Trendlyne Marketwatch
Trendlyne Marketwatch
08 Aug 2024
Market closes lower, MRF's Q1FY25 revenue grows 11.7% YoY to Rs 7,196.5 crore
By Trendlyne Analysis

 

 

Markets fell in today's trading. Nifty 50 closed at 24,117 (-180.5, -0.7%) , BSE Sensex closed at 78,886.22 (-581.8, -0.7%) while the broader Nifty 500 closed at 22,705.70 (-143.2, -0.6%). Market breadth is in the red. Of the 2,217 stocks traded today, 944 were in the positive territory and 1,249 were negative.

Indian indices closed lower, with the benchmark Nifty 50 index closing at 24,117 points. The Indian volatility index, Nifty VIX, rose by 2.7% and closed at 16.6 points. The RBI projects India’s GDP growth at 7.2% for FY25 in its Monetary Policy Committee (MPC) meeting. The inflation forecast remains at 4.5% for the year.

Nifty Midcap 100 and Nifty Smallcap 100 closed in the red. Nifty High Beta 50 & S&P BSE SME IPO 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 0.9%.

Asian indices closed in the red while European indices are trading lower. US index futures traded lower, indicating a cautious start to the trading session. Brent crude oil futures are trading in the red. Yesterday's gains in crude were offset by disappointing economic data from China, the top oil importer, particularly concerning its crude oil imports.

  • Godrej Consumer Products sees a short buildup in its August 29 futures series, with open interest increasing by 13.8% and a put-call ratio of 0.7.

  • The Reserve Bank of India's Monetary Policy Committee (MPC) projects a Consumer Price Index (CPI) inflation rate of 4.5% for FY24-25. The quarterly projections are as follows: 4.4% for Q2, 4.7% for Q3, 4.3% for Q4, and 4.4% for Q1FY26.

  • RBI Governor Shaktikanta Das warns of potential liquidity challenges due to the widening gap between deposit growth and credit expansion. He also notes that SEBI is expected to address concerns about the increasing shift from savings to F&O trading.

  • Maruti Suzuki India falls as it recalls 2,555 Alto K10 vehicles due to a suspected defect in the steering gearbox assembly that may affect steering performance.

  • During the RBI's Monetary Policy Committee (MPC) meeting, Governor Shaktikanta Das highlights that India's forex reserves reached a record high of $675 billion in August, up from $670.9 billion in July. He also notes that the country's external sector remains robust, as indicated by improvements in key indicators.

  • Alembic Pharmaceuticals rises to its all-time high of Rs 1,285 per share as its net profit grows by 11.7% YoY to Rs 134.5 crore in Q1FY25. Revenue increases by 4.4% YoY to Rs 1,563.8 crore, attributed to an improvement in the India branded and US generics segments. It features in a screener of stocks with low debt.

  • KR Choksey maintains its 'Buy' call on Archean Chemical Industries with a higher target price of Rs 943 per share. This indicates a potential upside of 39.1%. The brokerage believes that the company's volume recovery in industrial salt is expected to offset the underperformance in Q1FY25 and contribute to healthy full-year growth. It expects the company's revenue to grow at a CAGR of 34% over FY25-26.

  • Bharat Forge rises sharply as its revenue grows 7% YoY to Rs 4,106.2 crore in Q1FY25, driven by strong performance in the defence segment. Net profit falls 18.3% YoY to Rs 174.6 crore, missing Forecaster estimates by 50.2%. It appears in a screener of stocks increasing revenue every quarter for the last two quarters.

  • According to B&K Securities, Bharti Airtel is well-positioned to capitalise on current industry trends and enhance its market share. The brokerage notes the firm's upcoming growth drivers include expanding in postpaid segments, rural markets, and emerging areas like 5G Fixed Wireless Access Service. Additionally, the firm is on track to generate more than Rs 500 billion in Free Cash Flow (FCF) by FY26.

  • NAVA surges to its all-time high of Rs 968 per share as its Q1FY25 net profit grows 36.2% YoY to Rs 355.7 crore, helped by lower finance costs. Revenue rises by 16.7% YoY to Rs 1,258.4 crore, owing to improvements in the ferroalloys, power, and mining segments. It shows up in a screener of stocks that gained more than 20% in the past month.

  • JSW Energy surges as its wholly-owned subsidiary, JSW Neo Energy, receives a letter of award from Solar Energy Corporation of India to supply 230 megawatt (MW) ISTS connected firm and dispatchable renewable energy.

  • Signatureglobal (India) posts a net profit of Rs 6.8 crore in Q1FY25 compared to a net loss of Rs 7.2 crore in Q1FY24. Revenue increases by 139.2% YoY to Rs 427.9 crore, owing to improvements in pre-sales and collections. It features in a screener of stocks with growth in quarterly net profit and profit margin (YoY).

  • Jefferies reports that among the 128 companies reviewed, earnings downgrades (47%) have surpassed upgrades (40%). Nearly half of the companies analyzed have had 25 earnings estimates reduced. This trend reflects the impact of a challenging summer and recent elections, notably affecting earnings across different sectors.

  • Protean eGov Technologies falls as 12 lakh shares (3.2% stake), amounting to Rs 236 crore, reportedly change hands in a block deal. Standard Chartered Bank is the likely seller in the transaction.

  • Suzlon Energy rises sharply to hit its new all-time high of Rs 73 after 4.8 crore shares (0.4% stake), amounting to Rs 346 crore, reportedly change hands in a block deal. The transaction was executed at an average price of Rs 72 per share.

  • ITD Cementation surges more than 10% as its Q1FY25 net profit surges 91.9% YoY to Rs 100.2 crore. Revenue grows 30.2% YoY to Rs 2,397.4 crore, helped by new orders worth Rs 1,053 crore secured during the quarter. It features in a screener of stocks with improving net profit over the past four quarters.

  • The RBI projects India’s GDP growth at 7.2% for FY25. The inflation forecast remains at 4.5% for the year. The central bank’s MPC increases the UPI limit to Rs 5 lakh per transaction from Rs 1 lakh for tax payments.

  • Ceigall India's shares debut on the bourses at a 4.5% premium to the issue price of Rs 401. The Rs 1,252.7 crore IPO has received bids for 13.8 times the total shares on offer.

  • Phoenix Mills' subsidiary, Astrea Real Estate Developers, acquires a 100% stake in five land-owning entities in Coimbatore for Rs 370.2 crore.

  • BSE rises sharply as its revenue grows by 148.7% YoY to Rs 674.3 crore in Q1FY25 due to higher income from transaction charges, corporate services, treasury, and investments. However, net profit declines 40.1% YoY to Rs 265.1 crore, led by employee benefits, computer technology, clearing & settlement expenses, and SEBI regulatory fees. It shows up in a screener of stocks with quarterly revenue increasing for the past four quarters.

  • The RBI decides to keep the policy repo rate unchanged for the ninth consecutive time at 6.5%, maintaining the 'Withdrawal of Accomodation' stance during the Monetary Policy Committee meeting.

  • MTAR Technologies surges as it secures an export order worth approximately Rs 140 crore ($16.7 million) from Bloom Energy in the clean energy (fuel cells) sector for the execution of power units and their components.

  • Welspun Corp is falling as its Q1FY25 revenue declines by 22.8% YoY to Rs 3,179.6 crore due to a reduction in the steel products segment. However, net profit grows by 50.1% YoY to Rs 248.2 crore, driven by inventory destocking and lower tax expenses. It appears in a screener of stocks with declining net cash flow.

  • Fortis Healthcare falls as Q1FY25 net profit misses Forecaster estimates by 3.2% despite rising 48.5% YoY to Rs 166 crore. Revenue grows 12.2% YoY to Rs 1,858.9 crore during the quarter due to higher sales in the healthcare segment. The company appears in a screener of stocks, with RoCE improving over the past two years.

  • Godrej Consumer Products falls sharply as its revenue declines by 3.1% YoY to Rs 3,408.7 crore in Q1FY25 due to a reduction in the African business. However, net profit grows by 41.4% YoY to Rs 450.7 crore, owing to lower raw materials and employee benefits expenses. It features in a screener of stocks wth high promoter pledges.

  • Nifty 50 was trading at 24,221.80 (-75.7, -0.3%), BSE Sensex was trading at 79,213.61 (-254.4, -0.3%) while the broader Nifty 500 was trading at 22,777.10 (-71.8, -0.3%).

  • Market breadth is horizontal. Of the 1,919 stocks traded today, 897 were on the uptick, and 979 were down.

Riding High:

Largecap and midcap gainers today include Suzlon Energy Ltd. (72.92, 4.8%), MRF Ltd. (1,40,391.55, 4.3%) and Alkem Laboratories Ltd. (5,702.75, 3.5%).

Downers:

Largecap and midcap losers today include Rail Vikas Nigam Ltd. (538.45, -4.8%), LTIMindtree Ltd. (5,338.30, -4.1%) and Shree Cements Ltd. (24,180, -3.7%).

Volume Rockets

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

Top high volume gainers on BSE included Authum Investment & Infrastructure Ltd. (1,274, 18.7%), BASF India Ltd. (7,566.20, 9.1%) and Honasa Consumer Ltd. (496.35, 8.9%).

Top high volume losers on BSE were Lemon Tree Hotels Ltd. (126.24, -9.5%), Balaji Amines Ltd. (2,222.30, -7.0%) and Chemplast Sanmar Ltd. (524.60, -6.6%).

Laxmi Organic Industries Ltd. (267.35, 4.1%) was trading at 14.3 times of weekly average. Route Mobile Ltd. (1,625.40, 8.3%) and Abbott India Ltd. (27,219.70, -3.3%) were trading with volumes 12.1 and 8.4 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

38 stocks took off, crossing 52 week highs,

Stocks touching their year highs included - Ajanta Pharma Ltd. (2,961.70, 0.8%), Akzo Nobel India Ltd. (3,310, 3.1%) and Alembic Pharmaceuticals Ltd. (1,214, -0.5%).

9 stocks climbed above their 200 day SMA including Route Mobile Ltd. (1,625.40, 8.3%) and Crisil Ltd. (4,471.55, 5.4%). 16 stocks slipped below their 200 SMA including Lemon Tree Hotels Ltd. (126.24, -9.5%) and Balaji Amines Ltd. (2,222.30, -7.0%).

 
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