Trendlyne Marketwatch
Trendlyne Marketwatch
06 Aug 2024
Market closes lower, Vedanta's net profit grows 54% YoY to Rs 5,095 crore in Q1FY25
By Trendlyne Analysis

 

 

Nifty 50 closed at 23,992.55 (-63.1, -0.3%), BSE Sensex closed at 78,593.07 (-166.3, -0.2%) while the broader Nifty 500 closed at 22,443.30 (-99.2, -0.4%). Market breadth is in the red. Of the 2,232 stocks traded today, 820 were on the uptick, and 1,382 were down.

Indian indices erased their gains from the morning session and close in the red. The volatility index, Nifty VIX, plunged 8% and closed at around 18.7 points. Vedanta closed marginally higher as its revenue increased by 5.5% YoY to Rs 35,764 crore in Q1FY25, while net profit rose 54% YoY to Rs 5,095 crore.

Nifty Midcap 100 and Nifty Smallcap 100 closed lower following the benchmark index. BSE Realty closed in the green, while Nifty PSU Bank closed in the red. According to Trendlyne’s sector dashboard, Forest Materials emerged as the best-performing sector of the day, with a rise of 2.4%.

European indices traded lower amid weak global cues. Major Asian indices closed mixed. US index futures traded mixed, indicating a cautious start to the trading session. Alphabet lost its antitrust case on Monday as a federal judge ruled that the company had violated antitrust laws by engaging in monopolistic tactics in its search business.

  • Money flow index (MFI) indicates that stocks like Ajanta Pharma, PCBL, Jubilant Pharmova, and Granules India are in the overbought zone.

  • NCC's Q1FY25 net profit grows 20.9% YoY to Rs 209.9 crore. Revenue rises 26.2% YoY to Rs 5,528 crore during the quarter, driven by high sales in the construction segment. The company appears in a screener of stocks with improving return on equity (ROE) over the last two years.

  • Vedanta's revenue increases 5.5% YoY to Rs 35,764 crore in Q1FY25, driven by improvements in zinc, lead & silver, and aluminium segments. Net profit rises 54% YoY to Rs 5,095 crore during the quarter, helped by inventory destocking. It appears in a screener of stocks where mutual funds increased their shareholding in the last quarter.

  • Motherson Sumi Wiring India's revenue increases 16.7% YoY to Rs 2,184.8 crore in Q1FY25. Net profit rises 20.9% YoY to Rs 148.9 crore during the quarter, helped by inventory destocking. It shows up in a screener of stocks with growth in quarterly net profit with increasing profit margin.

  • Unicommerce eSolutions' Rs 276.6 crore IPO gets bids for 1.7X the available 4.1 crore shares on offer on the first of bidding. The retail investor quota gets bids for 7.6X the available 25.6 lakh shares on offer.

  • Consumer goods manufacturers like Marico and Britannia Industries highlight improved rural demand trends in Q1FY25, with companies reporting increased sales of their products in recent months. They attribute this positive change to better monsoon conditions, moderate inflation, and improved rural employment.

  • Brainbees Solutions' Rs 4,193.7 crore IPO gets bids for 0.1X the available 5 crore shares on offer on the first of bidding. The retail investor quota gets bids for 0.4X the available 90.1 lakh shares on offer.

  • Ola Electric Mobility's Rs 6,145.6 crore IPO gets bids for 2.1X the available 46.5 crore shares on offer on the third of bidding. The retail investor quota gets bids for 3.6X the available 8.5 crore shares on offer.

  • Axis Direct retains its 'Buy' call on State Bank of India with a higher target price of Rs 1,030 per share. This indicates a potential upside of 26.8%. The brokerage believes the company's net interest income (NII) will continue to grow, driven by a healthy credit-deposit (CD) ratio and improved asset quality. It expects the bank's NII to grow at a CAGR of 8.9% over FY25-27.

  • Infosys reportedly seeks an additional ten days to respond to the pre-show cause notice issued by the Directorate General of GST Intelligence (DGGI). The company clarified that the tax demand for FY17-2018 stands at Rs 3,898 crore. Infosys had received a tax demand of over Rs 32,000 crore related to services received from its overseas branches between July 2017 and FY21-22.

  • Bharti Hexacom's Q1FY25 net profit surges by 101.9% YoY to Rs 511.2 crore, helped by a 79.4% YoY decline in current tax. Revenue grows by 10.7% YoY to Rs 19,50.5 crore, owing to improvements in mobile services and home & office services segments. It shows up in a screener of stocks with expensive valuations according to the Trendlyne valuation score.

  • BLS International surges almost 10% as its net profit grows by 65.7% YoY to Rs 114.2 crore in Q1FY25. Revenue increases 30.6% YoY to Rs 510.2 crore, attributed to a rise in the visa & consular services and digital services segments. The company's board approves fundraising of Rs 2,000 crore through public or private offerings, qualified institutional placements (QIP), or other modes.

  • Housing and Urban Development Corp (HUDCO) surges as it signs a non-binding memorandum of understanding (MoU) with Rites to collaborate on a broad spectrum of consultancy and fee-based projects, covering all stages from concept to commissioning.

  • Rajesh Sharma, Managing Director of Capri Global Capital, projects net interest income (NII) growth of 30-35% for the year and expects net interest margins (NIMs) to improve going ahead. He guides an asset under management (AUM) of Rs 20,000-21,000 crore for FY25. Sharma highlights the firm's target of around $40-50 crore of insurance distribution this year.

  • V-Mart Retail rises sharply as its revenue grows by 15.9% YoY to Rs 786.1 crore in Q1FY25, driven by improvement in the retail trade segment. It reports a net profit of Rs 12.1 crore in Q1FY25 compared to a net loss of Rs 21.9 crore in Q1FY24. It shows up in a screener of stocks outperforming their industry price change during the quarter.

  • Power Mech Projects receives an order worth Rs 110.6 crore from Dangote Petroleum Refinery for the operation and maintenance (O&M) of a 400 MW captive power plant (CPP) and utilities of petroleum oil refinery at Dangote, Nigeria.

  • Oil & Natural Gas Corp's Q1FY25 net profit falls sharply by 32.1% YoY to Rs 9,936.5 crore due to higher raw materials, inventory, survey & exploration, finance costs, and statutory levies. However, revenue grows by 1.9% YoY to Rs 1.7 lakh crore, helped by improvements in the offshore, onshore, and refining & marketing segments. It features in a screener of stocks with declining profits for the past three quarters.

  • JP Morgan maintains its 'Overweight' rating on Bharti Airtel with a target price of Rs 1,500 per share. The brokerage notes that capital expenditures on India wireless and overall have decreased to 19% and 20%, respectively, for Q1FY25. It believes this reduction in capex will boost the firm's free cash flow from its India operations by 30% sequentially and 83% YoY.

  • Akums Drugs and Pharmaceuticals' shares debut on the bourses at a 6.8% premium to the issue price of Rs 679. The Rs 1,856.7 crore IPO has received bids for 63.6 times the total shares on offer.

  • Brigade Enterprises rises sharply as its net profit surges by 117.3% YoY to Rs 83.7 crore in Q1FY25. Revenue grows by 62.4% YoY to Rs 1,113.4 crore, driven by an increase in the real estate, hospitality, and leasing segments. The company's subsidiary, Brigade Tetrarch, enters an agreement to develop 1.4 million square feet of leasable office space. The space will generate an annual income of Rs 100 with an investment of Rs 750 crore.

  • Patel Engineering rises as it bags a Rs 317.6 crore contract, along with its JV partner for an irrigation project from the Government of Maharashtra. The company's share in this contract is worth Rs 111.2 crore.

  • Jefferies maintains its ‘Buy’ call on Marico with an upgraded target price of Rs 780. The brokerage highlights the improving growth trends, positive outlook, and improved volume growth. Jefferies adds that the growth outlook remains positive, however, the situation in Bangladesh needs to be monitored.

  • Aster DM Healthcare's CEO, Nitish Shetty, tenders his resignation, effective August 5, to pursue entrepreneurial opportunities.

  • Deepak Nitrite surges as its Q1FY25 net profit rises 35.1% YoY to Rs 202.5 crore, driven by lower inventory and material costs. Revenue grows 22.5% YoY to Rs 2,166.8 crore during the quarter due to higher sales from the phenolics segment. The company appears in a screener of stocks where mutual funds increased their shareholding over the past two months.

  • Tata Chemicals' net profit plunges by 74.2% YoY to Rs 135 crore in Q1FY25, caused by higher employee benefits and freight & forwarding expenses. Revenue declines by 10.1% YoY to Rs 3,836 crore due to a decrease in the basic chemistry products and specialty products segments. It shows up in a screener of stocks underperforming their industries in the past quarter.

  • Bharti Airtel's Q1FY25 net profit rises 157.9% YoY to Rs 4,159.9 crore due to lower net exceptional items. Revenue rises 2.8% YoY to Rs 38,506.4 crore during the quarter. The company appears in a screener of stocks with zero promoter pledge.

  • Markets rise on early trading, Nifty 50 was trading at 24,339.65 (284.1, 1.2%), BSE Sensex was trading at 79,705.23 (945.8, 1.2%) while the broader Nifty 500 was trading at 22,867.80 (325.4, 1.4%).

  • Market breadth is ticking up strongly. Of the 1,955 stocks traded today, 1,784 showed gains, and 141 showed losses.

Riding High:

Largecap and midcap gainers today include Patanjali Foods Ltd. (1,761.90, 4.5%), Godrej Properties Ltd. (2,934.10, 3.5%) and Ipca Laboratories Ltd. (1,319.35, 2.8%).

Downers:

Largecap and midcap losers today include Marico Ltd. (628.50, -6.5%), LIC Housing Finance Ltd. (651.85, -5%) and Power Finance Corporation Ltd. (474.05, -4.8%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included KPR Mill Ltd. (945.55, 14.4%), BLS International Services Ltd. (385.10, 10.1%) and Schneider Electric Infrastructure Ltd. (788.65, 5.2%).

Top high volume losers on BSE were Honeywell Automation India Ltd. (51,200, -3.6%), Shree Cements Ltd. (26,101.35, -2.7%) and Ingersoll-Rand (India) Ltd. (4,002.70, -0.9%).

Vardhman Textiles Ltd. (519, 4.0%) was trading at 10.6 times of weekly average. Welspun Living Ltd. (180.09, 3.3%) and Triveni Turbine Ltd. (619.45, 4%) were trading with volumes 6.4 and 5.9 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

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

Stocks touching their year highs included - Ajanta Pharma Ltd. (2,779.90, -2.2%), Cera Sanitaryware Ltd. (9,833.60, 4.2%) and Colgate-Palmolive (India) Ltd. (3,390, 0.7%).

Stock making new 52 weeks lows included - Equitas Small Finance Bank Ltd. (79.22, -1.7%).

21 stocks climbed above their 200 day SMA including Network18 Media & Investments Ltd. (93.98, 7.1%) and NMDC Steel Ltd. (55.99, 3.8%). 20 stocks slipped below their 200 SMA including Mahindra Lifespace Developers Ltd. (564.75, -3.1%) and Bank of India (118.93, -2.8%).

 
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