Trendlyne Marketwatch
Trendlyne Marketwatch
29 Oct 2024
Market closes higher, Canara Bank's net profit grows 11.3% YoY to Rs 4,014.5 crore in Q2
By Trendlyne Analysis

 

Nifty 50 closed at 24,466.85 (127.7, 0.5%), BSE Sensex closed at 80,369.03 (364.0, 0.5%) while the broader Nifty 500 closed at 22,795.05 (145.1, 0.6%). Market breadth is in the green. Of the 2,299 stocks traded today, 1,385 were on the uptrend, and 886 went down.

Indian indices closed in the green after paring their losses in the afternoon session. The Indian volatility index, Nifty VIX, rose 1.6% and closed at around 14.5 points. Maruti Suzuki closed sharply lower as its net profit declined by 18.1% YoY to Rs 3,102.5 crore in Q2FY25. However, revenue grew 1.9% YoY to Rs 38,972.4 crore.

Nifty Midcap 100 and Nifty Smallcap 100 closed higher.  Nifty PSU Bank and BSE Realty were among the top-performing indices today. According to Trendlyne’s sector dashboard, Banking & Finance emerged as the best-performing sector of the day, with a rise of 2.2%.

European indices traded higher. Major Asian indices closed in the green. US index futures traded mixed, indicating a cautious start to the trading session in anticipation of results from Alphabet (Google), Visa, Advanced Micro Devices, and Novartis AG.

  • Relative strength index (RSI) indicates that stocks like IndusInd Bank, Indraprastha Gas, and CreditAccess Grameen are in the oversold zone.

  • Ami Organics surges to its all-time high of Rs 1,890 per share as it posts a net profit of Rs 37.3 crore in Q2FY25 compared to a net loss of Rs 18.9 crore in Q2FY24. Revenue grows by 46.8% YoY to Rs 255.2 crore due to improvements in the pharmaceutical intermediates and specialty chemicals segments. It features in a screener of stocks with share prices above the short, medium, and long-term moving averages.

  • Canara Bank's revenue increases 10.3% YoY to Rs 34,721.1 crore in Q2FY25, driven by growth in retail banking, wholesale banking, and treasury operations. Net profit rises 11.3% YoY to Rs 4,014.5 crore, helped by lower provisions. The bank's asset quality also improves, with gross and net NPAs declining by 103 bps and 42 bps YoY, respectively.

  • Cipla's Q2FY25 net profit grows by 15.2% YoY to Rs 1,302.5 crore due to lower finance costs. Revenue rises by 5.6% YoY to Rs 7,241.6 crore, driven by the pharmaceuticals segment. It appears in a screener of stocks with improving return on capital employed (RoCE) over the past two years.

  • Most analysts covering Bharat Heavy Electricals (BHEL) remain cautious to bearish on the stock despite its unexpected net profit in Q2. CLSA maintains its 'underperform' rating with a price target of Rs 189, noting that the key catalyst of its inclusion in global passive indices has passed. Additionally, Larsen & Toubro's recent entry into the thermal power equipment market raises concerns about BHEL's market dominance.

  • Adani Ports' net profit surges 36.9% YoY to Rs 2,412.5 crore in Q2FY25, helped by a deferred tax credit of Rs 132.5 crore. Revenue increases 6.3% YoY to Rs 7,067 crore due to improvements in port and special economic zone activities. It appears in a screener of stocks with improving book value per share over the past two years.

  • Maruti Suzuki falls sharply as its net profit declines by 18.1% YoY to Rs 3,102.5 crore in Q2FY25, caused by higher raw materials, finance, and employee benefits expenses. However, revenue grows by 1.9% YoY to Rs 38,972.4 crore, driven by sales in the international market. It shows up in a screener of stocks with growing costs YoY for long-term projects.

  • Quess Corp falls sharply as its Q2FY25 net profit misses Forecaster estimates by 11.1%, despite rising 32% YoY to Rs 93.6 crore. Revenue grows by 9.1% YoY to Rs 5,179.4 crore, helped by improvements in the workforce & operating asset management and global technology solutions segments. It shows up in a screener of stocks underperforming their industry price change during the quarter.

  • Ramco Cements’ board approves the sale of 1.4 crore shares of Ramco Industries worth approx. Rs 330 crore to Rajapalayam Mills and Ramco Management.

  • Motilal Oswal maintains its 'Buy' call on Bharat Electronics with a target price of Rs 360 per share. This indicates a potential upside of 30.3%. The brokerage believes the company will benefit from the ramp-up in defence orders for naval, electronic warfare (EW) systems, artillery systems, and platforms. It expects the firm's revenue to grow at a CAGR of 19.2% over FY25-27

  • Spandana Sphoorty Financial plunges over 16% to its 52-week low of Rs 375 as it reports a net loss of Rs 216.3 crore in Q2FY25. Net loss is due to higher finance costs, impairment of financial instruments, and employee benefit expenses. However, revenue grows 12.5% YoY to Rs 686.4 crore during the quarter. It features in a screener of stocks with increasing debt.

  • Ajanta Pharma's Q2FY25 revenue rises 15.4% YoY to Rs 1,186.6 crore, beating the Forecaster estimates by 5.3%. Net profit grows 10.8% YoY to Rs 216.5 crore during the quarter. The company appears in a screener for stocks where mutual funds increased their shareholding in the past quarter.

  • India's smaller companies face a downturn as weak earnings and a muted economic outlook affect their shares. Key mid-sized and small-cap stock indices are close to a technical correction due to high valuations. This decline follows investors shifting their focus to cheaper Chinese stocks. The MSCI India Index is valued at around 22 times its one-year forward earnings, nearly double the MSCI China Index.

  • Federal Bank rises sharply as its net profit grows 10.8% YoY to Rs 1,056.7 crore in Q2FY25. Revenue increases 21.9% YoY to Rs 7,541.2 crore owing to improvements in the treasury, corporate, and retail banking segments. The bank's asset quality improves as its gross and net NPAs decline by 17 bps YoY and 7 bps YoY, respectively.

  • Tata Consultancy Services (TCS) secures a 15-year contract with Ireland's Department of Social Protection to implement the 'My Future Fund' auto-enrolment retirement savings scheme. TCS will provide digital solutions for the enrolment, record management, and benefit disbursement of nearly 800K workers.

  • Gillette India rises sharply as its Q2FY25 revenue rises 17.1% YoY to Rs 781.8 crore, driven by an improvement in the grooming segment. Net profit grows 43.5% YoY to Rs 133 crore during the quarter. It appears in a screener of stocks with growing quarterly net profit and profit margin.

  • In its latest monthly economic review, the Finance Ministry highlights growing worries about weakening consumer sentiment and declining demand, especially in urban areas of India. It also reports a slowdown in industrial activity in recent months but expects the economy will grow between 6.5% and 7% during 2024-25.

  • Suzlon Energy's net profit surges by 95.7% YoY to Rs 200.2 crore in Q2FY25, helped by inventory destocking. Revenue increases 48.5% YoY to Rs 2,121.2 crore owing to improvements in the wind turbine generator and operation & maintenance segments. It features in a screener of companies reducing debt.

  • Tata Technologies' Q2FY25 revenue rises 2.1% YoY to Rs 1,296.5 crore, helped by improvement in the services segment. However, net profit falls 1.9% YoY to Rs 157.4 crore due to higher employee benefits costs and tax expenses. The company appears in a screener of stocks with PE higher than industry PE.

  • Indraprastha Gas's Q2FY25 net profit declines by 17.7% YoY to Rs 454.9 crore due to higher raw materials and excise duty costs. However, revenue grows by 7.4% YoY to Rs 4,171.4 crore, driven by increased sales of CNG and PNG. It appears in a screener of stocks which lost more than 20% in the past month.

  • Food and grocery delivery major Swiggy reportedly sets its IPO price band at Rs 371-390 per share. The issue size is Rs 11,300 crore, with a fresh issue worth Rs 4,500 crore and an offer for sale of around Rs 6,800 crore. The issue will likely open on November 6.

  • Tata Power Co acquires a 40% stake in Bhutan-based Khorlochhu Hydro Power (KHPL) for approximately Rs 830 crore. This investment supports Tata Power's clean energy goals, involving the 600 MW Khorlochhu Hydropower Project valued at Rs 6,900 crore.

  • JSW Infrastructure rises sharply as its net profit grows by 46% YoY to Rs 371.5 crore in Q2FY25, owing to lower employee benefits and finance costs. Revenue increases by 21.5% YoY to Rs 1,088.2 crore, attributed to higher handled cargo volumes. It features in a screener of stocks with growth in quarterly net profit and margin (YoY).

  • Bharti Airtel is falling as its net profit misses Forecaster estimates by 14.8% despite surging 168% YoY to Rs 3,593.2 crore in Q2FY25. Revenue grows by 11.6% YoY to Rs 41,728 crore, helped by improvements in the Indian mobile services, Airtel business, and home services segments. It shows up in a screener of stocks with declining net cash flow.

  • Kalpataru Projects is rising as its revenue grows by 9.1% YoY to Rs 4,929.9 crore in Q2FY25, led by improved execution in the transmission & distribution, buildings & factories, oil & gas, and urban infra businesses. Net profit increases 41% YoY to Rs 125.5 crore during the quarter. The company shows up in a screener of stocks where FII / FPI or institutions are increasing their shareholding.

  • Nifty 50 was trading at 24,270.70 (-68.5, -0.3%), BSE Sensex was trading at 80,042.52 (37.5, 0.1%) while the broader Nifty 500 was trading at 22,611.25 (-38.7, -0.2%).

  • Market breadth is in the green. Of the 1,906 stocks traded today, 1,067 were on the uptrend, and 791 went down.

Riding High:

Largecap and midcap gainers today include JSW Infrastructure Ltd. (316, 10.0%), Vedant Fashions Ltd. (1,357.70, 8.5%) and Federal Bank Ltd. (200.70, 8.5%).

Downers:

Largecap and midcap losers today include Tata Motors Ltd. (842.75, -4.1%), Maruti Suzuki India Ltd. (11,046, -3.8%) and Dabur India Ltd. (535.85, -3.2%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Gillette India Ltd. (9,402.50, 10.4%), JSW Infrastructure Ltd. (316, 10.0%) and Vedant Fashions Ltd. (1,357.70, 8.5%).

Top high volume losers on BSE were Sapphire Foods India Ltd. (325.60, -4.9%), KSB Ltd. (792.90, -4.8%) and Maruti Suzuki India Ltd. (11,046, -3.8%).

Kalpataru Projects International Ltd. (1,241.60, 5.4%) was trading at 12.9 times of weekly average. Federal Bank Ltd. (200.70, 8.5%) and Sumitomo Chemical India Ltd. (553.10, 7.5%) were trading with volumes 8.6 and 6.6 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 5 stocks tanked below their 52 week lows.

Stocks touching their year highs included - City Union Bank Ltd. (176.92, 2.9%), Deepak Fertilisers & Petrochemicals Corporation Ltd. (1,231.95, 9.1%) and Gillette India Ltd. (9,402.50, 10.4%).

Stocks making new 52 weeks lows included - Astral Ltd. (1,759.90, -2.0%) and IndusInd Bank Ltd. (1,038.15, -1.6%).

22 stocks climbed above their 200 day SMA including JSW Infrastructure Ltd. (316, 10.0%) and Indian Bank (581, 5.4%). 18 stocks slipped below their 200 SMA including Ashok Leyland Ltd. (208.15, -1.8%) and Cipla Ltd. (1,477.55, -1.7%).

 
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