hotels Company Ltd. (620.35, 7.4%) and Chemplast Sanmar Ltd. (528.85, 5.0%).

Top high volume losers on BSE were Wipro Ltd. (505.80, -9.2%) and Can Fin Homes Ltd. (845.25, -0.5%).

JK Cement Ltd. (4,480, 4.6%) was trading at 4.9 times of weekly average. Nippon Life India Asset Management Ltd. (638.75, 0.6%) and Lemon Tree Hotels Ltd. (145.08, 1.6%) were trading with volumes 4.6 and 4.5 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

14 stocks hit their 52 week highs,

Stocks touching their year highs included - Alembic Pharmaceuticals Ltd. (1,119.10, 3.6%), Bajaj Holdings & Investment Ltd. (9,979, 2.7%) and Colgate-Palmolive (India) Ltd. (3,133.90, 0.4%).

12 stocks climbed above their 200 day SMA including Gujarat Narmada Valley Fertilizers & Chemicals Ltd. (684.05, 3%) and DCM Shriram Ltd. (1,001.15, 2.7%). 14 stocks slipped below their 200 SMA including Kotak Mahindra Bank Ltd. (1,757.55, -3.5%) and Procter & Gamble Hygiene & Healthcare Ltd. (16,524.55, -1.6%).

 
More from Trendlyne Marketwatch
More from Trendlyne Analysis
Recommended
Five Interesting Stocks Today - May 02, 2025
The Baseline | 02 May 2025, 05:21PM
Market closes flat, Ami Organics' Q4 net profit beats Forecaster estimates by 30%
Trendlyne Marketwatch | 02 May 2025, 03:55PM
Markets close higher, Rakesh Jhunjhunwala buys a 2.2% stake in Indiabulls Housing Finance
Trendlyne Marketwatch | 22 Jul 2021