Trendlyne Marketwatch
Trendlyne Marketwatch
11 Oct 2024
Market closes flat, Just Dial's Q2FY25 net profit grows by 9.1% QoQ to Rs 154.1 crore
By Trendlyne Analysis

 

Nifty 50 closed at 24,964.25 (-34.2, -0.1%) , BSE Sensex closed at 81,381.36 (-230.1, -0.3%) while the broader Nifty 500 closed at 23,611.25 (13.1, 0.1%). Market breadth is even. Of the 2,305 stocks traded today, 1,173 were in the positive territory and 1,104 were negative.

Indian indices closed flat, with the benchmark Nifty 50 index closing at 24,966.9 points. The Indian volatility index, Nifty VIX, fell 2.1% and closed at around 13.2 points. TCS closed 1.9% lower as its net profit fell 1.1% QoQ to Rs 11,909 crore in Q2FY25.

Nifty Midcap 100 and Nifty Smallcap 100 closed in the green. BSE Metal and Nifty Pharma closed higher. According to Trendlyne’s sector dashboard, Hardware Technology & Equipment emerged as the best-performing sector of the day, with a rise of 2.3%.

European indices traded in the red. Major Asian indices closed mixed, with China’s FTSE China 50 and Hong Kong’s Hang Seng indices closing 3.4% and 3% higher, respectively. US index futures traded lower, indicating a cautious start to the trading session as markets await the Q3 results of large banks like JP Morgan Chase and Wells Fargo.

  • Money flow index (MFI) indicates that stocks like Hitachi Energy India, Lloyds Metals & Energy, Whirlpool of India, and Jaiprakash Power Ventures are in the overbought zone.

  • Foreign institutional investors sell equity worth Rs 26,831.8 crore in the market over the past week, according to Trendlyne's FII dashboard. Index options witness the highest outflow of Rs 21,612.5 crore from foreign investors. Meanwhile, mutual funds are net buyers in the equity market, investing Rs 7,717.7 crore during the same period.

  • Just Dial rises sharply to its 5-year high of Rs 1,395 per share as its Q2FY25 net profit grows by 9.1% QoQ to Rs 154.1 crore. Revenue increases by 8.4% QoQ to Rs 398.4 crore during the quarter. It features in a screener of stocks with increasing net profit for the past three quarters.

  • Trent is rising after Tata Trusts reportedly appoints Noel Tata as the Chairman, succeeding his late brother Ratan Tata.

  • Shreya Sodhani, Regional Economist at Barclays, notes that current conditions allow the MPC more flexibility. She highlights the "satisfactory" rate transmission to the credit market, indicating the RBI may be preparing the market for a potential rate cut in its next meeting.

  • Krsnaa Diagnostics touches a new 52-week high of Rs 902.4 as it secures two agreements with Ranchi Institute of Neuro-Psychiatry & Allied Services (RINPAS) and Sadar Hospital. The contracts involve establishing radiology centers and pathology services under a public-private partnership basis.

  • Endurance Technologies is rising as its board of directors approves a capex of Rs 300 crore to set up a two-wheeler alloy wheels manufacturing facility with a capacity of 2.3 lakh sets per month on a 30-acre land parcel in Aurangabad Industrial City.

  • Sansera Engineering rises as it sets a floor price of Rs 1,635.5 per equity share for its Rs 1,200 crore qualified institutional placement (QIP).

  • Goldman Sachs downgrades Cummins India to ‘Sell’ with a target price of Rs 2,900. The brokerage notes the growing adoption of battery energy storage systems (BESS) and shifts towards sustainable energy sources. This is expected to lower demand for diesel generators, posing a threat to Cummins’ core business.

  • Geojit BNP Paribas initiates coverage on Muthoot Finance with an 'Accumulate' call and a target price of Rs 2,140 per share. This indicates a potential upside of 9.7%. The brokerage believes the company is well positioned to receive a premium valuation, given the resilience of gold as a secure investment. It expects the firm's net interest income (NII) to grow at a CAGR of 17.7% over FY25-26.

  • JSW Steel partners with BHP and Carbon Clean to explore deploying CycloneCC technology for carbon capture at its Vijayanagar site in Karnataka. The initiative aims to capture up to 1 lakh tonnes of carbon dioxide (CO2) annually by 2026.

  • Ahluwalia Contracts (India) secures an order worth Rs 1,094.7 crore from DLF City Centre. The contract involves the construction of civil and composite steel structural works, including rough finishing for Blocks 5, 6, and 7 at Downtown, Phase 2, Sector 25A, Gurugram.

  • UBS maintains its ‘Neutral’ stance on Kotak Mahindra Bank with a higher target price of Rs 1,950. The brokerage notes cyclical challenges related to NIMs (net interest margins) and CASA deposits and rising credit costs. UBS highlights that stability in core business operations will be necessary for any potential re-rating in the future.

  • Anand Rathi Wealth is rising as its net profit grows by 32.4% YoY to Rs 76.1 crore in Q2FY25. Revenue increases by 32% YoY to Rs 249.6 crore, helped by improved distribution and inflows in the mutual funds segment. It features in a screener of stocks with the highest recovery from their 52-week lows.

  • Ashoka Buildcon is rising as it secures an order worth Rs 918 crore from the Brihanmumbai Municipal Corporation (BMC) to construct the arm-1 arm-2 flyovers at the T Junction on the Sion-Panvel Highway in Maharashtra.

  • Indian Renewable Energy Development Agency's net profit grows 36% YoY to Rs 387.7 crore in Q2FY25. Revenue increases by 38.5% YoY to Rs 1,630.4 crore during the quarter. It shows up in a screener of stocks with increasing revenue for the past four quarters.

  • Foreign portfolio investors (FPIs) reduce their exposure to Adani Green Energy and Adani Power but increase their stake in Adani Enterprises. Mutual funds raised their stake in Adani's flagship by 43 bps to 2.2% from 1.8% in the June quarter. FPIs have increased their stake in Adani Enterprises to 9.2% as of September 30.

  • Bondada Engineering is rising as it secures bulk orders worth Rs 1,132.3 crore from Maharashtra State Power Generation Company (MAHAGENCO). These include an engineering, procurement, and construction (EPC) contract for a solar photovoltaic (PV) power plant valued at Rs 763.2 crore and another for solar PV agriculture feeder solarization worth Rs 369.1 crore.

  • Tata Elxsi's net profit grows by 24.6% QoQ to Rs 229.4 crore in Q2FY25 due to lower inventory expenses. Revenue increases by 6.3% QoQ to Rs 1,019.4 crore, driven by improvements in the software development & services and system integration & support services segments. It shows up in a screener of stocks with rising cash flow from operations in the past two years.

  • Vishnu Prakash R Punglia is rising as it receives an order worth Rs 160.8 crore from North Western Railway, Jaipur. The project includes earthwork, construction of station buildings, electrical and signaling structures, and development of platforms and amenities between Jaipur and Chaksu stations for the Jaipur-Sawai Madhopur Doubling Project.

  • Citi maintains its 'Buy' rating on Indus Towers with a target price of Rs 500. The brokerage notes that recovery of past dues and clarity on new tenancies will be key factors in its Q2 results. In addition, the completion of Vodafone Idea's delayed bank funding and the government's waiver of the bank guarantee requirement for telecom companies will significantly impact the company.

  • Tata Consultancy Services' net profit falls by 1.1% QoQ to Rs 11,909 crore in Q2FY25 due to higher employee benefits and equipment & software licence expenses. However, revenue grows by 2.2% QoQ to Rs 64,988 crore, helped by improvements in the banking, financial services & insurance (BFSI), manufacturing, consumer, and life sciences & healthcare segments. It features in a screener of stocks with increasing revenue for the past eight years.

  • Bandhan Bank is rising as the RBI approves the appointment of Partha Sengupta as the Managing Director and Chief Executive Officer for three years, effective November 10. Additionally, the bank is set to receive a payout of Rs 314.7 crore from the National Credit Guarantee Trustee Co following a forensic audit.

  • Oberoi Realty's board of directors approves a fundraising worth Rs 6,000 crore by issuing equity and other securities in multiple tranches through private placements.

  • Mazagon Dock Shipbuilders receives a purchase order worth Rs 121.7 crore from Maharashtra State Power Generation Company (MAHAGENCO). The contract involves the supply, installation, and commissioning of an AI-based Comprehensive Infrasecure Project at Gas Turbine Power Station-Uran and Koyna Generating Station Complex-Pophali.

  • Nifty 50 was trading at 24,954.10 (-44.4, -0.2%) , BSE Sensex was trading at 81,573.63 (-37.8, -0.1%) while the broader Nifty 500 was trading at 23,560.15 (-38, -0.2%)

  • Market breadth is in the red. Of the 1,887 stocks traded today, 779 were on the uptrend, and 1,063 went down.

Riding High:

Largecap and midcap gainers today include Bandhan Bank Ltd. (210.26, 12.0%), Persistent Systems Ltd. (5,469.55, 4.4%) and Ipca Laboratories Ltd. (1,655.05, 4.1%).

Downers:

Largecap and midcap losers today include Cummins India Ltd. (3,614.15, -4.5%), Star Health and Allied Insurance Company Ltd. (547.60, -3.3%) and JSW Energy Ltd. (706.70, -3.0%).

Movers and Shakers

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

Top high volume gainers on BSE included Usha Martin Ltd. (422.10, 15.0%), Bandhan Bank Ltd. (210.26, 12.0%) and Nippon Life India Asset Management Ltd. (700.25, 9.2%).

Top high volume losers on BSE were Cummins India Ltd. (3,614.15, -4.5%), CreditAccess Grameen Ltd. (1,075.25, -3.9%) and Tata Consultancy Services Ltd. (4,149.20, -1.9%).

Rajesh Exports Ltd. (291.45, 5.3%) was trading at 10.7 times of weekly average. Just Dial Ltd. (1,308.85, 3.0%) and Anand Rathi Wealth Ltd. (4,041.85, -0.3%) were trading with volumes 9.6 and 6.8 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

14 stocks made 52 week highs, while 1 stock hit their 52 week lows.

Stocks touching their year highs included - Divi's Laboratories Ltd. (6,142.25, 3.4%), Glenmark Pharmaceuticals Ltd. (1,790.65, 1.7%) and HCL Technologies Ltd. (1,839.65, 1.7%).

Stock making new 52 weeks lows included - CreditAccess Grameen Ltd. (1,075.25, -3.9%).

16 stocks climbed above their 200 day SMA including Usha Martin Ltd. (422.10, 15.0%) and Bandhan Bank Ltd. (210.26, 12.0%). 5 stocks slipped below their 200 SMA including Star Health and Allied Insurance Company Ltd. (547.60, -3.3%) and L&T Finance Ltd. (163.76, -2.2%).

 
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