Trendlyne Marketwatch
Trendlyne Marketwatch
02 Aug 2024
Market closes lower, Maruti Suzuki India's wholesales decline 0.5% YoY to 1.9 lakh units in July
By Trendlyne Analysis

 

Nifty 50 closed at 24,717.70 (-293.2, -1.2%), BSE Sensex closed at 80,981.95 (-885.6, -1.1%) while the broader Nifty 500 closed at 23259.45 (-247.2, -1.1%). Market breadth is in the red. Of the 2,222 stocks traded today, 816 were in the positive territory and 1,380 were negative.

Market closed in red extending the losses in the afternoon session. The Indian volatility index, Nifty VIX, rose by 10.8% and closed at 14.3 points. Maruti Suzuki India’s wholesales declined 0.5% YoY to 1.9 lakh units in July due to a 28.3% YoY decrease in commercial vehicle wholesales.

Nifty Midcap 100 and Nifty Smallcap 100 closed in red. S&P BSE Midsmallcap & LargeMidcap were among the top index gainers today. According to Trendlyne’s Sector dashboard, Forest Materials emerged as the best-performing sector of the day, with a jump of over 0.7%.

Asian indices closed in red while European indices are trading lower. US index futures traded lower, indicating a cautious start to the trading session. The benchmark 10-year Treasury yield dropped below 4% for the first time since February. Apple’s quarterly services revenue rises along with jump in iPad sales. 

  • Relative strength index (RSI) indicates that stocks like Adani Energy Solutions, Granules India, Ajanta Pharma, and Firstsource Solutions are in the overbought zone.

  • Saregama India falls as its Q1FY25 net profit drops 13.8% YoY to Rs 37.3 crore due to increased content investments. However, revenue rises 6.7% YoY to Rs 173 crore during the quarter. The company appears in a screener of stocks with declining cash flow from operations for the last two years.

  • Computer Age Management Services' Q1FY25 net profit surges 41.3% YoY to Rs 107 crore, beating Forecaster estimates by 5.1%. Revenue increases 26.8% YoY to Rs 331.4 crore during the quarter. It appears in a screener of stocks where mutual funds increased their shareholding over the past two quarters.

  • KR Choksey maintains its 'Buy' call on Varun Beverages with a higher target price of Rs 1,845 per share. This implies a potential upside of 17.1%. The brokerage believes the company's expansion plans and strategic market positioning with its partnership with Pepsico will help improve revenue and profitability. It expects the firm's revenue to grow at a CAGR of 12.7% over FY25-26.

  • Jefferies reiterates its 'Buy' rating on Adani Enterprises with a target price of Rs 3,800. The brokerage's positive outlook is fueled by robust performance metrics and strategic growth in the company's key sectors. It expects a gradual unlocking of value across various businesses over the next few years. The board has already approved the demerger of its FMCG division to Adani Wilmar, which is expected to be finalised by the end of FY25.

  • Ola Electric Mobility's Rs 6,145.6 crore IPO gets bids for 0.3X the available 46.5 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 1.3X the available 8.5 crore shares on offer.

  • Ceigall India's Rs 1,252.7 crore IPO gets bids for 1X the available 2.2 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 1.4X the available 1.1 crore shares on offer.

  • RailTel Corp of India rises as its revenue grows by 19.4% YoY to Rs 558.1 crore in Q1FY25, driven by improvements in the telecom and project work services segments. Net profit increases by 29.9% YoY to Rs 48.7 crore during the quarter. It shows up in a screener of stocks outperforming their industry price change during the quarter.

  • Aloke Bajpai, Group CEO of LE Travenues Technology (Ixigo), highlights Tier 2 & 3 cities are the highest usage markets for the company and expects demand to rise 50% over the next decade. He adds that the firm's online travel agent market share as of Dec 2023 was at 6.5% vs 5.9% YoY and expects it to improve further this year. He aspires to move from mid-single digits in the flight segment to double digits.

  • Zydus Wellness is rising as its net profit grows by 33.8% YoY to Rs 147.7 crore in Q1FY25, helped by lower raw materials and finance costs. Revenue increases by 20.1% YoY to Rs 846 crore on the back of improvement in the food & nutrition and personal care segments. It features in a screener of stocks with more than 20% in stock price in the past month.

  • Godrej Agrovet's Q1FY25 net profit rises 28.3% YoY to Rs 135.2 crore due to improved realisations in the domestic crop protection business and margin expansion in animal feed and dairy businesses. However, revenue falls 6.3% YoY to Rs 2,350.8 crore during the quarter. The company appears in a screener of stocks with zero promoter pledge.

  • Shakti Pumps surges to its 5% upper circuit as it bags an order worth Rs 558.2 crore from the Department of Agriculture, Uttar Pradesh, for the supply, installation, and commissioning of 12,537 solar water pumping systems.

  • Tata Motors Group CFO P.B. Balaji highlights Jaguar Land Rover (JLR) does not intend to take advantage of India's new electric vehicle policy, which provides import duty concessions to companies establishing manufacturing operations in the country. He also emphasises the company has recently localised manufacturing Range Rover and Range Rover Sport and anticipates a significant increase in orders for these models.

  • TTK Prestige rises sharply to its new 52-week high of Rs 1,013.5 as its board approves a Rs 200 crore buyback of up to 16.7 lakh equity shares at Rs 1,200 per share. The company sets August 14 as the record date for the buyback.

  • Triveni Engineering & Industries falls sharply as its Q1FY25 net profit declines by 53.7% YoY to Rs 31.3 crore due to higher inventory and employee benefits expenses. However, revenue rises by 6.9% YoY to Rs 1,544.8 crore, helped by an increase in the sugar & distillery segments. It shows up in a screener of stocks with declining net cash flow.

  • RattanIndia Power rises as it reports a profit of Rs 93 crore in Q1FY25, compared to a loss of 549.4 crore in Q1FY24 due to lower finance costs. Revenue grows 10% YoY to Rs 931.8 crore during the quarter. The company appears in a screener of stocks where mutual funds increased their shareholding over the past two months.

  • Abhay Soi, the CMD of Max Healthcare highlights that a 6-7% increase in high-end surgeries led to ARPOB (average revenue per occupied bed) growth. He adds that the company targets a capex of Rs 5,000-5,500 crore over the next four years. Soi anticipates that the Dwarka facility will breakeven by the end of FY25.

  • Netweb Technologies India rises sharply after 20.5 lakh shares (3.6% stake), amounting to Rs 459 crore, reportedly change hands in a block deal. The company's promoters are the likely sellers in the transaction.

  • Hero MotoCorp falls as its monthly wholesales decline 5.4% YoY to 3.7 lakh units in July due to lower motorcycle sales and domestic business. However, its exports grow by 13% YoY to 22,739 units during the month.

  • GR Infraprojects falls as its Q1FY25 net profit drops 49.8% YoY to Rs 155.5 crore. However, revenue decreases 18.1% YoY to Rs 2,030.3 crore during the quarter due to lower business growth in the build, operate, and transfer (BOT) segment. The company appears in a screener of stocks where mutual funds increased their shareholding in the past month.

  • Morgan Stanley has an ‘Underweight’ rating on Eicher Motors with a target price of Rs 3,533. The brokerage believes the company’s share price will decline over the next two months. It highlights the muted volumes, in the Royal Enfield segment.

  • Maruti Suzuki India falls sharply as its wholesales decline 0.5% YoY to 1.9 lakh units in July due to a 28.3% YoY decrease in commercial vehicle wholesales.

  • SJS Enterprises surges to its all-time high of Rs 958 as its Q1FY25 net profit rises 54.6% YoY to Rs 27.8 crore. Revenue grows 60.8% YoY to Rs 188.6 crore during the quarter, due to strong business growth in passenger vehicles, consumer segments, and exports. The company appears in a screener of stocks with zero promoter pledge.

  • Kalyan Jewellers rises as its net profit grows by 23.5% YoY to Rs 177.8 crore in Q1FY25, helped by inventory destocking and a deferred tax return of Rs 29.6 crore. Revenue increases by 26.7% YoY to Rs 5,557.6 crore, driven by new showrooms and customer additions. It features in a screener of stocks with the highest recovery from their 52-week lows.

  • Tata Motors is falling as its Q1FY25 net profit misses Forecaster estimates by 2.6%, despite growing by 73.8% YoY to Rs 5,566 crore. Revenue rises by 5.8% YoY to Rs 1.1 lakh crore, helped by improvements in the commercial vehicles and vehicle financing segments. It appears in a screener of stocks with increasing costs YoY for long-term projects.

  • Markets fell in early trading. Nifty 50 was trading at 24,821.75 (-189.2, -0.8%) , BSE Sensex was trading at 81,208.97 (-658.6, -0.8%) while the broader Nifty 500 was trading at 23,333.10 (-173.5, -0.7%)

  • Market breadth is moving down. Of the 1,956 stocks traded today, 275 were gainers and 1,647 were losers.

Riding High:

Largecap and midcap gainers today include Zomato Ltd. (262.34, 12.1%), Adani Wilmar Ltd. (383.15, 10.0%) and One97 Communications Ltd. (527, 6.1%).

Downers:

Largecap and midcap losers today include Cummins India Ltd. (3,510.85, -8.0%), Escorts Kubota Ltd. (3,905.20, -5.9%) and Eicher Motors Ltd. (4,726.70, -4.9%).

Volume Rockets

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

Top high volume gainers on BSE included Zomato Ltd. (262.34, 12.1%), Adani Wilmar Ltd. (383.15, 10.0%) and Jammu & Kashmir Bank Ltd. (116.96, 6.8%).

Top high volume losers on BSE were Cummins India Ltd. (3,510.85, -8.0%), Eicher Motors Ltd. (4,726.70, -4.9%) and Thermax Ltd. (4,984.30, -3.8%).

Ramkrishna Forgings Ltd. (887.20, 4.7%) was trading at 10.9 times of weekly average. Bikaji Foods International Ltd. (739.25, 3.4%) and Hatsun Agro Products Ltd. (1,270.55, 4.4%) were trading with volumes 10.5 and 6.4 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

30 stocks overperformed with 52 week highs, while 1 stock tanked below their 52 week lows.

Stocks touching their year highs included - Ajanta Pharma Ltd. (2,828.50, 1.3%), Akzo Nobel India Ltd. (3,117.50, 0.2%) and Aurobindo Pharma Ltd. (1,443.30, 0.7%).

Stock making new 52 weeks lows included - Equitas Small Finance Bank Ltd. (81.59, 1.6%).

3 stocks climbed above their 200 day SMA including eClerx Services Ltd. (2,439.95, -0.1%) and Adani Total Gas Ltd. (908.90, -0.7%). 17 stocks slipped below their 200 SMA including Gujarat Narmada Valley Fertilizers & Chemicals Ltd. (679.45, -3.4%) and Bank of Baroda (243.70, -3%).

Vistas Corporation Ltd. (340.20, -1.8%).

 
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