Trendlyne Marketwatch
Trendlyne Marketwatch
23 Oct 2024
Market closes lower, Bajaj Finserv's revenue rises 29.5% YoY to Rs 33,703.7 crore in Q2FY25
By Trendlyne Analysis

 

Nifty 50 closed at 24,435.50 (-36.6, -0.2%) , BSE Sensex closed at 80,081.98 (-138.7, -0.2%) while the broader Nifty 500 closed at 22,841.10 (26.7, 0.1%). Market breadth is in the green. Of the 2,293 stocks traded today, 1,360 were on the uptrend, and 904 went down.

Indian indices closed in the red, with the benchmark Nifty 50 index closing at 24,435.5 points.  The Indian volatility index, Nifty VIX, rose 1.5% and closed at around 14.6 points. Persistent Systems closed deep in the green after its net profit grew 23.4% YoY to Rs 325 crore in Q2FY25, revenue up 20.2% YoY to Rs 2,943.7 crore.

Nifty Midcap 100 and Nifty Smallcap 100 closed higher. Nifty IT and Nifty India Digital closed in the green, among the best performers of the day. According to Trendlyne’s sector dashboard, Software & Services emerged as the best-performing sector of the day, with a rise of 1.8%.

European indices are trading lower. Major Asian indices closed mixed. US index futures are trading mixed, indicating a cautious start to the trading session. Tesla, Coca-Cola, T-Mobile US, and Thermo Fisher Scientific, among others, are set to report their earnings later today.

  • Coforge sees a long buildup in its October 31 futures series, with open interest increasing by 24% and a put-call ratio of 0.5.

  • Bajaj Finserv rises as its Q2FY25 revenue rises 29.5% YoY to Rs 33,703.7 crore, driven by improvements in the insurance and retail financing segments. Net profit grows 8.2% YoY to Rs 2,087 crore during the quarter. The company shows up in a screener of stocks where mutual funds increased their shareholding over the past two months.

  • Craftsman Automation's net profit declines by 34.7% YoY to Rs 61.7 crore in Q2FY25 due to higher sales & services and employee benefits expenses. However, revenue grows by 3.1% YoY to Rs 1,220.4 crore, driven by the powertrain and industrial & engineering segments. It shows up in a screener of stocks with declining profits for the past three quarters.

  • RailTel Corp of India is rising as it receives a work order worth Rs 36.7 crore from South Eastern Railway. The contract involves providing electronic interlocking systems and signaling arrangements, both indoor and outdoor, at Bondamunda K, D, E, and J Cabins.

  • The Office of the Commissioner of Indirect Taxes & Customs, Hyderabad, penalizes Suzlon Energy for short reversal of input tax credit under the CGST Act, 2017. The company received the penalty order on October 22, following an audit observation by the Superintendent - SAG41, Hyderabad.

  • KPIT Technologies is falling as its Q2FY25 net profit falls marginally 0.2% QoQ to Rs 203.7 crore due to higher tax expenses. However, revenue grows 7.8% QoQ to Rs 1,471.4 crore, beating Forecaster estimates by 1.3%. It appears in a screener of stocks underperforming their industry price change in the past quarter.

  • Can Fin Homes is rising as its net profit grows 33.8% YoY to Rs 211.5 crore in Q2FY25, driven by improvements in provisions for expected credit loss and write-offs. Revenue increases 10.5% YoY to Rs 962.7 crore during the quarter. The company appears in a screener of stocks with increasing revenue every quarter for the past eight quarters.

  • Amber Enterprises surges to its all-time high of Rs 6,788.3 per share as it posts a net profit of Rs 19.2 crore in Q2FY25 compared to a net loss of Rs 6.9 crore in Q2FY24. Revenue increases by 81.2% YoY to Rs 1,702.5 crore, driven by growth in the consumer durables and electronics manufacturing services (EMS) segments. It features in a screener of stocks with high Trendlyne Momentum scores.

  • India’s Finance Ministry is reportedly considering the removal of the windfall tax on domestic crude oil. Tarun Kapoor, advisor to the Prime Minister stated the imposition of windfall tax on crude oil has no relevance due to significantly lower global oil prices compared to 2022, when it was first levied.

  • Coforge surges as its Q2FY25 revenue grows 27.6% QoQ to Rs 3,062.3 crore, driven by improvements in the Americas and Europe, Middle East & Africa markets. Net profit rises 51.8% QoQ to Rs 202.2 crore during the quarter. It features in a screener of stocks with increasing revenue for the past eight quarters.

  • Olectra Greentech is rising as its net profit grows 1.6X YoY to Rs 47.6 crore in Q2FY25. Revenue rises 70.5% YoY to Rs 523.7 crore, driven by higher sales from the insulator and e-vehicle divisions during the quarter. The company appears in a screener of stocks outperforming their industry price change in the quarter.

  • Jyoti Structures is rising as it secures a letter of acceptance (LoA) for a Rs 450 crore order from Adani Energy Solutions in Gujarat. The project involves constructing a 765 kV transmission line, including tower supply, foundation, and commissioning, set for completion by April 2026.

  • Zomato hikes its platform fee by 67% from Rs 6 per order to Rs 10, citing festive season demand. The company attributes the platform fee as one of the key reasons, for improving its margins.

  • Zensar Technologies is rising as its net profit beats the Forecaster estimates by 2.6% despite falling 1.7% QoQ to Rs 155.7 crore in Q2FY25, driven by higher expenses on purchase of traded goods. However, revenue increases 1.5% QoQ to Rs 1,308 crore during the quarter. The company appears in a screener of stocks with increasing revenue every quarter for the past two quarters.

  • Bajaj Finance rises sharply as its net profit grows 80.8% YoY to Rs 5,613.7 crore in Q2FY25. Revenue increases 27% YoY to Rs 14,491.8 crore due to higher assets under management (AUM). It appears in a screener of stocks with improving book value over the past two years.

  • JSW Energy's step-down subsidiary, JSW Renew Energy Eleven, signs a power purchase agreement (PPA) with Solar Energy Corporation of India (SECI) for a 700MW solar project. The 25-year deal offers solar power with a Rs 2.56/kW tariff.

  • Reports suggest that 1.8 crore shares (0.5% equity) of Bharat Heavy Electricals, amounting to Rs 402 crore, have changed hands in a large deal.

  • SRF's net profit falls 33% YoY to Rs 201.4 crore in Q2FY25. However, revenue rises 7.8% YoY to Rs 3,424.3 crore, driven by improvements in the technical textiles business (TTB) and packaging firm business (PFB) during the quarter. The company appears in a screener of stocks with declining profits every quarter for the past two quarters.

  • Max Financial Services' net profit declines 23.9% YoY to Rs 112.6 crore in Q2FY25. However, revenue grows by 31.3% YoY to Rs 13,376.1 crore, helped by higher average premium equivalent (APE) and new business premium. It shows up in a screener of stocks with a decrease in provisions.

  • Adani Green Energy is falling as its net profit declines 25.8% YoY to Rs 276 crore in Q2FY25. However, revenue rises 37.6% YoY to Rs 3,055 crore, driven by improvements in the power supply and sale of goods/equipment & related services segments during the quarter. The company appears in a screener of stocks underperforming their industry price change in the quarter.

  • Suresh Narayanan, Chairman and Managing Director of Nestlé India, highlights the sluggish demand in the FMCG sector, with growth in food and beverages dropping to 1.5-2% compared to double-digit figures in previous quarters. He points out the significant rise in prices for fruits, vegetables, and oils, warning that if these costs become unmanageable, they will inevitably lead to higher prices for consumers.

  • Persistent Systems rises sharply as its net profit grows by 23.4% YoY to Rs 325 crore in Q2FY25. Revenue increases by 20.2% YoY to Rs 2,943.7 crore, driven by improvements in the banking, financial services & insurance (BFSI), healthcare & life sciences, and software, hi-tech & emerging industries segments. It appears in a screener of stocks with increasing revenue for the past eight quarters.

  • John Cockerill India is rising as it secures an order worth approximately Rs 103 crore from John Cockerill Industry North America. The order includes detailed engineering for an annealing and pickling line, along with the supply of key equipment like an annealing furnace and hydraulic and lubrication systems. It also covers the pre-assembly of refractory materials and the installation and commissioning of the line.

  • Indus Towers' Q2FY25 net profit surges by 71.7% YoY to Rs 2,223.5 crore, helped by a return of Rs 1,076.6 crore from doubtful receivables. Revenue grows by 4.8% YoY to Rs 7,579.2 crore during the quarter. It features in a screener of stocks with rising net cash flow and cash from operating activities.

  • Zomato is falling as its Q2FY25 net profit misses Forecaster estimates by 32.3% despite growing 3.9X YoY to Rs 176 crore. Revenue increases 68.5% YoY to Rs 4,799 crore, driven by a 97.7% YoY increase in Hyperpure supplies (B2B Business) and a 1.3X YoY rise in quick commerce sales during the quarter. The company appears in a screener of stocks where mutual funds increased their shareholding over the past two months.

  • Nifty 50 was trading at 24,511.95 (39.9, 0.2%) , BSE Sensex was trading at 80,137.88 (-82.8, -0.1%) while the broader Nifty 500 was trading at 22,854.60 (40.2, 0.2%)

  • Market breadth is in the green. Of the 1,933 stocks traded today, 1,101 were on the uptrend, and 785 went down.

Riding High:

Largecap and midcap gainers today include Coforge Ltd. (7,557.80, 11.1%), Persistent Systems Ltd. (5,718.75, 10.9%) and Max Financial Services Ltd. (1,271.90, 8.7%).

Downers:

Largecap and midcap losers today include Gujarat Fluorochemicals Ltd. (4,387.60, -6.9%), ABB India Ltd. (7,703.80, -5.8%) and Siemens Ltd. (6,872.05, -5.1%).

Volume Rockets

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

Top high volume gainers on BSE included Deepak Fertilisers & Petrochemicals Corporation Ltd. (1,118.75, 16.5%), Firstsource Solutions Ltd. (350.90, 12.1%) and Coforge Ltd. (7,557.80, 11.1%).

Top high volume losers on BSE were Rajesh Exports Ltd. (242.70, -8.1%), Mahindra & Mahindra Financial Services Ltd. (267.55, -5.0%) and Bharat Heavy Electricals Ltd. (223.70, -3.9%).

Gujarat Mineral Development Corporation Ltd. (355.50, 8.3%) was trading at 15.0 times of weekly average. Persistent Systems Ltd. (5718.75, 10.9%) and Can Fin Homes Ltd. (871.30, 4.6%) were trading with volumes 8.9 and 8.9 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

9 stocks made 52 week highs, while 22 stocks were underachievers and hit their 52 week lows.

Stocks touching their year highs included - Firstsource Solutions Ltd. (350.90, 12.1%), Multi Commodity Exchange of India Ltd. (6,686.05, 4.0%) and Coforge Ltd. (7,557.80, 11.1%).

Stocks making new 52 weeks lows included - Birla Corporation Ltd. (1,136.65, -0.9%) and IDFC First Bank Ltd. (66.58, -2.6%).

25 stocks climbed above their 200 day SMA including BLS International Services Ltd. (380.95, 8.6%) and Varun Beverages Ltd. (628.75, 5.8%). 41 stocks slipped below their 200 SMA including APL Apollo Tubes Ltd. (1,486.90, -2.8%) and Action Construction Equipment Ltd. (1,275.85, -2.3%).

 
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