Trendlyne Marketwatch
Trendlyne Marketwatch
01 Aug 2024
Market closes higher, Tata Motors' wholesales decline 11% YoY to 70,161 units in July
By Trendlyne Analysis

 

Nifty 50 closed at 25,010.90 (59.8, 0.2%) , BSE Sensex closed at 81,867.55 (126.2, 0.2%) while the broader Nifty 500 closed at 23,506.60 (-24.2, -0.1%). Market breadth is sharply down. Of the 2,183 stocks traded today, 686 were gainers and 1,481 were losers.

Markets closed higher after rebounding in late trading. The Indian volatility index, Nifty VIX, fell 2.4% and closed at 12.9 points. Coal India rises to its all-time high of Rs 542.2 per share as its net profit grows by 4.1% YoY to Rs 10,959.5 crore in Q1FY25 and revenue increases by 1.3% YoY to Rs 36,464.6 crore during the quarter.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the red. Nifty Energy and S&P BSE Utilities were among the top index gainers today. According to Trendlyne’s Sector dashboard, Utilities emerged as the best-performing sector of the day, with a rise of 1.8%.

Asian indices closed in the mixed. European indices are trading in the red except SMI, RTSI and MOEX which are trading in the green. US index futures are trading in the green except Small Cap 2000 which is trading in the red, indicating a positive start to the trading session. Brent crude oil futures are trading higher.

  • Money flow index (MFI) indicates that stocks like Just Dial, Torrent Power, CCL Products India and Suven Pharmaceuticals are in the overbought zone.

  • Tata Motors is falling as its total wholesales decline by 11% YoY to 70,161 units in July, due to an 18% YoY and 6% YoY decrease in commercial vehicle and passenger vehicle wholesales, respectively.

  • Tata Power rises as its step-down subsidiary signs a power delivery agreement with Tata Steel for a 70 MW group captive solar power plant at Akola, Maharashtra. This project is expected to generate 154 million units (MUs) of power annually and reduce carbon emissions by 1,15,000 tonnes.

  • Hero FinCorp files a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) worth Rs 3,668 crore. The IPO consists of an offer for sale (OFS) worth Rs 1,568 crore and a fresh issue valued at Rs 2,100 crore.

  • Ceigall India's Rs 1,252.7 crore IPO gets bids for 0.4X the available 2.2 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 0.6X the available 1.1 crore shares on offer.

  • Akums Drugs and Pharmaceuticals' Rs 1,856.7 crore IPO gets bids for 18.1X the available 1.5 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 15.8X the available 27.1 lakh shares on offer.

  • Sonata Software falls sharply as its net profit declines 4.3% QoQ to RS 105.6 crore in Q1FY25 due to higher inventory and employee benefits expenses. However, revenue grows 13.4% QoQ to Rs 2,546.3 crore, helped by an improvement in the Indian market and strong order wins during the quarter. It features in a screener of stocks with PE higher than their industry PE.

  • Anish Shah, Managing Director of Mahindra & Mahindra, notes the tractor segment has gained 180 bps market share in Q1FY25, and growth across other segments. He projects a 5% volume growth for the tractor segment in FY25. Shah expects the auto business to grow by 15% over the next three years.

  • Bank of Baroda's net profit grows 6.2% YoY to Rs 4,727.8 crore in Q1FY25. Revenue increases by 7.5% YoY to Rs 35,800.9 crore, driven by improvements in the retail and wholesale banking segments. Its asset quality improves as gross and net NPAs decline by 63 bps YoY and 9 bps YoY, respectively.

  • Relaxo Footwears is falling as its Q1FY25 net profit drops 21.2% YoY to Rs 44.4 crore due to an increase in minimum wages, mandated by the government. However, operating revenue rises 1.2% YoY to Rs 748.2 crore during the quarter due to weak consumer sentiments and severe heatwave conditions in many parts of India. The company appears in a screener of stocks where mutual funds increased their shareholding over the past two months

  • Hem Securities initiates a 'Buy' call on KEC International with a target price of Rs 1,100 per share. This indicates a potential upside of 18.3%. The brokerage believes the company will continue to benefit from its healthy order book position, strong execution capabilities, and healthy financial position. It expects the firm's revenue to grow at a CAGR of 9.8% over FY25-26.

  • Restaurant Brands Asia rises more than 3% as 1.5 crore shares (3% equity), amounting to Rs 168.5 crore, reportedly change hands in a large trade.

  • Thomas Cook plunges more than 9% as its Q1FY25 net profit misses Forecaster estimates by 20.2%, despite growing by 3.3% YoY to Rs 75.3 crore. Revenue increases 10.5% YoY to Rs 2,134.3 crore, helped by improvements in the travel & related services and leisure hospitality & resorts segments. It shows up in a screener of high volume, top losing stocks.

  • JK Lakshmi Cement's Q1FY25 revenue falls 9.6% YoY to Rs 1,563.9 crore, misses estimates by 6.3%. Net profit declines 15.3% YoY to Rs 67.6 crore during the quarter. It appears in a screener of stocks where mutual funds decreased their shareholding in the last quarter.

  • GE T&D India surges to its 5% upper circuit as its Q1FY25 net profit rises 174% YoY to Rs 134.5 crore due to reduced finance and inventory costs. Revenue grows 33.5% YoY to Rs 958.3 crore during the quarter. The company appears in a screener of stocks with rising net profit margins on a quarterly and TTM basis.

  • India’s manufacturing PMI moderates to 58.1 in July compared to 58.3 in June, due to a slightly slower growth in new orders and output. The PMI reading has stayed above the 50-mark since July 2021.

  • Bajaj Auto is rising as its wholesales grow 11% to 3.5 lakh units in July. Two-wheeler wholesales increase by 10.7% YoY, while commercial vehicle wholesales improve by 11.2% YoY.

  • Godrej Properties falls as its Q1FY25 net profit rises 3.1X to Rs 520.1 crore due to improvement in inventory costs. However, revenue drops 20% YoY to Rs 739 crore during the quarter. The company appears in a screener of stocks near their 52-week highs.

  • Aster DM Healthcare rises sharply as its net profit surges to Rs 5,145.2 crore in Q1FY25 from Rs 4.9 crore in Q1FY24, helped by the sale of its Gulf business. Revenue grows by 23.7% YoY to Rs 1,050.6 crore during the quarter. It appears in a screener of stocks with the highest FII holding.

  • Morgan Stanley has an ‘Overweight’ rating on Ashok Leyland with a target price of Rs 284 per share. The brokerage believes the company’s share price will increase over the next 60 days. It expects a shallow down-cycle for CVs, and notes the industry’s focus on margins.

  • Sansera Engineering rises as it signs a memorandum of understanding (M0U) with Karnataka Udyog Mitra to acquire 55 acres of industrial land in Harohalli, Bengaluru. The company commits to investing approximately Rs 2,100 crore over the next 3 to 5 years.

  • Coal India rises to its all-time high of Rs 539.9 per share as its net profit grows by 4.1% YoY to Rs 10,959.5 crore in Q1FY25, helped by reduced raw materials, inventory, and employee benefits expenses. Revenue increases by 1.3% YoY to Rs 36,464.6 crore during the quarter. It features in a screener of stocks with YoY growth in quarterly net profit and profit margin.

  • Prestige Estates Projects falls as its Q1FY25 net profit drops 12.8% YoY to Rs 232.6 crore due to high contractor cost. However, revenue rises 10.7% YoY to Rs 1,862.1 crore during the quarter. The company appears in a screener of stocks with zero promoter pledge.

  • Tata Steel's Q1FY25 net profit grows by 51.4% YoY to Rs 959.6 crore, helped by inventory destocking and lower raw materials, and finance costs. However, revenue declines by 9.3% YoY to Rs 55,031.3 crore due to a decrease in the domestic and UK markets. It shows up in a screener of stocks with declining returns on capital employed (RoCE) over the past two years.

  • Nifty 50 was trading at 25,054.05 (102.9, 0.4%), BSE Sensex was trading at 81,949.68 (208.3, 0.3%) while the broader Nifty 500 was trading at 23,612.35 (81.6, 0.4%).

  • Market breadth is ticking up strongly. Of the 1,928 stocks traded today, 1,333 were on the uptick, and 562 were down.

Riding High:

Largecap and midcap gainers today include Adani Energy Solutions Ltd. (1,275.20, 12.1%), Oil India Ltd. (599.05, 3.7%) and Power Grid Corporation of India Ltd. (361.10, 3.7%).

Downers:

Largecap and midcap losers today include General Insurance Corporation of India (411.95, -4.2%), ACC Ltd. (2,487.90, -4.0%) and Dixon Technologies (India) Ltd. (11,670.55, -3.6%).

Volume Shockers

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

Top high volume gainers on BSE included Adani Energy Solutions Ltd. (1,275.20, 12.1%), Jubilant Pharmova Ltd. (866.20, 12.0%) and Firstsource Solutions Ltd. (301, 10.1%).

Top high volume losers on BSE were Sonata Software Ltd. (664.15, -9.9%), KRBL Ltd. (294.75, -7.4%) and Prince Pipes & Fittings Ltd. (645.90, -4.1%).

Capri Global Capital Ltd. (225.55, 7.9%) was trading at 12.2 times of weekly average. Akzo Nobel India Ltd. (3,111.75, 4.6%) and Emami Ltd. (824.10, 0.9%) were trading with volumes 9.4 and 8.0 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

50 stocks made 52 week highs, while 1 stock were underachiever and hit their 52 week lows.

Stocks touching their year highs included - Adani Energy Solutions Ltd. (1,275.20, 12.1%), Ajanta Pharma Ltd. (2,792.50, 3.6%) and Akzo Nobel India Ltd. (3,111.75, 4.6%).

Stock making new 52 weeks lows included - Equitas Small Finance Bank Ltd. (80.28, -0.6%).

7 stocks climbed above their 200 day SMA including Capri Global Capital Ltd. (225.55, 7.9%) and Adani Total Gas Ltd. (915.55, 2.2%). 9 stocks slipped below their 200 SMA including Sonata Software Ltd. (664.15, -9.9%) and Birlasoft Ltd. (643, -4.8%).

 
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