Trendlyne Marketwatch
Trendlyne Marketwatch
29 Jul 2024
Market closes flat, L&T secures domestic and international orders worth Rs 2,500-5,000 crore
By Trendlyne Analysis

 

 

Nifty 50 closed at 24,836.10 (1.3, 0.0%) , BSE Sensex closed at 81,355.84 (23.1, 0.0%) while the broader Nifty 500 closed at 23,394.20 (102.2, 0.4%). Market breadth is in the green. Of the 2,222 stocks traded today, 1,244 were gainers and 948 were losers.

Market closed flat after paring gains in the afternoon session. The Indian volatility index, Nifty VIX, rose by 5.7% and closed at 12.9 points. UltraTech Cement's board approved the acquisition of India Cements by purchasing the promoter's stake, resulting in a majority ownership of 55.5%.

Nifty Midcap 100 and Nifty Smallcap 100 closed in green. Nifty High Beta 50 and BSE Cap Goods were among the top index gainers today. According to Trendlyne’s Sector dashboard, Media emerged as the best-performing sector of the day, with a jump of over 3.4%.

Asian indices closed in green while European indices are trading higher. US index futures traded higher, indicating a positive start to the trading session. This week will focus on central banks, as the Federal Reserve, Bank of England, and Bank of Japan are all set to hold policy meetings. Additionally, major tech earnings announcements will continue, with Microsoft scheduled to report on Tuesday and Meta on Wednesday.

  • Money flow index (MFI) indicates that stocks like United Spirits, Just Dial, Alembic Pharmaceuticals, and Jyothy Labs are in the overbought zone.

  • Cyient DLM rises sharply as it inks a contract with Boeing to produce battery diode modules (BDM) for the 787 Dreamliner.

  • Filatex Fashions rises as its arm, Filatex Mines and Minerals, wins an export order worth $35 million (Rs 293 crore) from Bloom flora Ventures to supply white marble.

  • JSW Energy's wholly owned subsidiary, JSW Neo Energy, secures a letter of intent (LoI) from Gujarat Urja Vikas Nigam to set up a 192 MW hybrid power plant, with an additional 96 MW under the green shoe option.

  • Post-results commentary from several banks indicates most private lenders faced an increase in new bad loans due to seasonal factors worsened by general elections and heat waves, particularly in retail sectors like personal loans and credit cards. Some stress also came from agricultural loans. Despite this, the net profit of nine large private banks rose 26% YoY to Rs 44,308 crore in Q1FY25. However, analysts warn that the upcoming quarter may be challenging.

  • ICICI Bank rises as its net profit grows 10% YoY to Rs 11,695.8 crore in Q1FY25. Revenue increases by 29.2% YoY to Rs 67,270.1 crore, driven by improvements in the retail, treasury, and life insurance segments. Its net interest income rises by 7% YoY, and asset quality weakens as gross and net NPAs rise by 61 bps YoY and 5 bps YoY, respectively.

  • Power Grid Corp of India falls as its net profit misses Forecaster estimates by 11.8%, despite growing by 3.5% YoY to Rs 3,723.9 crore in Q1FY25. However, revenue remains flat at Rs 11,279.6 crore due to a reduction in the transmission business. It shows up in a screener of stocks with declining return on equity (RoE) over the past two years.

  • Larsen & Toubro rises as its power transmission & distribution (PT&D) business secures orders worth Rs 2,500-5,000 crore from India and abroad. The domestic order is for two 765kV transmission line packages in the Jaisalmer/Barmer Renewable Energy Zone, Rajasthan. The foreign orders are to set up substations in Saudi Arabia and the UAE.

  • UltraTech Cement's board approves the acquisition of India Cements by purchasing the promoter's stake, resulting in a majority ownership of 55.5%. The company plans to acquire an additional 33% stake in India Cements from its promoters and associates for Rs 390 per share, totaling an enterprise value of Rs 1,900 crore, subject to regulatory approvals.

  • Sanofi's Q1FY25 revenue falls 35.1% YoY to Rs 468.3 crore and misses Trendlyne's Forecaster estimates by 37.4%. Net profit declines by 16% YoY to Rs 103.2 crore during the quarter. It shows up in a screener of stocks underperforming their industry price change during the quarter.

  • Punjab & Sind Bank rises as its net profit grows by 18.9% YoY to Rs 181.5 crore in Q1FY25, helped by a provision return of Rs 336.1 crore from NPAs. Revenue increases by 14.1% to Rs 2,846 crore on the back of an improvement in the treasury, retail and corporate banking segments. The bank's asset quality improves as its gross and net NPAs decline by 208 bps YoY and 36 bps YoY, respectively.

  • Gensol Engineering rises as it secures an order worth Rs 463 crore for a solar plant at Gujarat's Khavda RE Power Park, involving engineering, design, procurement, installation, testing, and commissioning.

  • Brainbees Solutions, the parent company of FirstCry is set to file a red herring prospectus (RHP) with SEBI this week, say reports. As per the DRHP, the offer includes a fresh issue of around Rs 1,1816 crore and an offer for sale of more than 5.4 crore shares. 

  • Nuvama Wealth Management surges to its all-time high of Rs 6,138 per share as its Q1 net profit grows by 79.6% YoY to Rs 221 crore. Revenue rises by 46.7% YoY to Rs 952.7 crore, attributed to improvements in the wealth management, asset management, and capital markets segments. It appears in a screener of stocks with increasing quarterly revenue for the past eight quarters.

  • NBCC (India) rises as its arm, HSCC (India), wins an order worth Rs 411.5 crore from Medical Education & Ayush Government of Maharashtra to construct a new government medical college of 100 student capacity and 430 bedded Hospital at Buldhana.

  • Bandhan Bank surges more than 10% as its net profit grows 47.5% YoY to Rs 1,063.5 crore in Q1FY25, helped by lower provisions. Revenue rises by 23.5% YoY to Rs 6,063.4 crore, driven by an increase in the retail and wholesale banking segments. The bank's asset quality improves as its gross and net NPAs decline by 253 bps YoY and 103 bps YoY, respectively.

  • Rajan Venkatesan, CFO of Latent View Analytics, highlights the company didn't meet its Q1FY25 guidance due to a delay in finalising some large deals. He adds that margins were impacted due to wage hikes and visa-related expenses. However, he believes margins will improve as revenue grows. For FY25, he projects an organic growth rate of 16-18%, with EBITDA margins at 22-23%.

  • Bharat Heavy Electricals rises as it bags an engineering, procurement & construction (EPC) order worth Rs 10,000 crore from Damodar Valley Corp to set up two 800 MW thermal power stations in Jharkhand.

  • Maruti Suzuki India gets a final assessment order with an income tax demand of Rs 779.2 crore and a show cause notice to initiate penalty proceedings.

  • Cholamandalam Investment & Finance appoints Ravindra Kumar Kundu as the Managing Director, effective October 7, 2024.

  • Ola Electric sets the price band for its IPO at Rs 72-76 per share. The issue, valued at Rs 6,146 crore, consists of a fresh issue worth Rs 5,500 crore and an offer for sale of approx Rs 646 crore. The issue opens on August 6.

  • KEC International is rising as its net profit surges by 106.9% YoY to Rs 87.6 crore in Q1FY25, helped by reduced erection & subcontracting and employee benefits expenses. Revenue grows by 7.3% YoY to Rs 4,555 crore, driven by an improvement in the engineering, procurement & construction (EPC) segment. The company's board also approves raising Rs 4,500 crore through a qualified institutional placement (QIP).

  • City Union Bank's Q1FY25 net profit rises 16.4% YoY to Rs 264.5 crore, while its revenue increases by 8.9% YoY. The bank's board approves raising up to Rs 500 crore capital via a qualified institutional placement.

  • Anamudi Real Estates sells a 4.7% stake in Sobha for approx Rs 857.7 crore in a bulk deal on Friday.

  • InterGlobe Aviation's Q1FY25 net profit beats Forecaster estimates by 28.3%, despite falling by 11.7% YoY to Rs 2,728.8 crore due to higher fuel, aircraft rentals, employee benefits, and finance costs. Revenue grows by 18% YoY to Rs 20,248.9 crore, helped by increased capacity. It features in a screener of stocks with improving cash flow from operations in the past two years.

  • Nifty 50 was trading at 24,941.05 (106.2, 0.4%), BSE Sensex was trading at 81,722.64 (389.9, 0.5%) while the broader Nifty 500 was trading at 23,425.65 (133.6, 0.6%).

  • Market breadth is ticking up strongly. Of the 1,997 stocks traded today, 1,649 were in the positive territory and 315 were negative.

Riding High:

Largecap and midcap gainers today include Bandhan Bank Ltd. (218.87, 13.7%), Rail Vikas Nigam Ltd. (606.30, 9.8%) and Indian Railway Finance Corporation Ltd. (195.27, 6.5%).

Downers:

Largecap and midcap losers today include Jindal Stainless Ltd. (739.45, -3.3%), MphasiS Ltd. (2,931.60, -3.2%) and Macrotech Developers Ltd. (1,361, -3.0%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Rites Ltd. (759.15, 13.8%), Bandhan Bank Ltd. (218.87, 13.7%) and Kaynes Technology India Ltd. (4,594.15, 8.1%).

Top high volume losers on BSE were Equitas Small Finance Bank Ltd. (82.44, -5.2%), CSB Bank Ltd. (344.55, -3.8%) and Tube Investments of India Ltd. (4,158.55, -0.1%).

FDC Ltd. (529.20, 5.4%) was trading at 12.1 times of weekly average. Adani Wilmar Ltd. (344.60, 6.0%) and Eris Lifesciences Ltd. (1,096.10, 2.1%) were trading with volumes 9.8 and 9.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

64 stocks overperformed with 52 week highs,

Stocks touching their year highs included - Alembic Pharmaceuticals Ltd. (1,239.05, 1.9%), Apollo Tyres Ltd. (551.75, 0.3%) and Ashok Leyland Ltd. (256.35, 4.1%).

17 stocks climbed above their 200 day SMA including Bandhan Bank Ltd. (218.87, 13.7%) and Adani Wilmar Ltd. (344.60, 6.0%). 2 stocks slipped below their 200 SMA including Laxmi Organic Industries Ltd. (257.45, -5.2%) and Mankind Pharma Ltd. (2,063, 0.4%).

 
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