Trendlyne Marketwatch
Trendlyne Marketwatch
18 Oct 2024
Market closes higher, Hindustan Zinc's profit rises 34.6% YoY to Rs 2,327 crore in Q2FY25
By Trendlyne Analysis

 

Nifty 50 closed at 24,854.05 (104.2, 0.4%) , BSE Sensex closed at 81,224.75 (218.1, 0.3%) while the broader Nifty 500 closed at 23,440.70 (63.7, 0.3%). Market breadth is in the red. Of the 2,282 stocks traded today, 1,033 were gainers and 1,227 were losers.

Nifty 50 closed higher after rising throughout the day. The Indian volatility index, Nifty VIX, fell 2.6% and closed at 13 points. Axis Bank’s net profit grew 18% YoY to Rs 6,917.6 crore in Q2FY25. The bank's asset quality improved, with its gross and net NPAs contracting by 29 bps and 2 bps YoY, respectively, during the quarter.

Nifty Smallcap 100 closed flat, while Nifty Midcap 100 closed in the green. Nifty Private Bank and BSE Metal Index were among the top index gainers today. According to Trendlyne’s Sector dashboard, Metals & Mining emerged as the best-performing sector of the day, with a rise of 1.1%.

Asian indices closed mixed. European indices are trading mixed. US index futures are trading in the green, indicating a positive start to the trading session. Brent crude oil futures are trading lower.

  • Money flow index (MFI) indicates that stocks like Mastek, Hitachi Energy India, Divi's Laboratories, and Motilal Oswal Financial Services are in the overbought zone.

  • Aether Industries' revenue rises by 21.1% YoY to Rs 198.8 crore in Q2FY25 due to strong performance in the large-scale manufacturing segment. However, net profit declines 5.1% YoY at Rs 348 crore due to lower inventory sales. It shows up in a screener of stocks where mutual funds have increased their shareholding in the past quarter.

  • Hindustan Zinc's net profit rises 34.6% YoY to Rs 2,327 crore in Q2FY25. Revenue increases 20.9% YoY to Rs 8,004 crore, driven by higher sales from the zinc, lead, and silver metals segment during the quarter. The company appears in a screener of stocks with increasing revenue every quarter for the past three quarters.

  • Emkay upgrades Mahindra & Mahindra Financial Services to 'Buy' from 'Sell' with a higher target price of Rs 360 per share. This indicates a potential upside of 23.6%. The brokerage believes the company's medium-to-long-term strategy will deliver diversified and profitable growth. It expects the firm's net profit to grow at a CAGR of 31.15 over FY25-27.

  • Anil Rai Gupta, Chief Managing Director of Havells India, anticipates margin improvements in H2FY25 compared to H1, with core margins at around 13%, excluding Lloyd. He notes a positive start to the festive season. Gupta highlights the new cables manufacturing facility in Tumkur began operations last month, and plans for an additional Rs 450 crore expansion.

  • Elecon Engineering plunges as its Q2FY25 net profit falls 1% YoY to Rs 87.7 crore due to higher raw materials and employee benefits expenses. However, revenue grows by 4.4% YoY to Rs 519.5 crore, helped by an improvement in the material handling equipment segment. It shows up in a screener of stocks with sells by superstar investors.

  • Tata Communications is rising as its net profit grows 3% YoY to Rs 227.2 crore. Revenue increases 18.4% YoY to Rs 5,767.4 crore, driven by a 21% YoY growth in data revenue during the quarter. The company appears in a screener of stocks where mutual funds increased their shareholding over the past two months.

  • Hindware Home Innovation's board of directors approves the rights issue of 1.1 crore shares worth Rs 250 crore at an issue price of Rs 220 per share. The board sets October 25 as the record date for the rights issue.

  • According to JM Financial, Oberoi Realty, Adani Energy, Voltas, and Alkem Laboratories, among others, will likely be included in the MSCI India Standard Index as part of its rebalancing. The index rejig is scheduled for November 6, with changes effective from November 26.

  • Ajmera Realty rises sharply as its board of directors approves the preferential issue of 31.6 lakh shares worth Rs 225 crore at an issue price of Rs 711 per share.

  • JSW Energy's step-down subsidiaries, JSW Renew Energy Six and JSW Renew Energy Thirty, sign power purchase agreements (PPAs) with Maharashtra State Electricity Distribution Company (MSEDCL) for Solar-Wind Hybrid projects connected to the state transmission utility (STU), with a total capacity of 1,200 MW. The agreements are set for a 25-year term at a tariff of Rs 3.6 per kWh.

  • Polycab India is falling as its net profit misses Forecaster estimates by 1.7% despite growing by 3.3% YoY to Rs 439.8 crore in Q2FY25. Revenue increases 31.1% YoY to Rs 5,574.6 crore, helped by improvements in the wires & cables and fast-moving electrical goods (FMEG) segments. It shows up in a screener of stocks where promoters are decreasing their shareholding.

  • Indraprastha Gas and Mahanagar Gas decline as they confirm a 20% ad hoc reduction in the allocation of cheap APM gas for the CNG segment, effective October 16. According to JM Financial, the latest cut will likely result in cheap $6.5 per mmBtu APM gas being replaced with expensive gas costing $10-14 per mmBtu. This may lead to increased weighted average gas cost for the CNG business, causing a CNG price hike of Rs 3.5-5/kg or 5-7%.

  • Foreign institutional investors sell equity worth Rs 11,687.4 crore in the market over the past week, according to Trendlyne's FII dashboard. Index options witness the highest inflow of Rs 51,321.1 crore from foreign investors. Meanwhile, mutual funds are net buyers in the equity market, investing Rs 6,357.8 crore during the same period.

  • Tata Chemicals' net profit plunges 54.7% YoY to Rs 194 crore in Q2FY25 due to higher employee benefits and freight & forwarding expenses. Revenue remains flat YoY at Rs 3,999 crore but beats Forecaster estimates by 2.1%. It shows up in a screener of stocks underperforming their industries in the past quarter.

  • Mazagon Dock Shipbuilders surges as its board of directors schedules a meeting on October 22 to consider the declaration of interim dividend for FY25 and sub-division / split of equity shares. The company sets October 30 as the record date for its interim dividend.

  • Godavari Biorefineries sets its IPO price band at Rs 334-352 per share. The issue size is Rs 554.9 crore, with a fresh issue worth Rs 325 crore and an offer for sale of around Rs 229.9 crore. The issue opens on October 23.

  • Ceat's net profit drops 41.5% YoY to Rs 121.5 crore due to higher raw material costs. However, revenue increases 8.2% YoY to Rs 3,304.5 crore, surpassing the Forecaster estimates marginally by 0.6%. It appears in a screener of stocks with improving book value over the past two years.

  • Zomato's board of directors schedules a meeting for October 22 to consider a proposal to raise funds via a qualified institutional placement (QIP) of equity shares. The board will also announce the company's Q2FY25 earnings during the meeting.

  • Axis Bank is rising as its net profit grows by 18% YoY to Rs 6,917.6 crore in Q2FY25. Revenue increases 17.3% YoY to Rs 37,141.7 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 29 bps and 2 bps YoY, respectively, during the quarter.

  • Manappuram Finance plunges more than 12% after the Reserve Bank of India (RBI) imposes restrictions, citing material supervisory concerns. RBI has barred its subsidiary, Asirvad MFI, from sanctioning or disbursing loans, effective October 21. Due to this action, various brokerages have downgraded the stock's rating.

  • LTIMindtree falls sharply as its net profit grows by 10.3% QoQ to Rs 1,251 crore in Q2FY25. Revenue increases by 3.9% QoQ to Rs 9,731.8 crore owing to improvements in the banking, financial services & insurance (BFSI), technology, media & communications, manufacturing & resources, and consumer business segments. However, it appears in a screener of stocks with an increasing trend in non-core income.

  • Diamond Power Infrastructure receives an order worth Rs 99.9 crore from Reverence Infrastructure India to supply 11KV aluminum cables for a project under the Revamped Distribution Sector Scheme (RDSS).

  • Wipro rises sharply as its Q2FY25 net profit grows by 6.8% QoQ to Rs 3,208.8 crore, helped by lower sub-contracting & technical, facility, and travel expenses. Revenue increases 2.5% QoQ to Rs 23,263.5 crore, driven by improvements in the Americas, Europe, and Asia Pacific, Middle East, & Africa (APMEA) segments. It features in a screener of stocks with increasing net profit for the past four quarters.

  • Infosys falls sharply as its net profit misses Forecaster estimates by 4.4% despite growing 2.2% QoQ to Rs 6,506 crore in Q2FY25. Revenue increases 3.8% QoQ to Rs 41,698 crore, attributed to improvements in the financial services, retail, communication, energy, utilities, resources & services, manufacturing, hi-tech, and life sciences segments. It features in a screener of stocks with expensive valuations according to the Trendlyne valuation score.

  • Nifty 50 was trading at 24,610.95 (-138.9, -0.6%) , BSE Sensex was trading at 80,742.93 (-263.7, -0.3%) while the broader Nifty 500 was trading at 23,187.70 (-189.3, -0.8%)

  • Market breadth is highly negative. Of the 1,896 stocks traded today, 289 were on the uptick, and 1,579 were down.

Riding High:

Largecap and midcap gainers today include Mazagon Dock Shipbuilders Ltd. (4,526.35, 6.8%), Axis Bank Ltd. (1,196.85, 5.7%) and Honeywell Automation India Ltd. (51,677.45, 4.3%).

Downers:

Largecap and midcap losers today include Indraprastha Gas Ltd. (451.70, -10.5%), LTIMindtree Ltd. (5,991.70, -6.3%) and Zomato Ltd. (257.45, -4.8%).

Movers and Shakers

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

Top high volume gainers on BSE included Aditya Birla Real Estate Ltd. (3,052.80, 6.9%), Mazagon Dock Shipbuilders Ltd. (4,526.35, 6.8%) and Tejas Networks Ltd. (1,187.70, 5.5%).

Top high volume losers on BSE were Manappuram Finance Ltd. (153.27, -13.6%), Indraprastha Gas Ltd. (451.70, -10.5%) and Mahanagar Gas Ltd. (1,582.25, -10.2%).

Go Digit General Insurance Ltd. (365, 1.2%) was trading at 6.7 times of weekly average. Ceat Ltd. (2,972.85, 2.8%) and Polycab India Ltd. (7,120.40, 0%) were trading with volumes 6.2 and 5.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

6 stocks overperformed with 52 week highs, while 4 stocks tanked below their 52 week lows.

Stocks touching their year highs included - Motilal Oswal Financial Services Ltd. (1,029.70, 10.8%), Multi Commodity Exchange of India Ltd. (6,561.15, 3.5%) and Torrent Power Ltd. (1,973.65, 1.8%).

Stocks making new 52 weeks lows included - Zee Entertainment Enterprises Ltd. (132.46, 5.3%) and Anupam Rasayan India Ltd. (726.45, 0.4%).

10 stocks climbed above their 200 day SMA including Axis Bank Ltd. (1,196.85, 5.7%) and Mahindra & Mahindra Financial Services Ltd. (291, 3.1%). 36 stocks slipped below their 200 SMA including Indraprastha Gas Ltd. (451.70, -10.5%) and Mahanagar Gas Ltd. (1,582.25, -10.2%).

 
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