Trendlyne Marketwatch
Trendlyne Marketwatch
17 Oct 2024
Market closes lower, Central Bank of India's net profit surges 51% YoY to Rs 912.8 crore in Q2
By Trendlyne Analysis

 

Nifty 50 closed at 24,749.85 (-221.5, -0.9%) , BSE Sensex closed at 81,006.61 (-494.8, -0.6%) while the broader Nifty 500 closed at 23,377 (-296.2, -1.3%). Market breadth is overwhelmingly negative. Of the 2,291 stocks traded today, 531 showed gains, and 1,731 showed losses.

Indian indices closed in the red after paring gains in the morning session. The Indian volatility index, Nifty VIX, rose 2.6% and closed at around 13.4 points. Hyundai Motor India’s Rs 27,870.1 crore IPO received bids for 2.4X the available 10 crore shares on offer on the last day of bidding. The retail investor quota got bids for 0.5X the available 4.9 crore shares.

Nifty Midcap 100 and Nifty Smallcap 100 closed lower. Nifty Realty and Nifty Auto closed deep in the red. According to Trendlyne’s sector dashboard, Hardware Technology & Equipment emerged as the worst-performing sector of the day, with a fall of 3.5%.

European indices traded higher, except Russia’s RTSI and MOEX indices which closed 0.4% lower each. Major Asian indices closed mixed. US index futures traded higher, indicating a positive start to the trading session as investors gear up for the country’s retail sales data expected to come out later today.

  • Bajaj Auto sees a short buildup in its October 31 futures series, with open interest increasing by 55.7% and a put-call ratio of 0.7.

  • Karur Vysya Bank rises as its net profit grows by 25.1% YoY to Rs 473.6 crore in Q2FY25. Revenue increases 22.3% YoY to Rs 1,324 crore, driven by improvements in the treasury, corporate, and retail banking segments. The bank's asset quality improves as its gross and net NPAs contract by 63 bps and 15 bps YoY, respectively, during the quarter.

  • Central Bank of India rises sharply as its net profit surges by 50.8% YoY to Rs 912.8 crore in Q2FY25, helped by reduced provisions. Revenue increases by 17.1% YoY to Rs 9,849.3 crore, driven by improvements in the treasure, retail, and wholesale banking segments. The bank's asset quality improves as its gross and net NPAs decline by 3 bps YoY and 95 bps YoY, respectively.

  • JSW Energy's subsidiary, JSW Renew Energy Seventeen, signs its first power purchase agreement (PPA) for a wind-solar hybrid project in Gujarat with Gujarat Urja Vikas Nigam (GUVNL). The agreement involves the supply of 192 MW of hybrid energy at Rs 3.3 per kWh for 25 years.

  • Foreign portfolio investors like Societe Generale, UBS Principal Capital Asia, and Tiger Pacific Master reduce their stakes in Paytm to below 1% in the September quarter. This selloff has contributed to a broader decline in foreign institutional ownership, with total foreign portfolio and foreign direct investment decreasing from 58.2% in June to 55.5% by September.

  • Kolte-Patil Developers rises sharply as its Q2FY24 sales value increases by 22% YoY to Rs 770 crore, driven by a 16% YoY growth in realisations to Rs 7,472 per sq ft. Collections rise 16% YoY to Rs 550 crore during the quarter.

  • Hyundai Motor India’s Rs 27,870.1 crore IPO received bids for 2.1X the available 10 crore shares on offer on the last day of bidding. The retail investor quota gets bids for 0.5X the available 4.9 crore shares.

  • KR Choksey initiates coverage on Cyient DLM with a 'Buy' call and a target price of Rs 842 per share. This indicates a potential upside of 21.4%. The brokerage believes the company is well positioned for growth in the next three years owing to strong long-term customer relationships, a strengthening order book, expansion plans in the US, and increased focus on the business-to-supplier (B2S) segments. It expects the firm's revenue to grow at a CAGR of 30.5% over FY25-27.

  • Auto stocks like Bajaj Auto, Hero Moto, and Maruti Suzuki face significant selling pressure. Bajaj Auto, during its September quarter results, expressed concerns about muted demand, lowering its growth guidance to 3-5%. This caution comes despite analysts and investors expecting a strong sales rebound during the festive season, usually a time of increased consumer spending in the auto sector.

  • Tata Power receives a letter of intent (LoI) from REC Power Development to acquire ERES-XXXIX Power Transmission, a project-specific special purpose vehicle (SPV). The project involves constructing a 765/400 kV GIS substation at Gopalpur, ~190 km of transmission lines, and 12 km of 400 kV line. The contract spans 35 years, with annual transmission charges of Rs 289.7 crore.

  • Reliance Industries is rising as its board sets October 28 as the record date for its 1:1 bonus share issue

  • Nestle India is falling as its net profit declines by 0.9% YoY to Rs 899.5 crore in Q2FY25, due to higher raw materials, finance, and corporate social responsibility expenses. However, revenue grows marginally by 0.8% YoY to Rs 5,110.9 crore, owing to improvements in the e-commerce, organised trade, and out-of-home (OOH) segments. It shows up in a screener of stocks with weakening technicals and share price decline.

  • Amit Chadha, Managing Director of L&T Technology Services, highlights the company’s medium-term target to achieve $2 billion in revenues. He also reiterates the FY25 revenue growth guidance of 8-10% and EBIT margin of 16%. Chadha expects the company’s margins will improve over H2FY25.

  • Crisil is rising as its Q2FY25 net profit grows by 12.9% YoY to Rs 171.6 crore. Revenue increases by 10.3% YoY to Rs 811.8 crore, driven by an improvement in the rating services segment. The company appears in a screener for stocks with no debt.

  • Larsen & Toubro's hydrocarbon arm bags an order worth Rs 1,000-2,500 crore to set up a 1,200 million tonnes per day (MTPD) nitrogen, phosphorus, and potassium (NPK) fertiliser plant for Rashtriya Chemicals and Fertilizers in Raigad. The company will carry out the order on a license, engineering, procurement, and construction (L-EPC) basis, and also set up associated utilities and off-site facilities for the plant.

  • Ircon International is rising as it signs a memorandum of understanding (MoU) with Patel Engineering to collaborate on identifying, pursuing, and executing infrastructure projects in India and overseas.

  • UBS downgrades SRF to a 'Sell' rating with a lower target price of Rs 2,100. The brokerage attributes weak demand for agrochemicals and the increasing market share of Chinese companies as the key factors. It also anticipates that refrigerant gas prices will remain low, adding to ongoing growth challenges for the company.

  • ICICI Direct retains its 'Buy' call on PVR INOX with a higher target price of Rs 1,960 per share. This indicates a potential upside of 21.3%. The brokerage expects the company's footfall to increase, owing to the upcoming festive quarter and strong content pipeline, which will lead to increased advertisement revenue. It expects the firm's revenue to grow at a CAGR of 11% over FY5-27.

  • MphasiS rises as its net profit grows 4.7% QoQ to Rs 423.3 crore in Q2FY25 owing to lower employee benefits and finance costs. Revenue increases by 2.8% QoQ to Rs 3,594.9 crore, attributed to improvements in the banking & financial services, technology media & telecom, and insurance segments. It features in a screener of stocks near their 52-week highs with significant volumes.

  • Oriana Power surges as it reportedly secures a contract worth Rs 375 crore from Maharashtra State Electricity Distribution Co (MSEDCL) to construct a 75-megawatt alternating current (MW AC) solar power plant.

  • Antique Stock Broking maintains its ‘Sell’ rating on Rallis India with a target price of Rs 310. The brokerage believes that a recovery in the agrochemical industry, new product launch pipeline, and a steady scale-up of the CSM (custom synthesis manufacturing) business will drive long-term growth. It also highlights the company’s premium valuations.

  • Bikaji Foods International's subsidiary, Bikaji Foods Retail, acquires a 53% stake in Hazelnut Factory Food Products for Rs 131 crore.

  • L&T Technology Services is falling as its Q2FY25 net profit misses Forecaster estimates by 4.6% despite growing 1.9% QoQ to Rs 319.6 crore. Revenue rises by 4.5% QoQ to Rs 2,637.9 crore, driven by improvements in the mobility, sustainability, and hi-tech segments. It appears in a screener of stocks with an increasing trend in non-core income.

  • Rail Vikas Nigam is rising as it secures a contract worth Rs 270 crore from Maharashtra Metro Rail Corp to construct ten elevated metro stations under Nagpur Metro Rail Project Phase-2, including seven in Reach 3A and three in Reach 4A.

  • Bajaj Auto's net profit falls by 31.4% YoY to Rs 1,385.4 crore in Q2FY25. Revenue increases by 22.2% YoY to Rs 13,247.3 crore, driven by higher sales from the automotive and financing segments. The company appears in a screener of stocks where mutual funds increased their shareholding over the past two months.

  • Nifty 50 was trading at 24,956.75 (-14.6, -0.1%), BSE Sensex was trading at 81,753.79 (252.4, 0.3%) while the broader Nifty 500 was trading at 23,639.55 (-33.6, -0.1%).

  • Market breadth is even. Of the 1,939 stocks traded today, 943 were on the uptrend, and 938 went down.

Riding High:

Largecap and midcap gainers today include MphasiS Ltd. (3,080.20, 5.8%), Central Bank of India (58.97, 2.7%) and Infosys Ltd. (1,968.10, 2.5%).

Downers:

Largecap and midcap losers today include Bajaj Auto Ltd. (10,119.45, -12.9%), Havells India Ltd. (1,805.55, -6.9%) and Oberoi Realty Ltd. (1,903.70, -6.3%).

Volume Rockets

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

Top high volume gainers on BSE included MphasiS Ltd. (3,080.20, 5.8%), Honasa Consumer Ltd. (424.25, 3.4%) and Titagarh Rail Systems Ltd. (1,170.05, 3.3%).

Top high volume losers on BSE were Bajaj Auto Ltd. (10,119.45, -12.9%), Havells India Ltd. (1,805.55, -6.9%) and Tata Communications Ltd. (1,830.05, -4.8%).

Crisil Ltd. (4,765.05, -0.5%) was trading at 23.0 times of weekly average. Chennai Petroleum Corporation Ltd. (943.40, 1.6%) and Blue Dart Express Ltd. (8,311.20, -2.1%) were trading with volumes 16.3 and 12.2 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

6 stocks took off, crossing 52 week highs, while 1 stock were underachiever and hit their 52 week lows.

Stocks touching their year highs included - Firstsource Solutions Ltd. (338.20, 0.2%), Oberoi Realty Ltd. (1,903.70, -6.3%) and Tech Mahindra Ltd. (1,699, 2.3%).

Stock making new 52 weeks lows included - Equitas Small Finance Bank Ltd. (71.24, -1.1%).

5 stocks climbed above their 200 day SMA including Sterling and Wilson Renewable Energy Ltd. (621.55, 1.6%) and Chennai Petroleum Corporation Ltd. (943.40, 1.6%). 22 stocks slipped below their 200 SMA including Bharat Heavy Electricals Ltd. (254.20, -5.7%) and Tata Communications Ltd. (1,830.05, -4.8%).

 
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