Trendlyne Marketwatch
Trendlyne Marketwatch
16 Aug 2024
Market closes higher, Reliance Power's Q1FY25 net loss decreases 67% YoY to Rs 97.9 crore
By Trendlyne Analysis

 

Nifty 50 closed at 24,541.15 (397.4, 1.7%) , BSE Sensex closed at 80,436.84 (1,331.0, 1.7%) while the broader Nifty 500 closed at 23,056.50 (383.9, 1.7%). Market breadth is surging up. Of the 2,235 stocks traded today, 1,511 were in the positive territory and 693 were negative.

Indian indices closed higher after extending gains throughout the day. The Indian volatility index, Nifty VIX, fell 6.7% and closed at 14.4 points. Glenmark Pharmaceuticals closed almost 5% higher as its Q1FY25 net profit surged 126.9% YoY to Rs 340.2 crore, while revenue rose 7.2% YoY to Rs 3,275.7 crore.

Nifty Midcap 100 and Nifty Smallcap 100 closed in the green. Nifty IT and Nifty Realty closed higher. According to Trendlyne’s sector dashboard, Software & Services emerged as the best-performing sector of the day, with a rise of 2.9%.

Most European indices trade higher, except UK’s FTSE 100 and Russia’s RTSI and MOEX indices. All Asian indices closed in the green. US index futures traded higher, indicating a positive start to the trading session. UK retail sales increased by 1.4% YoY in July compared to a fall of 0.3% in June, according to the Office for National Statistics.

  • Relative strength index (RSI) indicates that stocks like Triveni Turbine, Colgate-Palmolive (India), V-Guard Industries, and Granules India are in the overbought zone.

  • Motilal Oswal initiates coverage on Signatureglobal (India) with a 'Buy' call and a target price of Rs 2,000 per share. This indicates a potential upside of 31.5%. The brokerage is positive on the stock as it believes that growth in pre-sales will lead to a scale-up in revenue and profitability. It expects the company's revenue to grow at a CAGR of 105% over FY25-26.

  • Reliance Power surges as its Q1FY25 net loss decreases 67% YoY to Rs 97.9 crore, driven by lower employee benefit expenses and reduced finance costs. Revenue rises 3.7% YoY to Rs 1,992.2 crore during the quarter. The company appears in a screener of stocks where mutual funds increased their shareholding over the past two months.

  • IT stocks like MphasiS, L&T Technology Services, Wipro and Tech Mahindra rise more than 3% in trade. All constituents of the broader Nifty IT index are also trading in the green, helping it to surge more than 2%.

  • HSBC initiates a ‘Buy’ rating on the recently listed Ola Electric with a target price of Rs 140. The brokerage believes EV manufacturing costs will decline substantially by FY27/28, while ICE (internal combustion engine) scooters may increase due to emission standards. It sees Ola as a buying opportunity citing lower costs and a positive risk-reward for its battery venture.

  • KDDL falls as its Q1FY25 net profit drops 33.1% YoY to Rs 17.3 crore. However, revenue rises 8.6% YoY to Rs 359.9 crore during the quarter, driven by higher sales in the watches, accessories and luxury items segment. The company appears in a screener of stocks with improving ROA over the past two years.

  • Foreign institutional investors sell equity worth Rs 4,870.5 crore in the market over the past week, according to Trendlyne's FII dashboard. Index options witness the highest inflow of Rs 46,332.3 lakh crore from foreign investors. Meanwhile, mutual funds are net buyers in the equity market, investing Rs 5,379.8 crore during the same period.

  • Polyplex Corp surges as it reports a net profit of Rs 53.5 crore in Q1FY25 compared to a loss of Rs 3.1 crore in Q1FY24 due to reduced expenses on stock purchases and inventory destocking. Revenue grows 8% YoY to Rs 1,685.6 crore during the quarter. The company appears in a screener of stocks where mutual funds increased their shareholding over the past two months.

  • Aditya Saraogi, CFO of Birla Corp, says H1FY25 will be challenging for the company, but expects a strong recovery in the second half. He highlights the company’s capex at Rs 800 crore for FY25, and projects debt at Rs 3,150 crore.

  • SpiceJet's net profit declines by 19.9% YoY to Rs 158.3 crore in Q1FY25 due to higher aircraft lease costs. Revenue falls by 8.3% YoY to Rs 2,077.8 crore, caused by a reduction in the air transport services segment. It shows up in a screener of stocks with declining cash flow from operations over the past two years.

  • KIOCL falls as its Q1FY25 net loss decreases 12.6% YoY to Rs 50.7 crore. Revenue declines 70.6% YoY to Rs 147.4 crore during the quarter, reportedly due to a forced shutdown of operations caused by a collapse in the national market. The company features in a screener of stocks with declining revenue over the past two quarters.

  • HDFC Life Insurance receives a tax demand order of Rs 112 crore from the Commercial Tax Officer, Chandigarh. The company plans to appeal the demand order with the Appellate Authority within the specified period.

  • Srinivasan Nadadhur, CFO of Eclerx Services, expects margin recovery over the next three quarters. He highlights the company’s target of achieving double-digit revenue growth in FY25, with margins around 24-28%. Nadadhur adds that the deal pipeline looks healthy, with a majority of opportunities in the financial services space.

  • GMR Power and Urban Infra surges as it reports a net profit of Rs 1,225.2 crore in Q1FY25 compared to a loss of Rs 205.3 crore in Q1FY24. Revenue grows 43.4% YoY to Rs 1,611.9 crore during the quarter, driven by higher sales in the power and roads segment. The company appears in a screener of stocks with increasing profits over the past four quarters.

  • Axis Direct keeps its 'Buy' call on Happiest Minds Technologies with a lower target price of Rs 930 per share. This indicates a potential upside of 21.1%. The brokerage remains positive on the stock as it is well-placed to deliver strong growth, driven by multiple long-term contracts with the world’s leading brands. It expects the company's revenue to grow at a CAGR of 13.5% over FY25-26.

  • Ola Electric Mobility surges as its revenue grows by 34.3% YoY to Rs 1,718 crore in Q1FY25, led by an improvement in the automotive business. However, its net loss expands by 30% YoY to Rs 347 crore due to higher raw material and employee benefits expenses. The company also enters the motorcycle segment by launching a Roadster portfolio in the price range of Rs 75,000 to Rs 2 lakh.

  • Analysts expect that Adani Energy Solutions could see inflows of around $250 million by August end, after MSCI announced it lifted restrictions on Adani stocks, making them eligible for inclusion in the MSCI India index.

  • Sunteck Realty surges as it reports a net profit of Rs 22.8 crore in Q1FY25 compared to a loss of Rs 6.7 crore in Q1FY24. Revenue grows 348.2% YoY to Rs 316.3 crore during the quarter, driven by increased collections and pre-sales. The company appears in a screener of stocks where mutual funds increased their shareholding over the past two months.

  • Aurobindo Pharma falls sharply as it receives a warning letter from the US FDA for its Eugia III formulation manufacturing plant. This comes after the plant received an official action indicated (OAI) status from the US FDA on the plant on May 25.

  • Electronics Mart India rises as nearly 3.1 crore shares (8% stake), amounting to Rs 712.6 crore, reportedly change hands in a block deal at an average price of Rs 232 per share.

  • Morgan Stanley maintains its ‘Overweight’ rating on Zomato with a target price of Rs 278. The brokerage notes the rising competitive intensity in the quick commerce business, which could delay profitability assumptions. It also emphasises that retaining market leadership is crucial for the company's long-term success.

  • KNR Constructions surges as its Q1FY25 net profit rises 25.9% YoY to Rs 172.6 crore, driven by lower expenses on the cost of materials, subcontracts and spreading & assortment. Revenue grows marginally by 0.4% YoY to Rs 985 crore during the quarter. The company features in a screener of stocks with improving net cash flow from past two years.

  • Glenmark Pharmaceuticals' Q1FY25 net profit surges 126.9% YoY to Rs 340.2 crore, owing to lower raw material and finance costs. Revenue rises 7.2% YoY to Rs 3,275.7 crore, helped by improvements in the Indian, European, and rest of the world (ROW) markets. It appears in a screener of stocks outperforming their industries in the past quarter.

  • Power Mech Projects surges as it receives a Rs 114.3 crore contract from Coastal Energen for the operation and maintenance of the 1,200 megawatt (MW) Mutiara Thermal Power Plant.

  • Paras Defence and Space Technologies surges as it secures a Rs 305 crore order from Larsen & Toubro to manufacture and supply 244 Sight-25HD EO (electro-optics) systems, including extended warranty and logistics support, for their CIWS program.

  • The market opened on an upbeat note. Nifty 50 was trading at 24,342.40 (198.7, 0.8%), BSE Sensex was trading at 79,726.41 (620.5, 0.8%) while the broader Nifty 500 was trading at 22,855.15 (182.5, 0.8%).

  • Market breadth is highly positive. Of the 1,944 stocks traded today, 1,590 were gainers and 319 were losers.

Riding High:

Largecap and midcap gainers today include PB Fintech Ltd. (1,691.95, 7.5%), MphasiS Ltd. (2,910.95, 7.1%) and Aditya Birla Capital Ltd. (216.09, 6.2%).

Downers:

Largecap and midcap losers today include Hindustan Zinc Ltd. (519.90, -9.1%), Varun Beverages Ltd. (1,421.85, -2.8%) and Adani Energy Solutions Ltd. (1,085.30, -2.6%).

Volume Shockers

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

Top high volume gainers on BSE included Zensar Technologies Ltd. (797.60, 7.7%), Nippon Life India Asset Management Ltd. (686.85, 7.5%) and MphasiS Ltd. (2,910.95, 7.1%).

Top high volume losers on BSE were Hindustan Zinc Ltd. (519.90, -9.1%) and J B Chemicals & Pharmaceuticals Ltd. (1,966.50, -0.1%).

RHI Magnesita India Ltd. (627.35, 6.0%) was trading at 59.7 times of weekly average. Firstsource Solutions Ltd. (307.70, 6.0%) and L&T Technology Services Ltd. (5,207.55, 5.9%) were trading with volumes 9.3 and 6.9 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

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

Stocks touching their year highs included - CCL Products India Ltd. (683.65, 2.9%), Colgate-Palmolive (India) Ltd. (3,534.65, 1.9%) and Coromandel International Ltd. (1,759.75, 4.3%).

Stock making new 52 weeks lows included - CreditAccess Grameen Ltd. (1,222, 3.8%).

21 stocks climbed above their 200 day SMA including Piramal Enterprises Ltd. (947.35, 7.4%) and RHI Magnesita India Ltd. (627.35, 6.0%). 10 stocks slipped below their 200 SMA including Olectra Greentech Ltd. (1,608.40, -2.1%) and KIOCL Ltd. (407.45, -1.9%).

 
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