Trendlyne Marketwatch
Trendlyne Marketwatch
21 Oct 2024
Market closes lower, L&T Finance's net profit up 16.9% YoY to Rs 695.6 crore in Q2FY25
By Trendlyne Analysis

 

Nifty 50 closed at 24,781.10 (-73.0, -0.3%) , BSE Sensex closed at 81,151.27 (-73.5, -0.1%) while the broader Nifty 500 closed at 23,263.25 (-177.5, -0.8%). Market breadth is sharply down. Of the 2,335 stocks traded today, 506 were on the uptrend, and 1,806 went down.

Indian indices closed in the red, with the benchmark Nifty 50 index closing at 24,781.1 points. The Indian volatility index, Nifty VIX, rose 5.6% and closed at 13.9 points. HDFC Bank’s net profit grew 5.3% YoY to Rs 16,821 crore in Q2FY25. Revenue rose 9% YoY to Rs 85,499.6 crore, owing to improvements in the retail and wholesale banking segments.

Nifty Midcap 100 and Nifty Smallcap 100 closed in the red, following the benchmark index. S&P BSE Midsmallcap and S&P BSE Large MidCap were among the top index gainers today. According to Trendlyne’s Sector dashboard, Hardware Technology & Equipment emerged as the worst-performing sector of the day, with a fall of over 3%.

Asian indices closed mixed while European indices are trading in the red except Russia’s MOEX and RTSI index. US index futures traded in the red, indicating a cautious start to the trading session. Brent crude oil futures are trading in the green. JP Morgan observed significant Q3 earnings downgrades across major regions, with ongoing cuts in both the U.S. and Eurozone. Additionally, it noted that Brent, a key global benchmark typically correlated to sales growth, is indicating potential downside.

  • Relative strength index (RSI) indicates that stocks like Motilal Oswal Financial Services, Mastek, and Anand Rathi Wealth are in the overbought zone.

  • CG Power and Industrial Solutions is falling as its net profit declines 8.8% YoY to Rs 221 crore in Q2FY25. However, revenue rises 20.5% YoY to Rs 2,412.7 crore during the quarter, driven by higher sales in the power and industrial systems segments. It features in a screener of stocks with zero promoter pledge.

  • Mangalore Refinery And Petrochemicals falls sharply as it reports a net loss of Rs 696.9 crore in Q2FY25 compared to a net profit of Rs 1,051.7 crore in Q2FY24 due to higher cost of raw materials and lower inventory sales. However, revenue increases 26% YoY to Rs 28,785.9 crore during the quarter. The company appears in a screener of stocks underperforming their industry price change in the past quarter.

  • L&T Finance's Q2FY25 net profit grows by 16.9% YoY to Rs 695.6 crore. Its revenue increases by 25.1% YoY to Rs 4,019 crore due to improvements in interest and fees & commission incomes. The company appears in a screener of stocks with book value per share improving over the past two years.

  • Reliance Industries’ exports reach multi-quarter lows, both in absolute terms and as a percentage of its oil-to-chemicals (O2C) revenue in the latest quarter, amid ongoing volatility in the global oil market since the pandemic and recent geopolitical tensions. In Q2FY25, the company reported exports of Rs 70,631 crore, down 16% YoY.

  • Jio Financial Services' net profit grows by 3.1% YoY to Rs 689.1 crore in Q2FY25. Revenue increases 14.1% YoY to Rs 693.5 crore during the quarter, helped by higher interest and dividend income. It shows up in a screener of stocks where mutual funds increased their shareholding in the past quarter.

  • RBL Bank plunges to its 52-week low of Rs 175.5 per share as its net profit falls by 24.3% YoY to Rs 222.5 crore in Q2FY25 owing to a tax expense of Rs 69 crore compared to a tax return of Rs 203.5 crore in Q2FY24. However, revenue grows by 20.1% YoY to Rs 4,458.3 crore, driven by the treasury, retail, and corporate banking segments. It features in a screener of stocks with high interest payments compared to earnings.

  • TD Power Systems is rising as it signs a five-year contract with an Indian subsidiary of a major international company to supply traction motors for the European market. The company receives an initial order valued at Rs 18 crore, scheduled for delivery in April 2025. The total contract value is expected to reach Rs 300 crore over the next five years.

  • Rajiv Bajaj, CEO of Bajaj Auto, expects the company will achieve growth close to double digits by December. He highlights the 125cc+ segment has been growing 40% higher than the industry. Bajaj expects a cumulative volume of 45 lakh by year-end, and 47 lakh in FY25, driven by higher exports.

  • Axis Direct retains its 'Buy' call on Nestle India with a lower target price of Rs 2,640 per share. This indicates a potential upside of 12%. The brokerage remains positive on the company's long-term growth owing to improved rural penetration, new product launches, premiumisation of core categories like Maggi noodles, and expansion into new categories. It expects the firm's revenue to grow at a CAGR of 10.7% over FY25-27.

  • Tata Consumer Products falls sharply as its Q2FY25 revenue misses Forecaster estimates by 2.4% despite growing by 11.4% YoY to Rs 4,260.4 crore, attributed to improvements in the Indian and international businesses. Net profit rises by 7.7% YoY to Rs 364.4 crore owing to higher inventory destocking. It shows up in a screener of stocks with weakening technicals and share price decline.

  • Refex Renewables & Infrastructure rises to its 5% upper limit as its wholly-owned subsidiary, Refex Green Power, secures an order worth Rs 480 crore from NTPC to set up a 100 megawatt (MW) solar power project.

  • Foreign institutional investors (FIIs) offload a record Rs 77,701 crore (approx $9.25 billion) worth of shares till October 18, highlights Ace Equity. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, notes that FII funds are shifting to Chinese stocks, which remain relatively cheap. For context, Hong Kong's Hang Seng index had a price-to-earnings (P/E) ratio of nearly 12, compared to the Nifty50's roughly 23.

  • JSW Steel and JFE Steel Corp’s joint venture, JSquare Electrical Steel Nashik, enters a share purchase agreement to acquire 100% equity interest in Thyssenkrupp Electrical Steel India for Rs 4,051.4 crore, subject to closing adjustments.

  • IndiaMART InterMESH's Q2FY25 net profit grows by 18% QoQ to Rs 135.1 crore. Revenue increases 7.5% QoQ to Rs 413.2 crore, driven by improvements in the web & related services and accounting software services segments. It shows up in a screener of stocks with increasing revenue for the past eight quarters.

  • ICICI Lombard General Insurance's net profit grows by 20.2% YoY to Rs 694 crore in Q2FY25. Revenue increases 17.1% YoY to Rs 6,147.3 crore during the quarter, driven by higher sales in the fire, marine, health, crop, and motor segments. It features in a screener of stocks with increasing revenue every quarter for the past 3 quarters.

  • Sunil D’Souza, MD and CEO of Tata Consumer Products, highlights improved demand in rural areas, but urban demand has softened. He expects increased volumes in Q3FY25, compared to Q2. D’souza believes the company will achieve EBITDA margin growth of 50-100 bps YoY, and remains bullish about H2FY25.

  • Godrej Properties acquires 3 acres of land in Vastrapur, Ahmedabad, for a residential project with a saleable area of 0.9 million sq. ft. The project, primarily premium apartments, has an estimated booking value of Rs 1,300 crore.

  • Kotak Mahindra Bank falls sharply as its net profit misses Forecaster estimates by 1.9% despite growing by 4.8% YoY to Rs 3,343.7 crore in Q2FY25. Revenue rises by 17.7% YoY to Rs 15,900.5 crore, driven by improved treasury, retail, and wholesale banking segments. The bank's asset quality improves as its gross NPA contracts 23 bps YoY. However, its net NPA expands by 6 bps YoY.

  • Netweb Technologies India is rising as its net profit grows by 66.5% QoQ to Rs 25.7 crore, led by inventory destocking. Revenue increases 68.1% QoQ to Rs 251.1 crore during the quarter. The company appears in a screener of stocks where mutual funds increased their shareholding in the last quarter.

  • Hitesh Doshi, Chief Managing Director of Waaree Energies, highlights the company's plans to utilise the IPO funds to increase its capacity from 13 GW to 21 GW. As of June 2024, its utilized capacity stands at 45%. He adds that the firm plans to launch a 5.4 GW cell manufacturing facility in FY25, which is expected to enhance margins as it becomes operational.

  • PNC Infratech plunges to its 20% lower circuit as the Ministry of Road Transport & Highways (MoRTH) disqualifies the company and its special purpose vehicles (SPVs), PNC Khajuraho Highways and PNC Bundelkhand Highways from its tenders for one year.

  • HDFC Bank rises sharply as its net profit grows 5.3% YoY to Rs 16,821 crore in Q2FY25. Revenue increases 9% YoY to Rs 85,499.6 crore, owing to improvements in the retail and wholesale banking segments. However, the bank's asset quality declines as its gross and net NPA grow by 2 bps and 6 bps YoY, respectively. It appears in a screener of stocks near their 52-week highs with significant volumes.

  • Garden Reach Shipbuilders & Engineers is rising as it receives a contract worth Rs 491 crore from the Naval Physical and Oceanographic Laboratory under the Ministry of Defence's Defence Research and Development Organisation (DRDO) in Kochi. The contract covers the design, development, construction, equipment integration, testing, certification, commissioning, and supply of an Acoustic Research Ship (ARS).

  • Tech Mahindra rises sharply to its 52-week high of Rs 1,745 per share as its net profit grows by 46.8% QoQ to Rs 1,250.1 crore in Q2FY25. Revenue increases 5.2% QoQ to Rs 13,834.7 crore, helped by improvements in the IT and business process services (BPS) segments. It features in a screener of stocks with decreasing provisions.

  • Markets rise on early trading, Nifty 50 was trading at 24,935.75 (81.7, 0.3%), BSE Sensex was trading at 81,676.39 (451.6, 0.6%) while the broader Nifty 500 was trading at 23,513.85 (73.2, 0.3%).

  • Market breadth is in the green. Of the 2,009 stocks traded today, 1,141 were on the uptick, and 817 were down.

Riding High:

Largecap and midcap gainers today include Bajaj Auto Ltd. (10,500.50, 4.3%), Oberoi Realty Ltd. (1,995.55, 3.3%) and Zomato Ltd. (265.70, 3.2%).

Downers:

Largecap and midcap losers today include Tata Consumer Products Ltd. (1,017.05, -7.0%), Jindal Stainless Ltd. (698.85, -5.9%) and ABB India Ltd. (8,279.70, -5.7%).

Volume Rockets

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

Top high volume gainers on BSE included Amber Enterprises India Ltd. (6,344.45, 17.4%), Tejas Networks Ltd. (1,318.60, 11.0%) and Tata Chemicals Ltd. (1,189, 9.3%).

Top high volume losers on BSE were IndiaMART InterMESH Ltd. (2,508.60, -16.7%), RBL Bank Ltd. (176.14, -14.2%) and Tata Consumer Products Ltd. (1,017.05, -7.0%).

TVS Holdings Ltd. (14,000, 3.7%) was trading at 10.3 times of weekly average. Dalmia Bharat Ltd. (1,830.80, -1.2%) and Kama Holdings Ltd. (2,684.15, 2.5%) were trading with volumes 8.9 and 8.8 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

13 stocks made 52 week highs, while 8 stocks were underachievers and hit their 52 week lows.

Stocks touching their year highs included - HCL Technologies Ltd. (1,843.60, -0.8%), JM Financial Ltd. (147.05, -7.3%) and Multi Commodity Exchange of India Ltd. (6,629, 1.0%).

Stocks making new 52 weeks lows included - IDFC First Bank Ltd. (70.40, -1.6%) and IndusInd Bank Ltd. (1,308.25, -2.9%).

8 stocks climbed above their 200 day SMA including Kama Holdings Ltd. (2,684.15, 2.5%) and L&T Technology Services Ltd. (5,255, 2.4%). 35 stocks slipped below their 200 SMA including PNC Infratech Ltd. (366.80, -20%) and IndiaMART InterMESH Ltd. (2,508.60, -16.7%).

 
More from Trendlyne Marketwatch
More from Trendlyne Analysis
Recommended
Five Interesting Stocks Today - May 09, 2025
The Baseline | 09 May 2025, 04:56PM
Market closes lower, Intellect Design Arena's Q4 net profit surges 93% QoQ to Rs 135.3 crore
Trendlyne Marketwatch | 09 May 2025, 03:56PM
Markets close higher, Rakesh Jhunjhunwala buys a 2.2% stake in Indiabulls Housing Finance
Trendlyne Marketwatch | 22 Jul 2021