Trendlyne Marketwatch
Trendlyne Marketwatch
30 Oct 2024
Market closes lower, Kaynes Tech's net profit grows 87.5% YoY to Rs 60.2 crore in Q2FY25
By Trendlyne Analysis

 

Nifty 50 closed at 24,340.85 (-126, -0.5%), BSE Sensex closed at 79,942.18 (-426.9, -0.5%) while the broader Nifty 500 closed at 22,749.80 (-45.3, -0.2%). Market breadth is ticking up strongly. Of the 2,308 stocks traded today, 1,801 showed gains, and 483 showed losses.

Indian indices closed in the red, with the benchmark Nifty 50 index closing at 24,340.9 points. The Indian volatility index, Nifty VIX, rose 6.9% and closed at 15.5 points. Larsen & Toubro’s transmission and distribution (T&D) business won orders worth Rs 5,000-10,000 crore to expand and strengthen electricity grids in the Middle East and Africa. 

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green. S&P BSE SME IPO and Nifty Media were among the top index gainers today. According to Trendlyne’s Sector dashboard, Healthcare Equipment & Supplies emerged as the best-performing sector of the day, with a rise of 5.5%.

Asian indices closed mixed while European indices are trading in the red with an exception of the Russian MOEX & RTSI index which is trading in the green. US index futures traded in the green, indicating a positive start to the trading session. Brent crude oil futures are trading in the green. Alphabet's Q3 results exceeded Wall Street expectations, primarily driven by robust demand for computing and data services necessary for supporting artificial intelligence models, which are enhancing returns for its cloud computing division.

  • Money flow index (MFI) indicates that stocks like Crisil, Syrma SGS Technology, and Indian Bank are in the overbought zone.

  • Shalby’s net profit declines 43% YoY to Rs 173.4 crore in Q2FY25 attributed to higher employee benefit, depreciation & amortisation expenses and finance costs. Revenue drops 2.2% YoY to Rs 2,122.7 crore during the quarter. The company features in a screener of stocks with declining profits every quarter for the past three quarters.

  • Kaynes Technology's net profit grows by 87.5% YoY to Rs 60.2 crore in Q2FY25 but misses Forecaster estimates by 1.1%. Revenue grows by 63.8% YoY to Rs 605.7 crore during the quarter. It features in a screener of stocks with increasing net profit and profit margin (YoY).

  • Aadhar Housing Finance, Usha Martin, and Apollo Hospitals Enterprise rise by 9%, 5.9%, and 1.3% respectively, ahead of their Q2FY25 results on November 6.

  • According to a report from the World Gold Council, India purchased gold worth Rs 1.7 lakh crore in Q2FY25, despite a 28% increase in global prices. Gold demand rose 18% YoY to 248.3 tonnes in Q2, driven by higher jewellery consumption and increased investment in gold.

  • AIA Engineering's Q2FY25 net profit declines by 21% YoY to Rs 256.7 crore due to higher inventory and employee benefits expenses. Revenue falls 19.4% YoY to Rs 1,044.2 crore during the quarter. It appears in a screener of stocks with declining profits over the past three quarters.

  • Procter & Gamble Hygiene & Healthcare’s Q2FY25 net profit grows marginally by 0.6% YoY to Rs 211.9 crore, missing the Forecaster estimates by 9.4%. Revenue remains flat at Rs 1,132.7 crore. The company shows up in a screener of stocks with declining revenue every quarter for the past three quarters.

  • Sterlite Technologies posts a net loss of Rs 14 crore in Q2FY25 compared to a net profit of Rs 34 crore in Q2FY24 due to higher raw materials costs. Revenue declines by 5.2% YoY to Rs 1,419 crore, caused by a reduction in the optical networking, global services, and digital & technology solutions segments. It appears in a screener with low DVM stocks.

  • Satyanarayana Raju, CEO of Canara Bank, highlights the bank is on track to meet its net interest margin (NIM) guidance for FY25, despite an overall increase in deposit costs within the banking sector. For Q2FY25, the bank's NIM stood at 2.88%, a decline of 2 bps from the previous quarter. At the beginning of the financial year, the bank had aimed for a NIM in the range of 2.9%.

  • Larsen & Toubro’s transmission and distribution (T&D) business bags orders worth Rs 5,000-10,000 crore to expand and strengthen electricity grids at high-voltage levels in the Middle East and Africa. The company will also implement an energy management system for a country-wide electricity network.

  • Geojit BNP Paribas upgrades Bajaj Finance to 'Buy' from 'Hold' with a higher target price of Rs 7,924 per share. This indicates a potential upside of 13.6%. The brokerage believes the lender will benefit from the falling credit costs and potential margin expansion from rate cuts, which could support lower-margin products and new businesses. It expects the company's net interest income (NII) to grow at a CAGR of 20.4% over FY25-26.

  • Redington surges as its net profit beats Forecaster estimates by 12.3% despite falling by 3.5% YoY to Rs 292.9 crore in Q2FY25. However, revenue grows by 11.9% YoY to Rs 24,952.2 crore, helped by improvements in the Singapore, India & South Asia (SISA) and rest of the world (ROW) segments. It features in a screener of stocks with the highest FII holdings.

  • Five-Star Business Finance falls over 11%, but Nuvama Research retains its 'Buy' rating on the stock, with a target price of Rs 1,010. Despite a reduction in growth guidance and lower incremental yield, the brokerage believes the company will outperform its peers in terms of growth and profitability. It highlights that Five-Star's earnings indicate the strength of its business model amid significant stress among many small lenders.

  • GlaxoSmithKline Pharmaceuticals is rising as its net profit grows by 16.1% YoY to Rs 252.2 crore in Q2FY25, helped by lower finance costs and depreciation expenses. Revenue increases 5.6% YoY to Rs 1,010.8 crore during the quarter. It features in a screener of companies where mutual funds increased their shareholding in the last quarter.

  • Media stocks like Sun TV Network, PVR INOX, Network18 Media & Investment, and Zee Entertainment Enterprises are rising in trade. All constituents of the broader Nifty Media index are also trading in the green.

  • Honeywell Automation falls sharply as its net profit declines 5.6% YoY to Rs 115.1 crore in Q2FY25 due to higher cost of raw materials. Revenue decreases by 6.9% YoY to Rs 1,065.1 crore during the quarter. It shows up in a screener of high volume and top losing stocks.

  • Sanjay Swarup, CMD of Container Corp of India, projects volume growth of more than 18% and margins at around 25-26% for FY25. He anticipates improved realizations in the second half of the fiscal year and maintains the FY25 export-import (EXIM) volume guidance of 15-25% for the company's domestic business.

  • Voltas is falling as its net profit misses Forecaster estimates by 1.8% despite growing by 265.3% YoY to Rs 134 crore in Q2FY25, helped by inventory destocking. Revenue rises by 15.3% YoY to Rs 2,724.6 crore, driven by improvements in the unitary cooling products and engineering products & services segments. It appears in a screener of stocks with an increasing trend in non-core income.

  • Godrej Agrovet is falling as its Q2FY25 net profit misses Forecaster estimates by 7.3% despite growing by 6.6% YoY to Rs 112.3 crore. Revenue declines 4.7% YoY to Rs 2,461.3 crore due to a reduction in the animal feed, vegetable oil, crop protection, and poultry & processed food segments. It appears in a screener of stocks where RSI indicates price weakness.

  • Godavari Biorefineries’ shares debut on the bourses at a 12.5% discount to the issue price of Rs 352. The Rs 554.8 crore IPO received bids for 1.8 times the total shares on offer.

  • Economists believe the Reserve Bank of India (RBI) will likely cut its key policy rate by a quarter point to 6.25% in December to support slowing economic growth. Despite a surprising rise in inflation to 5.5% in September, it is projected to average 4.9% this quarter and drop to 4.6% in January-March, giving RBI the room to ease policy. The central bank has maintained interest rates at their highest level since early 2019 over the past ten meetings.

  • Shriram Properties is rising as it signs a joint development agreement for a six-acre land in Undri, Pune. The company will develop over 650 apartments and some retail or commercial spaces with an aggregate saleable area of more than 1 million square feet. The project has a revenue potential of approx. Rs 700-750 crore, to be developed over four years.

  • Force Motors surges more than 15% as its net profit grows 43.8% YoY to Rs 135 crore in Q2FY25, helped by lower finance costs. Revenue increases 7.7% YoY to Rs 1,949.9 crore during the quarter. It features in a screener of stocks with improving return on equity (RoE) over the past two years.

  • Marico rises sharply as its net profit grows by 19.8% YoY to Rs 423 crore in Q2FY25. Revenue increases by 9.2% YoY to Rs 2,746 crore, driven by improvements in the Indian and international markets. It appears in a screener of stocks near their 52-week highs.

  • Prestige Estates Projects is falling as its net profit declines by 77.4% YoY to Rs 192.2 crore in Q2FY25 due to higher raw materials, contractor, employee benefits, and finance costs. Revenue decreases by 25.6% YoY to Rs 2,423.8 crore, caused by lower sales and collections. It shows up in a screener of stocks where promoters are decreasing their shareholding.

  • Nifty 50 was trading at 24,365.20 (-101.7, -0.4%), BSE Sensex was trading at 80,237.85 (-131.2, -0.2%) while the broader Nifty 500 was trading at 22,726.55 (-68.5, -0.3%).

  • Market breadth is highly positive. Of the 1,950 stocks traded today, 1,276 were in the positive territory and 632 were negative.

Riding High:

Largecap and midcap gainers today include Indian Railway Finance Corporation Ltd. (155.55, 8.4%), Rail Vikas Nigam Ltd. (465.35, 6.0%) and Aditya Birla Capital Ltd. (215.37, 5.3%).

Downers:

Largecap and midcap losers today include Honeywell Automation India Ltd. (45,193.30, -7.7%), Dixon Technologies (India) Ltd. (14,175.60, -5.1%) and Voltas Ltd. (1,697.90, -4.1%).

Movers and Shakers

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

Top high volume gainers on BSE included Capri Global Capital Ltd. (210.68, 14.2%), Data Patterns (India) Ltd. (2,478.50, 12.5%) and Action Construction Equipment Ltd. (1,304.80, 10.1%).

Top high volume losers on BSE were Honeywell Automation India Ltd. (45,193.30, -7.7%), Voltas Ltd. (1,697.90, -4.1%) and Hitachi Energy India Ltd. (13,695.85, -3.9%).

Redington Ltd. (182.77, 9.7%) was trading at 19.2 times of weekly average. Vardhman Textiles Ltd. (458.10, 4.7%) and ITI Ltd. (228.65, 5.2%) were trading with volumes 10.6 and 9.2 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

8 stocks overperformed with 52 week highs, while 3 stocks hit their 52 week lows.

Stocks touching their year highs included - City Union Bank Ltd. (174.43, -1.4%), Crisil Ltd. (5,372.30, 3.2%) and Deepak Fertilisers & Petrochemicals Corporation Ltd. (1,214.75, -1.4%).

Stocks making new 52 weeks lows included - Astral Ltd. (1,746.90, -0.7%) and Sheela Foam Ltd. (809.45, -1.9%).

28 stocks climbed above their 200 day SMA including Laxmi Organic Industries Ltd. (269.65, 6.9%) and Aditya Birla Capital Ltd. (215.37, 5.3%). 9 stocks slipped below their 200 SMA including Honeywell Automation India Ltd. (45,193.30, -7.7%) and Cipla Ltd. (1,418.25, -4.0%).

 
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