Trendlyne Marketwatch
Trendlyne Marketwatch
24 Jul 2024
Market closes lower, KEC International bags orders worth Rs 1,422 crore from India and the USA
By Trendlyne Analysis

 

Nifty 50 closed at 24,413.50 (-65.6, -0.3%) , BSE Sensex closed at 80,148.88 (-280.2, -0.4%) while the broader Nifty 500 closed at 22,921.45 (56.3, 0.3%). Market breadth is overwhelmingly positive. Of the 2,162 stocks traded today, 1,684 showed gains, and 459 showed losses.

Indian indices saw losses in the afternoon session and closed in the red. The volatility index, Nifty VIX, fell 7.8% and closed at 11.8 points. KEC International closed higher as it bagged two orders worth Rs 1,422 crore in the transmission & distribution (T&D) business from India and the USA. 

Nifty Smallcap 100 and Nifty Midcap 100 closed higher. Nifty IT and Nifty Realty closed in the green. According to Trendlyne’s Sector dashboard, Telecommunications Equipment emerged as the top-performing sector of the day, with a rise of 4.4%. 

Asian indices closed lower, except Sri Lanks’s CSE All-Share index, which closed in the green. European indices traded mixed amid mixed global cues. US index futures traded mixed, indicating a cautious start to the trading session. Tesla’s EV deliveries declined 5% YoY to 443K units in Q2.

  • Relative strength index (RSI) indicates that stocks like Hindustan Unilever, Just Dial, ITC, and India Cements are in the overbought zone.

  • Housing and Urban Development Corp (HUDCO) rises as it signs a memorandum of understanding (MoU) with the Government of Rajasthan. HUDCO will provide financial assistance of up to Rs 1 lakh crore for housing and urban infrastructure projects in Rajasthan over the next five years.

  • Prabhudas Lilladher downgrades JSW Steel to 'Accumulate' with a lower target price of Rs 1,022 per share. This indicates a potential upside of 15.6%. The brokerage believes the company's revenue growth will accelerate by Q3FY25 after commissioning its Vijayanagar and BPSL brownfield projects. It expects revenue to grow at a CAGR of 11.1% over FY25-26.

  • Alembic Pharmaceuticals hits an all-time high of Rs 1,193 after it gets US FDA approval for fluphenazine hydrochloride tablets, used to treat psychotic disorders.

  • Virender Jeet, CEO of Newgen Software, highlights the company's margin target of 22-24% for FY25. He adds that Q1FY25 was seasonally the weakest for the firm. Jeet adds that the India & Middle East business will grow faster than the overall rate, and US deal wins will be key growth drivers.

  • Federal Bank is rising as its Q1FY25 revenue grows by 25.8% YoY to Rs 7,663.7 crore, driven by strong performance in the treasury and retail banking segments. Net profit increases by 16.7% YoY to Rs 1027.5 crore. The bank's asset quality also improves, with gross and net NPAs declining by 27 bps and 9 bps YoY, respectively.

  • Go Fashion surges as its Q1FY25 net profit rises 9% YoY to Rs 28.6 crore, driven by lower inventory and raw material costs. Revenue rises 15.7% YoY to Rs 220 crore during the quarter. The company features in a screener of stocks with no debt.

  • KEC International rises as it bags two orders worth Rs 1,422 crore in the transmission & distribution (T&D) business from India and the USA. The domestic order is from Power Grid Corp for 765 kV and 400 kV transmission lines, while the export order is for substation structures.

  • India’s business activity accelerates to a 3-month high, with the HSBC flash manufacturing PMI rising to 58.5 in July. The flash services PMI stands at 61.1 during the same period.

  • MIC Electronics' Chief Executive Officer (CEO) Kalidindi Satyanarayana Raju resigns. The company appoints Rakshit Mathur as his successor, effective August 1, 2024.

  • M&M Financial Services is rising as its net profit grows 38.7% YoY to Rs 497.6 crore in Q1FY25. Revenue increases by 19.7% YoY to Rs 4,354.9 crore during the quarter, driven by strong performance in the core financing segment. It appears in a screener of stocks outperforming their industry price change during the quarter.

  • Sharda Cropchem surges as it reports a net profit of Rs 27.3 crore in Q1FY25, compared to a loss of Rs 88.6 crore in Q1FY24. Revenue rises 23.1% YoY to Rs 804.4 crore during the quarter. The company features in a screener of stocks where mutual funds increased shareholding over the past two months.

  • Himanshu Mody, CFO of Suzlon Energy, expects blended margins in the 17-18% range for FY25. He highlights the company focused on balance sheet consolidation in FY24 and targets execution this year. Mody adds that the energy sector has seen a policy push beyond the budget, and the emphasis on renewable energy has been evident.

  • Adani Green rises as its subsidiary, Adani Renewable Energy, operationalises a 250 MW wind power project in Gujarat. The project features India's largest onshore wind turbines, each with a capacity of 5.2 MW.

  • United Spirits' Q1FY25 profit rises 1.7% YoY to Rs 485 crore, while its revenue increases by 7.6% YoY. EBITDA margin grows 174 bps YoY to 19.5%. The company appears in a screener of stocks outperforming their respective industry over the past year.

  • ICICI Prudential Life Insurance surges to its 52-week high of Rs 689 per share as its net profit grows 8.9% YoY to Rs 225.4 crore in Q1FY25, helped by lower advertisement and publicity expenses. Revenue increases by 8.1% YoY to Rs 25,458.4 crore during the quarter. It shows up in a screener of stocks with a decrease in provisions.

  • ITC reaches a new 52-week high of Rs 510.6 after the Finance Minister keeps taxes unchanged for the tobacco industry in the 2024 Union Budget. Jefferies upgrades the company to a 'Buy' with a higher target price of Rs 585. The brokerage notes that the last tobacco tax hike was 2%, as of February 2023, and this stability will allow ITC firm to focus on volumes with minimal price hikes. It expects GST taxes to remain stable until March 2026.

  • Bajel Projects rises sharply as it secures a letter of award worth Rs 586.2 crore from PowerGrid Corp of India. The contract involves supplying goods and services for transmission line TL01, a 765 kilovolt (KV) line from Beawar to Mandsaur, part of Rajasthan's 5.5 gigawatt (GW) renewable energy project.

  • Schaeffler India rises as its net profit rises 6.9% YoY to Rs 253.5 crore in Q1FY25. Revenue increases by 12.8% YoY during the quarter, driven by the automotive technologies and bearings & industrial solutions segments. The company appears in a screener for stocks with no debt.

  • Thyrocare Technologies rises sharply as its net profit grows by 39.7% YoY to Rs 24.2 crore in Q1FY25. Revenue increases by 18.1% YoY to Rs 160.5 crore on the back of an improvement in the diagnostic testing services segment. It shows up in a screener of stocks where mutual funds increased their shareholding over the past two months.

  • Investec re-initiates a ‘Fast Sell’ on Asian Paints and Berger Paints (India). The brokerage foresees no significant improvement in the demand environment. It believes rising competition, inferior product mix, and price cuts will restrict FY25 revenue growth to 2-4% YoY. Investec also sees risks due to higher raw material costs and employee benefit expenses and believes the current valuations do not account for these risks.

  • Bajaj Finance's net profit rises 13.8% YoY to Rs 3,401.5 crore in Q1FY25, while revenue increases by 28.7% YoY. Net NPA stands at 0.5% as compared to 0.4% in Q1FY24. The company appears in a screener of stocks with increasing shareholding by mutual funds.

  • Al Mehwar Commercial Investments sells a 0.7% stake in Elgi Equipments for approx Rs 154.6 crore in a bulk deal on Tuesday.

  • Torrent Pharmaceuticals falls sharply as its Q1FY25 net profit misses Forecaster estimates by 3%, despite growing by 20.9% YoY to Rs 457 crore. Revenue increases by 9.8% YoY to Rs 2,883 crore, helped by the improvements in Indian, Germany, and Brazil markets. It features in a screener of stocks with increasing revenue for the past four quarters.

  • Hindustan Unilever's net profit grows by 2.2% YoY to Rs 2,610 crore in Q1FY25, helped by a reduction in inventory and employee benefits expenses. Revenue increases 1.8% YoY to Rs 15,694 crore, driven by improvements in the home care, beauty & well-being, and foods & refreshment segments. It appears in a screener of stocks with rising net cash flow and cash from operating activity.

  • Nifty 50 was trading at 24,452.20 (-26.9, -0.1%), BSE Sensex was trading at 80,217.21 (-211.8, -0.3%) while the broader Nifty 500 was trading at 22,880.75 (15.6, 0.1%)

  • Of the 1,888 stocks traded today, 1,452 were on the uptrend, and 397 went down.

Riding High:

Largecap and midcap gainers today include IDBI Bank Ltd. (97.50, 12.8%), ICICI Prudential Life Insurance Company Ltd. (694.25, 8.8%) and Life Insurance Corporation of India (1,160.55, 6.8%).

Downers:

Largecap and midcap losers today include Godrej Consumer Products Ltd. (1,459.05, -3.8%), Bandhan Bank Ltd. (188.10, -3.8%) and Dabur India Ltd. (634.15, -2.8%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included MMTC Ltd. (102.60, 20%), IDBI Bank Ltd. (97.50, 12.8%) and Castrol India Ltd. (270.55, 9.7%).

Top high volume loser on BSE was Bandhan Bank Ltd. (188.10, -3.8%).

V-Guard Industries Ltd. (467.50, 2.8%) was trading at 7.0 times of weekly average. Quess Corp Ltd. (686.40, 6.3%) and United Spirits Ltd. (1,382.85, 3.8%) were trading with volumes 6.6 and 6.2 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

31 stocks overperformed with 52 week highs,

Stocks touching their year highs included - Alembic Pharmaceuticals Ltd. (1,175.40, 8.3%), BASF India Ltd. (5,904.95, 4.2%) and Indus Towers Ltd. (426.15, -1.9%).

20 stocks climbed above their 200 day SMA including Sonata Software Ltd. (737.65, 7.9%) and Alok Industries Ltd. (27.07, 6.7%). 3 stocks slipped below their 200 SMA including Bajaj Finserv Ltd. (1,579.25, -2.5%) and Capri Global Capital Ltd. (210.75, -1.4%).

 
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