Trendlyne Marketwatch
Trendlyne Marketwatch
05 Aug 2024
Market closes lower, Marico's net profit grows 8.7% YoY to Rs 464 crore in Q1FY25
By Trendlyne Analysis

 

Nifty 50 closed at 24,055.60 (-662.1, -2.7%), BSE Sensex closed at 78,759.40 (-2,222.6, -2.7%) while the broader Nifty 500 closed at 22,542.45 (-717, -3.1%). Market breadth is sharply down. Of the 2,264 stocks traded today, 178 were in the positive territory and 2,066 were negative.

Indian indices extend the losses from the afternoon session and close deep in the red. The volatility index, Nifty VIX, surged 42.3% and closed at around 20.4 points. Marico closed 1.5% higher in a weak market as its net profit grew by 8.7% YoY to Rs 464 crore in Q1FY25. Revenue increased by 6.2% YoY to Rs 2,680 crore during the quarter.

Nifty Midcap 100 and Nifty Smallcap 100 closed sharply lower following the benchmark index. Nifty Consumer Durables and Nifty IT closed in the red. According to Trendlyne’s sector dashboard, Telecommunications Equipment emerged as the worst-performing sector of the day, with a fall of 5.1%.

European indices traded lower amid weak global cues. Major Asian indices also closed in the red. US index futures traded sharply lower, indicating a negative start to the trading session. Goldman Sachs raises its 12-month recession odds in the US by 10 percentage points to 25% but believes potential rate cuts by the Federal Reserve will limit the risk. It also forecasts a 50 bps rate cut in September if the August employment report is as weak as the July report.

  • Dr Lal Pathlabs sees a long buildup in its August 29 future series as its open interest rises 11.6% with a put-call ratio of 0.3.

  • Power Mech Projects wins a Rs 142.5 crore order from Meenakshi Energy to revive Phase II (2 x 350 MW) in Nellore, Andhra Pradesh, within eight months.

  • Amara Raja Energy & Mobility's Q1FY25 net profit rises 29.6% YoY to Rs 249.1 crore. Revenue grows 16.7% YoY to Rs 3,263.1 crore during the quarter due to healthy traction from international operations. The company appears in a screener of stocks with zero promoter pledge.

  • Marico is rising as its net profit grows by 8.7% YoY to Rs 464 crore in Q1FY25. Revenue increases by 6.2% YoY to Rs 2,680 crore, driven by improvements in the Indian and international markets. It features in a screener of stocks with prices above short, medium, and long-term moving averages.

  • Reports suggest that 14.1 crore shares of Jubilant Pharmova, amounting to Rs 119.6 crore, have changed hands in a block deal.

  • Ola Electric Mobility's Rs 6,145.6 crore IPO gets bids for 0.7X the available 46.5 crore shares on offer on the second of bidding. The retail investor quota gets bids for 2.7X the available 8.5 crore shares on offer.

  • Ceigall India's Rs 1,252.7 crore IPO gets bids for 3.8X the available 2.2 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 3X the available 1.1 crore shares on offer.

  • Devyani International's Q1FY25 revenue rises 44.3% YoY to Rs 1,221.9 crore, beats Forecaster estimates by 3.6%. It reports a net profit of Rs 22.4 crore in Q1FY25 compared to a net loss of Rs 1.6 crore in Q1FY24. It appears in a screener of stocks where mutual funds increased their shareholding in the last quarter.

  • According to a poll of economists, RBI's monetary policy committee (MPC) will maintain the status quo for the eighth straight meeting, scheduled for 6-8th August. The benchmark lending rate, or the repo rate, is expected to remain unchanged at 6.5%.

  • Cera Sanitaryware rises as its board approves a Rs 130 crore buyback of up to 1.1 lakh equity shares at Rs 12,000 per share. The company sets August 16 as the record date for the buyback.

  • Insolation Energy's subsidiary, Insolation Green Infra, signs a memorandum of understanding (MoU) with Ganesh Décor India to set up a 22.68 MW solar power project worth Rs 118 crore in Rajasthan. The company also bags an order worth Rs 24.4 crore from Jaipur Vidyut Vitaran Nigam for a 4.7 MW solar project in Kusum.

  • Archean Chemical Industries falls sharply as its net profit declines by 52.2% YoY to Rs 44.9 crore in Q1FY25. Revenue decreases by 37.2% YoY due to lower sales of bromine, industrial salt, and potassium sulphate. It appears in a screener of stocks with high promoter pledges.

  • InterGlobe Aviation (IndiGo) is set to introduce the ‘IndiGo Stretch’ business class for 12 routes including Chennai, Bangalore, Hyderabad, and Mumbai, starting mid- November. The company also announces plans to launch a customer loyalty programme 'IndiGo BluChip' by September.

  • Ashoka Buildcon emerges as the lowest bidder for two engineering, procurement, and construction (EPC) projects from the Mumbai Metropolitan Region Development Authority (MMRDA). The quoted bid prices are Rs 289.6 crore and Rs 991.2 crore.

  • Shree Renuka Sugars falls sharply as its net loss expands 19.8% YoY to Rs 165.5 crore in Q1FY25, due to higher inventory costs and foreign exchange losses. Revenue grows 32.8% YoY to Rs 3033.9 crore, helped by improvement in the milling and refinery segment. It shows up in a screener of stocks underperforming their industry price change during the quarter.

  • Axis Direct retains its 'Buy' call on Zomato with a target price of Rs 280 per share. This indicates a potential upside of 9.8%. The brokerage believes the company's revenue will increase due to strong demand from the top 10 cities and improved demand for Blinkit. It expects the firm's revenue to grow at a CAGR of 28.7% over FY25-26.

  • Jewellery retailers Titan and Kalyan expect losses of Rs 550 crore and Rs 120 crore, respectively, over the next two quarters due to the 9% reduction in gold import duty announced during the 2024 Budget. Ramesh Kalyanaraman, Executive Director of Kalyan Jewellers, anticipates a one-time write-off of Rs 120 crore in the short term, distributed between Q2 and Q3.

  • Delhivery posts a net profit of Rs 54.4 crore in Q1FY25 compared to a net loss of Rs 89.4 crore in Q1FY24, helped by lower employee benefits expenses. Revenue grows by 12.4% YoY to Rs 2,282.2 crore, owing to improvements in the express parcel and PTL freight segments. It shows up in a screener of stocks with improving return on assets (RoA) over the past two years.

  • Tata Power receives a letter of intent (LOI) from PFC Consulting, a wholly owned subsidiary of Power Finance Corp, to acquire Paradeep Transmission, a project special purpose vehicle (SPV), for Rs 256 crore.

  • Indian Energy Exchange's electricity volume rises 29% YoY to 10,039 million units (MU) in July. IEX Green Market achieves a volume growth of 259% YoY to 989.6 MU.

  • Jefferies believes the FY25 earnings of cement companies are at risk due to price weakness and competitive pressures. The brokerage notes that cement prices are near their 3-4-year lows. It highlights that the muted demand growth trend has continued in July due to monsoons and a slow pickup of new projects. Jefferies sees no scope for price hikes in the near term.

  • Gland Pharma receives Form 483 with three observations from the US FDA after conducting a good manufacturing practices (GMP) inspection at its Pashamylaram facility in Hyderabad.

  • Britannia Industries' Q1FY25 net profit grows by 10.5% YoY to Rs 505.6 crore, helped by reduced inventory costs. Revenue increases by 5.9% YoY to Rs 4,305.9 crore during the quarter. It features in a screener of stocks near their 52-week highs with significant volumes.

  • JK Tyre & Industries falls as its Q1FY25 net profit misses Forecaster estimates by 7.5%, despite rising 37.4% YoY to Rs 211.4 crore due to reduced inventory costs. However, revenue drops 2.1% YoY to Rs 3,639.1 crore during the quarter due to lower sales from Mexico. The company appears in a screener of stocks where mutual funds increased their shareholding over the past two months.

  • Titan falls sharply as its net profit declines by 5% YoY to Rs 715 crore in Q1FY25 due to higher raw materials, employee benefits, finance, and advertisement costs. However, revenue grows by 11.4% YoY to Rs 13,386 crore, on account of improvement in the watches & wearables, jewellery, and eyecare segments. It appears in a screener of stocks underperforming their industries over the past quarter.

  • Gloom in markets in early trading. Nifty 50 was trading at 24,301.30 (-416.4, -1.7%), BSE Sensex was trading at 78,588.19 (-2,393.8, -3.0%) while the broader Nifty 500 was trading at 22,801.70 (-457.8, -2.0%)

  • Market breadth is sharply down. Of the 2,033 stocks traded today, 110 were on the uptick, and 1,901 were down.

Riding High:

Largecap and midcap gainers today include Marico Ltd. (672.15, 1.5%), Dabur India Ltd. (634, 1.0%) and Hindustan Unilever Ltd. (2,715.90, 0.9%).

Downers:

Largecap and midcap losers today include Samvardhana Motherson International Ltd. (175.51, -9.2%), LIC Housing Finance Ltd. (686.15, -8.3%) and Adani Energy Solutions Ltd. (1,159.10, -8.1%).

Volume Rockets

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

Top high volume gainers on BSE included Cera Sanitaryware Ltd. (9,436.70, 5.6%), Dr. Lal Pathlabs Ltd. (3,160.15, 2.1%) and Devyani International Ltd. (181.27, 1.9%).

Top high volume losers on BSE were Samvardhana Motherson International Ltd. (175.51, -9.2%), LIC Housing Finance Ltd. (686.15, -8.3%) and Can Fin Homes Ltd. (782, -6.5%).

Tamilnad Mercantile Bank Ltd. (447.40, -0.8%) was trading at 30.4 times of weekly average. Medplus Health Services Ltd. (663.60, -1.5%) and Ratnamani Metals & Tubes Ltd. (3,497.25, -2.9%) were trading with volumes 6.9 and 6.5 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

7 stocks took off, crossing 52 week highs, while 4 stocks were underachievers and hit their 52 week lows.

Stocks touching their year highs included - Ajanta Pharma Ltd. (2,841.85, 0.5%), J B Chemicals & Pharmaceuticals Ltd. (1,904, -1.2%) and Sun Pharmaceutical Industries Ltd. (1,720.35, -0.7%).

Stocks making new 52 weeks lows included - IDFC Ltd. (104.87, -3.7%) and Equitas Small Finance Bank Ltd. (80.57, -1.3%).

2 stocks climbed above their 200 day SMA including Nestle India Ltd. (2,510.90, 0.6%) and Delhivery Ltd. (406.10, -2.4%). 47 stocks slipped below their 200 SMA including Tanla Platforms Ltd. (912.65, -6.9%) and Can Fin Homes Ltd. (782, -6.5%).

 
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