Trendlyne Marketwatch
Trendlyne Marketwatch
24 Oct 2024
Market closes flat, KEC International secures orders worth Rs 1,142 crore globally
By Trendlyne Analysis

 

 

Nifty 50 closed at 24,399.40 (-36.1, -0.2%) , BSE Sensex closed at 80,065.16 (-16.8, 0.0%) while the broader Nifty 500 closed at 22,787.85 (-53.3, -0.2%). Market breadth is in the red. Of the 2,288 stocks traded today, 823 were gainers and 1,444 were losers.

Nifty 50 closed flat after switching between losses and gains throughout the day. The Indian volatility index, Nifty VIX, fell 4.5% and closed at 14 points. Pidilite Industries rose as its net profit grew by 18.8% YoY to Rs 534.6 crore in Q2FY25, helped by inventory destocking and finance costs.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the red. Nifty PSU Bank and Nifty MidSmall Healthcare Index were among the top index gainers today. According to Trendlyne’s sector dashboard, FMCG emerged as the worst-performing sector of the day, with a fall of 3.3%.

Asian indices closed in the red, except for Japan’s Nikkei 225 and Malaysia’s KLCI, which closed higher. European indices are trading in the green, except for Russia’s RTSI and MOEX index, which are trading in the red. US index futures are trading mixed, indicating a cautious start to the trading session. Brent crude oil futures are trading higher due to the Middle East conflict and reports of North Korean troops potentially supporting Russia in Ukraine.

  • Dr Lal Pathlabs sees a short buildup in its October 31 futures series, with open interest increasing by 33% and a put-call ratio of 0.6.

  • Ramkrishna Forgings rises as its net profit surges by 130.9% YoY to Rs 189.8 crore in Q2FY25, helped by inventory destocking and a one-time gain of Rs 95 crore from the sale of its subsidiary to Yatra Online. Revenue grows by 17% YoY to Rs 1,056.1 crore owing to higher forging components sales. It shows up in a screener of stocks reducing their debt.

  • KEC International secures orders worth Rs 1,142 crore across various sectors. The transmission & distribution segment includes a 380 kV transmission line project in Saudi Arabia and supply orders in the Americas, along with railway bridge construction and cable supply projects in India and overseas.

  • Ujjivan Small Finance Bank is falling as its net profit declines 28.9% YoY to Rs 233 crore in Q2FY25. Revenue increases by 15.9% YoY to Rs 1,612.8 crore, driven by improvements in the treasury, wholesale, and retail banking segments. The bank's asset quality deteriorates as its gross and net NPAs expand by 17 bps and 47 bps YoY, respectively, during the quarter.

  • TVS Motor Co declines over 3% after its Q2FY25 results missed analysts' expectations. Kotak Institutional Equities retains its 'Sell' rating but raises the target price to Rs 1,850, citing high valuations. However, the brokerage notes strong medium-term growth prospects from rising EV two-wheeler volumes, steady demand in ICE segments, and recovering exports.

  • Tata Consultancy Services launches a new unit in collaboration with NVIDIA to accelerate AI adoption across industries. The unit will offer industry-specific AI solutions and strategies, leveraging TCS' global centres of excellence (CoEs) and NVIDIA's AI platforms.

  • ICICI Direct upgrades Ultratech Cement to 'Buy' from 'Hold' with a higher target price of Rs 13,500 per share. This indicates a potential upside of 22.1%. The brokerage believes the company is well-positioned to benefit from a pick-up in demand and cost-saving initiatives. It expects the firm's net profit to grow at a CAGR of 22.6% over F25-27.

  • Colgate-Palmolive India's net profit grows 16.2% YoY to Rs 395.1 crore in Q2FY25, helped by inventory destocking. Revenue increases 13.6% YoY to Rs 1,695.1 crore owing to an improvement in the domestic market. It features in a screener of stocks with PEG lower than industry PEG.

  • Kishor Patil, MD & CEO of KPIT Technologies, believes the company will achieve the lower end of its 18-22% guidance band in FY25. He attributes the delay in programme launches as the key factor for the cautious guidance for H2FY25. Patil, however, remains optimistic about improving margins going forward.

  • Piramal Enterprises' revenue grows 4.3% YoY to Rs 2,288 crore in Q2FY25, driven by higher interest, dividend, and rental income. Net profit surges 238% YoY to Rs 163 crore, helped by an exceptional gain of Rs 76.9 crore. The company shows up in a screener of stocks outperforming their industry price change in the past quarter.

  • Au Small Finance Bank's net profit grows by 42.2% YoY to Rs 571.2 crore in Q2FY25. Revenue increases by 54.5% YoY to Rs 3,910.6 crore, driven by improvements in the treasury, wholesale, and retail banking segments. The bank's asset quality deteriorates as its gross and net NPAs expand by 7 bps and 15 bps YoY, respectively, during the quarter.

  • Dr. Lal Pathlabs' Q2FY25 net profit grows by 18.2% YoY to Rs 129.2 crore, helped by lower finance costs and depreciation & amortisation expenses. Revenue rises by 10.1% YoY to Rs 682.1 crore, owing to higher testing samples and patients. It appears in a screener of stocks with improving cash flow from operations over the past two years.

  • Reports suggest that the Adani group-controlled Kutch Copper is in talks with Australian mining giant BHP to secure a copper concentrate supply of up to 1.6 million tonnes per annum. The deal, potentially worth around Rs 30,000 crore annually, may vary due to fluctuating copper prices. Both companies are finalizing the agreement details.

  • United Spirits' Q2FY25 revenue falls 1% YoY to Rs 6,672 crore due to weak performance in the beverage alcohol segment. However, net profit grows marginally by 0.6% YoY to Rs 341 crore, helped by lower raw material costs and other expenses. The company shows up in a screener of stocks where mutual funds decreased their shareholding in the past quarter.

  • Ashok Leyland is rising as its electric mobility subsidiary, OHM Global Mobility, secures an order from the Metropolitan Transport Corporation (MTC) of Chennai for 500 12-meter ultra-low-floor electric buses.

  • Pidilite Industries is rising as its net profit grows by 18.8% YoY to Rs 534.6 crore in Q2FY25, helped by inventory destocking and finance costs. Revenue increases 5.9% YoY to Rs 3,292 crore during the quarter, driven by improvements in the consumer & bazaar and business-to-business (B2B) segments. It features in a screener of stocks where foreign institutional investors (FIIs) are increasing their shareholding.

  • Zydus Lifesciences receives in-principle approval from WHO for its Typhoid Vi conjugate vaccine, ZyVac TCV. This vaccine is eligible for procurement by the UN and is designed for individuals aged 6 months to 65 years. It aims to tackle the high incidence of typhoid in India, Africa, and Southeast Asia. Each year, UN agencies procure over 150 million doses of the typhoid conjugate vaccine to combat this infectious disease.

  • RailTel Corp of India is rising as it receives a work order worth Rs 144.9 crore from the Home Department, Government of Gujarat. The order includes supplying, installing, and maintaining CCTV video surveillance systems at local crime branches, the Special Operations Group cyber police station, the Local Intelligence Bureau, and several police stations across three clusters.

  • Birlasoft falls sharply as its net profit declines by 15.1% QoQ to Rs 127.5 crore in Q2FY25, caused by higher employee benefits and finance costs. However, revenue grows by 2.9% QoQ to Rs 1,401.6 crore due to improvements in the banking, financial services & insurance (BFSI) and energy & utilities segments. It appears in a screener of stocks where promoters are decreasing their shareholding.

  • Schaeffler India is falling as its Q2FY25 net profit misses Forecaster estimates by 7.4% despite growing 1.6% YoY to Rs 236.4 crore, driven by inventory destocking. Revenue increases 14.2% YoY to Rs 2,116.4 crore during the quarter. The company appears in a screener of stocks with increasing revenue every quarter for the past two quarters.

  • Macquarie downgrades Avenue Supermarts to ‘Underperform’ with a lower target price of Rs 3,700. The brokerage expects competitive pressures in the quick commerce space to persist. It also highlights that the 350 bps sequential fall in Q2FY25 same-store-sales growth was a negative surprise.

  • State Bank of India signs an agreement with the German Development Bank to secure a line of credit worth € 150 million (approx. Rs 1,358.7 crore). The bank plans to use the loan to finance renewable energy projects in India.

  • Sona BLW Precision Forgings surges as its net profit grows 16.2% YoY to Rs 143.9 crore in Q2FY25. Revenue increases 18.7% YoY to Rs 946.1 crore during the quarter. The company enters an agreement with Escorts Kubota to acquire its railway equipment business for Rs 1,600 crore.

  • Metro Brands is falling as its Q2FY25 net profit misses Forecaster estimates by 6.2% despite growing 4.3% YoY to Rs 69.6 crore, driven by inventory destocking. Revenue increases 5.4% YoY to Rs 585.5 crore during the quarter. The company appears in a screener of stocks where mutual funds increased their shareholding over the past two months.

  • Hindustan Unilever's Q2FY25 net profit declines by 2.4% YoY to Rs 2,591 crore due to higher raw materials, employee benefits, and finance costs. However, revenue grows by 2.1% YoY to Rs 16,145 crore, driven by the home care and beauty & wellbeing segments. It shows up in a screener of stocks with weakening technicals and share price decline.

  • Nifty 50 was trading at 24,437.70 (2.2, 0.0%), BSE Sensex was trading at 80,098.30 (16.3, 0.0%) while the broader Nifty 500 was trading at 22,823.25 (-17.9, -0.1%).

  • Market breadth is in the red. Of the 1,904 stocks traded today, 806 were on the uptick, and 1,050 were down.

Riding High:

Largecap and midcap gainers today include Sona BLW Precision Forgings Ltd. (729.45, 13.3%), Adani Total Gas Ltd. (754.95, 7.8%) and Adani Wilmar Ltd. (340.30, 6.9%).

Downers:

Largecap and midcap losers today include Hindustan Unilever Ltd. (2,505.10, -5.8%), Escorts Kubota Ltd. (3,494.55, -5.6%) and Supreme Industries Ltd. (4,371.05, -4.8%).

Volume Shockers

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

Top high volume gainers on BSE included Piramal Pharma Ltd. (255.84, 17.4%), Sona BLW Precision Forgings Ltd. (729.45, 13.3%) and Aster DM Healthcare Ltd. (443.45, 10.3%).

Top high volume losers on BSE were KPIT Technologies Ltd. (1,410.85, -13.7%), VIP Industries Ltd. (471.65, -7.2%) and Dr. Lal Pathlabs Ltd. (3,049.10, -6.4%).

IIFL Finance Ltd. (407.15, -3.1%) was trading at 9.4 times of weekly average. Escorts Kubota Ltd. (3,494.55, -5.6%) and Hindustan Unilever Ltd. (2,505.10, -5.8%) were trading with volumes 9.1 and 7.7 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

6 stocks made 52 week highs, while 7 stocks were underachievers and hit their 52 week lows.

Stocks touching their year highs included - Coforge Ltd. (7,699.05, 1.9%), Radico Khaitan Ltd. (2,296.10, 2.7%) and Max Financial Services Ltd. (1,287.80, 1.3%).

Stocks making new 52 weeks lows included - Birla Corporation Ltd. (1,152.50, 1.4%) and IndusInd Bank Ltd. (1,280.05, 0.5%).

23 stocks climbed above their 200 day SMA including Sona BLW Precision Forgings Ltd. (729.45, 13.3%) and Navin Fluorine International Ltd. (3,411.50, 3.2%). 18 stocks slipped below their 200 SMA including KPIT Technologies Ltd. (1,410.85, -13.7%) and Hindustan Unilever Ltd. (2,505.10, -5.8%).

 
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